February’s 27 SPAC IPOs Shows the Market’s Staying Power.
February’s SPAC activity showed the market is here to stay with a third month of 20+ new SPACs entering the market for over $5.5 billion in new capital.
IPO Market: Serial Sponsors Continue Their Push
Capital flow is being driven in part by proven SPAC operators. February’s saw $5.5 billion in new IPO proceeds was weighted toward sponsors with deep track records. The IPOs favored larger trust sizes and helped move farther away from the micro-cap “junk” SPACs that had made up more of issuance in ’24/’25.
- Fortress Value Acquisition Corp. V (FVAV): A $250M raise by the Fortress team, known for high-profile exits like MP Materials.
- Cantor Equity Partners VI (CEPS): Howard Lutnick’s Cantor Fitzgerald continues its aggressive pace with a $100M vehicle.
- Hennessy Capital Investment Corp VIII (HCIC): Daniel Hennessy returns with a $210M trust, reinforcing the preference for veteran industrial sponsors.
- Colombier Acquisition Corp III (CLBR): Omeed Malik’s $260M vehicle follows the successful PublicSquare merger, targeting “parallel economy” assets.
- IDEA Acquisition Corp (IACO): The month’s largest debut at $350M, highlighting a renewed appetite for scale.
Strategic De-SPACs: Uranium and Quantum
Two major combinations closed in February, shifting focus to critical infrastructure and frontier technology. These deals suggest that while the broader SPAC market remains under pressure, specialized vertical plays still find institutional support.
SVII to Eagle Energy Metals Corp. (NUCL): Spring Valley Acquisition Corp II completed its merger with Eagle Energy Metals. The ticker NUCL reflects a pure-play bet on domestic uranium. With rights to the Aurora deposit in Oregon—the largest mineable uranium resource in the U.S.—the company is positioning itself as an integrated platform combining fuel supply with Small Modular Reactor (SMR) technology.
CCCX to Infleqtion (INFQ): Churchill Capital Corp X successfully brought Infleqtion public. The company is a frontrunner in “neutral-atom” quantum technology. Unlike pure-play quantum computing startups, Infleqtion’s revenue-generating portfolio includes quantum RF systems, inertial navigation, and quantum clocks for government and enterprise defense contracts.
Definitive Agreements and Combinations
Deal flow remained concentrated in energy transition and advanced manufacturing:
- DRDB + ThomasLloyd Climate Solutions: Roman Dbdr targets the renewable energy sector, focusing on climate-impact infrastructure.
- RAAQ + IQM US LLC: Real Asset Acquisition Corp pivots to the quantum space, merging with IQM, a leader in superconducting quantum processors.
- DTSQ + PrimeGen US, Inc: Dt Cloud Star moves into the biotech sector with a focus on regenerative medicine.
The “Extension Era” Continues
While IPOs may be coming online at a steady pace, the lack of deals and de-SPACs will be a concern. With 220+ SPACs looking for a deal and 110+ SPACs trying to close a deal, there is a lot of capital “hanging out” in the market that needs to find a permanent home and be put to good use.
SPAC IPO UPDATE
SPAC IPO Count
| Date | Ticker | Issuer | IPO Size |
|---|---|---|---|
| Feb 27 | ILLU | Illumination Acquisition Corp. I | $200M |
| Feb 26 | TRAD | APEX Tech Acquisition Inc. | $100M |
| Feb 26 | FVAV | Fortress Value Acquisition Corp. V | $250M |
| Feb 26 | TRGS | TRG Latin America Acquisitions Corp. | $200M |
| Feb 25 | MZYX | MOZAYYX Acquisition Corp. | $261M $39M overallotment |
| Feb 24 | CTAA | CLEARTHINK 1 ACQUISITION CORP | $150M $0M overallotment |
DAILY SPAC UPDATE
EXTENSION VOTES
CMCAF – CAPITALWORKS EMERGING MARKETS ACQUISITION CORP * extend from from March 3, 2026 to March 3, 2027
SPAC NEWS
CHAC – CRANE HARBOR ACQUISITION CORP * Media Transcript
RAAQ – REAL ASSET ACQUISITION CORP * Media Transcript
SPAC DEAL & EXTENSION VOTES SET
CPTK – Crown Proptech Acquisitions * EXTENSION VOTE SET: Mar 09, 2026 * trust $11.80
SPAC DEALS ANNOUNCED
Feb 27 | DRDB – Roman DRDB Acquisition Corp II + ThomasLloyd Climate Solutions
Founded in 2003, ThomasLloyd is a vertically integrated provider of sustainable energy, decarbonization, and climate finance solutions. The company integrates development, investment, and operations into a single platform, serving governments, multinational corporations, and institutional clients in more than 50 countries. Its activities encompass renewable power generation, sustainable fuels, water and waste infrastructure, and energy efficiency. To date, the firm’s specialists have been involved in the realization and operation of approximately 28 GW of power generation capacity and related infrastructure. ThomasLloyd manages the full project lifecycle from origination through long-term operations, utilizing an integrated model that combines financial structuring with technical execution.
SEPARATE WARRANTS/RIGHTS
Mar 02: SPRING VALLEY ACQUISITION CORP IV (SVIV)
Feb 27: COLUMBUS CIRCLE CAPITAL CORP II (CMII)
Feb 27: SPACSPHERE ACQUISITION CORP (SSAC)
Feb 27: SOREN ACQUISITION CORP (SORN)
Feb 27: ART TECHNOLOGY ACQUISITION CORP (ARTC)
SPAC EXECUTIVE MOVES
| Company | Ticker | Moves |
|---|---|---|
| MILUNA ACQUISITION CORP | MMTX |
|
| MOZAYYX Acquisition Corp. |
| |
| TRG Latin America Acquisitions Corp. |
|
SPAC MOVERS
| Company | Ticker | Return | Price | Stage |
|---|---|---|---|---|
| EQV VENTURES ACQUISITION CORP | FTW | 8.3% | $ 12.20 | Announced |
| QUETTA ACQUISITION CORP | QETA | 1.0% | $ 11.69 | Pre-Deal |
| DUNE ACQUISITION CORP II | IPOD | .7% | $ 10.39 | Pre-Deal |
| HELIX ACQUISITION CORP III | HLXC | .5% | $ 10.29 | Pre-Deal |
| SILVERBOX CORP IV | SBXD | .5% | $ 10.69 | Announced |
| Company | Ticker | Return | Price | Stage |
|---|---|---|---|---|
| TRAILBLAZER MERGER CORP I | TBMC | -13.8% | $ 9.55 | Announced |
| CANTOR EQUITY PARTNERS II INC | CEPT | -3.6% | $ 11.10 | Announced |
| BLACK HAWK ACQUISITION CORP | BKHA | -1.2% | $ 11.46 | Announced |
| TEXAS VENTURES ACQUISITION III CORP | TVA | -1.1% | $ 10.48 | Pre-Deal |
| AMERICAN EXCEPTIONALISM ACQUISITION CORP A | AEXA | -1.1% | $ 11.02 | Pre-Deal |