In the first quarter of 2026, 35 IPOs raised a combined $9.9 billion, as a strong start was dampened by surging volatility from a tech sell-off, tariff fears, private credit woes, and the Iran war. Twenty-four IPOs raised $50 million or more, led by Forgent Power Solutions ($1.5 billion), PayPay ($880 million), and Janus Living ($840 million). With every IPO needing at least two law firms, one each for issuers and underwriters (and some with as many as six), there were 89 legal engagements with 56 law firms, or 275 engagements with 83 firms including SPACs.
View our Report on The Most Active Law Firms of the 1Q26 IPO Market
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Read Renaissance Capital's other quarterly publications:
- 1Q26 US IPO Market Review
- 1Q26 Rankings for the Big Four Accounting Firms
