IPO market tests whether 2026 rally can spread beyond AI
After a SpaceX-led first half, bankers and advisers say the IPO calendar may widen into industrials, defense, energy and fintech.
By Sofia Marchetti · World Affairs Correspondent
3 min read
The U.S. IPO market is entering the second half of 2026 with a new test: whether investor demand can extend beyond AI, chips and space companies. Reports from EY, Renaissance Capital, J.P. Morgan and General Atlantic point to a broader calendar if market conditions hold.
The first half was led by a small group of outsized offerings. Fortune reported that SpaceX listed on the Nasdaq Global Select Market on June 12 under the ticker SPCX, raising roughly $86 billion and reaching a market value of nearly $1.8 trillion at its debut.
Renaissance Capital said the second quarter would still have been the strongest U.S. IPO quarter since 2021 even without SpaceX. The firm attributed that strength to billion-dollar offerings in software, semiconductors and fintech.
EY said in its Global IPO Trends Q2 2026 report that U.S. IPO proceeds totaled about $115.6 billion in the first half of the year. EY said the increase from a year earlier was driven mainly by several very large listings.
Rachel Gerring, EY Americas IPO leader, said investor sentiment in the near term will depend heavily on several expected large IPOs. EY said issuers may need to stay flexible on timing as capital and attention cluster around those transactions.
Bankers see more sectors joining the queue
J.P. Morgan said in a June 25 note that several industrial trends are supporting public-market activity. The bank cited faster AI adoption in industrial markets, rising defense spending and continued private funding for high-value companies.
According to J.P. Morgan, investors are showing interest in businesses tied to automation, software and smart manufacturing. The bank said buyers also favor companies with clearer earnings prospects and cash flows that resemble infrastructure assets.
General Atlantic, in a note on the 2026 IPO comeback, said the second half could bring a shift toward mid-cap companies and sectors that were less visible during the first-half surge. The firm said investors may move some gains from large offerings into less crowded parts of the market as IPO discounts move closer to normal levels.
Foreign issuers and AI names remain in focus
Demand for semiconductor-linked companies is also reaching foreign issuers. The Associated Press reported that South Korea’s SK Hynix, a memory-chip maker and Nvidia supplier, priced American depositary receipts at $149 each and opened Friday at $170 on the Nasdaq.
AP said SK Hynix offered 177.9 million ADRs and raised about $26.5 billion. That would place the transaction among the largest U.S. share sales by a foreign issuer.
The late-2026 pipeline also includes closely watched AI and technology companies. Fortune reported that Anthropic is targeting a possible IPO at a valuation of about $1 trillion after a funding round valued the company at nearly $965 billion post-money.
Several crypto and fintech firms are also viewed as possible IPO candidates, including Kraken, Blockchain.com, ConsenSys and Dataiku, according to Fortune. OpenAI has submitted confidential IPO paperwork to the SEC, according to the company, while The New York Times reported that it is considering a 2027 debut.
The rest of the year will show whether the IPO rebound becomes less dependent on a few headline offerings. EY, J.P. Morgan and General Atlantic all point to a broader field of potential issuers, including advanced manufacturing, defense, energy and AI infrastructure.
This story draws on original reporting from Fortune.