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Press release
01 Jul 2026
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Zurich, Switzerland
Record volumes for global IPO market in second quarter – initial signs of an upturn in Switzerland in certain sectors
- First half of 2026: 483 IPOs (-12%), issue volume USD 186.8 billion (+201%)
- United States: Fewer IPOs (-35%), but dominance in deal volume; SpaceX at USD 86.2 billion marks the largest IPO of all time; growth in IPO activity and volume in China and Europe
- Switzerland: Slight upturn after IPO-free first quarter – three new issues give positive impetus to the Swiss capital market
- Outlook: IPO windows remain short and limited to certain sectors – investors focusing on defense, AI, infrastructure and scalable growth models
Zurich, 1 July 2026 – An eventful second quarter in the global IPO market has now come to an end, with significant changes in the numbers recorded year on year. While the number of IPOs worldwide rose slightly from 246 to 250 compared with the same quarter in the previous year, the issue volume grew massively from USD 32.1 billion to USD 144.8 billion. This represents the highest quarterly figure since EY records began in 2003.The main reason for this was the IPO of SpaceX in the United States with an issue volume of USD 86.2 billion – the largest IPO of all time. The first half of the year thus ended with a 12% decline in IPO activity with 483 IPOs, with the issue volume increasing significantly by 201% to USD 186.8 billion. These are the results of the latest IPO Barometer from the auditing and consulting firm EY.
Tobias Meyer, Head of Transaction Accounting and IPO Services at EY Switzerland, said: “The ongoing geopolitical tensions and uncertainty in the first half of the year have put the brakes on the IPO plans of many companies. At the same time, the capital markets proved to be comparatively stable. One example of this is the exceptionally large IPO in the United States, which underscores the high capacity of international capital markets. It also clearly shows that private investors are becoming increasingly important for IPOs, and are showing greater interest in them.”
Regional overview
In the United States, 45 IPOs worth USD 117.6 billion were registered in the second quarter. Although the number of US IPOs was down on the corresponding quarter of the previous year (-12%), the volume rose by 1,350%.
In China, IPO activity remained robust: With 77 IPOs, the number of transactions was 40% higher year on year. The issue volume increased to USD 18.2 billion (+20%). The largest transactions came from technology and industry-related segments, including Victory Giant Technology, Dajin Heavy Industry and SJ Semiconductor.
Europe saw 24 IPOs in the second quarter, with a total volume of USD 2.6 billion. As a result, the number of European IPOs was significantly higher than in the same quarter of the previous year (17), while the issue volume rose by 65%.
Outlook: high demand for certain industries
The IPO pipeline is well stocked, but successful IPOs require a number of prerequisites. In principle, markets are open to new issues, with success strongly dependent on the sector and a compelling equity story that reflects current growth trends. The second quarter clearly illustrates this: sufficient capital is available, but investors are focusing on large, well-prepared companies with a robust equity story and clear growth prospects. In order to make the most of the comparatively short IPO windows, careful preparation is crucial – as is having the necessary discipline and a clear Plan B in order to be able to delay in the event of volatility increasing or geopolitical risks intensifying in the near term.
Industry overview: technology-related values dominate
The quarter was dominated by mega-transactions, with the ten largest IPOs in the second quarter totaling USD 109.3 billion. This corresponds to around 75% of the total global issue volume. SpaceX alone generated a placement volume of USD 86.2 billion. This was followed by Cerebras Systems with USD 6.4 billion and Victory Giant Technology (HuiZhou) with USD 3.0 billion. Tech stocks thus dominated the IPO market.
In terms of sector, Advanced Manufacturing dominated with 44 IPOs and an issue volume of USD 98.1 billion, as well as Technology with 51 IPOs and USD 19.2 billion, followed by Life Sciences (26 IPOs, USD 6.1 billion). Investors are continuing to show a fundamental willingness to finance growth but are increasingly differentiating. An AI label alone is not enough to generate demand. Rather, the focus is on companies that can already translate the broad demand for AI applications, data infrastructure, energy supply, semiconductors, defense or critical infrastructure into resilient sales and sustainable margins.
Overview of the first half of 2026
The performance of the global IPO market varied during the first half of the year. Globally, 483 companies went public in the first half of the year (compared with 546 in the first half of 2025). By contrast, the global issue volume tripled to USD 186.8 billion.
On a positive note, the issue volume grew in all three major regions: in the United States, it jumped from USD 17.1 billion to USD 128 billion, in China from USD 21.1 billion to USD 35.8 billion, and in Europe from USD 6.0 billion to USD 9.2 billion.
The picture is somewhat more nuanced when it comes to the number of IPOs: in the United States the absolute number fell (down 35%), while in Europe and China, more companies went public (up 2% and 39%, respectively).
IPO activity in Switzerland picks up in the second quarter after subdued start
In view of the ongoing uncertainty, the Swiss IPO market maintained its wait-and-see stance in the first quarter of 2026, with no new issues. The first new listings came in the second quarter: The Swiss UPS manufacturer Centiel AG registered the first IPO of the year via a reverse merger on April 17 (issue volume around CHF 31 million). The second listing, namely that of dsm‑firmenich AG, followed in mid-May (no capital increase; market capitalization of approximately CHF 16 billion). And in mid-June, Matador Secondary Private Equity AG was listed for the first time in Sparks, the SME segment of the SIX Swiss Exchange, also without any new share issue. Switzerland therefore welcomed three new stock market entrants in the second quarter of 2026. Furthermore, in mid-June, Infracore officially announced plans to go public on the SIX Swiss Exchange. This all tentatively signals a market upturn in certain sectors, while many potential issuers are continuing to wait for the right time and focusing on being ready for a potential IPO.
Contextualizing this, Tobias Meyer, Head of Transaction Accounting and IPO Services at EY Switzerland, said: “Against the backdrop of ongoing uncertainty, the Swiss IPO market remains cautious overall but showed early signs of an upturn in the second quarter. The transactions clearly show that companies can gain access to the capital market in the current environment if they are well prepared, be it via alternative structures or secondary listings. At the same time, many potential issuers are still waiting for a more favorable market window and investing in their IPO preparations in a targeted manner so that they can be ready to act quickly in a more stable environment.”
The mega-transactions mentioned are attracting global attention and can positively influence the risk appetite, market liquidity and valuation levels of high-growth companies. However, this does not automatically lead to a stronger IPO window in Europe or Switzerland. Rather, international market dynamics act as a supporting factor – not a driver. A successful global wave of IPOs can help restore confidence, reduce volatility and attract investors for new issues. However, Swiss companies must continue to differentiate themselves through their own qualities.
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EY’s organization is represented in Switzerland by Ernst & Young Ltd, Basel, with 10 offices across Switzerland, and in Liechtenstein by Ernst & Young AG, Vaduz. In this publication, “EY” and “we” refer to Ernst & Young Ltd, Basel, a member firm of Ernst & Young Global Limited.