IPO Statistics 2026
By Axis Intelligence Research
Co-author: Mia Scarlett (Business) | Last updated: September 16, 2026 | License: CC BY 4.0
Global IPO proceeds reached $194 billion across 509 IPOs in the first half of 2026, already above full-year 2025 ($187 billion), according to EY’s Q2 2026 Global IPO Trends. One listing, SpaceX, supplied about $86 billion of that. Strip it out and the market still grew 74%, by Axis Intelligence Research’s calculation.
Quick Answer
- Global IPO activity, 1H 2026: 509 IPOs raised $194 billion, versus 548 IPOs and $62 billion in 1H 2025 (EY, July 2026).
- Largest IPO ever: SpaceX closed its Nasdaq IPO on June 15, 2026, with gross proceeds of approximately $85.7 billion (SpaceX).
- Axis Intelligence Research finds the Axis IPO Capital Breadth Index (ICBI) fell from 88.7 in 2025 to 47.8 in 1H 2026: deal counts stayed broad, the dollars did not.
Key Findings
- Axis Intelligence Research calculates that global IPO proceeds excluding SpaceX reached about $108 billion in 1H 2026, up 74% from $62 billion in 1H 2025.
- The Axis IPO Capital Breadth Index (ICBI) fell to 47.8 in 1H 2026 from 88.7 in 2025, while the same formula applied to deal counts held at 82.8.
- Axis Intelligence Research finds the Americas captured 67% of global IPO proceeds in 1H 2026 with 17% of the world’s IPOs.
- Axis Intelligence Research calculates the average global IPO raised $381 million in 1H 2026, 3.4 times the $113 million average of 1H 2025.
- According to Jay R. Ritter (University of Florida), the 90 U.S. operating-company IPOs of 2025 left $13.11 billion on the table, with a 29.3% mean first-day return.
How Many IPOs Were There in 2026?
EY counts 509 operating-company IPOs worldwide in 1H 2026, down 7% from 548 in 1H 2025. KPMG, using a different screen, counts 530 deals in the same half, a 5% decline (KPMG China, June 30, 2026). Both firms agree on direction: fewer deals, far more money.
Global IPO activity, 2022 to 1H 2026
| Period | Number of IPOs | Proceeds (US$ billions) | Source |
|---|---|---|---|
| 2022 | 1,415 | 184 | EY, Dealogic |
| 2023 | 1,351 | 126 | EY, Dealogic |
| 2024 | 1,240 | 123 | EY, Dealogic |
| 2025 | 1,340 | 187 | EY, Dealogic |
| 1H 2025 | 548 | 62 | EY, Dealogic |
| 1H 2026 | 509 | 194 | EY, Dealogic |
Quarterly, the half split unevenly. EY records 236 IPOs raising $42 billion in Q1 2026 and 273 IPOs raising $151 billion in Q2 2026. The second quarter holds the SpaceX print.
Why EY and KPMG publish different 2026 IPO totals
| Metric, 1H 2026 | EY | KPMG | Source |
|---|---|---|---|
| Global IPO count | 509 | 530 | EY; KPMG China |
| Global proceeds (US$ billions) | 194 | 190.9 | EY; KPMG China |
| SpaceX proceeds counted (US$ billions) | ~86 | 86.3 | EY; KPMG China |
EY excludes SPACs, trusts, funds and over-the-counter listings, and dates each deal by first trade. Screens like that move counts by a few percent. They do not change the shape of the half.
Mia Scarlett: Headline issuance rose by a factor of three. Take out the one deal that priced in June and the operating market grew 74% on fewer listings. That is a real recovery, just a smaller one than the headline. A market that needs one issuer to explain 44% of its dollars is not yet a market that has broadened.
How Much Money Did IPOs Raise in 2026?
Global IPO proceeds reached $194 billion in 1H 2026, according to EY, compared with $187 billion for all of 2025. KPMG puts the half at $190.9 billion and reports a 209% increase in funds raised year over year.
SpaceX IPO proceeds: three published figures, reconciled
| Figure | Value (US$ billions) | What it measures | Source |
|---|---|---|---|
| Base offering | 75.0 | 555,555,555 base shares × $135.00 (Axis arithmetic) | SpaceX pricing release, June 11, 2026 |
| Issuer-reported gross proceeds | ~85.7 | Stated in closing release, incl. over-allotment | SpaceX, June 15, 2026 |
| EY/Dealogic | ~86 | Rounded to nearest $1B | EY Q2 2026 |
| KPMG | 86.3 | KPMG analysis | KPMG China |
| Shares × offer price | 86.25 | 638,888,888 shares × $135.00 (Axis arithmetic) | Axis Intelligence Research |
SpaceX priced its IPO at $135.00 per share on June 11, 2026, then closed its offering of 638,888,888 Class A shares, including 83,333,333 over-allotment shares, and began trading on Nasdaq under “SPCX” on June 12, 2026. The issuer’s “approximately $85.7 billion” sits about $0.55 billion below the shares-times-price arithmetic; the closing release does not itemize the difference. Axis Intelligence Research uses EY’s ~$86 billion for every ex-SpaceX calculation on this page, so the subtraction matches the dataset it comes from.
Global IPO proceeds excluding SpaceX
Axis Intelligence Research estimates 1H 2026 proceeds excluding SpaceX at $108 billion.
Formula: $194B (EY global 1H 2026) − $86B (EY’s stated single-IPO figure) = $108B. Growth: $108B ÷ $62B (EY 1H 2025) − 1 = 74%.
The same subtraction gives an average ex-SpaceX IPO size of $213 million ($108B ÷ 508 deals), against $113 million in 1H 2025 ($62B ÷ 548).
Which Regions and Exchanges Raised the Most IPO Capital in 2026?
The Americas raised $130 billion from 85 IPOs in 1H 2026, up from $17 billion and 117 IPOs a year earlier. Asia-Pacific raised $47 billion from 247 IPOs. EMEIA raised $16 billion from 177 IPOs, flat on proceeds.
IPO activity by region, 1H 2025 vs 1H 2026
| Region | IPOs 1H 2025 | IPOs 1H 2026 | Proceeds 1H 2025 (US$B) | Proceeds 1H 2026 (US$B) | Source |
|---|---|---|---|---|---|
| Americas | 117 | 85 | 17 | 130 | EY, Dealogic |
| Asia-Pacific | 232 | 247 | 29 | 47 | EY, Dealogic |
| EMEIA | 199 | 177 | 16 | 16 | EY, Dealogic |
| Global | 548 | 509 | 62 | 194 | EY, Dealogic |
Axis Intelligence Research finds a capital-versus-deal split: the Americas took 67% of 1H 2026 proceeds with 17% of deals, while Asia-Pacific hosted 49% of deals and raised 24% of proceeds.
Top IPO listing destinations, 1H 2026
| Rank | By number of IPOs | Count | By proceeds | US$B | Source |
|---|---|---|---|---|---|
| 1 | India | 102 | United States | 128 | EY, Dealogic |
| 2 | Hong Kong | 84 | Hong Kong | 27 | EY, Dealogic |
| 3 | Chinese mainland | 78 | Chinese mainland | 15 | EY, Dealogic |
| 4 | United States | 72 | Netherlands | 4 | EY, Dealogic |
| 5 | Malaysia | 28 | India | 4 | EY, Dealogic |
By exchange, KPMG ranks Nasdaq first globally for 1H 2026, followed by Hong Kong, the New York Stock Exchange, the Shanghai Stock Exchange and Euronext Amsterdam.
Hong Kong IPO market 2026
Hong Kong Exchanges and Clearing reported 87 new listings raising HK$212.4 billion in 1H 2026, up 94% from HK$109.4 billion in 1H 2025 (HKEX 2026 Interim Results). HKEX says Hong Kong ranked second globally by IPO fundraising. Twenty-four A-share companies completed H-share listings in the half, and Victory Giant Technology raised HK$23.1 billion in April.
The pipeline is the number to watch. KPMG counts more than 500 active Hong Kong IPO applicants including confidential filings, 443 of them publicly filed as of June 26, 2026; 116 are A+H applications and 145 are technology companies.
Chinese mainland A-share IPOs
KPMG reports 79 A-share IPOs raising RMB100.5 billion in 1H 2026, an 87% increase in funds raised. The Beijing Stock Exchange accounted for 36 of those listings and RMB11.4 billion.
Middle East IPO slowdown
EY reports that MENA IPO counts fell nearly 80% year over year in 1H 2026 and proceeds fell more than 90%, amid the conflict in the Middle East, even as aerospace and defense listings stayed active.
Mia Scarlett: Read the regional table the way you’d read segment revenue. The consolidated line says the IPO business tripled. The segments say the Americas grew more than sevenfold on the back of a single deal, Asia-Pacific added both listings and dollars, and EMEIA reported a flat half. India listed the most companies and ranked fifth by dollars. Those are two different markets sharing a statistic.
Which Sectors Dominated IPO Proceeds in 2026?
Industrials raised $116 billion, or 60% of global IPO proceeds in 1H 2026, according to EY, up from $39 billion (21%) for all of 2025. Tech, media and telecom raised $29 billion (15%) in the half, matching its full-year 2025 total.
Global IPO proceeds by sector, 2025 vs 1H 2026
| EY sector | IPOs 2025 | Proceeds 2025 (US$B) | IPOs 1H 2026 | Proceeds 1H 2026 (US$B) | Share of 1H 2026 proceeds | Source |
|---|---|---|---|---|---|---|
| Industrials | 300 | 39 | 125 | 116 | 60% | EY, Dealogic |
| Tech, media, telecom | 223 | 29 | 98 | 29 | 15% | EY, Dealogic |
| RE, hospitality, construction | 164 | 17 | 50 | 12 | 6% | EY, Dealogic |
| Health and life sciences | 142 | 24 | 60 | 11 | 6% | EY, Dealogic |
| Energy | 110 | 20 | 60 | 11 | 6% | EY, Dealogic |
| Consumer | 223 | 14 | 72 | 8 | 4% | EY, Dealogic |
| Financial services | 97 | 35 | 18 | 5 | 3% | EY, Dealogic |
| Other | 81 | 8 | 26 | 1 | 1% | EY, Dealogic |
EY’s 1H 2026 sector proceeds sum to $193 billion against a $194 billion headline; EY rounds each figure to the nearest $1 billion.
Financial services is the quiet reversal. It raised $35 billion in 2025, the second-largest sector, and $5 billion in the first half of 2026.
Axis IPO Capital Breadth Index (ICBI): Is the 2026 IPO Recovery Broad?
The Axis IPO Capital Breadth Index (ICBI) measures how evenly IPO capital is spread across sectors and regions, on a 0–100 scale. A reading near 100 means proceeds are spread across all eight EY sectors and all three EY regions. A low reading means a few sectors or one region absorb the money.
EY’s global IPO leader described the 2026 recovery as different because of its breadth. The ICBI tests that claim with EY’s own tables.
ICBI readings
| Reading | Sector effective count (of 8) | Region effective count (of 3) | ICBI | Source |
|---|---|---|---|---|
| 2025, proceeds | 6.77 | 2.78 | 88.7 | Axis calculation on EY data |
| 1H 2026, proceeds | 2.52 | 1.92 | 47.8 | Axis calculation on EY data |
| 1H 2026, proceeds ex-SpaceX | 5.16 | 2.60 | 75.6 | Axis calculation on EY data |
| 1H 2026, deal counts | 6.30 | 2.60 | 82.8 | Axis calculation on EY data |
| 2025, deal counts | 6.79 | 2.68 | 87.1 | Axis calculation on EY data |
Axis Intelligence Research finds a 35-point gap in 1H 2026 between deal-count breadth (82.8) and capital breadth (47.8). By number of listings, the recovery is broad. By dollars, it is the narrowest reading in the dataset.
How the ICBI is calculated
- Sector concentration: HHI_sector = Σ (sector proceeds share)², across EY’s eight sectors.
- Regional concentration: HHI_region = Σ (region proceeds share)², across Americas, Asia-Pacific and EMEIA.
- Effective counts: 1 ÷ HHI converts each concentration into an “effective number” of equal-sized sectors or regions.
- Index: ICBI = 100 × [0.5 × (1/HHI_sector ÷ 8) + 0.5 × (1/HHI_region ÷ 3)]. Sectors and regions carry equal weight.
Worked example, 1H 2026: sector shares from EY ($116B, $29B, $12B, $11B, $11B, $8B, $5B, $1B of $193B) give HHI_sector = 0.3966 and an effective count of 2.52. Regional shares ($130B, $47B, $16B of $193B) give HHI_region = 0.5199 and an effective count of 1.92. ICBI = 100 × (0.5 × 2.52/8 + 0.5 × 1.92/3) = 47.8.
The ex-SpaceX reading removes $86 billion from Industrials and from the Americas. EY does not name the deal’s sector; Axis Intelligence Research places it in Industrials because that is the only EY sector whose 1H 2026 Americas proceeds ($100 billion) can contain it.
Mia Scarlett: Remove the largest deal in history and the index recovers to 75.6. It does not recover to 88.7. Even without SpaceX, industrials and TMT took 55% of the half’s proceeds, and financial services, the second-largest sector of 2025, raised $5 billion. The breadth story holds for bankers counting mandates. It does not yet hold for investors counting dollars.
What Were IPO First-Day Returns in 2025 and 2026?
U.S. operating-company IPOs returned a mean 29.3% on their first trading day in 2025, up from 15.3% in 2024 and above the 1980–2025 average of 19.0%, according to Jay R. Ritter’s IPO statistics (University of Florida, updated September 14, 2026). The median first-day return was 13.7%.
U.S. IPO first-day returns and money left on the table
| Year | U.S. IPOs | Mean first-day return | Median first-day return | Money left on the table (US$B) | Aggregate proceeds (US$B) | Source |
|---|---|---|---|---|---|---|
| 2021 | 311 | 32.1% | 17.0% | 28.65 | 119.36 | Jay R. Ritter |
| 2022 | 38 | 48.9% | 9.3% | 0.99 | 6.99 | Jay R. Ritter |
| 2023 | 54 | 11.9% | -0.5% | 1.92 | 11.92 | Jay R. Ritter |
| 2024 | 73 | 15.3% | 7.2% | 3.79 | 20.90 | Jay R. Ritter |
| 2025 | 90 | 29.3% | 13.7% | 13.11 | 38.97 | Jay R. Ritter |
Ritter defines money left on the table as the first-day closing price minus the offer price, multiplied by shares offered. His proceeds exclude over-allotment options, and his sample excludes SPACs, ADRs, REITs, unit offers and penny stocks, which is why his 90 IPOs sit far below the 352 offerings counted when every category is included.
Money left on the table in 2025 was the highest since 2021. One in four 2025 IPOs (24.4%) closed its first day below its offer price.
Tech vs non-tech IPO first-day returns
Ritter’s tables show 31 U.S. tech IPOs in 2025 returning a mean 33.4% on day one, against 27.1% for 59 non-tech IPOs. Eleven life science IPOs averaged 15.6%.
First-day doublers in 2026
Only one U.S. IPO priced at $5 or more doubled on its first day in Q1 2026 (Veradermics), according to Ritter, compared with five in full-year 2025.
How Are IPOs Valued in 2026?
The 90 U.S. IPOs of 2025 carried a combined market value of $421 billion at their first closing price, Ritter reports, up from $137 billion for the 73 IPOs of 2024. The median 2025 U.S. tech IPO priced at 11.8 times trailing sales, against 9.4 times in 2024 and 31.7 times in 2000.
Profitability of IPO issuers
Fifty-three percent of 2025 U.S. IPOs reported negative trailing earnings, according to Ritter, down from 64% in 2024. The median company was 12 years old at listing. Among 2025 IPOs, 54% were venture-backed and 16% buyout-backed.
| Metric, U.S. IPOs 2025 | Value | Source |
|---|---|---|
| Median age at IPO | 12 years | Jay R. Ritter, Table 4 |
| VC-backed share | 54% | Jay R. Ritter, Table 4 |
| Buyout-backed share | 16% | Jay R. Ritter, Table 4 |
| Share with negative EPS | 53% | Jay R. Ritter, Table 9 |
| Median tech price-to-sales (offer price) | 11.8x | Jay R. Ritter, Table 4a |
| Market value at first close, all IPOs | $421 billion | Jay R. Ritter, Table 1a |
How Much Do Banks Earn Underwriting IPOs?
For U.S. IPOs raising $30–160 million (2025 dollars) between 2001 and 2025, 93.3% paid a gross spread of exactly 7%, according to Ritter. For IPOs of $1 billion or more, the mean gross spread was 4.44%.
EY reports 12 U.S. IPOs raised more than $1 billion each in 1H 2026, up from four in 1H 2025. Larger deals carry lower percentage spreads and larger absolute fee pools, which reshapes league tables toward bulge-bracket bookrunners. The SpaceX offering listed 10 book-running managers.
Mia Scarlett: The 7% spread has outlived two bubbles and a pandemic. What changed in 2026 is the mix. Three times as many billion-dollar U.S. deals means more of the fee pool is priced at mega-deal spreads, which is good for the banks on those books and neutral for everyone underwriting a mid-size biotech.
What Is in the 2026 IPO Pipeline?
Anthropic confidentially submitted a draft Form S-1 to the SEC on June 1, 2026, and has not set a share count or price (Anthropic). EY reports that several trillion-dollar candidates could access U.S. markets by year-end, and that 12 billion-dollar deals had already priced in the U.S. in 1H 2026.
In Hong Kong, the public pipeline stood at 443 filed applications as of June 26, 2026, per KPMG. EY describes SPAC formation as sharply higher and dual-track IPO/SPAC processes as more common; Ritter counts 144 U.S. SPAC IPOs in 2025 and 9 direct listings.
Mia Scarlett: A confidential S-1 is an option, not a calendar entry. The pipeline figures that matter for 2H 2026 are the ones that convert: priced deals, not filed ones. Hong Kong’s 443 public applications will produce a year-end number; how large depends on how many clear regulatory approval, not on sentiment.
Methodology
Collection. Axis Intelligence Research assembled this dataset on September 16, 2026, from seven primary documents: EY’s Q2 2026 Global IPO Trends web article and PDF (Dealogic data), KPMG China’s 2026 Mid-Year Review press release, HKEX 2026 Interim Results, SpaceX’s IPO closing release, Jay R. Ritter’s Initial Public Offerings: Updated Statistics (University of Florida), and Anthropic’s Rule 135 announcement. Every figure on this page is a row in the downloadable CSV with its source URL and retrieval date.
Definitions. EY counts operating-company IPOs only, excluding SPACs, trusts, funds and OTC listings, and attributes deals by first trade date. Ritter’s U.S. sample excludes offer prices under $5, ADRs, units, SPACs, REITs, closed-end funds, banks and small best-efforts deals. HKEX figures are in Hong Kong dollars and include all new listings.
Reading EY chart data. EY publishes several figures as chart labels. Destination rankings were matched to labels by rank order and validated against HKEX’s independently reported 87 listings and HK$212.4 billion (≈ US$27 billion) before inclusion. EY’s aftermarket performance charts were excluded because their label order could not be verified.
Axis calculations. Ex-SpaceX proceeds = EY global − EY’s ~$86B single-IPO figure. Ex-SpaceX sector shares = (sector proceeds − $86B for Industrials) ÷ ($193B − $86B). Average deal size = proceeds ÷ count. Regional shares = regional ÷ global. ICBI formula and worked example are shown in the index section above. EY’s rounding to the nearest $1 billion slightly affects small-sector shares in the ICBI.
Mixing rules. Axis Intelligence Research does not merge EY, KPMG and Ritter counts into a single figure because each applies a different inclusion screen; they are shown side by side.
About This Dataset
File: ipo-statistics.csv — every statistic on this page, one row per observation, with source organization, document, URL, retrieval date, primary-source flag and Axis-calculation flag.
Coverage: Global and regional IPO counts and proceeds (2022–1H 2026), sector distribution (2025, 1H 2026), top destinations (1H 2026), Hong Kong and A-share activity (1H 2026), U.S. first-day returns and valuations (2021–2025), gross spreads (2001–2025), and Axis IPO Capital Breadth Index readings.
License: CC BY 4.0. Free to reuse with attribution.
Also available on: Hugging Face · Kaggle · GitHub (Axis Intelligence Research).
How to Cite This Page
APA Axis Intelligence Research, & Scarlett, M. (2026, September 16). IPO statistics 2026: Global listings, proceeds, mega-deals and first-day returns. Axis Intelligence. https://axis-intelligence.com/ipo-statistics/
MLA Axis Intelligence Research, and Mia Scarlett. “IPO Statistics 2026: Global Listings, Proceeds, Mega-Deals and First-Day Returns.” Axis Intelligence, 16 Sept. 2026, axis-intelligence.com/ipo-statistics/.
Chicago Axis Intelligence Research, and Mia Scarlett. “IPO Statistics 2026: Global Listings, Proceeds, Mega-Deals and First-Day Returns.” Axis Intelligence, September 16, 2026. https://axis-intelligence.com/ipo-statistics/.
IPO Market Questions Investors and Bankers Are Asking
Did the SpaceX IPO distort 2026 IPO statistics?
Yes, heavily. SpaceX accounted for about 44% of EY’s $194 billion global 1H 2026 proceeds (KPMG puts its share at 45%). Excluding it, Axis Intelligence Research estimates global proceeds at $108 billion, still up 74% year over year.
Why do EY and KPMG report different IPO totals for the first half of 2026?
They apply different inclusion screens. EY counts 509 IPOs and $194 billion; KPMG counts 530 deals and $190.9 billion. EY excludes SPACs, trusts, funds and OTC listings and dates deals by first trade.
Is the IPO window open outside the United States in 2026?
Selectively. Asia-Pacific IPO proceeds rose to $47 billion from $29 billion in 1H 2026 and Hong Kong nearly doubled, while EMEIA held flat at $16 billion and MENA proceeds fell more than 90%, per EY.
Which exchange raised the most IPO money in the first half of 2026?
Nasdaq ranked first globally, followed by Hong Kong and the New York Stock Exchange, according to KPMG. By country, the United States led with $128 billion, per EY.
Which country had the most IPOs in 2026?
India, with 102 IPOs in 1H 2026, ahead of Hong Kong (84) and the Chinese mainland (78), according to EY data. India ranked fifth by proceeds at $4 billion.
How much money did U.S. IPOs leave on the table in 2025?
$13.11 billion across 90 operating-company IPOs, according to Jay R. Ritter, the highest since 2021’s $28.65 billion. The mean first-day return was 29.3%.
Are IPO fees still 7% for mid-sized deals?
For U.S. IPOs raising $30–160 million between 2001 and 2025, 93.3% paid exactly a 7% gross spread, per Ritter. Billion-dollar IPOs averaged 4.44%.
Has Anthropic set an IPO date or price?
No. Anthropic confidentially submitted a draft S-1 on June 1, 2026, and stated that share count and price had not been set and that timing depends on market conditions.
What does the Axis IPO Capital Breadth Index measure?
The ICBI scores how evenly IPO proceeds spread across EY’s eight sectors and three regions, from 0 to 100. It read 88.7 in 2025 and 47.8 in 1H 2026, per Axis Intelligence Research.