SPACInsider 2025 Awards

2025 marked a decisive turn for the SPAC market. After several years of recalibration, activity rebuilt steadily through the first half of the year before accelerating meaningfully as sponsors, bankers, and investors reengaged with greater conviction. As has often been the case with SPACs, momentum proved nonlinear. Once issuance returned, it returned quickly, and with a level of concentration among top participants that stood out even by SPAC standards.

As such, this marks the sixth annual SPACInsider Awards, where we recognize the players and participants that distinguished themselves in an increasingly competitive landscape.

That said, narrowing each category to a single winner is never straightforward, particularly in a year where leadership was often shared by a small group of dominant firms. Nonetheless, the awards below highlight the deals, teams, sponsors, bankers, and law firms that we believe most clearly stood out in the 2025 SPAC market.

BEST COMBINATION (De-SPAC Deal of the Year)

KyivStar (Nasdaq: KYIV)

The Cohen Circle Acquisition Corp. I / Kyivstar combination earns Deal of the Year honors as the most compelling SPAC transaction of 2025. Kyivstar is Ukraine’s largest telecommunications provider, serving approximately 24 million customers, and the transaction stood out for both execution and performance. Cohen Circle I priced its IPO in October 2024, announced the deal just five months later in March 2025, and successfully closed the transaction in August 2025. Shares are currently trading near $13.50, placing Kyivstar among the top-performing DeSPACs of the year.

The success of the Kyivstar transaction is also a reflection of sponsor quality. Led by Betsy Cohen and Max Smeal, the Cohen Circle team brings more than a decade of SPAC experience to the table, and that experience shows in both deal selection and execution. For its efficiency, performance, and sponsor pedigree, the Cohen Circle Acquisition Corp. I and Kyivstar combination is the clear Deal of the Year for 2025.

BEST IPO

American Exceptionalism Acquisition Corp. A (NYSE: AEXA) 

Few SPAC IPOs in 2025 generated as much attention as the return of Chamath Palihapitiya. A polarizing figure, Chamath has nonetheless been one of the most visible proponents of the SPAC structure, and his reentry into the market after a prolonged absence during the SPAC bust carried meaningful signaling value. The share-only IPO of American Exceptionalism Acquisition Corp. A opened at $10.60, and traded over $11.00 intraday despite lingering skepticism toward both Chamath and the broader asset class.

More important than the first-day performance, however, was what the transaction represented. Chamath’s return helped signal to investors beyond the core SPAC audience that dealmaking activity was reemerging. For its visibility, execution, and broader impact on sentiment, American Exceptionalism Acquisition Corp. A earns Best IPO honors for 2025.

BEST SPONSOR TEAM

Inflection Point

The Best Team in 2025 is a first-time winner, but a repeat sponsor with a track record of success.  Inflection Point earns Best Sponsor Team honors in 2025 based on execution, timing, and repeatability. The team IPO’d its first SPAC in 2021 and closed its initial DeSPAC in September 2022, one of the most difficult periods for SPAC transactions. That deal took Intuitive Machines public, which is now trading near $16 (Nasdaq: LUNR). The team followed that with a second DeSPAC this year, USA Rare Earth, currently trading around $14.00 (Nasdaq: USAR). Closing two DeSPACs across materially different market environments, and seeing both trade well above $10, sets Inflection Point apart from most sponsor teams that emerged during the prior cycle. With three additional deals currently announced, the team has established clear momentum, making Inflection Point a sponsor team to watch as the SPAC market continues to evolve.

BEST BANK

Cohen & Company, Cantor, BTIG

Picking a single Best Bank for 2025 proved difficult because three underwriters effectively owned the SPAC IPO market. As of December 23, Cohen & Company leads the league tables by deal count with 31 SPAC IPOs priced, narrowly ahead of Cantor, which follows closely with 29. However, Cantor leads in volume with $7.8 billion raised, slightly ahead of Cohen with $6.5 billion raised. BTIG also delivered a standout year, pricing 19 deals to-date and $4.5 billion in gross proceeds raised, firmly establishing itself as a core pillar of the market. Taken together, these three banks are responsible for 56% of all SPAC IPOs priced in 2025, an extraordinary level of concentration that speaks to both execution capability and issuer confidence. While Cantor currently earns the headline nod based on dollar volume, Cohen’s consistency and BTIG’s depth make this a shared victory. For that reason, all three banks are collectively recognized with the Best Bank award for 2025.

BEST LAW FIRMs

Ellenoff Grossman & Schole LLP, Honorable Mention – Loeb & Loeb

Ellenoff Grossman & Schole was the clear standout among SPAC law firms in 2025, separating itself from the field by both volume and breadth of participation. The firm served as counsel on 58 SPAC IPOs during the year, including 30 as issuer’s counsel and 28 as underwriter’s counsel, making it the most active firm on the IPO side by a wide margin. What truly set Ellenoff apart in 2025, however, was that it also dominated in DeSPAC transactions, where it acted as financial advisor on 17 completed combinations. That dual strength, spanning IPO execution and post-IPO dealmaking, underscores the firm’s central role in the SPAC ecosystem this year.

An Honorable Mention goes to Loeb & Loeb, which ranked second behind Ellenoff Grossman & Schole with 42 SPAC IPOs and also delivered a strong showing on the DeSPAC side, advising on 12 transactions. While several firms remained active, Ellenoff’s unmatched consistency across every phase of the SPAC lifecycle earns it the Best Law Firm award for 2025.