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Consultancy EY placed first-half global IPO proceeds at $194 billion, three times the level from the first six months of 2025 and surpassing the full-year 2025 total. The June listing of SpaceX, which raised $86 billion, accounted for almost half the worldwide figure. Such equity market momentum has not been witnessed since central banks relaxed financing conditions to support economies recovering from the Covid-19 pandemic, according to an EY assessment.
Demand has focused intensely on a narrow group of sectors including AI, technology, aerospace, defence and biotech, Renaissance Capital senior strategist Matthew Kennedy said. Technology enterprises must secure hundreds of billions of dollars to invest in AI infrastructure, beyond what debt markets and private capital can supply. Among investors there is a belief that AI meets a long-term economic need and that the present represents the moment to commit capital, PwC France’s Philippe Kubisa noted.
The United States captured the bulk of activity, with eight of the 10 largest IPOs occurring there and half listed on the Nasdaq, EY figures show. Deregulatory financial measures introduced by President Donald Trump since the beginning of his term have eased the path for such listings, EY adviser Cedric Garcia stated. Listings are being accelerated ahead of the November midterm elections because a Democratic victory might jeopardise those policies, Garcia added.
AI momentum has similarly propelled activity among Chinese companies, many of which have shifted to Hong Kong listings amid US-China tensions that have restricted capital flows, according to Garcia. Hong Kong has raised $48 billion since January and stands on track for its strongest year in five years, PwC data indicates. The $3 billion debut of Victory Giant, a Nvidia supplier, ranks fourth globally this year, while firms such as Deepseek, Moonshot AI, Baidu’s Kunlunxin and Zhongji Innolight may follow soon, the EY assessment found.
Market participants have expressed fears that the surge reflects an AI bubble at risk of bursting, with related stocks experiencing repeated volatility over recent months. Gigantic deals risk draining market liquidity and tipping the balance toward excess supply over demand, which could depress prices, Kubisa warned. A sustained price decline or bubble collapse might halt the flow of new listings, Garcia cautioned, noting that SpaceX shares have already fallen below their initial listing value since mid-July.
The EY report highlighted that IPO activity has remained anemic outside of China and the United States, particularly in technology. The Europe, Middle East and Africa region has recorded only $16 billion in proceeds so far in 2026, unchanged from the prior year. Defence has provided one area of strength, however, with the $4.47 billion Amsterdam listing of Czech arms manufacturer CSG ranking as the third-largest worldwide IPO of the period.
