When fast-growing companies want to go public, they typically file for an initial public offering, also known as an IPO. IPOs can bring lots of cash to help companies supercharge their growth, but they are a lengthy process that involves examination, underwriting from banks and tons of paperwork.

But over the past few years, things have changed…

More and more firms are taking a different approach to going public — in the form of special purpose acquisition companies, also known as SPACs. Last year, over half of the companies that went public were SPACs.

Camila Domonoske from NPR’s Business Desk joins the show to explain SPACs and what they mean for the world of finance.