Global IPO proceeds triple in first half of 2026 as mega-deals and AI momentum reshape market

• Global IPO proceeds triple year-on-year to US$186.8bn despite lower deal volumes
• AI-related sectors continue to attract significant investor interest
• Larger IPOs and sponsor-backed exits signal improving market conditions – with eleven IPOs each raising more than US$1bn in the US alone
• European capital market reforms could help unlock additional funding opportunities for growth companies across the region

Global IPO markets gained significant momentum in the first half of 2026, with proceeds more than tripling even as the overall number of listings declined year-on-year, according to the latest EY Global IPO Trends Report. The recovery was driven by a resurgence of larger transactions - with eleven IPOs each raising more than US$1bn in the US alone, including the largest ever IPO in SpaceX - increasing investor appetite for AI-related businesses and infrastructure, and improving conditions for sponsor-backed companies seeking to access public markets.

A total of 483 IPOs raised US$186.8bn globally during the first half of 2026, compared with 546 IPOs raising US$62.1bn during the same period in 2025. While deal volume fell by 12% year-on-year, proceeds increased by 201%.

Momentum accelerated during the second quarter of this year, with 250 IPOs raising US$144.8bn globally compared with 246 IPOs raising US$32.1bn during Q2 2025.

Strong momentum in the Americas, resilient activity across EMEIA

The Americas were the standout market globally during the first half of 2026, with 84 IPOs raising US$130.3bn, compared with 117 IPOs raising US$17.2bn during the same period last year. While deal volumes declined, proceeds increased by 660%, driven by a number of large-scale transactions and growing investor confidence in new listings.

Across EMEIA (Europe, Middle East, India and Africa), IPO activity remained resilient amid significant geopolitical and macroeconomic volatility. The region recorded 174 IPOs raising US$16.3bn during the first half of the year, compared with 199 IPOs raising US$15.9bn during the same period in 2025. While deal volumes declined, proceeds remained stable, with investors continuing to favour businesses with strong fundamentals, clear growth strategies and exposure to long-term growth themes such as AI, industrials, defence and critical infrastructure.

Asia-Pacific recorded 225 IPOs raising US$40.2bn in H1 2026, compared with 230 IPOs raising US$28.9bn during the first half of 2025. While deal volumes were broadly unchanged year-on-year, proceeds increased significantly (by almost 40%), with demand particularly strong for companies operating in technology-enabled sectors, including semiconductors, robotics, advanced manufacturing and AI infrastructure.

Fergal McAleavey, Corporate Finance Partner at EY Ireland, said:

“After several years of subdued activity, global IPO markets roared back into life in the first half of the year, driven by some of the world’s largest IPO transactions and sustained enthusiasm for AI-enabled companies. What is particularly striking about the first half of 2026 is that proceeds have increased significantly even as listing volumes declined, highlighting investors’ willingness to back larger, well-prepared companies with strong growth stories. Importantly, this recovery appears to be broader than previous periods of renewed market optimism, with activity being supported across multiple sectors and regions.”

“While regional dynamics continue to vary, the resilience of activity across EMEIA, despite ongoing geopolitical uncertainty, is an encouraging sign for companies considering a future listing. Continued investor interest in sectors such as AI, industrials, defence and critical infrastructure demonstrates that capital remains available for businesses with compelling growth stories. Looking ahead, initiatives such as the EU’s Savings and Investments Union, which aims to connect savings with productive investment and broaden access to capital across Europe, have the potential to further strengthen funding opportunities for growth companies.”

“As Ireland looks to scale and build the next generation of large indigenous companies, access to growth capital and the financial independence that can come with a public listing should remain an important consideration. Public markets can play an important role in supporting long-term growth and international expansion.”

“Successful execution and performance of some of the large IPOs expected to come to market in the US over the coming months could provide a further boost to confidence, helping to encourage more companies to consider public markets as part of their future growth plans. Irish companies that are well prepared and able to move when conditions are favourable will be best positioned to take advantage of future opportunities.”

Mega-IPOs drive capital raising activity

A resurgence in larger transactions was a defining feature of global IPO markets during the first half of 2026. In the United States alone, eleven IPOs each raised more than US$1bn, up from four during the same period last year. These transactions accounted for a significant share of global proceeds and helped drive one of the strongest periods for IPO capital raising in recent years.

A robust pipeline of anticipated large-scale listings is expected to shape investor sentiment and market activity through the remainder of 2026.

Sponsor-backed IPO activity gathers pace

Improving IPO market conditions are also encouraging greater activity among venture capital and private equity-backed companies. Stronger aftermarket performance and growing investor appetite for new listings have increased the attractiveness of public markets as an exit route for sponsors.

As a result, sponsor-backed IPOs are expected to play an increasingly important role in supporting future issuance activity, particularly as sponsors seek to realise value after extended holding periods.

Outlook remains positive despite ongoing volatility

Looking ahead, IPO pipelines remain healthy across several regions, including the Americas, EMEIA and Asia-Pacific. While geopolitical developments, inflation concerns and market volatility continue to influence investor sentiment, the combination of improving market conditions, strong AI-related demand and a growing pipeline of larger transactions is expected to support IPO activity through the remainder of 2026.

Siobhan Donlevy, EY Ireland Partner in Strategy and Transactions, also commented: “AI continues to play an increasingly important role in shaping investor demand, not only for AI-focused businesses themselves but also for the wider ecosystem supporting their growth, including data centres, semiconductors, robotics, advanced manufacturing and critical infrastructure.”

“The pipeline of anticipated mega IPOs in the US will be closely watched in the months ahead. Successful execution of these transactions would represent an important signal of investor confidence and could help build momentum across global capital markets. Strong performance from these deals has the potential to encourage further IPO activity, not only among larger issuers but also amongst smaller growth companies, creating a positive knock-on effect for both IPO and broader M&A markets.”

“While market conditions have improved, companies considering an IPO should not assume the window will remain permanently open. Investors remain selective and market volatility can return quickly.”

ENDS

To know more please visit: https://www.ey.com/en_ie/insights/ipo/trends