SPAC Market Intelligence
IPO issuance holds steady while de-SPAC performance diverges sharply by sector
SPAC issuance held firm in Q2 2026 even as post-merger performance diverged sharply across sectors, with a dozen business combinations closing during the quarter and the broader market still tracking sizable pools of searching capital. Redemption rates stayed close to their three-year average, while sponsors and targets continued to navigate a wide range of outcomes across recently completed deals. This report examines what these dynamics mean for deal structuring and target selection in the current SPAC environment.
Q2 2026 Report
What's Inside
- How Q2 IPO issuance and median deal size reflect current sponsor and investor appetite
- Where searching capital is concentrated across industries and what it means for target companies
- How the quarter's de-SPAC completions performed post-close, and what separates the outliers
- What the spread in post-merger returns reveals about the current risk profile of SPAC transactions
- How Q2 redemption rates compared to historical averages and what's driving the trend
- What PIPE activity and deal structuring look like in the current environment
- How evolving merger enforcement and market structure developments are affecting SPAC deal timelines
- What ongoing regulatory attention on private markets means for SPAC sponsors and investors
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Q2 2026 SPAC Quarterly Update
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Houlihan Capital supports SPAC sponsors, target companies, and investors with independent valuations, fairness opinions, and transaction advisory services throughout the SPAC lifecycle — from pre-merger analysis to post-transaction support.
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This content is for informational purposes only and does not constitute investment advice.
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