Mega IPOs set to test US market depth despite volatility

• SpaceX is expected to raise over $75 billion at a valuation as high as $350 billion, potentially becoming one of the largest IPOs in history, with AI firms OpenAI and Anthropic also considering listings that could raise tens of billions.
• Defense and AI infrastructure sectors drove activity, including the quarter's largest deal: a $4.5 billion IPO by Czech defense group CSG, while Europe's pipeline is heavily skewed toward defense companies.
• Several major deals were postponed due to volatility and regulatory scrutiny, including Visma's $20 billion London IPO and a 1 billion euro Dutch telecoms float, though bankers note the market has absorbed meaningful size despite elevated uncertainty.

Summary: Mega IPOs Test US Market Depth Despite Volatility

Global equity capital markets demonstrated resilience in Q1 2026, with issuance jumping 40% year-over-year to $211 billion through March 31. IPO proceeds specifically surged 47% to $44 billion, despite the number of listings declining 4% to 297 deals, according to LSEG data.

Key Transactions:

• Czech defence group completed the quarter's largest IPO at $4.5 billion
• SpaceX is expected to raise over $75 billion at a potential $350 billion valuation, positioning it as one of history's largest IPOs
• AI companies OpenAI and Anthropic are considering listings later in 2026, potentially raising tens of billions

Regional Performance:

• United States: IPO proceeds reached $23 billion, up 91% year-over-year, driven by deep capital markets and strong institutional demand
• EMEA: Raised nearly $7 billion via IPOs, up from $5.8 billion in the prior year
• Asia: Deal values surged 15% to $13.6 billion

Market Dynamics:

Defence and AI infrastructure sectors proved most resilient amid geopolitical tensions, particularly the Iran war. Private equity firms are increasingly listing larger assets, contributing to the pipeline. Europe's IPO focus has shifted toward defence, while AI infrastructure continues driving Asian issuance alongside industrials, natural resources, and financials.

Notable Delays:

Several large transactions were postponed, including Visma's $20 billion London IPO and Dutch telecoms firm's €1 billion ($1.19 billion) float, reflecting ongoing regulatory scrutiny and market volatility concerns.

Dealmakers emphasized the market's remarkable ability to absorb large transactions despite elevated geopolitical uncertainty, with Q2 success dependent on volatility subsiding and macroeconomic stability.