I came across an incredible stat today:

Citing data from Dealogic, Barron’s notes that there have been 302 domestic initial public offerings (80% of which are blank-check outfits) raising an aggregate $102.3 billion, so far this year through March 10. For context, the 2020 full-year tally registered at 457 IPOs raising $167.8 billion, while the tech bubble-era high-water mark of 547 IPOs and $108 billion in proceeds was set in 1999.

These newly minted public companies have distinguished themselves beyond simple size and number. According to data from Robert W. Baird, 81% of last year’s vintage were loss making, compared to a previous cyclical high water marks of 68% and 73% in 1999 and 2000, respectively.

More here (see the March 15 post).

So almost all IPOs are SPACs, they’re raising more funds than ever before, and almost none of these companies makes a profit. Even recently, money losers like WeWork were shunned by public markets. But the market seems to have thrown all standards aside.

For now.

For more on SPACs and markets, check out these posts:

• SPACs Are a Bubble and Nikola’s Fake Truck Is Proof
• The 2nd GameStop Hearing Just Happened. Here’s What You Need to Know.
• Short Sellers Are Bailing On These Stocks

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Photo: Major SPAC sponsor “Chamath Palihapitiya” by jdlasica is licensed under CC BY 2.0