May’s SPAC IPO Surge Continues: Over 20 SPAC IPOs Raising $5B as Jena II and Wintergreen Come to Market.
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SPAC IPOs SURGE IN MAY
With today’s SPAC IPOs of Wintergreen and Jena II, SPAC IPO activity continues to surge in May 2025, with issuance volume and IPO count both hitting their highest levels in over a year. The number of SPAC IPOs more than doubled compared to April 2025, jumping from just over 10 to more than 20 new listings. This marks a dramatic rebound from the subdued levels seen in May 2024, when monthly IPO counts were in the low single digits. Similarly, total issuance in May 2025 spiked to nearly $5 billion—also nearly double April’s figure—highlighting renewed investor appetite and market momentum. The charts below clearly illustrate this sharp acceleration in both deal volume and capital raised.
SPAC Market IPOs Surge in May
SEPARATE WARRANTS/RIGHTS
Jun 02: COPLEY ACQUISITION CORP (COPL)
SPAC DEAL TERMINATIONS (Last 10 Days)
2025-05-21: ASPC + HDEducation Group Limited
OTHER SPAC NEWS
USCTF – ROTH CH ACQUISITION CO * Investor Deck
USCTF – ROTH CH ACQUISITION CO * Merger Agreement Amendment
NEW SPAC IPOs
May 29: WTG – Wintergreen Acquisition Corp. $50M IPO
May 29: JENA – Jena Acquisition Corporartion Ii $200M IPO
May 28: KCHV – Kochav Defense Acquisition Corp. $220M IPO
May 28: CHPG – Championsgate Acquisition Corp $65M IPO
May 23: PELI – Pelican Acquisition Corp $75M IPO
May 23: CRA – Cal Redwood Acquisition Corp. $200M IPO (+underwriter overallotment: $30M)
SPAC Movers
YESTERDAY’S TOP SPAC GAINERS
4.54% ~ $ 12.43 | BOWN – BOWEN ACQUISITION CORP (Announced)
2.85% ~ $ 40.12 | CEP – CANTOR EQUITY PARTNERS INC (Announced)
2.45% ~ $ 12.11 | HSPO – HORIZON SPACE ACQUISITION I CORP (Announced)
1.53% ~ $ 10.65 | GSRT – GSR III ACQUISITION CORP (Announced)
1.50% ~ $ 11.50 | MBAV – M3-BRIGADE ACQUISITION V CORP (Pre-Deal)
YESTERDAY’S TOP SPAC LOSERS
-1.67% ~ $ 14.15 | DMYY – DMY SQUARED TECHNOLOGY GROUP INC (Pre-Deal)
-1.55% ~ $ 12.70 | ISRL – ISRAEL ACQUISITIONS CORP (Announced)
-1.34% ~ $ 11.75 | RENE – CARTESIAN GROWTH CORP II (Pre-Deal)
-1.22% ~ $ 11.36 | CEPT – CANTOR EQUITY PARTNERS II INC (Pre-Deal)
-1.09% ~ $ 10.93 | ESHA – ESH ACQUISITION CORP (Pre-Deal)
LATEST SPAC IPO PERFORMANCE
May 28 | KCHV – Kochav Defense Acquisition Corp.
May 28 | CHPG – ChampionsGate Acquisition Corp
May 23 | $ 10.01 | CRA – Cal Redwood Acquisition Corp.
May 23 | $ 10.02 | PELI – Pelican Acquisition Corp
May 22 | $ 10.03 | OYSE – Oyster Enterprises II Acquisition Corp
May 21 | $ 10.70 | PCAP – ProCap Acquisition Corp
May 21 | $ 10.03 | AACI – Armada Acquisition Corp. II
May 16 | $ 10.37 | WENN – WEN Acquisition Corp
May 16 | $ 10.12 | CCCM – Columbus Circle Capital Corp. I
May 15 | $ 11.50 | RTAC – Renatus Tactical Acquisition Corp I
May 15 | $ 10.04 | TVAI – Thayer Ventures Acquisition Corp II
May 14 | $ 10.38 | CCCX – Churchill Capital Corp X
May 13 | $ 10.14 | PMTR – Perimeter Acquisition Corp. I
May 09 | $ 10.08 | EGHA – EGH Acquisition Corp.
May 07 | $ 10.04 | IPOD – Dune Acquisition Corp II
May 02 | $ 10.03 | CGCT – Cartesian Growth Corp III
May 02 | $ 11.36 | CEPT – Cantor Equity Partners II, Inc.
May 02 | $ 10.20 | GTEN – Gores Holdings X, Inc.
May 01 | $ 10.29 | RDAG – Republic Digital Acquisition Co
May 01 | $ 10.05 | COPL – Copley Acquisition Corp
Apr 29 | $ 10.07 | LCCC – Lakeshore Acquisition III Corp.
Apr 29 | $ 10.23 | TACO – Berto Acquisition Corp