Social Capital IV (NYSE:IPOD) and Social Capital VI (NYSE:IPOF) each announced in 8-K filings this morning that they intend to not complete business combinations and will instead liquidate their trusts on October 17.
Both SPACs are led by serial sponsor and prominent SPAC advocate Chamath Palihapitiya, which makes the moves a telling sign of the difficulties inherent in getting a deal done in the current market. Shares for both SPACs will cease trading on October 14 and shareholders are expected to receive their pro rata share of the trust estimated at $10.01 per share by October 17.
Palihapitiya’s SPACs have completed six combinations since 2019, but, owing to their tech-heavy focus these de-SPACs have produced collective returns -48.1% as of the market’s last close. Many of these companies hit stunning highs in headier market days, like space tourism venture Virgin Galactic (NYSE:SPCE), which hit a high of $60.67 in February 2021 and SoFi (NASDAQ:SOFI), which hit $26.97 shortly after its January 2021 close. At least some of this market enthusiasm has been attributable to Palihapitiya’s large profile and popularity among retail investors.
Palihapitiya appeared on track to cover the full alphabet with his sequential SPAC tickers from IPOA to IPOZ and he even dipped into biotech with four SPACs listed with co-sponsor Suvretta Capital carrying tickers with the same inherently ambitious tickers DNAA, DNAB, DNAC, and DNAD. The first signs that momentum may have been shifting came as Social Capital Suvretta III saw 91.3% redemptions as it de-SPAC’d biopharm company ProKidney (NASDAQ:PROK) in July and Social Capital Suvretta I saw 99.1% redemptions a month later in closing with Akili (NASDAQ:AKLI).
The liquidation of IPOD and IPOF now puts some focus on DNAB and DNAD, which are the last remaining Palihapitiya-backed SPACs currently searching. They still have more time on their side with transaction deadlines not coming up until July 2023, which could well be enough time to complete transactions in a more favorable market. And, ProKidney is after all trading healthily above $10 despite the market slump.
Nonetheless, the liquidations appear to sound the end of an era with the current SPAC cycle coming to a grinding conclusion as a new one sets to begin in 2023.


Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...