This story is available exclusively to Insider subscribers. Become an Insider and start reading now. There's been a surge in special purpose acquisition companies, or SPACs. Because of the frenzy of SPACs, finding bankers and lawyers and securing eventual deals is getting harder. From a SPAC-off, to a SPAC-up, to a de-SPAC, here's the guide on what you need to know. SPACs were once a little-known way for private companies to go public without having to IPO. But in 2020, the number of SPACs on the market quadrupled from the year before, according to SPAC Insider data. And so far this year, the number has almost reached that record high from last year. January was a record-setter, with close to $26 billion raised via SPACs.