Special Purpose Acquisition Companies, or SPACs, have experienced a resurgence in deals and listings. From 2022 to 2024, the SPAC market was moribund, but 2025 brought renewed activity that continues into 2026. Part of this is due to new leadership at the Securities and Exchange Commission, which is less hostile toward blank check firms.
A recent note from Cayman Finance highlights SPAC activity and the number of companies using the jurisdiction to enable SPACs. According to the note, 103 SPACs that are domiciled in the Cayman Islands have been listed on US stock markets in 2026. Cayman SPACs are said to account for 61% of all US IPOs this year.
SPAC activity in 2026 has easily topped the 57 listings in 2024 and is on track to surpass the 144 listed in 2025.
The report adds that the shift towards Cayman reflects both legal and financial issues for US-domiciled structures. The Inflation Reduction Act, enacted during the Biden Administration, introduced a 1% excise tax on certain share buybacks, complicating the redemption mechanics central to SPAC structures. At the same time, litigation risk in some US states, combined with rising directors’ and officers’ insurance costs, has pushed issuers offshore.
Samantha Widmer, Director and Head of Funds and Capital Markets at Cayman Finance, says topping 100 SPACs so far in 2026 is a significant milestone, representing almost two-thirds of all US IPOs.
“Cayman has long been the jurisdiction of choice for complex cross-border transactions, and sponsors are now applying that same logic to SPACs. The combination of tax neutrality, a robust legal framework and deep capital markets infrastructure means Cayman is well positioned to support the revival of the SPAC market.”
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