December SPAC IPO Update. Alpha Star Acquisition Extension Approved. DT Cloud Star Extension Fee Vote. Harvard, Miluna Separate Trading Today and Bitcoin Infrastructure Later this Week.
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Daily SPAC Update
DECEMBER’S SPAC SPRINT: SERIAL SPONSORS, REAL CHECKS, LOWER HYPE
December 2025 is quietly turning into one of the most active SPAC month of the year, with roughly a dozen-plus vehicles priced and over $3 billion raised before the calendar even flips. While the pace is high, don’t expect it to finish anywhere near May’s high given it is a holiday interrupted month. More importantly what stands out isn’t the raw count—it’s who’s back. The serial sponsor class has re-emerged, leaning on recognizable operating resumes, narrower mandates, and more credible capital stacks. Karbon Capital’s $300 million IPO set the tone, blending infrastructure ambition with political and financial gravitas as it targets the data-center power and energy transition bottleneck that hyperscalers keep tripping over. Ithaca Capital’s Orestes Fintiklis followed with another $200 million vehicle aimed at AI-enabled leisure and hospitality—a reminder that repeat sponsors are getting another shot, even if prior SPAC outcomes left scars investors haven’t forgotten.
Energy, infrastructure, and “picks-and-shovels” themes dominate the rest of the slate. Twelve Seas is back with an international oil and gas mandate, crypto infrastructure has re-entered the chat via a $200 million bitcoin-focused SPAC, and shipping veteran Peter Georgiopoulos returned with a maritime-centric vehicle that feels far more old-economy than Web3. The common thread is restraint: deal sizes are clustering in the $150–$300 million range, targets are more tightly defined, and sponsors are pitching execution over blue-sky narratives. This isn’t a 2021 revival—it’s a controlled reboot. The market is open again, but patience is thin, memories are long, and December’s class will be judged less on pedigree and more on whether any of these teams can finally deliver a merger that trades up and stays there.
SPAC VOTE RESULTS
ALSAF – ALPHA STAR ACQUISITION CORP * Extend to Dec 15, 2026
BOWN – BOWEN ACQUISITION CORP * Extend to Jun 14, 2026
SPAC DEAL & EXTENSION VOTES SET
SHAP – Spree Acquisition Corp 1 Ltd * EXTENSION VOTE SET: Dec 19, 2025 * trust $10.46
EXTENSION VOTES
DTSQ – DT CLOUD STAR ACQUISITION CORP * Extension Fee Vote
DeSPACs
Dec 15: IRRX * Uinta Infrastructure Group Corp
SEPARATE WARRANTS/RIGHTS
Dec 17: BITCOIN INFRASTRUCTURE ACQUISITION CORP LTD (BIXI)
Dec 15: HARVARD AVE ACQUISITION CORP (HAVA)
Dec 15: MILUNA ACQUISITION CORP (MMTX)
OTHER SPAC NEWS
FSHP – FLAG SHIP ACQUISITION CORP * Merger Agreement Amendment
NEW SPAC IPOs
Dec 12: TWLV – Twelve Seas Investment Co III $150M IPO
Dec 12: ITHA – Ithax Acquisition Corp Iii $200M IPO
Dec 11: KBON – Karbon Capital Partners Corp. $300M IPO (+underwriter overallotment: $45M)
Dec 11: BLRK – Bluerock Acquisition Corp. $150M IPO
Dec 10: MESH – Meshflow Acquisition Corp $300M IPO
Dec 09: DSAC – Daedalus Special Acquisition Corp. $225M IPO (+underwriter overallotment: $25M)
Dec 05: LFAC – Leapfrog Acquisition Corp $125M IPO (+underwriter overallotment: $18.75M)
SPAC Movers
YESTERDAY’S TOP SPAC GAINERS
1.6% ~ $ 14.91 | CCCX – CHURCHILL CAPITAL CORP X (Announced)
1.5% ~ $ 11.61 | WLAC – WILLOW LANE ACQUISITION CORP (Announced)
1.3% ~ $ 10.94 | DTSQ – DT CLOUD STAR ACQUISITION CORP (Pre-Deal)
.8% ~ $ 11.91 | TBMC – TRAILBLAZER MERGER CORP I (Announced)
.5% ~ $ 10.58 | FVN – FUTURE VISION II ACQUISITION CORP (Announced)
YESTERDAY’S TOP SPAC LOSERS
-17.2% ~ $ 29.67 | AFJK – AIMEI HEALTH TECHNOLOGY CO LTD (Announced)
-15.4% ~ $ 11.00 | ASPC – ASPAC III ACQUISITION CORP (Announced)
-6.7% ~ $ 9.01 | RDAC – RISING DRAGON ACQUISITION CORP (Announced)
-2.2% ~ $ 11.25 | BKHA – BLACK HAWK ACQUISITION CORP (Announced)
-1.9% ~ $ 12.21 | PCSC – PERCEPTIVE CAPITAL SOLUTIONS CORP (Pre-Deal)
LATEST SPAC IPO PERFORMANCE
Dec 12 | ITHA – ITHAX Acquisition Corp III
Dec 12 | TWLV – Twelve Seas Investment Co III
Dec 11 | KBON – Karbon Capital Partners Corp.
Dec 11 | BLRK – Bluerock Acquisition Corp.
Dec 10 | $ 10.00 | MESH – Meshflow Acquisition Corp
Dec 09 | $ 10.05 | DSAC – Daedalus Special Acquisition Corp.
Dec 05 | $ 10.02 | LFAC – Leapfrog Acquisition Corp
Dec 04 | $ 10.12 | SAC – Safeguard Acquisition Corp.
Dec 04 | $ 10.00 | AEAQ – Activate Energy Acquisition Corp.
Dec 04 | $ 10.27 | NWAX – New America Acquisition I Corp.
Dec 03 | $ 10.00 | GPAC – General Purpose Acquisition Corp.
Dec 03 | $ 10.10 | SBXE – SilverBox Corp V
Dec 02 | $ 10.00 | BIXI – Bitcoin Infrastructure Acquisition Corp Ltd.
Nov 26 | $ 10.06 | SCII – SC II Acquisition Corp
Nov 25 | $ 10.02 | IGAC – Invest Green Acquisition Corp
Nov 21 | $ 10.03 | HCAC – Hall Chadwick Acquisition Corp