Global IPO proceeds triple as AI deals drive rebound

Global IPO proceeds rose to USD $186.8 billion in the first half of 2026, according to EY, more than triple the amount raised a year earlier.

A total of 483 IPOs came to market worldwide during the period, down from 546 in the first half of 2025. The figures point to a market shaped by fewer but much larger flotations, particularly in the United States, alongside sustained investor interest in companies linked to artificial intelligence.

The US was the main driver of the rebound. Across the Americas, 84 IPOs raised USD $130.3 billion, compared with 117 deals that raised USD $17.2 billion a year earlier.

The sharp rise in proceeds despite lower deal volumes suggests investors concentrated funds in larger offerings rather than backing a broader range of issuers. Eleven US IPOs each raised more than USD $1 billion in the first half, up from four in the same period last year.

One of those transactions was SpaceX's largest-ever IPO, which the report identified as part of a broader return of mega-deals to the market. Large sponsor-backed listings also contributed to the shift in tone, as private equity and venture capital investors sought exits after extended holding periods.

Regional picture

Outside the Americas, activity was steadier. EMEIA recorded 174 IPOs raising USD $16.3 billion in the first half, compared with 199 IPOs raising USD $15.9 billion a year earlier.

Proceeds were therefore broadly flat even as the number of deals fell. Investors in the region continued to favour businesses exposed to long-term themes including AI, industrials, defence and critical infrastructure, despite geopolitical and macroeconomic uncertainty.

Asia-Pacific remained the busiest region by deal count, with 225 IPOs raising USD $40.2 billion. In the first half of 2025, the region saw 230 deals that raised USD $28.9 billion.

The increase in proceeds in Asia-Pacific pointed to stronger demand for technology-related issuers, including businesses involved in semiconductors, robotics, advanced manufacturing and AI infrastructure. That mirrored a broader trend in public markets, where investors have shown a willingness to put more money behind companies linked to the build-out of AI systems and their supporting supply chains.

Fergal McAleavey, corporate finance partner at EY Ireland, said: "After several years of subdued activity, global IPO markets roared back into life in the first half of the year, driven by some of the world's largest IPO transactions and sustained enthusiasm for AI-enabled companies. What is particularly striking about the first half of 2026 is that proceeds have increased significantly even as listing volumes declined, highlighting investors' willingness to back larger, well-prepared companies with strong growth stories. Importantly, this recovery appears to be broader than previous periods of renewed market optimism, with activity being supported across multiple sectors and regions."

Europe reforms

McAleavey also pointed to the resilience of activity in Europe, the Middle East, India and Africa despite a difficult backdrop. He said European policy efforts aimed at widening access to capital could help growth companies secure more funding.

"While regional dynamics continue to vary, the resilience of activity across EMEIA, despite ongoing geopolitical uncertainty, is an encouraging sign for companies considering a future listing. Continued investor interest in sectors such as AI, industrials, defence and critical infrastructure demonstrates that capital remains available for businesses with compelling growth stories. Looking ahead, initiatives such as the EU's Savings and Investments Union, which aims to connect savings with productive investment and broaden access to capital across Europe, have the potential to further strengthen funding opportunities for growth companies."

For Ireland, McAleavey said public markets should remain part of the funding mix for domestic businesses looking to expand internationally and build scale.

"As Ireland looks to scale and build the next generation of large indigenous companies, access to growth capital and the financial independence that can come with a public listing should remain an important consideration. Public markets can play an important role in supporting long-term growth and international expansion."

AI demand

AI was influencing demand beyond pure software companies, extending into the wider industrial and infrastructure ecosystem. That included data centres, chipmakers, robotics groups and manufacturers tied to the sector's expansion.

Siobhan Donlevy, partner in strategy and transactions at EY Ireland, said: "AI continues to play an increasingly important role in shaping investor demand, not only for AI-focused businesses themselves but also for the wider ecosystem supporting their growth, including data centres, semiconductors, robotics, advanced manufacturing and critical infrastructure."

The report said stronger aftermarket trading and improving sentiment towards new listings had made IPOs a more attractive route for sponsor-backed companies. That is likely to matter for deal activity because many private equity and venture capital owners have delayed exits while waiting for more receptive markets.

Even so, investors remained selective, and EY warned that market volatility could return quickly. Donlevy said: "While market conditions have improved, companies considering an IPO should not assume the window will remain permanently open. Investors remain selective and market volatility can return quickly."