The US IPO market just woke up from a multi-year nap, and it chose violence. Year-to-date proceeds have already crossed the $110 billion mark as of mid-June, with more than $120 billion expected once pending deals close out. The centerpiece of this revival: SpaceX’s $75 billion IPO on June 12, which instantly became the largest initial public offering in history.
SpaceX sets the tone for a record year
SpaceX priced its shares at $135 each, selling 555.6 million shares and landing at a valuation of roughly $1.77 trillion. That figure makes Elon Musk’s rocket company the seventh-most valuable publicly traded firm in the United States.
To put the $75 billion raise in perspective, it alone accounts for nearly half of all IPO proceeds generated in the US this year. Goldman Sachs now forecasts total US IPO proceeds will hit a record $160 billion for the full year of 2026. That would represent a roughly fourfold increase compared to the subdued activity of prior years, when high interest rates and choppy valuations kept many companies on the sidelines.
The first quarter already signaled what was coming. Global equity issuance grew 43% year-over-year in Q1.
