ICR Capital’s Equity Capital Markets and Equity-linked professionals review the record-breaking first half of 2026, highlighting key market statistics and the outlook for the new issuance market through the remainder of the year.
The S&P 500 rose 9.6% and the Nasdaq advanced 12.8% while the U.S. IPO market delivered its strongest first half on record. Sixty-nine IPOs raised approximately $132 billion in proceeds, including SpaceX’s historic $86 billion offering. Even excluding SpaceX, IPO proceeds totaled roughly $46 billion, nearly three times the level raised during the same period in 2025.
Follow-on activity was equally robust, headlined by Alphabet’s record $44.75 billion offering, with $92 billion raised across 163 follow-ons (versus $55 billion across 94 transactions in 2025). The convertible market is having another standout year as well, with $90 billion of issuance already surpassing the record pace set in 1H 2025.
Entering the second half of 2026, the ECM backdrop appears more constructive than ever.
Our Equity Capital Markets Review for 1H 2026 delivers insights into one of the strongest 1H on record. Get in-depth analysis in this latest report, where our expert advisors:
- Map the key market trends and volatility dynamics that shaped issuance windows
- Delve into ECM activity across IPOs, follow-ons, block trades and converts
- Deliver detailed analysis of 1H 2026 IPO performance and sector-driven issuance, including the energy and AI infrastructure resurgence
- Explore the convertible market’s record-breaking pace and the continued evolution of the SPAC market
Equip your team to understand what this means for IPO planning and readiness considerations heading into the second half of 2026 and beyond.
Download the 1H 2026 Equity Capital Markets Review today.
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