Mega IPOs test U.S. market depth in 2026

Global equity capital markets accelerated in the first quarter of 2026, even as volatility persisted. Companies worldwide raised $211 billion through equity issuance during the period, representing a 40% year-on-year increase, according to LSEG data. IPO fundraising also climbed, with proceeds reaching $44 billion, up 47% from the prior year.

 

The rise in capital raised came alongside a decline in deal count. The number of listings fell 4% to 297, indicating that larger transactions accounted for a greater share of total proceeds. The data points to investors continuing to support sizeable offerings despite uneven trading conditions.

 

In the United States, the pipeline is expected to be tested by a set of potential blockbuster IPOs. SpaceX, OpenAI, and Anthropic are among the high-profile names cited as candidates to raise tens of billions of dollars. SpaceX alone is projected to seek over $75 billion, with a valuation potentially reaching $1.75 trillion.

 

So far this year, U.S. companies have already raised over $23 billion through IPOs, a 91% increase from the prior year. That jump is being framed as evidence of the depth of U.S. capital markets, particularly for very large offerings that require broad institutional participation. The momentum is also being linked to continued demand for themes tied to defense and AI infrastructure, which have been described as holding up amid geopolitical tensions and a selloff in software stocks.

 

Outside the U.S., IPO activity showed regional variation. In Europe, the Middle East, and Africa, nearly $7 billion was raised via IPOs. Asian markets recorded a 15% increase in IPO proceeds to $13.6 billion, according to the same dataset.

 

Sector trends suggest technology remains central to issuance, with AI infrastructure highlighted as a key driver. At the same time, activity has broadened into industrials, natural resources, and financials, indicating that issuance is not confined to a single segment of the market. The mix matters for global investors assessing whether the rebound in equity fundraising is narrow or more widely distributed.

 

Key uncertainties remain around timing and execution for the largest proposed U.S. listings, given ongoing volatility and shifting risk appetite. The quarter’s figures show strong fundraising outcomes, but the lower number of listings underscores that market conditions may still be selective, favoring larger, higher-profile transactions.