Is the SPAC boom coming back? SPAC founders have raised over 24 billion since November 2024, more than the prior 2 years combined. 2025 is now on track to be the strongest year for SPACs since 2021. The majority of recent SPAC deals have been in the nuclear energy, quantum computing, and cryptocurrency industries. Meanwhile, only 11% of the 589 companies that went public through a SPAC since January 2019 are now trading above their original listing price. Over this period, 31% have either gone bankrupt or been acquired, while 48% have lost between -50% and -99% in value. Will history repeat itself?(The Kobeissi Letter)