SPACs, or special purpose acquisition companies, are touted as a quick way to take companies public — avoiding the usual, lengthier route of initial public offerings.

This explosion didn’t happen just because everyone was stuck at home. It started before the pandemic.

There’s no word yet on when the IPO would happen, but Robinhood has filed the confidential plan to go public later this year.

Companies can try to capitalize on a spike in stock prices by issuing new stock while the price is high.