A Cayman Finance tally shows that 103 Cayman-domiciled Special Purpose Acquisition Companies, or SPACs, have listed on US stock markets so far this year, representing 61% of all US initial public offerings (IPOs) during the period.
The figures point to a revival in SPAC activity and a structural shift to Cayman as the default jurisdiction for blank-cheque vehicles.
SPACs are publicly listed companies that raise money through an IPO and later merge with or acquire a private company, allowing that business to become publicly traded without pursuing a traditional IPO. After a surge in popularity during 2020 and 2021, the market slowed significantly in subsequent years.
This year’s total has already surpassed the 57 SPAC listings recorded in 2024 and the 86 recorded in 2022, and the market is on pace to exceed the 144 listings reported in 2025.
The shift towards Cayman reflects a combination of legal and financial pressures on US-domiciled structures. The Inflation Reduction Act introduced a 1% excise tax on certain share buybacks, complicating the redemption mechanics central to SPAC structures. Litigation risk in some US states, combined with rising directors’ and officers’ insurance costs, has prompted sponsors and their advisers to look offshore.
“Reaching 100 Cayman-domiciled SPAC listings in a single year is a significant milestone, and the fact that they represent nearly two-thirds of all US IPOs tells a clear story about where the market has moved,” said Samantha Widmer, director and head of funds and capital markets at Cayman Finance. Widmer said sponsors increasingly view Cayman as a suitable jurisdiction for complex cross-border transactions and SPAC structures.
Cayman’s attractions are well established in cross-border finance: tax neutrality, a flexible corporate law regime grounded in English common law, and an infrastructure built around investment funds, structured finance and international listings. Many companies listed on Nasdaq or the New York Stock Exchange already use Cayman exempted companies as their listed parent entity.
