I don't think this is a positive signal. Even in the 2021 boom, going public through a SPAC was still seen as what you'd do when you wanted to shift the bag to

I don't think this is a positive signal. Even in the 2021 boom, going public through a SPAC was still seen as what you'd do when you wanted to shift the bag to retail investors and were willing to take significant dilution vs doing a proper IPO. A bunch of companies with poor economics or differentiation did it to get out before their chickens came home to roost (OpenDoor, SoFi)