De-SPACs are having a moment. While returns have been meager – less than 10% of last year’s mergers trade above the $10 transaction price – several areas have surged over the past several months, with some names up more than +500%. Excluding penny stocks, we count 26 de-SPACs from the past five years with a six-month gain of more than 150%.
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Rising equity markets and a post-election rally have helped, with the S&P 500 up +24.4% over the past year, and the US IPO Index up +20.8%. SPACs have also historically been a popular listing route for early-stage companies with big ambitions, in areas like quantum computing, cryptocurrency, space, and alternative energy, all of which have benefited from a spike in retail trading and excitement around AI. Amid depressed de-SPAC valuations, investors are picking through the rubble hoping to find hidden gems. Along with this increased risk appetite, several de-SPACs have traded up on improved fundamentals, such as contract wins and product advancements.
As a result of this rising demand, SPAC IPO activity has increased substantially year-to-date amid a flurry of new SPAC filings, aided by the fact that SPACs are still de-risked by investors’ redemption rights. So far this year, 19 SPACs have submitted initial filings, up from just 3 at this point in 2024.
Note: Includes companies that have gone public via SPAC within the past 5 years, with a current market cap of over $200mm, that have traded up +150% or more in the past six months. Data as of February 18, 2025Quantum computing
As excitement around AI, and the computing demands associated with it, continues to grow, a number of quantum computing de-SPACs have soared recently. The biggest gainers over the past six months include Rigetti (RGTI), which has soared over +1,100%, D-Wave Systems (QBTS), and IonQ (IONQ).
Space and satellites
Investor interest around companies in the space industry, which often list via SPACs, has also soared. Among the biggest de-SPAC gainers are space exploration firm Intuitive Machines (LUNR), rocket developer Rocket Lab (RKLB), space imagery firm Satellogic (SATL), and space infrastructure provider Redwire (RDW).
Batteries
While many EV and battery firms that went public via SPAC have since shuttered, a number of the surviving names have received a recent jolt of energy. Numerous battery companies have soared, led by Microvast Holdings (MVST), which was boosted by a strong earnings report. Other big winners include Amprius Technologies (AMPX) and Eos Energy Enterprises (EOSE).
Nuclear energy
A handful of nuclear energy de-SPACs have also skyrocketed in recent months, driven in part by growing energy needs forecasted due to developments in AI. Recent top performers in the field include Sam Altman-backed Oklo (OKLO) and NuScale Power (SMR).
