The 2026 IPO market started the year on reasonably steady footing as nine listings raised a combined $2.6 billion in January. Despite a mounting backlog of startups indicating IPO plans this year, many initially stayed on the sidelines and let others test the waters after a volatile 4Q25, resulting in both deal count and proceeds coming in below January’s 10-year average (10 IPOs and $3.9B, respectively). The industrials sector produced the month’s two largest IPOs, led by equipment rental platform EquipmentShare.com, as more investors sought out fast-growing companies viewed as resistant to AI disruption. The fintech trend that took hold in 2025 continued into the new year, while the previously-dormant biotech industry showed signs of a rebound. January IPOs averaged a mere 2.9% from offer, with four of the nine trading down. After a short rally, the Renaissance IPO Index dropped in the final week of the month and finished with a 2.1% loss, underperforming the S&P 500’s 1.5% gain, amid uncertainty around AI spend and competition. If returns disappointed, new filings were a bright spot, as 22 companies joined the pipeline, including 11 estimated to raise at least $100 million. Meanwhile, press reports suggested that SpaceX, OpenAI, and Anthropic were all planning mega-IPOs this year, joined by a chorus of other private company news. SPAC issuance climbed to a four-year high in January, with 25 blank check deals raising $5.2 billion, offering the hundreds of pre-IPO companies an alternative path to public markets.
While many issuers finally appear eager to go public after years of waiting for the right moment, investors have so far signaled that they expect a clear IPO discount, and will continue to be highly selective in awarding premium valuations. Heading into February, a flurry of IPO launches at the end of January has teed up the 2026 IPO market’s next big test.
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Largest IPOs
January’s five largest IPOs raised a combined $2.3 billion, or 89% of the month’s proceeds, led by two fast-growing industrial issuers. The group’s performance was mixed, dragged down by a broader sell-off in tech stocks at month-end.
EquipmentShare.com led the month, raising $747 million at a $6.7 billion market capitalization. Shares of the VC-backed equipment rental company surged 33% on the first day and finished the month 27% above offer, making it one of January’s strongest performers and reinforcing investor demand for scaled industrial companies with a technology angle and cyclical tailwinds.
York Space Systems raised $629 million in the month’s second-largest offering. Despite pricing at the high end of the range, shares broke issue on day one, and ended the month down 0.1%, reflecting cautious sentiment toward untested and unprofitable aerospace manufacturers.
Fintech PicPay became the first Brazilian company to IPO in four years, raising $434 million; shares priced at the midpoint and finished the month down 5%. Radiopharmaceutical biotech Aktis Oncology raised $318 million and jumped 24% on its first day, ending January 13% above offer. Rounding out the group, crypto infrastructure company BitGo priced above the range to raise $213 million, but plummeted in aftermarket trading. 
Best and Worst Performers
January IPOs averaged a 2.9% return from the offer price, with winners and losers split roughly evenly. Among the best performers, consumer staples micro-cap Buda Juice gained 32%, while EquipmentShare.com delivered a 27% return. Aktis Oncology also had a solid finish, supported by a strong first-day pop.
On the downside, digital asset infrastructure provider BitGo declined 25% as pressure intensified on crypto stocks and Bitcoin prices. Insurtech Ethos Technologies fell 21%, as investors likely drew comparisons with underperforming peer Accelerant, a 2025 IPO. PicPay also finished modestly below issue.
IPO Pipeline
January saw 22 initial filings, above the 10-year average for the month. Eleven companies filed to raise $100 million or more, a level achieved in just two months last year.
At month-end, the IPO pipeline stood at 216 companies seeking to raise approximately $12.4 billion, including 130 in the “active pipeline” that have filed or updated within the past 90 days. Of those, 18 are expected to raise at least $100 million.
The month’s largest new filings were led by Forgent Power Solutions, Clear Street, and AGI, reflecting continued interest across industrials and financial services, while energy infrastructure provider SOLV Energy also joined the pipeline, pitching build-outs for AI data centers.
Private Company Watchlist
Renaissance Capital’s Private Company Watchlist (PCW) stands at 244 companies. Four of January’s nine IPOs came from the PCW. We made five new additions during the month, including two large industrial companies, airflow products maker Madison Air Solutions and power generation equipment firm Innio Group, as well as consumer fitness platform Strava, senior housing REIT Janus Living, and real estate software provider Entrata. Many large companies on the PCW had IPO-related updates, including rumors that SpaceX, OpenAI, and Anthropic were targeting 2026 listings, any of which could be the largest IPO of all time. Social platform Discord reportedly filed confidentially for an IPO, while razor brand Harry’s and quantum computer developer Quantinuum are both said to be working with banks.
SPACs
SPAC issuance hit a four-year record in January by both monthly deal count and proceeds, as 25 blank check IPOs raised a combined $5.2 billion. All but one of the month’s SPACs raised at least $100 million. New SPAC filings failed to keep pace with pricings, but the pipeline at month-end still contained more than 80 deals on file. The de-SPAC space continued to see a more tepid environment, with eight merger announcements, and only one deal completion.
While SPAC IPO activity is still below the 2021 peak, January’s issuance reflects growing momentum and an anticipation that many pre-IPO companies developing cutting-edge technologies (e.g. AI, nuclear power, autonomous driving, blockchain) will instead choose to list via SPAC merger in the coming years.
IPO Index
The Renaissance US IPO Index (IPOUSA), the underlying index for the Renaissance IPO ETF (NYSE Ticker: IPO), declined 2.1% in January to underperform the S&P 500’s 1.5% gain. The IPO Index initially rallied more than 6% in the first two weeks of the year, before a sell-off in high-growth tech stocks near the end of the month. The index is designed to hold a portfolio of the largest and most liquid US IPOs from the past three years, and top holdings include CoreWeave, Reddit, Kenvue, Astera Labs, and Nextpower.
