Special purpose acquisition companies raised $11.7 billion in IPOs this year, but the vehicles are piling up without targets. The blank-check firms are joining a growing queue of vehicles waiting to take companies public through mergers.

This surge in SPAC activity comes after a boom period where these shell companies became a popular alternative to traditional IPOs. The current backlog suggests a mismatch between available capital and attractive acquisition opportunities.

Market observers note that while SPACs raised record amounts, many are struggling to complete deals within their typical two-year timeframe. The glut of competing vehicles may be driving up valuations for potential targets, making it harder for SPACs to find deals that make financial sense for their investors.