Editor’s Note: This post offers an executive-readiness review and should not be considered legal, accounting, tax, or investment advice.
During the market surge of 2021, SPAC mergers became one of the most talked-about alternatives to the traditional IPO. In a zero-interest-rate environment, Special Purpose Acquisition Companies (SPACs) brought a whopping 550 private companies to public markets with fewer barriers than the standard IPO process.
When market conditions tightened and stocks declined, SPAC activity slowed significantly. Now, according to data reported by PitchBook, a Morningstar company, SPACs are surging again as the venture market searches for liquidity. The company reports there were 123 SPACs raised in 2025 and 2026 is on track for 200 more.
Despite the less-than-stellar performance of SPACs in recent years, hundreds of blank-check companies still are actively searching for acquisition targets.
The most successful companies pursuing this route share one trait: experienced executive leadership guiding the process.
Let’s start with some definitions.












