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A Look at Top deSPAC Performers

A look at what's working in SPACs

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What's working

Best performing DeSPACs to close in the last 6 months:

  • Sky Harbour Group Corporation (SKYH). Aviation infrastructure company Sky Harbor has had an exceptional debut. Sky Harbour came public via a SPAC merger with Yellowstone Acquisition in a deal which valued SKYH at $777 million. Sky’s business is mostly focussed on growing demand for hangar space at airports. From 2010 to 2020, the total footprint of the U.S. business aviation fleet grew by 27 million square feet. Demand for private aviation has exploded since the onset of the COVID-19 pandemic. Globally, demand is up 21% for private jets, with some countries seeing increases closer to 60%. Shares are up 93% YTD.
  • Black Rifle Coffee (BRCC). Trump plays are performing well, and this stock is well aligned with conservative political themes. This so-called 'Starbucks (SBUX) of the Right' has a mandate which includes hiring U.S. veterans. BRCC shares are bucking all the macro trends-- up ~18% YTD, despite the big-name competition and increasing coffee prices. Note: trading volume is high in this name for its size, ~3 million shares on a ~$815 million market cap.
  • Inspirato (INSPO). Who would have thought a luxury vacation story would have been February's top performer? Inspirato merged with Thayer Ventures, receiving ~$260 million in gross proceeds from the transaction-- which valued the company at $1.1 billion. Following a Valentine's Day debut, ISPO shares popped to ~$93 days later, but have since pulled back sharply to ~$46, valuing the company ~$2.2 billion. Inspirato operates as a luxury travel subscription company that allows subscribers to book trips through a variety of upscale hotels, cruises and vacation homes. The company offers trips to over 240 global locations. The subscription program, called the Inspirato Pass, starts at $2,500 monthly.
  • Archaea Energy (LFG). Archaea is one of the largest renewable natural gas (RNG) producers in the U.S. The company closed its IPO back in September through a merger with Rice Acquisition Corp. In late December, the company announced the start-up of Project Assai, an RNG facility located at the Keystone Sanitary Landfill in Dunmore, Pennsylvania. The asset is producing pipeline-quality RNG and is the highest capacity operational RNG facility in the world. Compared to the rest of the SPAC universe, LFG shares are performing relatively well-- down modestly from their peak of ~$21 in November, down 7% YTD.

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)