Underwriter league table

Who actually books SPAC IPOs. Every row is counted from the underwriting section of a filed prospectus — not a vendor league table — so a bank appears here only where a document names it, and each engagement carries the accession it was read from. Lead-left is the seat that matters: the bank printed first on the cover ran the book, set the terms and usually carries the deferred fee.

Banks on the bench

across 341 SPACs with a named syndicate

Lead-left roles

319

554 underwriting engagements in total

IPO capital underwritten

$61.2B

sum of known values across the 341 covered SPACs — 29 file no size

Top-5 concentration

57%

195 of 341 covered SPACs touched by the five busiest banks

Cantor Fitzgerald & Co. runs this market

Named on 54 of the 341 SPACs with a syndicate on file (15.8%), including 54 lead-left mandates — $12.2B of filed IPO size (5 of its SPACs file no size and are excluded).

Full mandate list →

The bench

ranked by distinct SPACs, then capital

#	Firm	SPACs	Lead-left	Book-runner	Co-manager	Syndicate	IPO $ (known)	Share of covered SPACs
1	Cantor Fitzgerald & Co.	54	54	—	—	—	$12.2B+5?	15.8%
2	Cohen & Company Capital Markets	51	49	1	—	1	$9.6B+7?	15.0%
3	BTIG, LLC	42	30	2	—	10	$8.9B+1?	12.3%
4	Clear Street LLC	41	15	11	8	7	$8.1B+2?	12.0%
5	D. Boral Capital LLC	29	26	1	—	2	$4.0B+1?	8.5%
6	Santander US Capital Markets LLC	19	19	—	—	—	$4.7B	5.6%
7	EarlyBirdCapital, Inc.	18	12	1	1	4	$1.8B+2?	5.3%
8	B. Riley Securities, Inc.	16	2	1	—	13	$2.3B	4.7%
9	Webull Financial LLC	15	—	—	—	15	$2.2B	4.4%
10	The Benchmark Company, LLC	14	1	2	5	6	$2.1B	4.1%
11	Dominari Securities LLC	14	—	—	—	14	$2.0B	4.1%
12	Bancroft Capital, LLC	12	—	—	—	12	$1.7B	3.5%
13	A.G.P./Alliance Global Partners	12	12	—	—	—	$1.0B+1?	3.5%
14	Maxim Group LLC	12	11	—	—	1	$883M+2?	3.5%
15	Citigroup Global Markets Inc.	11	9	1	—	1	$3.4B+1?	3.2%
16	Jefferies LLC	10	7	1	—	2	$2.3B	2.9%
17	Odeon Capital Group LLC	9	—	—	9	—	$2.4B	2.6%
18	Seaport Global Securities LLC	9	1	8	—	—	$1.3B+1?	2.6%
19	Chardan Capital Markets, LLC	9	6	2	—	1	$1.0B+1?	2.6%
20	Polaris Advisory Partners LLC	8	8	—	—	—	$1.1B	2.3%
21	Brookline Capital Markets	8	—	—	5	3	$892M+1?	2.3%
22	EF Hutton LLC	8	7	1	—	—	$761M	2.3%
23	StoneX Financial Inc.	7	—	1	—	6	$1.3B	2.1%
24	I-Bankers Securities, Inc.	7	2	3	—	2	$761M+1?	2.1%
25	IB Capital LLC	7	2	2	2	1	$693M+1?	2.1%
26	Stifel, Nicolaus & Company, Incorporated	6	4	2	—	—	$1.2B	1.8%
27	UBS Securities LLC	6	3	2	—	1	$855M+2?	1.8%
28	Lucid Capital Markets, LLC	6	4	—	—	2	$350M+2?	1.8%
29	Deutsche Bank Securities Inc.	5	3	—	—	2	$1.4B	1.5%
30	Northland Securities, Inc.	4	—	3	1	—	$939M	1.2%
31	Roth Capital Partners, LLC	4	4	—	—	—	$744M+1?	1.2%
32	Joseph Gunnar & Co., LLC	4	—	—	—	4	$405M	1.2%
33	US Tiger Securities, Inc.	4	—	—	—	4	$405M	1.2%
34	Leerink Partners LLC	4	4	—	—	—	$398M	1.2%
35	J.P. Morgan Securities LLC	3	—	—	—	3	$1.5B	0.9%
36	BofA Securities, Inc.	3	1	1	—	1	$1.2B+1?	0.9%
37	Academy Securities, Inc.	3	—	—	2	1	$897M	0.9%
38	Morgan Stanley & Co. LLC	3	—	—	—	3	$764M	0.9%
39	Keefe, Bruyette & Woods, Inc.	3	2	1	—	—	$582M	0.9%
40	Ladenburg Thalmann & Co. Inc.	3	1	—	2	—	$530M+1?	0.9%
41	Benjamin Securities, Inc.	3	—	1	—	2	$403M	0.9%
42	Kingswood Capital Partners, LLC	3	3	—	—	—	$194M	0.9%
43	Goldman Sachs & Co. LLC	2	—	1	—	1	$1.4B	0.6%
44	Needham & Company, LLC	2	1	1	—	—	$615M	0.6%
45	Barclays Capital Inc.	2	2	—	—	—	$587M	0.6%
46	JonesTrading Institutional Services LLC	2	1	—	—	1	$545M	0.6%
47	Drexel Hamilton, LLC	2	—	—	1	1	$399M	0.6%
48	Roberts & Ryan, Inc.	2	—	—	—	2	$374M	0.6%
49	Muriel Siebert & Co., LLC	2	—	—	—	2	$338M	0.6%
50	Oppenheimer & Co. Inc.	2	1	1	—	—	$299M	0.6%
51	ThinkEquity LLC	2	2	—	—	—	$297M	0.6%
52	Tiger Brokers (NZ) Limited	2	—	—	—	2	$186M	0.6%
53	Revere Securities LLC	2	—	—	—	2	$175M	0.6%
54	SPAC Advisory Partners, a division of Kingswood Capital LLC	2	2	—	—	—	$166M	0.6%
55	Guggenheim Securities, LLC	2	2	—	—	—	$60M+1?	0.6%
56	Credit Suisse Securities (USA) LLC	1	1	—	—	—	$1.0B	0.3%
57	SPAC Advisory Partners, a division of Kingswood Capital Partners LLC	1	1	—	—	—	$253M	0.3%
58	Cowen and Company, LLC	1	1	—	—	—	$250M	0.3%
59	Craig-Hallum Capital Group LLC	1	—	—	—	1	$230M	0.3%
60	Jett Capital Advisors, LLC	1	—	—	1	—	$230M	0.3%
61	Lake Street Capital Markets, LLC	1	—	—	—	1	$230M	0.3%
62	Piper Sandler & Co.	1	—	—	1	—	$230M	0.3%
63	CIBC World Markets Corp.	1	—	1	—	—	$200M	0.3%
64	Loop Capital Markets LLC	1	—	1	—	—	$190M	0.3%
65	Westpark Capital, Inc.	1	—	—	—	1	$150M	0.3%
66	Moelis & Company LLC	1	—	—	—	1	$127M	0.3%
67	Tiger Brokers (NZ) Limited (1)	1	—	—	—	1	$115M	0.3%
68	Ingalls & Snyder, LLC	1	—	—	—	1	$104M	0.3%
69	SPAC Advisory Partners, LLC, a division of Kingswood Capital Partners LLC	1	1	—	—	—	$86M	0.3%
70	ARC Group Securities LLC 0	1	—	—	—	1	$69M	0.3%
71	RF Lafferty & Co., Inc.	1	—	—	—	1	$69M	0.3%
72	Spartan Capital Securities, LLC	1	1	—	—	—	$69M	0.3%
73	WestPark Capital, Inc.	1	—	—	—	1	$69M	0.3%
74	Network 1 Financial Securities, Inc.	1	1	—	—	—	—+1?	0.3%

Coverage: 554 engagements across 74 firms, read out of IPO prospectuses (S-1 / 424B4) and cited by accession. An underwriting syndicate is on file for 341 of 1288 tracked SPACs (26%), and every share figure on this page is a share of those 341 — never of the whole fleet. A SPAC whose prospectus has not been parsed yet is absent, not zero.

IPO $ is a sum of known values: it adds Spac.ipoSizeM across the SPACs in the row that state one, and the small “+n?” marks how many of that firm’s SPACs file no size and are therefore missing from its total. A bank credited on a jointly-run book is counted once per SPAC in the SPACs column and once per stated role in the role columns, so role counts can exceed the mandate count.