The last couple of months have been historic for initial public offerings (IPOs), particularly on Nasdaq.
In June, SpaceX (SPCX) raised a record $75 billion in its Nasdaq debut ($86 billion including the greenshoe) – triple the previous record for biggest IPO – and listed with a market cap of around $2 trillion.
Weeks later, we saw the biggest U.S. IPO ever by a foreign company, with SKHY – the ADR for SK Hynix – raising $26.5 billion on Nasdaq.
So, between just two companies, over $100 billion has been raised via IPOs, far surpassing the IPO capital raised for most years.
In fact, through July 10, operating companies have raised $140 billion in IPOs, 91% of which was raised on Nasdaq.
That means, in just over six months, 2026 already has nearly matched 2021’s full-year record for capital raised at $141 billion. And, as we discussed recently, there are a number of mature companies that might also IPO soon.
Chart 1: SPCX and SKHY’s IPOs on Nasdaq raised over $100 billion
IPO Pulses near recent highs, indicating continued upswing in IPO activity
Of course, the question is whether this strength in IPO activity can continue, and our IPO Pulses indicate that the cyclical drivers of IPO activity remain constructive into late 2026.
Nasdaq U.S. IPO Pulse
In terms of both capital raised and the number of IPOs, U.S. IPO activity rebounded in the second quarter.
The second quarter saw operating companies raise $102 billion in IPOs – more than 11 times as much as in the first quarter ($9 billion). While a lot of that was SPCX, it wasn’t all SPCX; other operating companies’ IPOs in the second quarter raised $27 billion – triple the first quarter’s $9 billion raise.
The second quarter also saw the 42 operating company IPOs – the most in three quarters and a 60% increase over the first quarter (26).
This recovery is consistent with our view in our last update that the early 2026 dip in the Nasdaq IPO Pulse was not indicating a downturn. Since then, the Nasdaq IPO Pulse has rebounded and remained just below April’s 1½-year high in June.
So, the IPO Pulse remains in an upturn, suggesting IPO activity is likely to stay in an upswing into late 2026.
Chart 2: Nasdaq IPO Pulse is just off April’s 1½-year high
Nasdaq Stockholm IPO Pulse
The story is similar in Stockholm.
IPO activity rebounded in the second quarter – not just the number of listings, but also the amount raised.
The number of new listings more than doubled from three in the first quarter to seven in the second quarter, which is the most in more than a year.
But like in the U.S., the real story is the amount raised, which grew from €55 million in the first quarter to over €380 million in the second quarter – nearly six times larger.
As in the U.S., we maintained the view that the dip in the Nasdaq Stockholm IPO Pulse in the first quarter did not amount to a downturn. Since then, the Stockholm IPO Pulse has recovered to a four-month high in June and to one of its highest readings since early 2025.
So, here too, the IPO Pulse remains in an upturn, which means IPO activity in Stockholm is likely to stay in an upswing at least for the next few months.
Chart 3: Nasdaq Stockholm IPO Pulse up to four-month high in June
IPO activity upswings reassert themselves as disruptions fade
With recent disruptions to IPO activity largely in the rearview, the cyclical upturns in IPO activity indicated by our U.S. and Stockholm IPO Pulses reasserted themselves in the second quarter.
With both IPO Pulses now near recent highs, the cyclical drivers of IPO activity remain supportive. So, even though 2026 has already nearly set the record for capital raised, it’s quite likely to add significantly to that total in the second half of this year (maybe with some more foreign companies).
