That's not how SPACs work. You can only use the funding raised as basically a dowry for a merger with a private company. It's low risk to investors because they simply get their money back if 2 years pass without a merger, and the people who run the SPAC lose everything they spent on getting their SPAC to the stock market. Right now, the market is saturated with SPACs, but there are only so many private companies looking to go public.