Is the IPO window open?

Assessing the reawakening IPO market in 2026

What is the outlook for private companies considering a move to go public this year?

After several subdued years following the record IPO boom of 2021, the US public offering market has shown renewed momentum in 2026, although market conditions remain uncertain. Investment banks report a steady pipeline of companies preparing to test the public markets, while institutional investors have demonstrated willingness to support new listings – particularly in technology, AI and digital platforms.

But the central question facing corporate boards and executive teams is not simply whether the IPO window is reopening. It is whether their organizations are prepared to operate as public companies in an environment that remains volatile and fast-moving.

Beyond the question of whether the IPO window is reopening, the opportunity for corporate boards and executive teams lies in ensuring their organizations are ready to succeed as public companies.

What recent IPO trends show us

Several trends are shaping the next phase of the IPO cycle.

First, the market recovery has been uneven but real. While deal volumes remain below 2021 peaks, total capital raised has increased, driven by larger transactions. This reflects a market that is selective rather than inactive.

Second, investor appetite has concentrated around specific sectors – particularly technology and AI-related infrastructure. These companies have benefited from strong narratives and scalable business models, but this concentration also introduces risk. A narrow sector focus can amplify volatility if sentiment shifts.

Third, SPAC activity has shown signs of stabilization after a sharp decline, though structural constraints – such as limited Private Investment in Equity (PIPE) financing – continue to limit widespread adoption.

This shift reflects a broader change in investor behavior: public market participants are prioritizing durability and profitability over growth at any cost.

Below is a year-by-year summary of IPO data from 2020-2025 illustrating these trends:

chart

Source: https://www.sec.gov/data-research/statistics-data-visualizations/initial-public-offerings-ipos/ipos-number-proceeds

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Key trends shaping the cycle

Post-slump rebound:

After an extremely weak 2022–2023 environment, IPO activity began recovering in 2024 as macroeconomic conditions stabilized and investor risk appetite improved.

SPAC market stabilization:

Special Purpose Acquisition Companies (SPACs), which represented 50% of IPOs in 2021¹ , declined sharply in 2022–2023 and have since stabilized at lower levels.

Increasing proceeds and larger deals:

2025 saw more capital raised than any recent year outside the 2021 peak.

Continued investor selectivity:

Indicated by average deal sizes and day-one performance metrics.

Sector dynamics:

Technology and AI-related sectors continue to dominate pipelines.

The 2026 outlook:

Continued strength. The pipeline of late-stage tech and AI firms, along with policy and macro conditions (lower rates, resilient equities), could push 2026 proceeds to elevated levels, even if the overall number of IPOs remains modest in comparison to 2021.

For a $200 million IPO, costs typically range from $15 to $25 million³.

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With a proven history of helping public companies grow and adapt, Computershare is recognized as an industry leader, especially in addressing critical IPO challenges such as lock-up management and release. Our integrated approach ensures that clients can confidently navigate evolving regulatory landscapes, optimize corporate actions, and foster meaningful investor relationships, all while maintaining operational excellence and strategic agility. These capabilities help newly public companies manage the operational complexity that follows a successful initial offering.

If you are considering going public, contact us.

1 https://www.sec.gov/data-research/statistics-data-visualizations/initial-public-offerings-ipos
2 Nasdaq Welcomed 171 IPOs in 2024 | Nasdaq
3 The Costs of Going Public - IPOHub, The Costs of Going Public by Caleb Christiansen, published March 27, 2018, updated September 2, 2023.

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