According to the theory of relativity, the speed of light is constant for all observers, regardless of their relative motion. This is one of the fundamental principles of the theory.
In the scenario you described, where two spacecraft are approaching each other at close to the speed of light, the observers on each spacecraft would not perceive the other spacecraft as traveling faster than the speed of light relative to themselves.
From the perspective of each observer, they would measure the speed of light to be the same as if they were stationary. This is because the speed of light is always observed to be approximately 299,792,458 meters per second (in a vacuum) for all inertial observers, regardless of their relative motion.
So, even if the two spacecraft were approaching each other at a significant fraction of the speed of light, the observed speeds of the spacecraft relative to each observer would still be less than the speed of light. The relativistic effects, such as time dilation and length contraction, would come into play, but the speed of light itself would remain constant for both observers.