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    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <credentials>
          <cik>0001554871</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>03-31-2026</periodOfReport>
    </filerInfo>
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    <coverPage>
      <reportCalendarOrQuarter>03-31-2026</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>Spark Investment Management LLC</name>
        <address>
          <com:street1>150 EAST 58TH STREET</com:street1>
          <com:street2>26TH FLOOR</com:street2>
          <com:city>NEW YORK</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10155</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-15007</form13FFileNumber>
      <crdNumber>000160815</crdNumber>
      <secFileNumber>801-73079</secFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Glenn Dropkin</name>
      <title>Chief Compliance Officer</title>
      <phone>(212) 826-3709</phone>
      <signature>/s/ Glenn Dropkin</signature>
      <city>Larchmont</city>
      <stateOrCountry>NY</stateOrCountry>
      <signatureDate>05-11-2026</signatureDate>
    </signatureBlock>
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