The SPAC machine just keeps going. Churchill Capital Corp. XI and Iron Horse Acquisition II priced their SPAC IPOs on Tuesday night, Dec. 16, 2025, and raised a total of $560 million. The SPAC deal count for the year now stands at 138.
Both SPAC IPOs are expected to start trading today – Wednesday, Dec. 17, 2025 – on the NASDAQ:
- Churchill Capital Corp. XI (CCXIU), a SPAC backed by former Citigroup banker Michael Klein, upsized its IPO at pricing to 36 million units – up from 30 million in the prospectus – and priced the deal at $10.00 per unit, the standard SPAC IPO price – to raise $360 million on Tuesday night, Dec. 16. Each unit consists of one Class A ordinary share and one-tenth of one warrant.
- Citigroup was the sole book-runner.
- Iron Horse Acquisition II (IRHOU), a SPAC focused on the media and entertainment sectors, raised $200 million by pricing its IPO – 20 million units at $10.00 each – on Tuesday night, Dec. 16. Each unit consists of one share of common stock and one right to receive one-tenth of a share of stock. The deal was trimmed back from its original size of 25 million units.
- Iron Horse Acquisition II said its search for an attractive acquisition target will include consideration of content studios and film production, family entertainment, animation, music, gaming, e-sports and talent management as well as brands and businesses focused on talent, according to the prospectus.
- Cantor was the sole book-runner.
These two pricings — Churchill Capital Corp. XI and Iron Horse Acquisition II – brought this week’s SPAC IPO total to three deals.
Crane Harbor Acquisition II (CRANU) raised $300 million by pricing its upsized SPAC IPO on Monday night, Dec. 15, 2025 – a deal consisting of 30 million units at $10.00 each. At pricing, Crane Harbor Acquisition II was upsized to 30 million units – up from 25 million in the prospectus. Each unit consists of one share of common stock and one right to receive one-fifteenth of a share (1/15th) upon the completion of an initial business combination. Crane Harbor Acquisition II made its NASDAQ debut on Tuesday, Dec. 16, 2025.
Cowen & Company Capital Markets and JonesTrading served as the joint book-runners for Crane Harbor Acquisition II’s SPAC IPO.
(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)
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