62 US SPACs Raise $13.2B in Q1, Terra Quantum at $3.25B Valuation
In Q1 2026, 62 US SPACs went public, raising $13.2 billion, while 17 filed merger deals and 10 closed transactions. Swiss quantum computing firm Terra Quantum agreed to a SPAC merger valuing it at $3.25 billion and strategic metals company Miotal secured a $10 billion valuation.
1. Q1 SPAC Market Activity
During the first quarter of 2026, 62 SPACs listed in the US, cumulatively raising $13.2 billion. In the same period, 41 SPACs filed for public offerings, 17 announced merger agreements and 10 completed de-SPAC transactions, matching the pace of 2025.
2. Notable Deal Valuations
Swiss quantum computing specialist Terra Quantum agreed to merge at a $3.25 billion valuation, while strategic metals producer Miotal secured a $10 billion valuation through its SPAC deal announced this week. These high-profile transactions underscore investor interest in quantum computing, energy and AI infrastructure sectors.
3. SPAC Advantages and Timeline
Companies favor the SPAC route to bypass rigorous IPO scrutiny and capitalize on peak investor enthusiasm, achieving public listing in a shorter timeframe. SPAC sponsors highlight the ability to time the market for sectors whose appeal can shift rapidly in volatile conditions.
4. De-SPAC Performance Concerns
Despite strong fundraising, several de-SPACed firms have underperformed or faced bankruptcy. Kodiak AI’s market cap fell from a $2.5 billion SPAC valuation to around $1.4 billion, and pandemic-era de-SPACs such as WeWork, Nikola and 23andMe have filed for bankruptcy.