SPACs are back—again. In this raw breakdown, we expose why Special Purpose Acquisition Companies are staging a comeback in 2025 after a brutal fallout in the post-2021 crash. We cut through the hype and explain why a frozen IPO pipeline, seasoned sponsors, and speculative capital are fueling a new SPAC wave. You'll learn how these shell companies work, what traps to avoid, and how redemption rates, lawsuits, and flawed deal structures continue to wreck investors. We also examine past blowups and extract brutal lessons for traders, target companies, and underwriters. If you’re thinking of chasing the next SPAC pop, listen to this first.