2021 SPAC IPO Proceeds Hit $100 Billion: Refinitiv

So-called blank check companies, or SPACs, have been popular since the Federal Reserve cut interest rates to near-zero—with 340 brought to market this year already, the fastest pace ever. SPACs are controversial because you don't know what company you're investing in until well after you hand over the money. They're a bit of a gamble, and for many investors, the gamble hasn't paid off. They're underperforming and catching regulators' attention.