Datastream
Return of the SPAC: They’re Back and Bigger than Ever
The Briefing
- Special Purpose Acquisition Companies (SPACs) are shell companies created with the sole intent to raise capital and buy a private organization, or a stake in a company
- In 2020, 248 new SPACs went public, an increase of more than 300% from 2019
- 2020 was a record-breaking year for SPACs on many fronts. For instance, Bill Ackman’s Pershing Square Tontine Holdings raised $4 billion—the largest raised in SPAC history
SPACs are Back and Bigger than Ever
In 2020, SPACs raised over $82 billion in capital. That’s more funds in one year than in the last 10 years combined.
But what exactly is a SPAC, and how have they changed over the years?
SPAC IPOs versus Traditional IPOs
SPAC IPOs are essentially the opposite of traditional IPOs.
In a traditional IPO, an established company goes public to raise funds. In contrast, SPAC IPOs involve a shell company that’s already raised capital and is looking to purchase an organization (or a stake in a company).
While traditional IPOs are seeking funds, SPAC IPOs already have the funds—what they’re seeking is an organization to attach themselves to.
SPACs, also known as “Blank Check” companies, provide a faster way to raise funds compared to traditional IPOs. That’s because the audit process for a SPAC is shorter, since they don’t have any financial statements to review.
A Brief History of SPACs
248 SPACs went public in 2020—189 more than in 2019.
2020 has by far been the biggest year for SPACs in the last few decades. Here’s a look at the number of SPAC IPOs over the last 15 years, along with their average size:
Year | # of SPAC IPOs | Average IPO Size (M) |
---|---|---|
2005 | 28 | $75.5 |
2006 | 37 | $91.5 |
2007 | 66 | $183.2 |
2008 | 17 | $226.0 |
2009 | 1 | $36.0 |
2010 | 7 | $71.8 |
2011 | 16 | $69.4 |
2012 | 9 | $54.5 |
2013 | 10 | $144.7 |
2014 | 12 | $145.8 |
2015 | 20 | $195.1 |
2016 | 13 | $269.2 |
2017 | 34 | $295.5 |
2018 | 46 | $233.7 |
2019 | 59 | $230.5 |
2020 | 248 | $334.4 |
SPACs had a brief moment in 2007 prior to the financial crisis, but by 2009 they had lost traction—that year, only one SPAC IPO went public. However, in the last few years, SPACs have picked up momentum again.
And in 2020, the use of this curious go-public vehicle has skyrocketed.
The New and Improved SPACs of 2020
Historically, SPACs haven’t had the highest returns for investors. In fact, they were once considered a last resort when it came to raising capital.
But in the last few years, SPACs have ramped up their game. According to a recent report by McKinsey & Company, there have been three significant changes:
- Improved track record
In 2020, more than 90% of SPAC deals closed. That’s a notable improvement compared to previous years—before 2015, at least 20% of SPACs liquidated. - Bigger in size
The average SPAC trust size is 5x larger than it was a decade ago. - Well-known participants
Some high-profile investors have jumped on the SPAC-train this year, which has helped generate hype.
While some experts are expecting the popularity of the SPAC to continue in 2021, it’s still early days. So it’s hard to know for certain if SPACs are back for the long-haul.
»If you found this article interesting, you might enjoy this full-length post on traditional IPOs: The World’s Largest IPOs Adjusted For Inflation
Where does this data come from?
Source: SPAC Data
Details: All US-listed SPACs are included in the data set. Figures as of Dec 30, 2020
Datastream
The 10 Longest Range EVs for 2023
This infographic lists 10 of the longest range EVs currently for sale in the U.S. in 2023. The Lucid Air takes first place at 516 miles.

The Briefing
- EV models with over 300 miles (480 km) of range are becoming more common in the United States
- The Lucid Air (Grand Touring trim) has the highest EPA range at 516 miles (830 km)
The 10 Longest Range EVs for 2023
Range anxiety is frequently cited as one of the biggest turnoffs of electric vehicles (EVs).
Even as recent as 2021, the average range of an EV was just 217 miles (349 km), falling significantly short from the average gas car’s range of 413 miles (665 km). Thankfully, as this infographic shows, EVs with over 300 miles of range are becoming more common.
Below are the top 10 EVs for 2023, ranked by their EPA combined driving range. For further context, we’ve also included price. These values are for the specific trim that achieves the stated range. In some cases, more expensive trims are available but have a lower range (e.g. Tesla Plaid).
Model | EPA Combined Driving Range | Price* |
---|---|---|
Lucid Air | 516 mi (830 km) | $138,000 |
Tesla Model S | 405 mi (652 km) | $84,990 |
Hyundai Ioniq 6 | 361 mi (581 km) | $45,500 |
Tesla Model 3 | 358 mi (576 km) | $55,990 |
Mercedes-Benz EQS | 350 mi (563 km) | $104,400 |
Tesla Model X | 348 mi (560 km) | $94,990 |
Tesla Model Y | 330 mi (531 km) | $52,990 |
GMC Hummer EV Pickup | 329 mi (529 km) | $110,295 |
Rivian R1T | 328 mi (528 km) | $74,800 |
BMW iX | 324 mi (521 km) | $87,100 |
*Most recent prices available as of April 2023
Note that the EV market is rapidly evolving, and the data in this table has a limited shelf life. For example, Rivian is releasing a battery option dubbed the “Max pack” which promises up to 400 miles, but is not yet EPA rated.
Where Does This Data Come From?
Source: Car and Driver (range), manufacturer websites (price)
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