SPAC Backlog Investment Bank Rankings: Who Stands to Lose the Most in Fees?

On the heels of yesterday's post about SPAC S-1 filing activity, we figured that we should give you a sense of which banks are behind the current backlog of filed SPACs waiting to go public. It's who you'd expect, and we left out any banks that only have one SPAC on file because, well, who really cares. If the SPAC bubble truly has burst, Citigroup stands to lose almost $140 million in upfront fees if none of the 13 SPACs it currently has in registration are able to price.

Here's another fact we dug up: All the SPACs in registration represent almost $520 million in upfront fees alone to investment banks with over $1 billion in fees available to banks if deals get done.

The rankings of investment banks with SPACs on file follows with Citigroup, Ladenburg and Lazard taking the top three spots, with 35 SPACs between them.



This ranking does not include foreign issuer SPACs, and only includes SPACs currently available for pricing.