The special purpose acquisition company – or SPAC – has been through a boom and bust. Between 2021 and 2022, the US market saw more than 600 SPACs launched, promising a faster, more flexible route to the public markets. According to Jocelyn Arel, partner and head of the SPAC practice at Goodwin in Boston, the US market has transitioned from chaos to clarity. “What we’ve seen in 2025 and going into 2026 is that many of the SPACs formed in 2021-2022, when there were over 600 in the US, have either found partners or liquidated. That’s created opportunities for new entrants to come into the market,” she tells IFLR. Across the Atlantic, the story has been more subdued. “In Europe, we never had this sort of major boom that there was in the US,” says Ariel White-Tsimikalis, partner in the Capital Markets practice at Goodwin in London. “The UK probably had the fewest SPACs back in the time when they were super popular."
Read the IFLR article for more.