US IPOs and share sales have reached a record $251 billion through June 26, 2026, according to Bloomberg data. This figure excludes blank-check companies and other investment vehicles, surpassing the previous half-year record set during 2021's issuance mania. The surge has been primarily driven by major offerings from SpaceX and Alphabet Inc., with Wall Street bankers experiencing significant momentum in deal activity. As Will Connolly, co-head of equity capital markets in the Americas at Goldman Sachs, noted, "There's a lot of activity across the ecosystem and across different products. It's really the first time you could say that since 2021."
SpaceX achieved the largest IPO ever with a $86.2 billion listing that broke previous records. As reported by Bloomberg, Goldman Sachs Group Inc., which served as the lead left bank on the offering, noted that even excluding SpaceX's IPO, volumes are advancing rapidly. Will Connolly described a paradigm shift where the need for equity capital to fund AI infrastructure is being matched by resilient stock prices and strong investor willingness. The listing demonstrates the massive capital requirements for AI infrastructure development, with artificial intelligence hyperscalers continuing to tap investors for data centers and supporting infrastructure.
The record-breaking activity reflects the massive capital requirements for AI infrastructure development. According to Bloomberg reports, artificial intelligence hyperscalers continue tapping investors to fund data centers and other supporting infrastructure. Alphabet's $85 billion fundraise represents the year's biggest equity deal that isn't an IPO, demonstrating the scale of AI-related capital needs. Eddie Molloy, co-head of global equity capital markets at Morgan Stanley, explained that "it's been more driven by the capital needs associated with AI, or sponsor businesses tied to those thematics." Bankers expect momentum to continue with potential mega-deals and steady IPO activity in coming weeks.
Newly-public companies have delivered exceptional returns, with the weighted-average return for newly-listed US companies excluding SPACs nearing 16%, nearly double the S&P 500 Index return this year. There have been 11 US IPOs raising more than $1 billion so far this year, with potential for another dozen jumbo IPOs in the second half. Private equity-backed companies like Csquare Inc. and Inspire Brands Inc. are among those preparing for public offerings. As Keith Canton from JPMorgan Chase noted, "There could be another dozen jumbo IPOs — think $1 billion-plus — in the second half."
Despite strong performance, market participants face potential headwinds from Federal Reserve policy expectations and upcoming midterm elections. Morgan Stanley's Arnaud Blanchard expects activity to continue at high pace through summer, with potential volatility around midterm elections likely to front-load second half activity into Q3. Bankers remain optimistic about the sustained IPO momentum, with Bank of America's Lisa Clyde describing the current environment as "epic" and noting this will be the year everyone talks about for the foreseeable future. However, jitters affecting AI-related stocks, including news that OpenAI's IPO plans have shifted into 2027, could derail plans if they continue to spread.
