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The SPAC market in October 2025

12 IPOs, 6 deals announced, 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 Sep 7, 2026 · SPACListing research desk

October 2025 produced 12 IPOs, 6 deals announced, 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

12 SPACs priced an IPO in October 2025, putting $2.3B into trust between them.

  • StoneBridge Acquisition II Corp (APAC), $59.1M
  • AA Mission Acquisition Corp. II (YCY), $118.4M
  • Rice Acquisition Corp 3 (KRSP), $354.6M
  • Range Capital Acquisition Corp II (RNGT), $236.2M
  • AI Infrastructure Acquisition Corp. (AIIA), $141.7M
  • GigCapital8 Corp. (GIW), $259.8M
  • Lake Superior Acquisition Corp (LKSP), $118.1M
  • Harvard Ave Acquisition Corp (HAVA), $148.6M
  • LaFayette Acquisition Corp. (LAFA), $117.8M
  • Apex Treasury Corp (APXT), $353.1M
  • Insight Digital Partners II (DYOR), $176.8M
  • Dynamix Corp III (DNMX), $205.7M

Deals announced

6 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, $258.2M
  • Inflection Point Acquisition Corp. V (IPEX), $87.6M
  • Armada Acquisition Corp. II (XRPN), $241.2M
  • Cantor Equity Partners II, Inc.
  • Berto Acquisition Corp. (TACO), $314.1M

Approved by shareholders

2 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
  • Aimfinity Investment Corp. I, $14.3M

Wound up

2 vehicles ran out of time and returned $354.5M 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., $236.3M
  • Emmis Acquisition Corp. (EMIS), $118.2M

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.