As SPACs head into the fourth quarter of 2026, they could be facing a different environment for this stage of their target searches and the SPAC cycle as a whole could change shape with it.
Some of the signs can already be seen in the performance of recent de-SPAC darlings. Nuclear power de-SPAC Oklo (NYSE:OKLO) at one point hit a high above $193 in the past 52 weeks, but, like much of the rest of the pre-commercialization nuclear technology space, it has lost more than two-thirds of its value since hitting this peak.
While recent quantum computing de-SPACs have retained their value, deals from more traditional sectors are gradually moving up the rankings relative to the best performers that closed their deals in the past two years. With interest rates expected to rise and inflation pressures from the unresolved Iran conflict continuing to be felt, now could be the time for teams to go back to looking for steady, cash-generating businesses.
MidFirst Bank
The US commercial banking sector regularly generates among the highest profit margins in the country and it invites a number of ways for SPACs to make a play.
Oklahoma City-based MidFirst Bank considers itself to be the largest privately owned bank in the US with $42.8 billion in total assets across personal, commercial, trust, mortgage, and wealth management products. This was good for $166.5 million in pre-tax earnings in the second quarter of 2026, which is up +27.8% from the $130.2 million in pre-tax earnings it took in the fourth quarter of last year.
Throughout this time, it has managed a relatively low leverage ratio of around 9% and a risk-based capital ratio of 19.5% as of the second quarter. And, it has managed this despite actively building out its footprint through inorganic means. It closed on the acquisition of Dallas Capital Bank earlier today, tucking in its $1.2 billion in assets.
This helps expand its footprint that already includes banks and lending offices in 12 states. There are a number of ways that a SPAC transaction could supercharge that expansion, however, particularly as the company continues to build out vertically, adding tools for its private banking suite along the way.
Lately, the series of SPACs backed by Betsy Cohen’s team have looked at targets with more of a technology-focused edge, but should Cohen Circle II (NASDAQ:CCII) want to get back to Cohen’s Bancorp roots, MidFirst could be a fun pairing.
Amur Equipment Finance
Another legacy industry generating consistently high margins is the industrial equipment leasing space. Industrial services has been a generally fruitful sector for SPACs with Double Eagle’s 2017 de-SPAC Willscot Holdings (NASDAQ:WSC) performing consistently well over the last nine years, last closing above $17. It provides temporary spaces like mobile offices and storage containers to construction sites.
Broadly, the industrial leasing space generated about 54.6% gross margins in the 12 months leading into the end of the second quarter of 2026, according to CSI Market. That included 22% EBITDA margins industry-wide and 4.6% net margins overall.
Nebraska-based Amur gets at this space albeit from a more asset-light standpoint than most of its peers. It largely avoids holding equipment inventory of its own and all of the investment necessary around that. Instead, it has designed flexible lending products around all sorts of equipment types.
These range from to temporary-use construction vehicles and truck fleets to the sorts of machines in the manufacturing space that may be bolted down and used over the long haul.
It has had great success in securitizing its portfolio of equipment leases and loans, having issued more than $4.8 billion in securitized notes derived from this portfolio since 2012. It most recently closed on $406 million in such notes in July.
Gaining access to public capital alongside these efforts could drastically reduce its cost of capital and lead to a much more flexible balance sheet overall. Many SPACs with expertise in both the financial services and industrial spaces may very well like the upside there.
Main Street Health
Whether or not it is a sign of a healthy society, the healthcare sector continues to be one of America’s most profitable.
And, Main Street Health has managed to position itself as a key cog in the sector, particularly in the stray ends of the infrastructure that remain most vulnerable. Main Street has focused on partnerships with small-town health clinics by providing guidance for their senior patients on Medicare with follow-on treatment options.
This is a point where many patients frequently slip through the cracks, particularly in rural areas of the country serviced primarily by individual physician practitioners spread thin over wide areas. At the same time, Main Street can still drive profits while providing additional connective tissue in these areas by focusing on patients that will be provided for consistently by the single-payer Medicare system.
Although Main Street has not publicly divulged its recent financials, it shared with Inc. that it has achieved an eye-watering 546,533% growth over the past three years. Over that time, it has managed to expand to 24 states where it partners with about 3,800 individual providers. And, it has done this with its only major outside fund raise having been a $315 million round in 2023.
That puts it on an appropriate timeline to be looking at its next move. And, with many healthcare-focused SPACs looking for a target company with heft, they could provide the route for Main Street to make it into the other 26 states.
