SPAC Research

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Most SPAC trust capital is not facing a near-term deadline cliff — giving the market time to find, finance, and close quality deals.

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Plenty of SPAC trust capital remains in the market — and the maturity wall below shows it isn’t expiring anytime soon. 🧵
#SPAC #Market #Deadline #TrustCapital

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Let’s look at where this capital sits.

Near term deadlines are flooded with live deals — will they close, or will they extend? 🧵
#LiveDeal #PreDeal

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The ripple effects are already visible in SPACs yet to price — strengthening the possibility of a continued trend.

IPO conditions are getting constrained, but not necessarily unhealthy. This may simply be the market resetting toward more disciplined terms.
#PreIPO

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Are IPO terms signaling a turning tide? After most 2026 IPOs priced on favorable terms, the market appears to be gradually tightening. Let’s look at the signs.

Over-allotment activity captures IPO market demand — watch how that’s moved in over 3 years in the animation below. 🧵

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Warrant coverage shot up dramatically — climbing back toward early 2023 levels.
#Warrant #Structure 🧵

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PIPEs are powerful anchors to SPAC mergers, but big PIPEs and oversubscribed PIPEs clearly steal the show — delivering strong performance and higher investor confidence.

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PIPEs matter — see how stock prices compare across deSPACs who announce a PIPE upfront, signal plans to market one or have no PIPE at all.

DeSPACs with Big PIPEs and Oversubscribed PIPEs are leading — look at their median stock prices soaring above the rest. #DeSPAC #PIPE🧵

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PIPEs are strongly correlated with redemption rates — smaller PIPEs rarely see redemptions below 75%. 🧵

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Charter extension costs have fallen ~70% over four years, and with nearly half of extensions now free — sponsors are clearly gaining leverage.
#ExtensionCost

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Charter extensions are losing relevance — deal closings are getting quicker and easier as market conditions improve.

March 2026 DeSPACs marked a major shift: most closed without charter extensions. 🧵
#DeSPACs #Extension #Markets

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Older IPO vintages leaned hard on charter extensions — and they were an anchor, not a liquidation signal.

As deal markets get more receptive, it’ll be interesting to see if active SPACs can succeed without them. 🧵
#IPO #SPACs

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Mid-tier banks represent the vast majority of SPAC IPOs this year.
#Midtier

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SPAC IPOs have outnumbered traditional IPOs since late 2025 — accounting for ~70% of the total number of IPOs priced.

Watch the animation below to see SPAC IPOs take the lead in total IPO volume in the most recent quarter. 🧵
#IPO #SPAC

[SPAC Research @SPACresearch]

Overall, strengthening deal structures signal a more stable SPAC IPO market and encourage broader participation.

Let���s look at who’s anchoring this market — the top three banks dominate over half of SPAC IPO issuances. 🧵
#Banks #Fees #Top10