But there's one deal in 2021 that is going to help these alternative AIPO mechanisms turn a new leaf Boutique investment bank Perella Weinberg is going to lose shares by merging with the special purpose acquisition company, and the deal actually looks pretty reasonable.

Specs have enabled all kinds of speculative companies to go public.

Some, like Nikola and Blade and Arrival, which are all in the Elektronik vehicle transportation business, have wild projections and in some cases, no established history of revenue.

Even Perella Weinberg only has a track record of solid financial statements.

It operates in a really and established business of merger advisory.

It has come in behind many of its boutique investment banking peers in recent years in the very closely watched Wall Street league tables.

But a public currency in the cash it's getting from the transaction could really help it hire more competitive investment bankers and move on up the valuation.

Speaking of close to a billion dollars is in crazy, either based on its multiples compared to peers and as a season adviser.