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I trade SPAC warrants. This is my research desk.

High risk, high reward: I tripled the account in 2021, gave back seventy per cent in 2022, and have run triple-digit years since. Everything I use to do that is here — every filing read daily, every deadline tracked, every warrant priced.

Explore the marketRead the story
No account needed to browseSourced from SEC EDGARRefreshed every six hours
525SPACs trackedSince inception, all outcomes
$15.3BHeld in trustAcross every live SPAC
2Inside 90 daysDeadline approaching
78Going concernDisclosed by the auditor
Market data as of Sep 6, 2026, 02:38 UTC

Commons are the boring half of a SPAC.

How I trade
2021≈ 3× account
2022−70%
2023 – 2025150%+ a year
InstrumentsWarrants, rights
Common sharesNever

A SPAC unit is two instruments and they behave nothing alike. The common share is a money-market fund with a ticker — you collect trust interest and wait. The warrant is the actual trade: a leveraged, expiring call on a deal that may never be signed. I have never seen the point of the first one, so I have only ever bought the second.

2021 taught me the upside. I tripled the account trading warrants into deal announcements, back when every SPAC found a target and the market paid up for it. 2022 taught me the rest. The enthusiasm drained out, the SPACapocalypse arrived, and I gave back about seventy per cent as the SPACs I held liquidated one after another and their warrants expired worthless.

What I did next was read. Not headlines — filings, and what happened to companies after a merger actually closed. The ones that fell apart had said so in their terms at IPO: trust coverage, extension mechanics, redemption history, the auditor’s language. That became a classification, investment grade or speculative, and then a fair value model for the warrants themselves. 2023, 2024 and 2025 were triple-digit years.

I build all of it — pipeline, maths, design, words. The first version was TypeScript and could not keep up with the filing volume, so it is Rust now.

The warrant is where the leverage is, where the risk is, and where almost no screener bothers to look.

Three things this does that nothing else does

See the platform
ClassificationInvestment grade, or speculativeEvery SPAC graded on what it has disclosed — trust coverage, deadline pressure, extension terms, redemption history, auditor language. Not a prediction. A read of the terms.See how it is graded
Warrant fair valueWhat a warrant is actually worthSee the warrant board
Deal alertsYou hear the moment the agreement is signedThe 8-K is when the trade changes. It is parsed as it lands and sent — not found the next morning in somebody else’s newsletter.See the calendar
ScreenerSort the whole universe by what mattersFilter every SPAC on trust value, deadline, extensions used, redemption history and risk flags at once, then compare them side by side.See the screener

Every SPAC, from registration to outcome

Open the market page
31Pre-IPORegistered, not yet priced
95SearchingClock running, no target
0LOINon-binding agreement
3Deal announcedDefinitive agreement signed
89CompletedMerger closed
227LiquidatedTrust returned
14WithdrawnNever priced
66StalledDeadline passed, no filings
129 still live · 525 tracked since inception

Six things a filing will tell you, if someone reads it

Not scores. Each one is a disclosure that already exists in a document the company filed — found, counted, and made filterable. The counts are live across the whole market.

78Going concernThe auditor has expressed substantial doubt about the entity continuing for twelve months.Source: Auditor’s opinion, 10-K
33Material weaknessManagement has reported a deficiency in internal control over financial reporting.Source: Item 9A, 10-K
25OTC migration riskListing standards are at risk, or the security has already moved off a major exchange.Source: Exchange notices, 8-K
24Extension riskThe deadline is close and the extensions available under the charter are running out.Source: Charter terms and deadline
8Low redemption bufferLittle trust value remains above the minimum cash condition after prior redemptions.Source: Trust balance and share count
3No committed PIPEA deal is announced but no private placement financing has been committed alongside it.Source: Merger agreement, 8-K

How the data is made

Read the methodology
01IngestEvery new filing from SEC EDGAR, polled continuously.
02ExtractDocuments parsed to text and tables, including scanned exhibits.
03Parse XBRLTagged financial facts read straight from the filer’s own XBRL.
04NormaliseFigures reconciled across periods into one comparable schema.
05ClassifyRisk signals derived, and each SPAC placed on a risk band.
06PublishMarket aggregates recomputed and released every six hours.

Where to start

Trading the arbTrust per share against the market priceThe deadline, the redemption history, and whether an extension vote is coming.Open the market page
Trading the warrantsCoverage, strike, triggers and time leftFair value against the current common price, with the redemption triggers that cap the upside stated plainly.See the warrant board
Learning the structureWhat a trust actually isWhy redemptions matter, how extensions work, and how to read the filings yourself.Start with SPAC 101

Start with the market page. No account needed.

See the live figures for yourself. When you want the classification, the alerts and the warrant board, an account is free and takes a minute.

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No credit cardData from public SEC filingsNot investment advice