The 2026 IPO market boom is real, but it is much narrower than the headline total suggests. One month, June, supplied 71% of everything US IPOs have raised this year.
According to SIFMA's latest data, built on Dealogic figures and updated October 2, US IPOs raised $139.4 billion through September. That compares with $33.5 billion at the same point in 2025, more than four times as much. It is also close to the full-year record of $155.1 billion set in 2021.
#June's Record IPO Haul Shaped the Whole Year
June alone raised $98.4 billion. S&P Global Market Intelligence said the record month was driven by the debut of SpaceX. Renaissance Capital reported that SpaceX raised $75 billion, the largest IPO on record, at a valuation of about $1.7 trillion. It rose 19% on its first day.
Reported totals vary by provider. SIFMA puts second-quarter US IPO proceeds at $121.9 billion, compared with Renaissance Capital’s $104.8 billion. Both show an exceptionally strong quarter.
Take June out and the picture is more modest. IPOs raised about $41.0 billion in the other eight months. That is still 22% above last year's pace, which is a healthy gain. It is just not a record.
#The Third Quarter Shows How Quickly IPO Activity Cooled
The summer was much quieter. IPOs raised $6.6 billion in the third quarter, down 60% from a year earlier and a fraction of the $121.9 billion raised in the second quarter.
September was the slowest month of all. IPOs raised $1.7 billion, down 81% on a year ago. Total equity raised that month, which adds follow-on offerings and preferred shares, came to $9.3 billion. That is the lowest monthly figure in SIFMA's table, which covers the past 13 months.
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#Follow-On Offerings Show Companies Are Still Raising Capital
Companies already listed on the stock market have kept selling new shares. These sales are known as secondary offerings or follow-ons. They raised $81.2 billion in the third quarter, up 118% from a year earlier. That was the largest quarter in SIFMA's table.
For the year to date, follow-ons have raised $194.1 billion, up 60%. Add IPOs and preferred shares and total equity raised stands at $355.1 billion. That is already 90% of the full-year 2020 total and 81% of 2021, with a quarter still to go.
So the market has not shut. Even so, September was quiet for follow-ons too. They raised $7.1 billion, down from $37.6 billion in August.
#What Strong Markets Mean for New Listings
The backdrop has been supportive. The S&P 500 ended September at 7,652, up 11% on the year. The VIX, a measure of expected stock-market volatility, closed at 16.3, well below its March peak of 35.3.
Small-cap stocks had a harder month. The Russell 2000 fell 5% in September, even as the Nasdaq Composite rose 3%. That divergence is worth watching as smaller companies weigh plans to go public.
#A Fair Counterpoint
One quiet month is not a trend. IPO calendars are lumpy, and a handful of very large deals can swing a monthly total. Companies often time listings around earnings seasons and holidays, so a slow September may say more about timing than demand. SIFMA also notes its figures are subject to revision.
#What the Numbers Suggest
The data points to a market with two stories in it. One is a record-setting month driven by a few very large listings. The other is steadier, with IPOs up about a fifth outside June and follow-ons running well ahead of last year. For investors, the useful question is how many new deals arrive in the fourth quarter, and how big they are.