Mega-Deals Push H1 2026 U.S. Equity Issuance Into Orbit
Sentiment Analysis
U.S. equity new issuance shifted into a new gear in the first half of 2026, as a wave of multi-billion-dollar deals built upon the strong momentum of 2025 with a staggering $307.7 billion in aggregate proceeds being raised.
The U.S. IPO market also carried its momentum into the new year, with 192 IPOs (including SPACs) pricing in the first half of 2026, a 14.3% increase from the 168 offerings in H1 2025.
Continuing the trend as the primary driver of deal volume, follow-on offerings accounted for 60.5% of all deals in the first half.
As with IPOs and follow-ons, multi-billion-dollar deals drove up proceeds for convertible offerings to $41.9 billion, the third-highest first-half proceeds total since at least 2001, trailing only 2020 ($67.3 billion) and 2021 ($57.0 billion).
U.S. equity new issuance shifted into a new gear in the first half of 2026, as a wave of multi-billion-dollar deals built upon the strong momentum of 2025 with a staggering $307.7 billion in aggregate proceeds.
Source: Seeking Alpha
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