I'd like to know what the failure rate for the regular IPO path is as well, and the article doesn't include that comparison.<p>That said the failure reasons (cost of operations exceeding revenue, debt availability, excessively "optimistic" growth predictions, etc) are all things that do show up in the audits and financial documents go with an IPO, with the ability to file fraud claims on the company and execs if the financial documents and prospectus are false. The SPAC model removes the financial reporting requirements and seems to provide significant liability shields not present in the IPO path, so if nothing else it creates an incentive structure for actual fraud to use them.