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Market review

The SPAC market in October 2025

16 IPOs, 8 deals announced, 2 closed, 2 wound up in the U.S. SPAC market in October 2025, with trust sizes, targets and outcomes, compiled from SEC filings.

Published Nov 1, 2025 · Updated Oct 2, 2026 · SPACListing research desk

October 2025 produced 16 IPOs, 8 deals announced, 2 closed, 2 wound up across the U.S. blank-check market. Everything below comes from the filings themselves, and every vehicle named links to its own record.

New vehicles

16 SPACs priced an IPO in October 2025, putting $2.7B into trust between them.

  • StoneBridge Acquisition II Corp (APAC), $59.1M
  • AA Mission Acquisition Corp. II (YCY), $118M
  • Rice Acquisition Corp 3 (KRSP), $355M
  • Range Capital Acquisition Corp II (RNGT), $236M
  • AI Infrastructure Acquisition Corp. (AIIA), $142M
  • GigCapital8 Corp. (GIW), $260M
  • Lake Superior Acquisition Corp (LKSP), $118M
  • Fusemachines Inc. (FUSE)
  • Calisa Acquisition Corp (ALIS), $61.5M
  • Harvard Ave Acquisition Corp (HAVA), $149M
  • Miluna Acquisition Corp (MMTX), $70.7M
  • LaFayette Acquisition Corp. (LAFA), $118M

Deals announced

8 vehicles signed a definitive business-combination agreement. An announcement starts the clock on a proxy, a shareholder vote and a redemption window, and a signed agreement is not a closed one.

  • RF Acquisition Corp II (RFAI)
  • Haymaker Acquisition Corp. 4, $258M
  • Inflection Point Acquisition Corp. V (IPEX), $87.6M
  • Armada Acquisition Corp. II (XRPN), $241M
  • ONE Nuclear Energy Inc. (ONEN), $200M
  • Cantor Equity Partners II, Inc.
  • Berto Acquisition Corp. (TACO), $314M
  • Greenland Energy Co (GLND)

Approved by shareholders

5 combinations went to a vote and passed. At that point the redemption window has run and what remains in trust is what the deal has to work with.

  • GLOBALINK INVESTMENT INC., $1.1M
  • CSLM ACQUISITION CORP., $192M
  • Aimfinity Investment Corp. I, $14.3M
  • Microvast Holdings, Inc. (MVST), $136K
  • EON Resources Inc. (EONR), $36.4M

Closed

2 de-SPACs completed in October 2025. The shell is gone and the target trades in its place.

  • CN Healthy Food Tech Group Corp. (UCFI), $2.4M
  • Fusemachines Inc. (FUSE)

Wound up

2 vehicles ran out of time and returned $354M to shareholders. Liquidation is the ordinary outcome for a SPAC that never finds a target, not a failure of the structure.

  • GSR III Acquisition Corp., $236M
  • Emmis Acquisition Corp. (EMIS), $118M

Deadlines that fell in the month

1 vehicle reached a combination deadline in October 2025. Each had to close, win an extension from shareholders, or return the money.

  • DT Cloud Star Acquisition Corp (DTSQ)

Compiled automatically from SEC filings on the day after the month ended. Figures are as filed; where a disclosure could not be reconciled it is left out rather than estimated.

Written from public SEC filings and market practice. Not investment, legal or tax advice, and no substitute for the document in front of you.