The SPAC market in November 2025

November 2025 produced 10 IPOs, 7 deals announced, 1 closed, 1 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

10 SPACs priced an IPO in November 2025, putting $1.6B into trust between them.

• Cantor Equity Partners V, Inc. (CEPV)
• Westin Acquisition Corp (WSTN), $58.9M
• Crown Reserve Acquisition Corp. I (CRAC), $176M
• Tailwind 2.0 Acquisition Corp. (TDWD), $176M
• Blueport Acquisition Ltd (BPAC), $58.8M
• Evolution Global Acquisition Corp (EVOX), $245M
• Alussa Energy Acquisition Corp. II (ALUB), $294M
• Hall Chadwick Acquisition Corp (HCAC), $211M
• Invest Green Acquisition Corp (IGAC), $176M
• SC II Acquisition Corp. (SCII), $176M

Deals announced

7 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.

• Legato Merger Corp. III, $221M
• Columbus Acquisition Corp/Cayman Islands (COLA), $27.2M
• Teamshares Inc (TMS), $241M
• Wintergreen Acquisition Corp. (WTG), $58.4M
• Blue Acquisition Corp/Cayman (BACC), $209M
• Soulpower Acquisition Corp. (SOUL), $262M
• Enhanced Group Inc. (ENHA), $205M

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.

• Integral Acquisition Corp 1, $4.1M
• Mountain Crest Acquisition Corp. V (MCAG), $856K

Closed

1 de-SPAC completed in November 2025. The shell is gone and the target trades in its place.

• Terrestrial Energy Inc. /DE/ (IMSR)

Wound up

1 vehicle ran out of time and returned $26.4M to shareholders. Liquidation is the ordinary outcome for a SPAC that never finds a target, not a failure of the structure.

• Spring Valley Acquisition Corp. II, $26.4M