SPAC IPO volume has already blown past all of 2025 — and the market isn't slowing down. Mike Blankenship breaks down what's fueling the record pace, why PIPE pricing is validating deal valuations, and how serial sponsors are driving the next wave.

In this SPAC Market Update, Michael Blankenship, Managing Partner and Capital Markets Practice Co-chair at Winston Taylor, joins host Joshua Wilson to unpack a record year for SPAC issuance. With IPO volume already topping all of 2025, Mike breaks down what's driving the surge: the return of experienced, serial sponsors, stronger-capitalized deals, and expanding sector interest in defense, space, AI, infrastructure, and life sciences — plus why growth in the PIPE market signals real valuation confidence heading into Q4.

What We Cover:

• Why SPAC IPO volume already topped 2025's full-year total
• The return of serial sponsors and what it signals about market maturity
• How Ursa Major's SPAC deal reflects sponsor interest in defense tech
• Why sponsors are targeting defense, space, AI, and infrastructure
• How PIPE financing validates SPAC deal valuations
• What life sciences SPAC activity looks like right now
• Why stronger-capitalized transactions are becoming the norm
• Capital availability heading into Labor Day and Q4
• What a busier back half of the year could mean for issuance

Connect with Mike Blankenship
LinkedIn: linkedin.com/in/mikeblankenship

About Winston Taylor
Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com.

Interested in joining a future episode? Reach out at thespacpodcast.com, and learn more about the network behind the show at oneironnetwork.com.

Follow The SPAC Podcast
Website: thespacpodcast.com
LinkedIn: linkedin.com/company/thespacpodcast
YouTube: youtube.com/@thespacpodcast

A One Iron Network production: Executive Producer Joshua Wilson

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn:

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/

To Contact Us, Please Visit:

https://www.TheSPACPodcast.com/contact/

135 SPAC IPOs year to date. $26 billion raised. 359 SPACs still outstanding and competing for targets. Mike Blankenship breaks down what those numbers mean if you are sponsoring a SPAC or sitting on the target side of the table.

Michael (Mike) Blankenship, Managing Partner at Winston Taylor and co-chair of the firm's Capital Markets practice, joins Executive Producer Joshua Wilson for a market update on where SPACs stand in August 2026. The conversation covers issuance pace, trust size and the dilution math behind target sizing, the reopening of the PIPE market, how sponsor terms shift between a first SPAC and a ninth, what has changed at the SEC since the July 2024 rules, and how targets use SPAC timelines as leverage.

What We Cover
- Issuance pace: 135 SPAC IPOs to date against 57 in 2024 and 144 last year
- Roughly $26 billion raised, with average trust size near $200 million
- Why the 80% test is a floor and dilution drives target sizing
- 44-plus announced de-SPAC deals at close to $40 billion in value
- The PIPE market reopening, and why a pre-signing PIPE validates valuation
- Sectors with real revenue: infrastructure, defense, data centers, digital assets
- First-time versus serial sponsors: warrants, rights, and cap structure alignment
- Fewer SEC comments and more no-review IPOs since the July 2024 rules
- 359 SPACs outstanding, exclusivity, and target leverage as the clock winds down

Connect with Mike Blankenship
LinkedIn: linkedin.com/in/mikeblankenship

About Winston Taylor
Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com.

Interested in joining a future episode? The SPAC Podcast connects sponsors, management teams, bankers, and capital markets counsel. Learn more at thespacpodcast.com and oneironnetwork.com.

Follow The SPAC Podcast
Website: thespacpodcast.com
LinkedIn: linkedin.com/company/thespacpodcast
YouTube: youtube.com/@thespacpodcast

A One Iron Network production: Executive Producer Joshua Wilson

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn:

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/

To Contact Us, Please Visit:

https://www.TheSPACPodcast.com/contact/

Mike Ring spent 30 years as a corporate securities lawyer. Then he co-founded a bank — and took it through a de-SPAC that required something almost no SPAC target faces: Federal Reserve approval.

Mike Ring, Co-Founder, President, and CEO of Old Glory Bank and former Greenberg Traurig corporate securities partner, joins host Mike Blankenship to break down what may be the first bank de-SPAC. Ring walks through the regulatory path unique to a bank holding company — Federal Reserve approval under the 1956 Bank Holding Company Act, layered on top of the SEC process — plus why a SPAC beat an underwritten IPO or direct listing for a state-chartered Oklahoma bank, and why he made the public company's home in Texas.

What We Cover:
- Why banks almost never pursue de-SPACs
- Federal Reserve approval under the 1956 Bank Holding Company Act, on top of SEC review
- OCC charters vs. state charters for an Oklahoma-chartered bank
- Deal timeline: LOI in October, BCA in January, effective in July
- Why an underwritten offering or direct listing wasn't a realistic path to Nasdaq
- A securities lawyer as his own client: "a lawyer always makes the worst client"
- Texas domestication and where the state's new exchange may fit later
- Digital assets in the bank's roadmap after the GENIUS Act

Connect with Mike Ring:
Website: oldglorybank.com
Podcast: PSL — open.spotify.com/show/6MUR8ZtDk1Gs6t7tF5sDIH

Connect with Mike Blankenship:
LinkedIn: linkedin.com/in/mikeblankenship

About Winston Taylor: Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com.

Interested in joining a future episode? The SPAC Podcast is part of One Iron Network, a media network for dealmakers, investors, and capital markets professionals. Visit thespacpodcast.com and oneironnetwork.com.

Follow The SPAC Podcast:
Website: thespacpodcast.com
LinkedIn: linkedin.com/company/thespacpodcast
YouTube: youtube.com/@thespacpodcast

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn:

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/

To Contact Us, Please Visit:

https://www.TheSPACPodcast.com/contact/

"Do you really want to be public?" It's the first question Larry Swets asks any company eyeing a SPAC — and the one most founders answer wrong. After 30 years in capital markets and more than a dozen SPACs sponsored, he's watched companies chase billion-dollar valuations they knew weren't real, then spend five years growing into a fraction of that number.

In this episode, host Michael Blankenship sits down with Larry Swets, CFA — Chairman and Co-Founder of FG Nexus and one of the most experienced operators in the SPAC and alternative capital formation ecosystem. Larry traces the arc from the 2020–2021 boom through the SEC-driven reset to today's renewed activity, unpacking why too many sponsors underestimate how hard this work is. He explains how private companies should pressure-test their public-market readiness, position their story for investors with short attention spans, and set valuation expectations the market will actually support. A candid, practitioner-level conversation on capital formation, IPO alternatives, and building a healthier SPAC ecosystem.

What We Cover:

• 🔑 The first question every company must answer before a SPAC
• 📉 What the 2020–2021 boom and reset actually taught the market
• ⚖️ Why there are too many SPACs — and too many underprepared sponsors
• 💰 The real cost of chasing unsustainable valuations
• 🏗️ How boring, cash-flowing businesses became top-performing SPACs
• 🚀 Where SPACs beat traditional IPOs on speed and sector
• 📊 Positioning your story for investors with short attention spans
• 🤝 Building a healthier SPAC ecosystem for everyone

Connect with Larry Swets, CFA
Website: fgnexus.io
LinkedIn: linkedin.com/in/larry-g-swets-jr-cfa-7400a75
X: x.com/larryswets

About Winston Taylor
Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com.

Follow Michael on LinkedIn: https://www.linkedin.com/in/mikeblankenship/

Follow The SPAC Podcast
Website thespacpodcast.com · LinkedIn linkedin.com/company/thespacpodcast · YouTube youtube.com/@thespacpodcast

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn:

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/

To Contact Us, Please Visit:

https://www.TheSPACPodcast.com/contact/

What does it take to bring a billion-dollar-plus quantum computing company to the public markets? In this episode, IQM co-founder and CEO Jan Goetz and SPAC sponsor Peter Ort reveal why a European quantum leader chose a SPAC over a traditional IPO, and how deal certainty and timing ultimately shaped the decision to go public now.

Host Michael Blankenship is joined by Dr. Jan Goetz, co-founder and CEO of IQM Quantum Computers, and Peter Ort, SPAC sponsor and General Partner at Cambium Capital, for a candid look at one of the most closely watched deals in the quantum computing space. The conversation traces IQM's path from a 2018 Aalto University spin-out to a full-stack, vertically integrated quantum company that has now shipped 23 systems worldwide. Goetz and Ort discuss the SPAC transaction with Real Asset Acquisition Corp., why public-market capital can accelerate a long-term technology roadmap, and what comes next for superconducting quantum computing.

What We Cover:

• Why IQM chose a SPAC over a traditional IPO
• Deal certainty, timing, and execution in a SPAC transaction
• IQM's full-stack, vertically integrated model and proprietary chip fab
• Deploying quantum computers at scale inside live data centers
• The recent Oak Ridge National Labs on-prem delivery
• How public-market capital accelerates a tech and product roadmap
• IQM's competitive position in the superconducting modality
• The 2025 Series B round and the company's capitalization picture
• Where quantum computing is headed: error correction and beyond
• What the partnership between IQM and Cambium Capital looks like

Connect with Mike Blankenship:
LinkedIn linkedin.com/in/mikeblankenship

Connect with Jan Goetz:
Website iqm.tech
LinkedIn linkedin.com/in/jan-goetz

Connect with Peter Ort:
LinkedIn linkedin.com/in/peter-ort-5102a013
Website curaleaassociates.com

About Winston Taylor:
Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com.

Follow The SPAC Podcast:
Website thespacpodcast.com ·

LinkedIn linkedin.com/company/thespacpodcast ·

YouTube youtube.com/@thespacpodcast

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn:

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/

To Contact Us, Please Visit:

https://www.TheSPACPodcast.com/contact/

Vik Mittal has been investing in SPACs for 22 years. His verdict on the 2020–21 boom: roughly 60–70% of vehicles liquidated, and a majority of those that closed went bankrupt before their lockups expired — what he flatly calls "a real destruction of capital." So why is he more bullish on the asset class now than he's been in years?

In this episode, Vik Mittal, Managing Member and CIO of Meteora Capital, joins host Mike Blankenship to unpack how institutional capital reshaped the SPAC market — turning a sleepy backwater product into a disciplined vehicle built around serial sponsors. Drawing on two decades on the buy side at Glazer Capital and years as a principal sponsor, Vik traces the arc from the first institutional PIPEs through the 2021 excess to today's renaissance. It's a clear-eyed practitioner's look at sponsor quality, valuation discipline, redemptions, warrants, and exactly where durable SPAC deals are getting done in 2025.

What We Cover:

• 📈 How institutional PIPEs first opened the SPAC market to long-only and long-short funds
• 🏦 Why separating the shareholder vote from redemptions reshaped the asset class
• ⚠️ The 2020–21 boom: liquidation rates, capital destruction, and the lessons learned
• 🔁 Why serial sponsors with real track records define the 2025 renaissance
• 💰 Sponsor alignment: why core-team risk capital beats fully syndicated deals
• 🧮 The PIPE as a valuation-discipline mechanism for investors
• 🚀 Where SPACs fit vs. a regular-way IPO — and the 10X target profile
• 🤖 AI infrastructure and digital assets as the new SPAC frontier
• 🎓 Advice for first-time sponsors: sit on a board before you lead
• 📰 The media's biggest misconceptions about how SPACs really work

Connect with Vik Mittal Website meteoracapital.com LinkedIn linkedin.com/in/vik-mittal-539903132

Connect with Mike Blankenship LinkedIn linkedin.com/in/mikeblankenship

About Winston Taylor Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com.

Follow The SPAC Podcast Website thespacpodcast.com · LinkedIn linkedin.com/company/thespacpodcast · YouTube youtube.com/@thespacpodcast

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn:

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/

To Contact Us, Please Visit:

https://www.TheSPACPodcast.com/contact/

What does it take to put fusion energy on the public markets? Greg Twinney, CEO of General Fusion, joins Mike Blankenship to break down why the company is going public through a SPAC merger with Spring Valley — and why committed, oversubscribed PIPE capital mattered far more to him than counting on the trust account to actually come through at closing.

EPISODE SUMMARY

Greg Twinney, CEO of General Fusion and a 20-plus-year veteran of commercializing new technologies, walks through one of the most closely watched energy SPAC deals of the cycle. Twinney explains General Fusion's announced business combination with Spring Valley, the rationale for choosing a SPAC over a direct listing or traditional IPO, and how the company structured committed capital to fund critical machine milestones. The conversation digs into redemption risk, trust account dynamics, PIPE financing, and what it takes to move a decades-long fusion program from private science into the scrutiny of the public markets. A clear-eyed look at capital formation, deal structure, and the equity story behind deep-tech.

What We Cover

• Why General Fusion chose a SPAC over a direct listing or IPO
• The announced Spring Valley business combination and ~$1B pro forma equity value
• How an oversubscribed PIPE raise (~$108M) anchored the deal
• Trust capital, redemption risk, and why committed PIPE mattered most
• Funding the milestones for a 50% power-plant-scale machine
• General Fusion's liquid-metal-wall engineering approach to fusion
• How fusion economics could translate to commercial power plants
• The decoupled, capital-efficient path to a first-of-a-kind plant
• What going public means for a decades-long fusion program

Connect with Greg Twinney Website generalfusion.com LinkedIn linkedin.com/in/gregtwinney

Follow The SPAC Podcast Website thespacpodcast.com · LinkedIn linkedin.com/company/thespacpodcast · YouTube youtube.com/@thespacpodcast

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn:

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/

To Contact Us, Please Visit:

https://www.TheSPACPodcast.com/contact/

What if going public meant buying Main Street — 92 small businesses at a time?

Michael Blankenship sits down with Michael Brown, Co-Founder & CEO of Teamshares — a programmatic acquirer of $0.5M–$5M EBITDA businesses heading to NASDAQ via merger with Live Oak V. Founded in 2019, Teamshares has acquired 92 companies from retiring owners, runs $400M+ in consolidated revenue across 40+ industries and 30 states, and is part HoldCo, part fintech.

Michael walks through the silver tsunami thesis, why most SME exits end in inertia or closure, and how Teamshares structured a SPAC merger and PIPE alongside T. Rowe Price.

🤝 Connect with Michael Brown:
🌐 https://www.teamshares.com/
💼 https://www.linkedin.com/in/-masb/

📩 Connect with Michael Blankenship:
💼 https://www.linkedin.com/in/mikeblankenship/
🌐 https://www.thespacpodcast.com/

🎙️ Follow The SPAC Podcast:
🌐 https://www.thespacpodcast.com/
▶️ https://www.youtube.com/@thespacpodcast

Important Disclosures and Disclaimers

Teamshares has entered into a definitive agreement for a business combination with Live Oak Crest Acquisition Corp. (“Live Oak”), a special purpose acquisition company. In connection with the proposed transaction, a registration statement on Form S-4 (the “Registration Statement”) has been filed with the U.S. Securities and Exchange Commission (the “SEC”). This podcast does not constitute an offer to sell or the solicitation of an offer to buy any securities. For important information about the proposed transaction, including where to find the Registration Statement and other legal disclaimers, please refer to the press release available at https://www.businesswire.com/news/home/20260403515446/en/Teamshares-and-Live-Oak-V-File-S-4.

Clarifications. References to “segment profit” refer to Pro Forma Operating EBITDA, which includes pre-acquisition results of acquired businesses as if they had been owned for the full year. A full reconciliation of non-GAAP measures to the most directly comparable GAAP measures, as well as Teamshares’ audited GAAP financial statements, is available in the Registration Statement. Investors should review the full set of assumptions and risk factors accompanying these metrics in the Registration Statement.

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn:

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/

To Contact Us, Please Visit:

https://www.TheSPACPodcast.com/contact/