The 2026 IPO market has produced record proceeds on a modest number of deals. Renaissance Capital's quarterly figures add up to 82 US IPOs in the first half, which raised about $114.7 billion, and $75 billion of that came from SpaceX alone [1]. The larger IPOs of the second quarter returned an average of 20% from their offer prices, but trading since then has been uneven: as of July 23, 2026, SpaceX traded about 12% below its offer price while Cerebras held a gain of about 19% [1][2][3].
How big is the 2026 IPO market so far?
Renaissance Capital's quarterly data, which cover IPOs with a market value of at least $50 million and exclude SPACs and closed-end funds, show how unusual the second quarter was [1]:
| Quarter | Number of IPOs | Proceeds |
|---|---|---|
| 1Q 2025 | 53 | $8.5 billion |
| 2Q 2025 | 44 | $7.0 billion |
| 3Q 2025 | 64 | $15.3 billion |
| 4Q 2025 | 41 | $13.2 billion |
| 1Q 2026 | 34 | $9.9 billion |
| 2Q 2026 | 48 | $104.8 billion |
The second quarter's $104.8 billion is a record. SpaceX raised $75 billion, more than all US IPOs in the prior two calendar years combined, and was valued at about $1.7 trillion at listing [1]. Even without SpaceX, the quarter would have been the largest for IPO proceeds since 2021, because nine other IPOs raised $1 billion or more [1]. The number of deals tells a quieter story: 82 IPOs in the first half of 2026 compare with 97 in the first half of 2025 [1]. The market is concentrated in a few very large companies rather than broad.
How did 2026 IPOs trade after listing?
First-day gains were strong. Renaissance reports that IPOs raising $100 million or more in the second quarter averaged a 20% return from their offer prices, driven mainly by first-day moves, and that its IPO index gained 42% in the quarter, nearly triple the 15% gain of the S&P 500 [1]. Aftermarket trading in the two largest deals has been more volatile.
SpaceX and Cerebras compared
| Measure | SpaceX (SPCX) | Cerebras (CBRS) |
|---|---|---|
| IPO date | June 12 | May 14 |
| Offer price | $135.00 | $185.00 |
| Gross proceeds | $75.0 billion | $5.55 billion |
| First-day close | $160.95 (+19.2%) | $311.07 (+68.1%) |
| Close on July 23 | $118.24 (minus 12.4%) | $220.00 (+18.9%) |
Cerebras sold 30 million shares at $185, the largest of the quarter's other billion-dollar IPOs [1][4]. Its stock opened at $350.00, about 89% above the offer price, closed its first day at $311.07 and then gave back much of that gain, while still trading above its offer price in late July [2]. SpaceX opened at $150.00, closed its first day at $160.95 and reached a closing high of $201.80 on June 16 before falling back below its $135 offer price in July [3]. For investors, the lesson from both deals is that a large first-day gain does not predict the next month. Price discovery continues for weeks after a listing, especially when only a small share of the company trades publicly.
What is in the IPO pipeline for the rest of 2026?
The pipeline is large, and it is again led by AI. Renaissance reports that the second quarter was the biggest quarter for sizable new filings since 2021, and that Anthropic and OpenAI both filed confidentially [1]. It also expects a very large listing from Korean memory chip maker SK hynix to start the third quarter [1]. Themes that dominated the first half, which include aerospace and defense, AI infrastructure, energy and biotech, remain the core of the backlog, while venture-backed software companies have largely stayed away [1].
Smaller deals continue to price. DataPorium's markets calendar lists IPO pricings for July that include Standard Nuclear at $15.00 and Csquare at $21.00 on July 16, and Freenome on July 21 [5]. Readers can follow new pricings and expected dates there each week.
Why the IPO window matters for the wider economy
A working IPO market is a key part of the private investment cycle. It lets founders and venture investors return cash to their own backers, which funds the next round of startups, and it gives public investors access to fast-growing companies. The counterpoint is that the 2026 market is narrow. When a single listing accounts for about two thirds of half-year proceeds, overall figures say more about one company than about the health of the market. Broader activity, with more mid-sized companies from more industries, would be a stronger signal.
- Record size: $104.8 billion raised in the second quarter, led by SpaceX's $75 billion [1].
- Solid first-day returns: an average of 20% for $100 million-plus IPOs [1].
- Mixed aftermarket: Cerebras above its offer price, SpaceX below it, as of July 23 [2][3].
- Heavy pipeline: confidential filings from Anthropic and OpenAI, and SK hynix expected in the third quarter [1].
The 2026 IPO market set a proceeds record on few deals, and aftermarket trading shows that first-day gains do not guarantee later returns.
Key takeaways
- US IPOs raised about $114.7 billion across 82 deals in the first half of 2026, including a record $104.8 billion in the second quarter.
- SpaceX's $75 billion IPO accounted for about two thirds of first-half proceeds.
- Larger second-quarter IPOs averaged a 20% return from their offer prices, and the Renaissance IPO Index rose 42% in the quarter.
- As of July 23, SpaceX traded about 12% below its $135 offer price and Cerebras about 19% above its $185 offer price.
- Anthropic and OpenAI have filed confidentially, which points to more mega IPOs ahead.
Frequently asked questions
How many IPOs have there been in 2026?
Renaissance Capital counted 82 US IPOs in the first half of 2026, 34 in the first quarter and 48 in the second. Together they raised about $114.7 billion.
What was the biggest IPO of 2026?
SpaceX was the largest, raising $75 billion at $135 per share on June 12, 2026, the largest IPO on record. Cerebras, which raised $5.55 billion in May, led the other billion-dollar IPOs of the second quarter.
Are 2026 IPOs performing well?
On average, yes, at least at first: larger second-quarter IPOs returned about 20% from their offer prices. Results vary widely, and as of July 23 SpaceX traded below its offer price while Cerebras traded above it.
Which big companies could go public next?
Anthropic and OpenAI have both filed confidentially, according to Renaissance Capital, and a large US listing from SK hynix was expected early in the third quarter. Filing confidentially does not guarantee that an IPO will happen or set a date.
Sources & References
- [1] Renaissance Capital: US IPO Market 2Q 2026 Quarterly Review, July 1, 2026
- [2] Nasdaq: Cerebras Systems (CBRS) historical quotes
- [3] Nasdaq: Space Exploration Technologies (SPCX) historical quotes
- [4] Cerebras Systems: Announces Pricing of Initial Public Offering, May 13, 2026
- [5] DataPorium Markets Calendar (IPO pricings)
