SpaceX leads as US stock offerings reach $251 billion in the first half of the year, setting a record high.

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The U.S. equity issuance market hit a historic record in the first half of 2026, with mega-deals from SpaceX and Alphabet igniting market enthusiasm. Wall Street bankers are actively preparing for an even tighter transaction window in the second half of the year.

According to Bloomberg data, as of June 26, excluding SPACs and other investment vehicles, total IPO and equity issuance in the U.S. reached a record $251 billion, surpassing the historic high of the issuance frenzy in the first half of 2021.

SpaceX set a new record for the largest IPO ever with a $86.2 billion listing, while Google’s parent company Alphabet raised $85 billion in the largest non-IPO equity deal of the year.

Additionally, Anthropic is expected to complete a large-scale financing as early as October this year, and private equity-backed companies are anticipated to accelerate their entry into the public market.

Will Connolly, Co-Head of Equity Capital Markets Americas at Goldman Sachs, said that even without the SpaceX IPO, the overall market issuance is progressing rapidly. "This is the first time since 2021 you can truly say the market is fully active."

AI-driven capital demand becomes the core engine of the issuance boom

The massive capital demand for AI infrastructure is the most significant structural support for this wave of issuances.

Connolly pointed out that the capital market is undergoing a paradigm shift—the demand for raising equity capital for AI infrastructure matches well with the resilient stock performance and investors’ strong willingness to participate. Large-scale AI data center operators continue fundraising in the market, and other forms of financing such as convertible bonds are also expected to maintain momentum.

The performance of newly listed companies has strongly boosted market confidence. Bloomberg data shows that, excluding SPACs, the weighted average return of newly listed U.S. companies is nearly 16%, about twice the S&P 500’s return in the same period. Companies benefiting from the wave of AI spending have been hotly sought after by investors post-listing.

AI chip designer Cerebras Systems completed a $6.38 billion IPO in May, pricing well above its already-raised issuance range, becoming one of the year’s most coveted tech IPOs. So far this year, 11 U.S. companies have raised over $1 billion in IPOs, setting a new record for the period.

Private equity exit needs emerge, non-tech IPOs eager to try

The exit needs of private equity institutions are seen as a potential major incremental source in the second half of the year.

Keith Canton, Global Head of Private Capital Advisory and Solutions at JPMorgan, expects that more than a dozen large IPOs of over $1 billion may appear in the second half, with the number of private equity-backed companies increasing significantly. "Some of their companies are large and high-quality, and M&A exits are no longer the best option, so they are expected to gradually go public."

On the upcoming list, Brookfield’s data center company Csquare is about to start its official roadshow, closely aligned with the AI theme; Inspire Brands owned by Roark Capital and Jersey Mike's Subs backed by Blackstone have both secretly filed for IPOs and may list soon.

However, non-AI sector companies still face certain valuation and pricing challenges. John Kolz, Global Head of Equity Capital Markets at Barclays, noted that for more traditional industry IPO candidates in PE portfolios, "the core discussion is how to make the right judgments on valuation, leverage, and scale to ensure IPO success."

Eddie Molloy, Co-Head of Global Equity Capital Markets at Morgan Stanley, also pointed out that the anticipated private equity-driven IPO window in recent years has actually been more driven by AI capital demands, with some non-AI transactions still waiting.

Second-half schedule shifts forward, banks expect Q3 transaction peak

Wall Street remains cautiously optimistic about the second half, but the pace of deals may concentrate in the third quarter.

Arnaud Blanchard, Co-Head of Global Equity Capital Markets at Morgan Stanley, said the firm is preparing for a busy third quarter, "the fourth quarter is usually a good deal window, but volatility may occur around the midterm elections, so activities in the second half may shift forward to Q3."

The main uncertainties affecting the timing window come from two sides. First, the Federal Reserve’s policy direction—markets have priced out rate cuts for the year, and traders are even preparing for potential rate hikes in coming months; second, the November Congressional midterm elections. Both jointly influence issuers’ timing choices.

Among upcoming deals, South Korean memory chip maker SK Hynix plans a U.S. listing of about $29 billion, potentially serving as a major catalyst at the start of Q3.

Market risks persist, OpenAI delay triggers attention

There are still risks in the market. Last week, AI concept stocks experienced volatility, with one trigger being the news that OpenAI’s IPO plans are delayed to 2027, prompting some investors to reassess the logic of AI valuations.

Cerebras’s stock price gave back its gains within a month after IPO and is now hovering near its issue price, also highlighting the post-listing sustainability risks for high-valuation names.

Market participants emphasized that whether the current pace of issuances can be maintained largely depends on whether AI-related stocks overall can remain stable, and whether investor sentiment can gradually expand to non-AI assets.

Even so, Lisa Clyde, Co-Head of Global Capital Markets at Bank of America, used one word to describe this IPO wave: "Epic." "This will be a year that people will talk about for a long time."

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