The median return of 2022's SPAC mergers: -82%

Only 6 of the 94 SPACs have a positive return.

By Pranshu Maheshwari

The frothy times of 2022 saw 94 SPACs merge with private companies. Their returns to date have been abysmally low.

Back from the moon?

Total returns since SPAC Merger

Data from, visualized using Yarn

MLTX (MoonLake Immunotherapeutics) is the outlier in the group, up 464%. Most of those gains came after June 2023, when they announced positive results from a clinical trial.

Depending on your exact start date in 2022, the S&P 500 would have returned between 0-20%. So, eh, awkward, but maybe this SPAC stuff destroyed more value than it created?

This visual data story was built with Yarn.