SPACs Are Back and Investors Are Betting on Robotics, AI, Space and Quantum Startups

The special-purpose acquisition company market is making an unexpected comeback.

After becoming one of the most controversial corners of the technology investment boom earlier this decade, SPACs are once again attracting billions of dollars from investors looking for the next major technology breakthrough.

According to LSEG data reported by Reuters, 143 SPACs had completed IPOs in 2026, already exceeding the number recorded during the whole of 2025. Together, the vehicles have raised approximately $28 billion.

The resurgence is particularly interesting because investors are now targeting a different generation of technology companies.

What Is a SPAC?

A special-purpose acquisition company is essentially a publicly listed shell company created to raise money before identifying a private company to acquire.

The process gives startups another route to the public markets.

Instead of going through a traditional initial public offering, a private company can merge with an existing SPAC and become publicly traded.

The model became extremely popular during the technology boom of 2020 and 2021.

Hundreds of companies used SPAC mergers to go public.

But many of those businesses subsequently struggled.

That damaged investor confidence and caused the SPAC market to collapse.

So Why Are Investors Coming Back?

The answer appears to be the renewed appetite for high-risk technology.

Today’s SPAC targets increasingly revolve around sectors that investors believe could create enormous new markets.

These include:

• Artificial intelligence
• Robotics
• Space technology
• Quantum computing
• Nuclear energy
• Advanced manufacturing

Reuters highlighted companies such as Agility Robotics, Ursa Major Technologies and EigenQ among the kinds of businesses attracting attention from SPAC investors.

These are very different from many of the consumer internet startups that dominated the earlier SPAC boom.

Robotics Is Particularly Interesting

Robotics has become one of the most attractive areas for investors because improvements in computing, sensors and AI are making machines increasingly capable of operating in real-world environments.

Companies developing humanoid robots, warehouse automation, industrial machines and autonomous systems are receiving increasing attention.

The investment thesis is straightforward.

If robots can perform tasks currently carried out by humans, companies could eventually deploy them at scale across manufacturing, logistics, healthcare and other industries.

But building such businesses is extremely expensive.

That makes access to public-market capital particularly attractive.

The Risks Have Not Disappeared

The return of SPACs does not mean the problems that damaged the market have gone away.

Reuters data shows just how poor the performance of many earlier SPAC-backed companies was.

Only around 10% of previous SPACs were trading above their original $10 IPO price, while more than a third had fallen below $1.

That history is important.

Investors may be excited about robotics or quantum computing, but excitement does not automatically translate into successful businesses.

Many emerging technology companies have promising technology but limited revenue.

Others operate in markets that may take years to develop.

The Moonshot Problem

The current SPAC revival is effectively a bet on technological “moonshots.”

Investors are willing to take substantial risks because the potential rewards can be enormous.

A company that successfully commercialises a breakthrough in robotics or quantum computing could become extremely valuable.

But the opposite is also possible.

Technology can take longer to commercialise than investors expect.

Manufacturing can prove difficult.

Regulation can slow adoption.

Customers may refuse to pay enough.

And competitors can develop better solutions.

A New Technology Investment Cycle?

The return of SPACs could therefore be an early sign of another major technology investment cycle.

The difference this time is that investors appear to be focusing heavily on deep technology.

Rather than betting primarily on social platforms or consumer applications, capital is moving toward businesses trying to build physical infrastructure and advanced technologies.

That includes robots, spacecraft, specialised chips, quantum systems and energy technologies.

For startups in these sectors, SPACs could provide an alternative route to large-scale funding.

For investors, however, the old lesson remains relevant:

A great technology story is not automatically a great business.

The new SPAC boom will ultimately be judged by whether these moonshot companies can turn technological ambition into sustainable revenue.