The blank-cheque company is back. After the spectacular boom and bust that followed the 2020 and 2021 SPAC cycle, 2026 has produced another wave of listings, this time tied heavily to artificial intelligence, robotics, space technology, quantum computing and nuclear energy.
Reuters Breakingviews, citing LSEG data, reports that 143 SPACs have listed in the United States this year, already exceeding the full-year total for 2025. Together they have raised about $28 billion and account for roughly 62% of all new US issuers. That is no longer a niche revival.
The moonshot sectors have changed, but the structure has not
Targets now include businesses such as Agility Robotics, Ursa Major Technologies and EigenQ, reflecting the market's appetite for technologies with large potential markets but often limited operating histories. The attraction is familiar: SPACs can bring companies public more quickly than a conventional IPO and allow sponsors to pursue businesses before public-market investors would normally see them.
The caution is also familiar. Reuters Breakingviews notes that only about 10% of completed SPAC combinations from the previous cycle trade above the traditional $10 IPO price, while more than a third trade below $1. The structure can work, but the historical base rate remains uncomfortable.
Our view: this is a useful risk-appetite indicator
Global Markets Review's view is that the SPAC revival is best read as a signal about capital-market risk appetite rather than proof that the structure has been rehabilitated. Investors are again willing to fund companies whose value depends heavily on future adoption curves rather than current cash flow.
The next data points to watch are redemption rates, PIPE participation, sponsor economics and the post-merger performance of the 2026 cohort. If those improve materially from the last cycle, the revival may become durable. If not, issuance volume may simply be another measure of speculative enthusiasm.
| Measure | 2026 position | Why it matters |
|---|---|---|
| SPAC IPOs | 143 | Already above 2025 full-year issuance |
| Capital raised | About $28bn | Shows large pools of speculative capital have returned |
| Share of new US issuers | About 62% | SPACs dominate new-listing count |
| Key target themes | AI, robotics, space, quantum, nuclear | Capital is clustering around frontier technology |
Frequently asked questions
How many SPACs have listed in the US in 2026?
LSEG data cited by Reuters Breakingviews shows 143 SPAC IPOs so far in 2026.
How much have 2026 SPACs raised?
About $28 billion according to the cited LSEG data.
Which sectors are attracting SPAC interest?
AI, robotics, space, quantum computing and nuclear technology are among the most prominent themes.