Why SPACs Are the New IPO

The traditional route to going public is too slow for companies that want to cash in on hype

Image: John Lund/Photodisc/Getty Images

Special purpose acquisition companies (or SPACs) have raised record amounts in the last few years. Some 28 SPACs have had IPOs this year, raising $8.9 billion, according to SPACData.com. At the current rate, that’s on pace to reach $16.5 billion by the end of the…