Cantor Fitzgerald Chairman Brandon Lutnick Endorses SPACs Amid 2025 Market Surge

This analysis is based on the CNBC interview [1] published on November 11, 2025, featuring Cantor Fitzgerald Chairman Brandon Lutnick discussing SPACs as “an incredible tool for the market.”

The interview occurred during a robust market session, with major indices showing significant gains: Dow Jones Industrial Average surged 543.45 points (+1.15%) to 47,927.96, S&P 500 rose 30.97 points (+0.45%) to 6,846.61, and NASDAQ gained 60.58 points (+0.26%) to 23,468.30 [0]. Lutnick’s bullish SPAC commentary aligns with this broader market optimism and coincides with a remarkable SPAC market recovery in 2025.

The SPAC market has demonstrated dramatic recovery in 2025, with 117 SPAC IPOs raising $24.1 billion year-to-date [2]. This represents a 105% increase in volume and 151% increase in capital raised compared to 2024’s 57 SPAC IPOs raising $9.6 billion [2]. The average SPAC IPO size has also grown from $169.2 million in 2024 to $206.1 million in 2025, indicating improved investor confidence and deal quality [2].

Q2 2025 marked a significant milestone with 46 SPAC IPOs raising $8.8 billion, the highest quarterly total in two years [3]. Cantor Fitzgerald’s recent activity includes the completion of Cantor Equity Partners V’s $220 million IPO on November 4, 2025 [2], demonstrating the firm’s commitment to capitalizing on this market resurgence.

Cantor Fitzgerald maintains an extensive SPAC pipeline with 187 total SPACs across various stages: 70 filed, 98 searching, and 19 announced [2]. Brandon Lutnick has been particularly vocal about pushing Cantor to “go all-in on crypto SPACs” [4], positioning the firm at the intersection of two high-growth sectors. The firm’s SPAC vehicles target diverse sectors including financial services, digital assets, healthcare, real estate, and technology [4].

The SPAC market’s 2025 performance suggests a structural recovery rather than a temporary bounce. The combination of increased volume (117 vs. 57 SPACs), larger average deal sizes ($206.1M vs. $169.2M), and higher capital raised ($24.1B vs. $9.6B) indicates renewed institutional confidence [2]. This recovery appears sustainable, driven by improved market conditions and potentially more selective deal quality.

Cantor Fitzgerald’s focus on crypto and digital assets through SPACs represents a strategic alignment with emerging market trends [4]. As traditional financial institutions increasingly embrace digital assets, SPACs provide an efficient vehicle for bringing crypto-related companies to public markets. Lutnick’s advocacy for this sector positions Cantor Fitzgerald as a first-mover in crypto-focused SPAC sponsorships.

The timing of Lutnick’s public endorsement coincides with peak market optimism and SPAC market momentum. With Q2 2025 marking the highest SPAC activity in two years [3], Cantor Fitzgerald’s aggressive SPAC strategy appears well-calibrated to capitalize on current market conditions while potentially establishing market leadership in specialized sectors.

1. Regulatory Scrutiny
   : SPACs continue to face increased regulatory attention and potential rule changes that could affect deal structures and timelines
2. Market Saturation
   : The rapid increase in SPAC volume could lead to quality dilution and investor fatigue
3. Redemption Rates
   : High investor redemption rates remain a persistent challenge for SPAC sponsors seeking to complete mergers
4. Post-Merger Performance
   : Historical underperformance of de-SPAC companies could deter future investment and impact sponsor reputation

1. Sector Specialization
   : Cantor’s focus on crypto and digital assets SPACs positions it to capture growth in emerging sectors with limited traditional IPO pathways
2. Market Leadership
   : Early mover advantage in specialized SPAC categories could establish Cantor as the preferred sponsor for sector-specific deals
3. Institutional Adoption
   : Growing institutional acceptance of SPACs as legitimate capital formation vehicles could sustain market momentum

Decision-makers should track SPAC completion rates, post-merger stock performance over 12-month periods, regulatory developments affecting SPAC structures, and institutional participation levels in new offerings.

The SPAC market has experienced a significant recovery in 2025, with 117 SPAC IPOs raising $24.1 billion, representing substantial increases over 2024 levels [2]. Cantor Fitzgerald, under Brandon Lutnick’s leadership, has aggressively expanded its SPAC presence with 187 total SPACs across various stages and a particular focus on crypto and digital assets [4]. Lutnick’s public endorsement of SPACs as “an incredible tool for the market” [1] reflects both the firm’s strategic positioning and broader market recovery trends.

While the current SPAC resurgence appears robust, sustainability depends on maintaining deal quality, navigating regulatory challenges, and demonstrating improved post-merger performance. Cantor Fitzgerald’s sector specialization strategy, particularly in crypto-focused SPACs, could provide competitive advantages in an increasingly crowded market.