Special Purpose Acquisition Companiesor SPACshas experienced a resurgence in deals and listings. From 2022 to 2024, the SPAC market was moribund, but 2025 brought renewed activity that will continue into 2026. Part of this is due to new leadership at the Securities and Exchange Commission, which is less hostile toward blank check firms.
A recent note from Cayman Finance highlights SPAC activity and the number of companies using jurisdiction to enable SPACs. According to the note, 103 SPACs domiciled in the Cayman Islands were listed on US exchanges in 2026. Cayman SPACs are said to account for 61% of all IPOs in the US this year.
SPAC activity in 2026 easily surpassed the 57 listings in 2024 and is on track to exceed the 144 listings in 2025.
The report adds that the shift towards Cayman reflects both legal and financial problems for US-based structures. The Inflation Reduction Act enacted during the Biden Administration complicated the redemption mechanisms at the heart of SPAC structures by imposing a 1% excise tax on certain share buybacks. At the same time, litigation risk in some U.S. states, combined with rising costs of directors’ and officers’ insurance, has pushed issuers overseas.
Samantha WidmerFund and Capital Markets Director and President Cayman FinanceReaching 100 SPACs so far in 2026 is a significant milestone, he says, representing nearly two-thirds of all IPOs in the US.
“Cayman has long been the jurisdiction of choice for complex cross-border transactions, and sponsors are now applying the same logic to SPACs. The combination of tax neutrality, a robust regulatory framework and deep capital markets infrastructure means Cayman is well positioned to support the resurgence of the SPAC market.”
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