German · Pronunciation Guide
SHPAYT. At the start of a word sp is always 'shp', and the ä is a long, open 'ay'.
Duration, not placement, is what this word asks of you. The comparative später simply adds an unstressed -er ending with no change to the vowel, so the rhythm of the word doubles in length without the stress ever leaving that long ä — which is the ordinary German pattern for adverb comparison.
Listen: spät
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Es ist schon spät.
It's already late.
Listen: Es ist schon spät.
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Es ist schon spät contains an instructive pair: ist ends in a plain st, and spät begins with a 'shp'. The two sit almost side by side, which makes it obvious that the rule is positional — it applies at the start of a word, not wherever the letters happen to appear.
The commonest first attempt keeps a plain sp and gives 'spayt', which is the reading every English speaker starts with. Say sh, then p. The vowel is the second matter: the umlaut on the a does not make it 'ah' with decoration but changes it to a front vowel entirely, close to the sound in English air.