From nuclear to quantum, SPAC themes are crossing over to the IPO market

Quantum computing company Quantinuum (QNT) is gearing up to raise $1.4 billion this week, marking the latest traditional IPO attempt from a typical SPAC target. After increasing the proposed price range on Monday, the company is targeting a market cap of $14.2 billion, or 832x trailing 12-month sales of $17 million.

SPAC mergers have long been a key path to public markets for more speculative companies, including pre-revenue ventures in hot areas that are developing next-generation technologies. In years past, these areas have included digital assets, autonomous aircraft, nuclear energy, space technology, and quantum computing. Now, they’re starting to move into the IPO market.

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In recent months, several companies with typical SPAC profiles have opted for traditional IPOs, like next-gen geothermal energy firm Fervo, nuclear SMR developer X-Energy, and electric aircraft maker BETA Technologies, all of which sported multi-billion-dollar valuations at IPO despite minimal commercial sales.


There are a few key drivers of the recent shift from SPAC to IPO:

1. De-SPACs are now a valuation anchor: With years of trading history, Street research, and sizable market caps, previous de-SPACs in speculative industries can now serve as a reference point when investors value companies pursuing traditional IPOs. When Beta Technologies went public last fall, investors referenced Archer Aviation and Joby Aviation, both 2021 de-SPACs. Recent IPO X-Energy was compared to de-SPACs Oklo, NuScale Power, and Nano Nuclear Energy, while investors in Quantinuum can look to de-SPACs like IonQ, Rigetti Computing, D-WAVE Systems, and Xanadu Quantum. Even SpaceX has several de-SPAC peers, such as Rocket Lab, AST SpaceMobile, and Planet Labs.
2. Sector tailwinds: Aerospace and defense tech has been bolstered by the current geopolitical climate, and ballooning defense budgets. Growing appetite for AI has translated to demand for companies involved in AI buildouts, including power infrastructure. Digital assets have benefited from easing rates and a clearer regulatory environment.
3. Maturing markets: Several typical SPAC spaces are still somewhat speculative but no longer purely conceptual. UAVs have real use cases, particularly in defense. Next-gen nuclear tech is a growth story within an established market. Quantum computing is beginning to form real market structure. And while many companies in these spaces are still early stage, several of the recent issuers came to market with signed contracts, providing visibility despite limited revenue to date.
4. Renewed interest in growth stocks: Investors have demonstrated a renewed interest in growth stocks over the past year, which has been particularly beneficial for IPO candidates in growth-focused industries.

While some SPAC themes are starting to show up in the IPO market, SPAC mergers are still the primary IPO alternative for very early-stage companies or those in nascent markets. Merger activity in 2026 has represented a mix of industries, including those listed above. The SPAC pipeline is also rebuilding, with 100 blank checks raising a combined $17.5 billion year to date, paving the way to public markets for the next wave of speculative tech.