Surging volatility in the 1Q26 grounded the IPO party before it took off, and the quarter ended with 35 IPOs raising a combined $9.9 billion. Deal count fell from previous periods, but proceeds were bolstered by sizable offerings, with 22 IPOs raising $100+ million. Against a backdrop of AI disruption fears, investors showed appetite for “AI-resistant” businesses, as well as select growth stories. The Big Four accounting firms appeared on 18 IPOs, representing 51% of the quarter’s deal count but 72% of proceeds. With every offering requiring audited financials, there were 35 auditing engagements with 16 accounting firms, or 97 with 28 firms including SPACs.
View our Report on The Most Active Audit Firms of the 1Q26 IPO Market
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Read Renaissance Capital's other quarterly publications:
- 1Q26 US IPO Market Review
