This article first appeared on GuruFocus.

The SPAC tradeonce the mascot of the Covid retail maniahas found its second wind. A rising market has pulled investors back into high-octane structures that fell out of favor once the early-stage dream stocks of 2020 and 2021 started collapsing. More than 110 SPACs raised $23.3 billion in the first ten months of 2025, a level that could be seen as muted versus the $162 billion tsunami of 2021 yet still enough to outpace the prior two years combined. The revival arrives as crypto treasury companies and Trump-aligned emerging technologies drift into the spotlight, tempting everyday investors toward structures that researchers say could be setting them up for deja vu losses.

The most…