rule of thumb...
The maximum amount of spacer with a carbon steerer is usually 3-4cm. If you need this much spacer and a high rise stem and/or a stem longer than 130mm to produce the fit you need, then the frame is probably too small.
I see a lot of people with 3cm of spacer and a high rise stem, on the proper size frame. It's usually because they have never had a good fitting and just use a comfortable setup, they are out of shape and can't handle a more aggressive setup, or they are just not interested in an aerodynamic fit. I could ride my perfectly sized frame with this type of setup, but instead I use 5mm of spacer with a 110-120mm x 84 (-6) degree stem. Having a 9-10cm drop to the bars work fine for me.