In 2025, IPOs via shell companies/SPAC (special purpose acquisition companies) significantly exceeded the number of traditional IPOs (initial public offerings).
As the leading provider of shell companies in German-speaking countries,
INSTANT IPO SE agrees with current market analyses that the number of “IPOs” via shell companies/SPACs significantly exceeded that of traditional IPOs in 2025.
Last year, 63 percent of newcomers to the stock market worldwide chose to go public via shell company/SPAC transactions. This is the conclusion reached by an evaluation of current market data from SPAC Analytics. Of the proceeds generated by IPOs in 2025, 39% are already attributable to SPAC transactions.
The figures show that the trend toward shell companies/SPACs has increased significantly. In addition to the US, the largest market for shell companies/SPACs in Europe is Germany.
Companies are increasingly choosing the fast track to the stock market via the turbo IPO, the shell company/SPAC. Once a niche product and previously in particularly high demand during periods of market volatility, the shell company has matured over the years into a marketable instrument and an established institution.
Especially for small, medium-sized, and growth-oriented companies, shell companies/SPACs have the potential to permanently outstrip traditional IPOs.
The disadvantage of traditional IPOs is particularly evident in challenging market conditions. The year 2025 in particular showed that companies often postponed their traditional IPOs due to valuation discounts, long preparation times, and overly cautious investor response with regard to momentum. “IPOs” via existing shell companies, on the other hand, proved to be a much more flexible, efficient, and stable way to go public. In particular, faster implementation, lower transaction risks, and a more market-oriented valuation often led to above-average price and liquidity development after the stock market debut.
As a result, shell companies enable companies to gain structured, predictable, and capital market-oriented access to the stock market in every market phase and, in contrast to IPOs, represent the optimal instrument even in volatile or interest-rate-intensive phases.
In view of the renewed increase in capital market activity, INSTANT IPO SE expects that “IPOs” via shell companies will continue to play a central role in the future. The strong performance compared to traditional IPOs underscores the potential of shell companies. As the market-leading provider of shell companies in German-speaking countries, this will further strengthen the strategic orientation of INSTANT IPO SE.
INSTANT IPO SE has the largest and highest-quality platform of listed shell companies in German-speaking countries and supports companies throughout the entire process – from selecting a suitable shell company to the transaction and positioning on the capital market.
About INSTANT IPO
INSTANT IPO SE is Europe’s first independent company specializing in fast IPOs.
As the official capital market partner of the Düsseldorf Stock Exchange, INSTANT IPO implements customized, time- and cost-efficient IPOs for companies in all industries. In addition to implementing traditional IPOs or pure listings, INSTANT IPO’s special expertise lies in particular in the segment of shell company/SPAC transactions (reverse IPOs, reverse mergers, reverse takeovers, cold IPOs), as shell companies offer considerable advantages to companies seeking to go public.
