SPACs stage comeback as mega IPOs crowd market

SPAC mergers are making a comeback globally, with 44 deals worth $36.9 billion announced so far in 2026, up from 33 deals worth $15 billion in the same period last year. A total of 359 SPACs hold $56.8 billion in dry powder, with likely targets in energy, defence, critical minerals, nuclear, space, and crypto sectors. The resurgence is driven by mega-IPOs like SpaceX's record-breaking $1.8 trillion listing crowding out smaller issuers, making SPACs an attractive alternative route to public markets.