How the data is built

The starting universe is every registrant classified by the SEC under Standard Industrial Classification code 6770, “Blank Checks”. That is the code the Commission assigns to SPACs at registration, which makes it the most complete and least subjective entry point available.

We add registrants that filed an S-1 describing a blank-check offering but carry a different SIC code, and we exclude shells that never pursued a business combination. Every inclusion decision is recorded against the registrant’s CIK.

We poll the SEC’s public submissions API for each CIK in the universe, plus the daily full-text index for newly registered blank-check issuers. Requests are rate-limited and identified with a contact address, as the SEC’s access policy requires.

Each filing is stored with its accession number, form type, filing timestamp, period of report and a direct link to the primary document. The accession number is the primary key, so a filing can never be double-counted.

Structural facts (gross proceeds, cash placed in trust, trust per public share, unit composition, warrant coverage and the combination deadline) are read from the final prospectus (424B4) and updated from later amendments, current reports and proxy statements.

When a later filing restates a figure, the newer value wins and the change is timestamped. Fields we cannot establish from a filing are left empty rather than estimated. A dash on a profile means “not disclosed in a document we have indexed”, never zero.

Status is derived from the filing record, not from press coverage:

• Pre-IPO: an S-1 is on file but no final prospectus has been filed.
• Searching: the IPO has priced and no definitive agreement has been announced.
• Announced: a Form 8-K, 425 or S-4 discloses a signed business combination.
• Completed: a super 8-K reports the closing, typically under Item 2.01.
• Liquidated: a Form 25-NSE or 15-12B ends the registration without a deal.

The ingest runs continuously through the trading day and on a slower cadence overnight and at weekends. New filings typically appear on the site within minutes of publication on EDGAR. Pro accounts see them immediately; free accounts see the feed on a 24-hour delay.

Trust balances move between filings. Redemptions in connection with an extension vote can take a substantial share of the trust out overnight, and the next disclosure may be weeks away. Treat the trust figure as “as at the most recent filing”, which every profile states explicitly.

Deadlines can be extended by the sponsor without a shareholder vote where the charter permits it, and monthly extension contributions change trust per share. Sector and region tags reflect charter language, which is often deliberately broad.

We do not publish real-time share prices, and nothing here is a valuation. For price data, use your existing market-data provider.

Quotes come from a third-party market-data provider, not from the filings. They are delayed and indicative, refreshed on a schedule rather than streamed, and every price on the site carries the time it was taken. A vehicle that returns no quote is shown as “not quoted” rather than as a zero; that is what the tradeable flag reflects.

The spread to trust is arithmetic on the two: the quoted price against the trust per share disclosed in the most recent filing. It is only shown where the trust figure exists, and it moves whenever either side does.

News headlines come from the same provider. The sentiment attached to each one is our own classifier, not a vendor score: a list of finance- and SPAC-specific terms, weighted, applied to the headline and summary. General-purpose sentiment tools are unusable on financial text, and for a holder of public shares “definitive agreement” and “liquidation” are not neutral words. The classifier reads what a story is about, not what the shares are worth, and it is not a forecast.

Historical price series are not part of the dataset, so we do not publish post-merger performance or total returns. Where a comparison is unavoidable we state the limit rather than approximate it.

Three scores appear on the profile of every live vehicle. They are derived measures with a published formula, not ratings of investment merit, and they carry no view on the target, no price target and no recommendation.

Each is the unweighted mean of the components shown beneath it, and each component is a single disclosed figure scored as a percentile against every live SPAC rather than against an absolute we invented. A component a vehicle has not disclosed is left out rather than guessed, and a score built on fewer than two components is not published at all.

• Edge: how far the structure protects a holder now. Discount to trust, trust accretion above the $10.00 unit price, runway to the deadline, and the sponsor’s completion record.
• FOMO: how much attention the vehicle is attracting. Filing activity and news volume over 30 days, the tone of that coverage, the premium the market is paying above trust, and how recently a deal was announced.
• Potential: how likely a combination is to complete, and at what scale. The sponsor’s and lead bank’s records, the size of that bank’s franchise, the trust available, and whether an agreement has been signed.

Counts behave differently from ratios. A vehicle with no news in a month scores zero on coverage rather than sharing a percentile with every other silent vehicle, because no attention is the bottom of an attention scale rather than the middle of one.

Scores are recomputed as a batch so every vehicle is ranked against the same snapshot. They apply only to vehicles that are searching or have announced a combination; a resolved vehicle stops carrying one.

If a figure disagrees with the filing it came from, tell us and we will fix it. Email [email protected] with the CIK and the accession number. Corrections are applied to the record and reflected on the next page render.

SPACListing is not affiliated with the U.S. Securities and Exchange Commission, with any exchange, or with any sponsor, underwriter or issuer covered on the site. We take no payment for coverage, placement or ordering, and no issuer can buy its way into or out of the dataset.