SPACs are capital markets cockroaches, surviving and even thriving when most other offerings have withered.

Driving the news: April has been a very busy month for the blank-check biz, which many had forgotten about since its 2021 boom and subsequent bust.

• There have been 16 new SPAC IPO filings, including from market vets Alec Gores and Michael Klein, plus another 11 IPOs that priced.
• Nine new deSPAC transactions were announced, while Webull and two others closed.

Zoom in: The simplest narrative is that SPACs are rushing in where traditional IPO issuers fear to tread.

• Yet that doesn't entirely track. Yes, lots of expected IPO issuers hit the brakes after "Liberation Day," but it's not like they were rushing to market in 2023 or 2024 — two years in which SPAC IPO volume was relatively light.

Behind the scenes: Perhaps a larger factor is that the SPAC sponsors and investors seem to have finally worked through most of their 2021 and 2022 overhang, and are ready for new business.

• Remember, lots of institutional investors have SPAC allocations, given that it's more opportunity risk than principal risk (so long as someone's paying attention to redemption windows).
• There's also a growing belief that the valuation correction could foment new deal opportunities, and relief that some recent merger announcements have included recognizable names and sizable slabs of common stock financing.
• Finally, there are fewer worries about SEC enforcement.

Yes, but: Bulge bracket banks are mostly sitting on the sidelines.

• Nowhere is this more glaring than on Churchill Capital X, the new effort from ex-Citi dealmaker Klein.
• Citi has underwritten past Churchill IPOs, often with Wall Street peers also aboard, but this time the only listed bank is BTIG.

The bottom line: SPACs don't care what you think about them, so long as the cash keeps flowing.

Shein is exploring ways to restructure its business in response to new tariffs, including the diversion of U.S. market manufacturing to countries outside of China, per the FT.

Why it's the BFD: This almost certainly would delay Shein's IPO on the London Stock Exchange, which has been expected to occur within months.

• First, because Shein still needs Chinese regulatory approval for the IPO, and such relocation may anger Beijing.
• Second, it could cut into investor interest by reducing U.S. sales, at least in the short term, since Shein doesn't yet have adequate supply chain infrastructure beyond China.

By the numbers: Shein was valued by VCs at $100 billion in 2022, but one year later that figure was slashed to $66 billion.

The bottom line: "Shein's executives are closely monitoring geopolitical developments and remain hopeful that negotiations between Washington and Beijing could bring tariffs down to an acceptable level." — Zijing Wu & Laura Onita, FT

• Persona, an SF-based verified identity startup, raised $200m in Series D funding at a $2b valuation. Founders Fund and Ribbit Capital co-led, joined by insiders Bond, Coatue, First Round Capital, and Index Ventures. axios.link/3YmyNM7

• Cast AI, a Miami-based Kubernetes automation platform, raised $108m in Series C funding. G2 Venture Partners and SoftBank co-led, joined by Aglaé Ventures and insiders Cota Capital, Hedosophia, Creandum, and Vintage Investment Partners. axios.link/4jZdFDT

• Canopy, a Draper, Utah, provider of accounting software, raised $70m in Series C funding. Viking Global Investors led, joined by insiders Ten Coves Capital, Ankona Capital, Pelion Venture Partners, and Tenaya Capita. axios.link/3S0XGtf

• Supio, a legal AI platform for personal injury and mass tort plaintiff law firms, raised $60m in Series B funding. Sapphire Ventures led, joined by Mayfield and Thomson Reuters Ventures. axios.link/4iJwx95

• Zoe, a New York-based platform for connecting RIAs with investors, raised $29.6m in Series B funding led by Sageview Capital. zoefinancial.com

🚑 ChiroHD, a Marietta, Ga., practice management system for chiropractors, raised $26m from Mainsail Partners. chirohd.com

• Growers Edge, an Iowa-based fintech for agricultural retailers, manufacturers, and lenders,raised $25m. S2G Investments, Cibus Capital, and Lowercarbon Capital co-led, joined by Otter Creek, iSelect, and Jeff Ubben. growersedge.com

• Near Space Labs, a high-rez Earth imaging startup, raised $20m in Series B funding. Bold Capital Partners led, joined by USAA, Climate Capital, Gaingels, River Park Ventures and insiders Crosslink Capital, Third Sphere, and Draper Associates. axios.link/3EUeH54

🚑 Chipiron, a French developer of low-cost MRI systems, raised $17m in Series A funding. Blast led, joined by EIC Fund, iXcore, France2030, EIC Accelerator, and Bpifrance. axios.link/4lQweMa

🌍 Hoofprint Biome, a Raleigh, N.C.-based developer of solutions for reducing cattle methane emissions, raised $15m in Series A funding. SOSV led, joined by Amazon's Climate Pledge Fund, Breakthrough Energy Fellows, Alexandria Venture Investments and insiders AgriZeroNZ, Twynam, Good Growth Capital, and Ponderosa Ventures. axios.link/437g7T9

• Field Materials, a construction materials and equipment procurement platform, raised $10.5m in Series A funding. Navitas Capital led, joined by Blumberg Capital, DivcoWest Ventures, S16vc, and Superseed Ventures. fieldmaterials.com

🌍 Queens Carbon, a Pine Broomk N.J.-based low-carbon cement startup, raised $10m in seed funding, per Axios Pro. Clean Energy Ventures led, joined by Plug and Play, individual investors from Clean Energy Ventures, and Buzzi. axios.link/4lYgvuQ

🌍 Replenysh, an LA-based based startup that helps businesses recycle and reuse materials, raised $8m in Series A funding. M13 led, joined by Incite and insiders Kindred Ventures and Floodgate. replenysh.com

• Kollegio, a Palo Alto-based college counseling startup, raised $2.8m in seed funding. Reach Capital led, joined by JFFVentures, ECMC Group, and Tuesday Capital. kollegio.ai

• Telgea, a Swedish mobile operations management startup, raised $2.7m from Amigo Ventures, Antler, Motivate Ventures, and the Stockholm School of Economics. axios.link/44MwzcI

• Faye, a family adviser platform, raised $2.5m in pre-seed funding led by Unusual Ventures. findfaye.com

• Banneker Partners invested in Arkieva, a provider of supply chain planning software. arkieva.com

• F2 Strategy, a Chicago-based wealth management tech and marketing services company backed by Renovus Capital Partners, acquired Florida-based fintech company MD Solutions. f2strategy.com

⚡ Hexa Climate Solutions, a portfolio company of I Squared Capital, acquired the Indian renewables portfolio of Finland's Fortum, and committed to invest $500m for expansion. axios.link/3YmvbJW

• HGGC acquired Equity Methods, a stock-based compensation advisory, from Montage Partners. equitymethods.com

• Likewize, a Dallas-based mobile device warranties company owned by Genstar Capital, acquired Danish customer support company Speedperform. axios.link/42NAP9f

• Mubadala is anchring an leading a $10b syndicated investment in TWG Global, a holding company led by Mark Walter and Thomas Tull, as part of a broader strategic partnership and investment agreement. axios.link/4jP7a6C

• NOVA Infrastructure acquired a majority stake in DartPoints, a Dallas-based data center solutions provider. dartpoints.com

🍷 Pernod Ricard (Paris: PERP) completed the sale of most of its wine portfolio to Accolade Wines, an Australian portfolio company of Bain Capital. axios.link/3LrsmQR

• Sullivan Street Partners is in talks to buy the aerostructures unit of U.K. engineering group Senior (LSE: SNR), per Bloomberg. axios.link/44OWiRL

• American Integrity Insurance Group, a Tampa, Fla.-based provider of residential property insurance, set IPO terms to 6.9m shares at $15-$17. It would have a $313m market cap, were it to price in the middle, and plans to list on the NYSE (AII). axios.link/3GuRXt4

• Aspen Insurance, a Bermuda-based P&C insurer and reinsurer owned by Apollo, set IPO terms to 11m shares at $29-$31. It would have a $2.8b market cap, were it to price in the middle, and plans to list on the NYSE (AHL). axios.link/4iArLKH

• D. Boral ARC Acquisition I, a SPAC led by execs from D. Boral Capital and ARC Group, filed for a $200m IPO. axios.link/42C4uUd

• DN Solutions, a South Korean machine tools maker, postponed a $1.1b Seoul IPO due to market uncertainty. axios.link/44LHvHw

🌍 Blackstone is seeking a buyer for Sphera, a Chicago-based sustainability software provider that could fetch $3b, per Reuters. axios.link/3Sd3eRf

⚡ CGE Partners is weighing options for Aurora Energy Research, including a possible sale that could fetch up to £1b for the U.K. power data provider, per Bloomberg. axios.link/3RGv1JB

🚑 Salt Creek Capital sold Safe in Sound Hearing, an Arizona-based Miracle-Ear franchisee, to Miracle-Ear owner Amplifon (Milan: AMP). miracle-ear.com

🏈 Eli Manning is putting together a group to bid on a minority stake in the NFL's New York Giants, per Bloomberg. The ex-Giants QB currently is a partner with Brand Velocity Group. axios.link/4cT3DSm

• Lyft (Nasdaq: LYFT) is being pushed by activist investor Engine Capital to explore strategic alternatives, including a possible sale. axios.link/4jBcHht

• Silvaco (Nasdaq: SLVO) acquired Tech-X, a Boulder, Colo.-based provider of multi-physics simulation software. axios.link/4iK6z5g

⚾ SportsNet New York, which broadcasts NY Mets games, is exploring a possible sale, per the WSJ. Owners include former Mets owners the Wilpon and Katz families, plus Charter Communications and Comcast. axios.link/44L5eHW

• Apera, a London-based private debt firm focused on lower midmarket companies, raised €2.9b for its third fund. apera-am.com

• Optimist Ventures, an early-stage firm launched by Teddy Himler (ex-Antler), is raising $10m for its debut fund, per an SEC filing.

🌍 Pioneer Point Partners, a U.K. sustainable infrastructure investor, raised €1.1b for its second fund. pioneerpoint.com

• Revo Capital, a VC firm focused on Turkish startups, raised $86m for its third fund. axios.link/4jXnm5P

• Verb Ventures, a London-based VC firm focused on supply chains, raised €25m for its second fund. axios.link/3YnxtbM

• Sarah Tavel is transitioning from a general partner to a venture partner role at Benchmark. axios.link/3Sc1Jmj

• Wilshire Advisors named Jason Schwarz as CEO, succeeding Andy Stewart (who becomes executive chair). axios.link/4jW8Lro

The U.S. economy shrunk by 0.3% in the first quarter of 2025, the first quarterly contraction since the beginning of 2022.

• Economists had been expecting 0.4% growth.

Flashback: GDP data also disappointed in the first quarter of President Trump's first term, coming in at 0.6% growth.

• At the time, Trump preached patience — arguing that GDP growth would reach 5% of higher once the U.S. got better trade deals. In his first three years, it averaged 2.5% and topped out at 3%. Year four, of course, was the pandemic-driven recession.