Article content We’re taught at an early age to never sign a blank cheque. Today, blank-cheque companies, or what are called special purpose acquisition companies, are driving the red-hot IPO market in the U.S. SPACs have been around for a long time but 2020 was their coming out party. They raised US$82 billion, well above the 2019 number (US$13 billion), and almost as much as conventional IPOs. We apologize, but this video has failed to load. Try refreshing your browser, or When it comes to SPAC investing, the house always wins. The public, not so much Back to video SPACs are mostly a U.S. phenomenon whereby high-profile investment managers, rock star executives and actual rock stars raise money based on reputation alone. They create a shell company with the intention of using the cash to buy a business.