Q4 & FY 2019 SPAC IPO Auditor League Tables
Below are the newly released SPAC Auditor League Tables for both the Fourth-Quarter, as well as Full Year 2019. As you can see below, the Auditor’s League is essentially a two-horse race. Marcum LLP and WithumSmith+Brown (“Withum”) consistently dominate the category, leaving little room for competition.
For Full Year 2019, Marcum managed 29 auditing assignments to Withum’s 21, with Grant Thornton clocking in at four total. KPMG, BPM, Maloney Bailey, RBSM and UHY, all worked on one SPAC each.
Looking at both the Fourth Quarter as well as Full Year 2019, Marcum led the league in both volume and deal count with $6.6 billion and 29 SPACs, respectively. However, Withum was not far behind at $5.2 billion and 21 SPACs. However, you will notice that Withum had a bigger average deal size for 2019 ($245.9 million to Marcum’s $229.3 million), due to Withum being the auditor on a greater number of larger sized deals. Withum’s smallest sized SPAC was Amplitude Healthcare’s $100 million IPO (AHCO), whereas Marcum’s smallest IPO was Orisun Acquisition Corp.’s $44 million (ORSN).
Grant Thornton LP, ranked third and had roughly the same average deal size as Withum ($246.1 million) with four auditing assignments.
It was a strong year for Marcum and Withum, clearly the leaders in the SPAC auditing category. And given the success of SPACs in 2019, it will be interesting to see if any of the other auditors make a push in 2020 to give these leaders some competition. SPAC experience counts though, and these two auditors have it in spades.
You can find all of the published League Tables by clicking here.
Ranked by Volume
(All data is sort-able using the arrow keys located in the header cells)
FY 2019
Rank | Auditor | Volume ($mm) | Deal Count (Total) | Avg Size ($mm) | % Mkt Share |
---|---|---|---|---|---|
1 | Marcum LLP | 6,648.8 | 29 | 229.3 | 48.9% |
2 | WithumSmith+Brown, PC | 5,164.6 | 21 | 245.9 | 38.0% |
3 | Grant Thornton LP | 984.4 | 4 | 246.1 | 7.2% |
4 | KPMG LLP | 400.0 | 1 | 400.0 | 2.9% |
5 | BPM LLP | 172.5 | 1 | 172.5 | 1.3% |
6 | Malone Bailey LLP | 115.0 | 1 | 115.0 | 0.8% |
7 | RBSM LLP | 57.5 | 1 | 57.5 | 0.4% |
8 | UHY LLP | 57.5 | 1 | 57.5 | 0.4% |
Q4 2019
Rank | Auditor | Volume ($mm) | Deal Count (Total) | Avg Size ($mm) | % Mkt Share |
---|---|---|---|---|---|
1 | Marcum LLP | 1,788.8 | 9 | 198.8 | 52.9% |
2 | WithumSmith+Brown, PC | 1,333.0 | 7 | 190.4 | 39.4% |
3 | Grant Thornton LP | 258.8 | 1 | 258.8 | 7.7% |
Source: SPACInsider, Ranked by volume


Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...
Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...