IPO Market Caps Off a Strong 2Q with SpaceX’s Historic Deal
The IPO market staged a quick recovery from the first quarter’s spike in volatility, as 48 IPOs raised a record-breaking $104.9 billion in the 2Q, led by SpaceX’s largest-ever deal. The company raised $75 billion, more than all US IPOs from the prior two calendar years combined, and commanded a $1.7 trillion market cap at listing, immediately making it one of the largest public companies on US exchanges. SpaceX rose 19% on day one, easing concerns of a too-hot or too-cold debut, though aftermarket trading was still volatile. Even without the headline deal, the 2Q would have been the biggest quarter for IPO proceeds since 2021, driven by a steady flow of very large deals; nine other IPOs raised $1+ billion, led by AI chipmaker Cerebras. Earlier themes remained prevalent among the quarter’s deals, namely...
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