Four Reasons Why 2026 Could Become a Banner Year for U.S. IPOs

Press release: After the record year of 2021, when the global IPO market reached a total volume of more than USD 600 billion, activity declined sharply: in 2022 and 2023, rising interest rates and market uncertainty kept many companies from pursuing an Initial Public Offering (IPO). In 2024, the market remained subdued, with issuance volume of around

USD 120 billion across roughly 1,200 IPOs. According to Jörg Held, Head of Portfolio Management at ETHENEA Independent Investors S.A., 2026 could now see a return to - or even exceed - pre-crisis levels:

1. 2025 ended on a strong note: Toward the end of 2025, a clear recovery became visible in the U.S. market. According to figures from consulting firm EY, 223 IPOs were completed – an increase of 27 percent – with total proceeds amounting to USD 45.5 billion.

2. Catch-up potential after a slowdown: The announcement and implementation of new U.S. tariffs starting in March/April 2025 initially dampened IPO momentum. However, as greater clarity emerged regarding the economic framework and market sentiment improved, issuers increasingly returned to the stock exchanges over the course of the year.

3. Spillover effects expected: Standout transactions included Medline as the largest U.S. IPO of 2025 and AI provider CoreWeave. Experts believe that in 2026, a single large and successful IPO could trigger a spillover effect, encouraging other heavyweights to take the leap to the public markets. The steadily increasing IPO activity is fueling investor optimism and could provide additional tailwinds for the markets.

4. Trillion-dollar valuations for tech heavyweights in sight:Hopes for even stronger issuance volume in 2026 rest in particular on three tech giants that are currently preparing their IPOs:

• SpaceX: The planned IPO of Elon Musk’s space company is on everyone’s radar. It could eclipse all previous market debuts, as market participants are speculating about a valuation exceeding USD 1 trillion.

• OpenAI: Another candidate for a stock market listing. Valuation estimates for the AI pioneer and developer of ChatGPT range from USD 500 billion to USD 1 trillion.

• Anthropic: The third company among the tech IPO hopefuls. The AI provider and OpenAI competitor recently secured Allianz as a major client, underscoring its growing relevance in the enterprise sector.