Why Are European Tech Startups Rushing to US SPACs?
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A nuclear reactor startup from Paris, another French quantum computing company, a Finnish qubit pioneer & more.
Nine European tech scale-ups with a combined value of at least $12.3 billion have already announced plans this year to merge with US-listed blank-check vehicles.
That figure represents the highest annual tally since the 2021 SPAC frenzy, and it tells a story about where the world’s most ambitious deep-tech founders believe their futures lie.
The trend has accelerated through the first half of 2026, with data showing 116 SPAC IPOs raising more than $22 billion in the United States so far this year. SPACs accounted for 69% of US IPO volume in the first quarter, up from 58% in the previous quarter.
If you are trying to understand cross-border capital flows, the rush of European founders into American shell companies is one of the most important capital markets stories of 2026.
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Disclaimer: This analysis is for informational & educational purposes only and should not be construed as investment advice. Investors should conduct their own due diligence before making investment decisions. Past performance does not guarantee future results.
The Anatomy of the Current Wave
Nine companies. Twelve billion dollars. Most of them building technology that European policymakers consider strategically essential.
The Paris-based nuclear reactor developer Newcleo agreed in late May to combine with NewHold Investment Corp. III (NHIC) at a valuation of about $2.4 billion. The deal is expected to deliver up to $429 million in gross proceeds to fund the company’s reactor designs that run on recycled nuclear waste.
The Newcleo deal at a glance
- Founded: 2021, Paris
- Private capital raised pre-SPAC: $780 million
- SPAC partner: NewHold Investment Corp. III
- Target valuation: ~$2.4 billion
- Expected proceeds: up to $429 million
- Listing venue: Nasdaq
French quantum computing firm Pasqal followed with its own announcement, agreeing to merge with Bleichroeder Acquisition Corp. II (BBCQ) at a pre-money valuation of $2 billion.
The transaction is structured to close in the second half of 2026 with a Nasdaq primary listing and a secondary Paris listing.
Finnish quantum hardware developer IQM, meanwhile, recently received SEC effectiveness for its F-4 filing to merge with Real Asset Acquisition Corp (RAAQ). The combination includes an upsized $146 million PIPE, with new commitments from Finnish pension insurer Ilmarinen, and targets a valuation north of $1.8 billion.