Over 500 companies have gone public via SPAC in the past five years, and while most have struggled, 30 now command a market cap of over $5 billion. Through a combination of technological advancements, rising revenue, improving addressable markets, and no small amount of hype, several de-SPACs have traded up more than 200% this year alone, particularly in hot sectors such as space, quantum computing, and nuclear energy.
SPAC listings are often held up as a prime example of the valuation excesses of 2021, and four years later, mid-cap and large-cap de-SPACs with sell-side coverage are still the exception rather than the rule.
Still, the rising number of de-SPACs with multi-billion-dollar valuations is notable, and their performance partially explains the explosion of new SPAC listings this year. While it may be tempting to attribute this trend to the multi-year bull market or 2025’s surge in retail trading – many do trade at over 50x sales – the companies on this list have also achieved significant fundamental milestones. For example, Rocket Lab now boasts over $500 million in LTM revenue, nearly 10x the level it had when it listed in 2021.
Below, we list the 30 companies that completed SPAC mergers over the past five years that now command a market cap of $5 billion or more.
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