SpaceX and OpenAI IPOs to Test US Market Resilience
Global IPO proceeds rose 47 percent in the first quarter despite geopolitical tension. Large listings from SpaceX and OpenAI will soon test US market depth.
Global equity capital markets have recorded their strongest start to a year since 2021, with companies raising significant capital despite ongoing geopolitical tensions and volatility in the technology sector. According to data from LSEG, equity capital markets issuance surged 40% year-on-year to reach $211 billion in the first quarter of 2026. While the total number of listings saw a slight decline of 4%, the overall value of initial public offerings (IPOs) rose by 47% to $44 billion.
This growth has been largely driven by large-scale transactions in sectors that offer a hedge against global instability, such as defense and artificial intelligence infrastructure. A notable example is the $4.5 billion listing of a defense group from the Czech Republic, which stood as the largest deal of the quarter. Investors are now shifting their focus toward the United States, where several high-profile mega-IPOs are expected to test the depth of the market.
