U.S. IPO market poised to break records
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The U.S. IPO market will set a new record by the end of this week, and the biggest AI IPOs remain in the offing.
Why it matters: We've just crossed into the second half of the year.
Context: U.S. IPO proceeds for 2026 sit at $141.2 billion following SK Hynix's $26.5 billion cross-listing last week, according to data from Renaissance Capital. That's just a stone's throw from 2021's record $142.4 billion mark.
What's next: Brookfield-backed data center operator Csquare expects to raise up to $1.35 billion in its IPO July 15, per Renaissance, which would put this year over the top.
- Standard Nuclear is also expected to price that day, raising up to $384.3 million.
What they're saying: The string of recent mega IPOs, from SpaceX to SK Hynix, have been "as much of a green light as you could possibly get," says Latham & Watkins partner Stelios Saffos.
- Investors notably bought into these names knowing listings like Anthropic and OpenAI are also likely to come.
- AI has dominated the headlines, but non-tech names are jumping in too. Blackstone-backed Jersey Mike's filed its paperwork earlier this month, and Men's Warehouse operator Tailored Brands, backed by Silver Point, filed on Friday.
What we're watching: AI investing has become highly interconnected. It's helped reopen this IPO market, but any signs of it faltering could also help close it.
Between the lines: This extreme boom is currently a U.S.-centric phenomenon. Globally, IPOs have raised $201 billion in 2026 — putting it a far cry from the $394 billion figure from all of 2021, and slightly behind 2020's $225 billion, per Renaissance.
The bottom line: There's no summer break coming for the dealmakers.
