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No End in Sight for Blank-Check Firms After Year of the SPAC

  • SPACs raised a record $78 billion on U.S. exchanges in 2020
  • Founders set to vie for targets, offer investor concessions
Updated on

There’s no stopping the SPAC, which emerged from obscurity to seemingly take over finance in 2020.

Special purpose acquisition companies, or SPACs, went from a back-of-the-shelf financial vehicle to one of the biggest segments of initial public offerings, with a record $78 billion raised in the U.S. this year, according to data compiled by Bloomberg. That exceeded the combined total of SPACs in all previous years and made up about 45% of this year’s record $177 billion IPO volume, the data show.