Analysis
The SEC's Division of Economic and Risk Analysis published updated capital markets statistics showing traditional U.S. IPOs raised approximately $114.1 billion through June 30, 2026 -- more than seven times the $14.8 billion raised over the same period last year, according to the agency's release.
The numbers, in context:
- Q1 2026 -- 99 IPOs raised over $22 billion, an 86% increase in proceeds versus 84 IPOs raising $11.8 billion in Q1 2025
- Full first half 2026 -- $114.1 billion raised, a ~7x multiple over the same period in 2025
- Sector spread -- deal flow spanned AI infrastructure, industrials, healthcare and consumer sectors rather than concentrating in one category
SpaceX's June listing, at a $1.77 trillion valuation, is the single largest contributor to the full-year total, but the SEC's own data shows the acceleration predates that listing -- Q1's 86% year-over-year proceeds increase happened before SpaceX priced. Some of the multiple is a low-base effect: 2025's IPO market was unusually depressed following a shutdown-driven SEC filing freeze that pushed more than a dozen companies to delay their offerings into this year, meaning part of this year's 7x figure reflects deferred 2025 activity landing in 2026 rather than pure new demand.
Still, broad-based issuance across four distinct sectors -- not just AI infrastructure riding hyperscaler capex enthusiasm -- is the more durable signal in the data than the headline multiple. The open question for the second half of the year is whether OpenAI and Anthropic's expected fall filings extend the acceleration or whether the market has already priced in most of the year's momentum ahead of those two listings.