Special-purpose acquisition companies (SPACs) are staging a comeback as a wave of blockbuster IPOs creates an opening for smaller firms seeking to go public without competing for investor attention against giants such as SpaceX, Anthropic and OpenAI.
The resurgence is giving blank-cheque companies renewed relevance after years of upheaval following their pandemic-era boom and bust. Analysts and industry insiders say a more mature SPAC market is emerging just as mega-IPOs are expected to command an outsized share of investor capital and attention.
"A parade of mega-IPOs could make life harder for smaller issuers, with giant names soaking up headlines, analyst attention, institutional bandwidth and a meaningful share of available capital," said Michael Ashley Schulman, partner at financial adviser Cerity Partners. "A SPAC could open a quick side entrance."
SPACs allow private companies to reach public markets by merging with a listed shell company rather than pursuing a traditional IPO. Unlike conventional listings, SPAC mergers can offer greater certainty on valuation and timing.
The structure had fallen out of favour after hundreds of blank-cheque companies rushed to market during the pandemic, only for many to struggle to find acquisition targets or deliver poor returns after completing mergers.
SPAC deals surge
Activity has picked up sharply this year. Globally, 44 SPAC mergers worth $36.9 billion have been announced so far in 2026, up from 33 deals worth $15 billion during the same period last year, according to Dealogic data.
There is also ample dry powder. As of June 17, 359 SPACs held $56.8 billion in capital waiting to be deployed, according to SPAC Research.
The sectors most likely to attract SPAC deals include energy, defence, critical minerals, nuclear, space and crypto, along with smaller international firms seeking access to US capital markets, industry experts said.
The expected rush of marquee listings has intensified the appeal of SPACs. SpaceX kicked off the mega-IPO wave with a record-breaking offering last week that valued the company at roughly $1.8 trillion. AI firms Anthropic and OpenAI have also confidentially filed for US listings expected later this year, setting the stage for one of the busiest periods for high-profile offerings in recent memory.
Michelle Gasaway, partner at law firm Skadden, Arps, said interest in SPAC transactions has increased compared with two years ago. She cited flexibility in timing and the ability to negotiate valuations directly rather than relying solely on market demand. "That all makes it appealing for companies that do not want to compete for attention in a crowded IPO market," she said.
