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Market review

The SPAC market in December 2025

23 IPOs, 7 deals announced, 3 closed, 3 wound up in the U.S. SPAC market in December 2025, with trust sizes, targets and outcomes, compiled from SEC filings.

Published Jan 1, 2026 · Updated Oct 2, 2026 · SPACListing research desk

December 2025 produced 23 IPOs, 7 deals announced, 3 closed, 3 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

23 SPACs priced an IPO in December 2025, putting $5.4B into trust between them.

  • Bitcoin Infrastructure Acquisition Corp Ltd (BIXI), $224M
  • General Purpose Acquisition Corp. (GPAC), $235M
  • SilverBox Corp V (SBXE), $282M
  • New America Acquisition I Corp. (NWAX), $352M
  • Safeguard Acquisition Corp. (SAC), $235M
  • Activate Energy Acquisition Corp. (AEAQ), $235M
  • Leapfrog Acquisition Corp (LFAC), $147M
  • Silvia, Inc. (BRR)
  • Daedalus Special Acquisition Corp. (DSAC), $255M
  • Meshflow Acquisition Corp (MESH), $352M
  • Bluerock Acquisition Corp. (BLRK), $176M
  • Karbon Capital Partners Corp. (KBON), $352M

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.

  • FACT II Acquisition Corp. (FACT), $187M
  • CSLM Digital Asset Acquisition Corp III, Ltd (KOYN), $237M
  • Andretti Acquisition Corp. II (POLE)
  • Freenome, Inc. (FRNM), $85.1M
  • Factorial Energy Inc. (FAC), $286M
  • GOWell Technology Ltd
  • Plum Acquisition Corp. IV (PLMK), $39.7M

Approved by shareholders

10 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.

  • Cantor Equity Partners, Inc.
  • Columbus Circle Capital Corp. I, $254M
  • Blaize Holdings, Inc. (BZAI), $47.6M
  • Roth CH Acquisition Co., $23.3M
  • International Money Express, Inc. (IMXI), $176M
  • Stark Novus Financial Inc. (SNFI)
  • CERO THERAPEUTICS HOLDINGS, INC. (CERO), $8.4M
  • Corner Growth Acquisition Corp. (COOLU), $1.9M
  • GRID DYNAMICS HOLDINGS, INC. (GDYN), $224M
  • FLYEXCLUSIVE INC. (FLYX), $225M

Closed

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

  • Silvia, Inc. (BRR)
  • AMC Robotics Corp (AMCI), $18.8M
  • SharonAI Holdings Inc. (SHAZ)

Wound up

3 vehicles ran out of time and returned $313M to shareholders. Liquidation is the ordinary outcome for a SPAC that never finds a target, not a failure of the structure.

  • Columbus Circle Capital Corp. I, $254M
  • Cantor Equity Partners, Inc.
  • Westin Acquisition Corp (WSTN), $58.9M

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.