In 1999, stock buyers had a cornucopia of new options as U.S. companies went public at a near-record clip. The crop included names like Nvidia and BlackRock that, for those who purchased them on the first day of trading, have delivered spectacular long-term returns.
Now the IPO market is heating up again. While 2026 will almost certainly not match the banner year of 1999, which saw 476 companies go public, investors should have far more choices than they did four years ago, when just 38 firms held an IPO. Those likely to debut this year include the giants SpaceX and OpenAI.
“We’re going to see some companies go public that are going to be defining the American technology and economic landscape for the next decade,” says Matt Kennedy, senior strategist at Renaissance Capital.
All of this is enticing for investors hoping to get in early on the next Microsoft or Google. But, as history shows, there is plenty to give pause to those looking to pounce on first-day share offerings.
More IPOs, more duds
