$111B raised in 2026.
$75B is one company.
On paper, the biggest IPO year since 2021. Then you notice SpaceX is two-thirds of every dollar. Explore every deal below.
$0.0B
Total raised
0
IPOs priced
+0%
vs 2025 proceeds
0%
is just SpaceX
Every dollar raised, to scale
Each block is one IPO, sized by capital raised and colored by sector. Hover any block for details — the giant green slab is SpaceX.
$75B
SpaceX · 67% of total
Strip out that one block and the other 75 deals raised $36B combined — below 2025's full-year pace. The “wave” is one rocket.
2026 vs the last 7 years
US IPO proceeds by year. 2026 looks like a rebound — until you separate SpaceX (dark) from everything else (green). Ex-SpaceX, 2026 is right on the 2024–25 trend.
*2026 is year-to-date (through June). Source: Renaissance Capital traditional-IPO proceeds.
Size doesn't buy a pop
Capital raised (log scale) vs first-day return. Bubble size = market cap. Hover any point for the company. The hottest debuts were small biotechs, not the mega-deals.
The pop isn't the payoff
First-day pop vs total return since the IPO. The debut headline rarely matches where the stock actually ends up — Cerebras popped 68% on day one but is only +21% from its offer price now.
Every 2026 IPO
22 deals priced this year. Sort and filter the table.
Largest IPO in history — over 3× Saudi Aramco. Absorbed xAI in Feb 2026.
Biggest pure-tech IPO of 2026. Priced at $185, ~20× oversubscribed, opened +108%.
Quantum computing. Upsized; debuted roughly flat at $60.
AI / data-center electrical equipment. Largest Q1 2026 deal. Up ~130% since debut.
Targeted protein degradation.
Obesity drugs. Believed largest biotech IPO in Nasdaq history.
Cardiovascular. Upsized.
Generative-AI protein design.
Worst biotech of 2026 (~−47% since). Live-cell drug discovery.
Rare bleeding disorders.
Inhaled therapies for lung disease.
Radiopharmaceuticals for cancer.
Best-performing 2026 IPO since debut (~+450%). Dermatology.
Inflammation & immunology.
Neuropsychiatric drugs.
Proteomics / early disease detection.
First crypto IPO of 2026. Spiked +36% intraday, closed +2.7%; now ~−65%.
Fibrosis. Down ~31% since debut.
Organic cold-pressed beverages. Now ~−56%.
Ophthalmic drug delivery.
Decarbonization micro-cap. Worst 2026 performer (~−83% since).
Drone-swarm software. +950% over 2 days on a tiny float — extreme volatility.
On the runway
The trillion-dollar names haven't priced — the real AI IPO wave is still pipeline. These are private marks, not IPO valuations.
$0.0T
in private valuation still sitting on the sidelines across the 8 biggest names — more than 20× what every 2026 IPO except SpaceX has raised.
Anthropic
S-1 filed~$965B
Confidential draft S-1. NOT priced — $965B is a Series H mark, not an IPO valuation.
OpenAI
S-1 filed~$850B
Confidential filing reported. Not trading.
Databricks
Private$134B
CEO explicitly ruled out a 2026 IPO.
Stripe
Private$159B
No S-1. Stayed private via a tender offer.
Discord
Confidential—
Filing reported; no price set.
Revolut / Plaid / Ramp
PrivateMega-rounds
2026 fintechs are raising privately, not going public.
Last year's class
Several “recent” IPOs actually priced in 2025 — and popped harder than anything in 2026.
The read
A single-name mirage
$111B / +625% is real — but 67% is SpaceX. Ex-SpaceX (~$36B) is below trend.
Not 2021
2021 was breadth: ~1,000 IPOs on SPACs. 2026 is concentration: record dollars, deal count −18%.
AI = pipeline, not proceeds
Realized AI dollars = SpaceX + Cerebras. Anthropic, OpenAI, Databricks are filed or private.
Biotech's quiet boom
Best IPO quarter since 2021 by count — best debut (Veradermics +122%) and worst (Eikon).