The SPAC market in December 2025

December 2025 produced 19 IPOs, 3 deals announced, 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

19 SPACs priced an IPO in December 2025, putting $4.6B into trust between them.

• Bitcoin Infrastructure Acquisition Corp Ltd (BIXI), $224.5M
• General Purpose Acquisition Corp. (GPAC), $234.5M
• SilverBox Corp V (SBXE), $281.7M
• New America Acquisition I Corp. (NWAX), $351.9M
• Safeguard Acquisition Corp. (SAC), $234.7M
• Activate Energy Acquisition Corp. (AEAQ), $234.6M
• Leapfrog Acquisition Corp (LFAC), $146.6M
• Daedalus Special Acquisition Corp. (DSAC), $255.0M
• Meshflow Acquisition Corp (MESH), $351.8M
• Bluerock Acquisition Corp. (BLRK), $175.8M
• Karbon Capital Partners Corp. (KBON), $351.8M
• Twelve Seas Investment Co III/Cayman (TWLV), $175.8M

Deals announced

3 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.

• CSLM Digital Asset Acquisition Corp III, Ltd (KOYN), $237.4M
• Andretti Acquisition Corp. II (POLE)
• GOWell Technology Ltd

Approved by shareholders

4 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, $253.8M
• Roth CH Acquisition Co., $23.3M
• Corner Growth Acquisition Corp. (COOL), $1.9M

Wound up

3 vehicles ran out of time and returned $312.2M 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, $253.8M
• Cantor Equity Partners, Inc.
• Westin Acquisition Corp (WSTN), $58.4M