December SPAC IPOs Keep Coming: Michael Klein Back with $360 Million Churchill XI. Iron Horse II $200 Million Debut.
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SPAC IPO UPDATE
With the addition of Churchill Capital Corp XI ($360 million) and Iron Horse Acquisition Corp. II ($200 million), December’s SPAC issuance has climbed to 16 vehicles and more than $4 billion raised so far. The month continues to reflect a blend of large, repeat sponsors and smaller, sector-focused offerings, with deal sizes clustering in the $150–$360 million range as activity carries through the final weeks of the year.
CHURCHILL CAPITAL CORP XI (CCXI) $360 Million SPAC IPO
Ticker: CCXIU (Units) | Size: $360 million | Sponsor: M. Klein and Company
Churchill Capital Corp XI is the eleventh SPAC sponsored by Michael Klein and affiliates of M. Klein and Company. The vehicle upsized to $360 million at pricing, continuing the sponsor’s long-running presence in the SPAC market. Klein has previously sponsored multiple SPACs that completed business combinations, including Lucid Group.
Strategy: CCXI is described as sector-agnostic, with a stated focus on identifying high-quality, large-scale businesses with established operations and stable free cash flow. The sponsor has historically emphasized targets that could otherwise pursue a traditional IPO or strategic sale process.
Structure: Units were priced at $10.00 and consist of one Class A ordinary share and one-tenth of a redeemable warrant. Each whole warrant entitles the holder to purchase one Class A share at an exercise price of $11.50, subject to standard adjustments. The reduced warrant coverage limits incremental dilution relative to legacy SPAC structures.
IRON HORSE ACQUISITION CORP. II (IRHO) $200 Million SPAC IPO
Ticker: IRHOU (Units) | Size: $200 million | Sponsor: Bengochea Capital
Iron Horse Acquisition Corp II is a $200 million SPAC sponsored by Bengochea Capital and led by Jose Antonio Bengochea. The vehicle follows Iron Horse Acquisition Corp., which completed its IPO in 2021, and is focused on opportunities within the media and entertainment ecosystem.
Strategy: IRHO is targeting U.S.-based businesses in media, entertainment, content production, gaming, and related industries. The management team includes executives with prior experience at companies such as Sony and 20th Century Fox, with an emphasis on operational and industry-specific expertise.
Structure: Units were priced at $10.00 and include one Class A ordinary share and one-tenth of a right. Each right converts into one-tenth of a Class A share upon completion of a business combination, providing automatic equity conversion rather than an exercisable security.
SPAC DEAL & EXTENSION VOTES SET
RIBB – Ribbon Acquisition Corp * EXTENSION VOTE SET: Jan 09, 2026 * trust $10.41
OTHER SPAC NEWS
CHAC – CRANE HARBOR ACQUISITION CORP * Media Transcript
SEPARATE WARRANTS/RIGHTS
Dec 22: INVEST GREEN ACQUISITION CORP (IGAC)
Dec 17: BITCOIN INFRASTRUCTURE ACQUISITION CORP LTD (BIXI)
Dec 15: HARVARD AVE ACQUISITION CORP (HAVA)
Dec 15: MILUNA ACQUISITION CORP (MMTX)
NEW SPAC IPOs
Dec 17: CCXI – Churchill Capital Corp XI $360M IPO
Dec 17: IRHO – Iron Horse Acquisition Corp. II $200M IPO
Dec 16: CRAN – Crane Harbor Acquisition Corp. II $300M IPO
Dec 12: TWLV – Twelve Seas Investment Co III $150M IPO (+underwriter overallotment: $22.5M)
Dec 12: ITHA – Ithax Acquisition Corp III $200M IPO (+underwriter overallotment: $30M)
Dec 11: BLRK – Bluerock Acquisition Corp. $150M IPO (+underwriter overallotment: $22.5M)
Dec 11: KBON – Karbon Capital Partners Corp. $300M IPO (+underwriter overallotment: $45M)
Dec 10: MESH – Meshflow Acquisition Corp $300M IPO (+underwriter overallotment: $45M)
Dec 09: DSAC – Daedalus Special Acquisition Corp. $225M IPO (+underwriter overallotment: $25M)
SPAC Movers
YESTERDAY’S TOP SPAC GAINERS
3.9% ~ $ 11.86 | WLAC – WILLOW LANE ACQUISITION CORP (Announced)
1.8% ~ $ 9.60 | RDAC – RISING DRAGON ACQUISITION CORP (Announced)
1.3% ~ $ 10.83 | BACQ – INFLECTION POINT ACQUISITION CORP IV (Announced)
.9% ~ $ 11.79 | KVAC – KEEN VISION ACQUISITION CORP (Announced)
.7% ~ $ 11.23 | SPKL – SPARK I ACQUISITION CORP (Pre-Deal)
YESTERDAY’S TOP SPAC LOSERS
-11.6% ~ $ 26.96 | AFJK – AIMEI HEALTH TECHNOLOGY CO LTD (Announced)
-3.8% ~ $ 12.01 | TBMC – TRAILBLAZER MERGER CORP I (Announced)
-3.5% ~ $ 11.80 | PCSC – PERCEPTIVE CAPITAL SOLUTIONS CORP (Pre-Deal)
-1.5% ~ $ 13.79 | CCCX – CHURCHILL CAPITAL CORP X (Announced)
-1.4% ~ $ 10.86 | CHAC – CRANE HARBOR ACQUISITION CORP (Announced)
LATEST SPAC IPO PERFORMANCE
Dec 17 | IRHO – Iron Horse Acquisition Corp. II
Dec 17 | CCXI – Churchill Capital Corp XI
Dec 16 | CRAN – Crane Harbor Acquisition Corp. II
Dec 12 | $ 9.96 | ITHA – ITHAX Acquisition Corp III
Dec 12 | TWLV – Twelve Seas Investment Co III
Dec 11 | $ 9.99 | BLRK – Bluerock Acquisition Corp.
Dec 11 | $ 10.08 | KBON – Karbon Capital Partners Corp.
Dec 10 | $ 10.01 | MESH – Meshflow Acquisition Corp
Dec 09 | $ 10.04 | DSAC – Daedalus Special Acquisition Corp.
Dec 05 | $ 10.00 | LFAC – Leapfrog Acquisition Corp
Dec 04 | $ 10.32 | NWAX – New America Acquisition I Corp.
Dec 04 | $ 10.10 | SAC – Safeguard Acquisition Corp.
Dec 04 | $ 10.00 | AEAQ – Activate Energy Acquisition Corp.
Dec 03 | $ 9.99 | GPAC – General Purpose Acquisition Corp.
Dec 03 | $ 10.10 | SBXE – SilverBox Corp V
Dec 02 | $ 10.01 | BIXI – Bitcoin Infrastructure Acquisition Corp Ltd.
Nov 26 | $ 10.07 | SCII – SC II Acquisition Corp
Nov 25 | $ 10.01 | IGAC – Invest Green Acquisition Corp
Nov 21 | $ 10.03 | HCAC – Hall Chadwick Acquisition Corp