The IPO market staged a quick recovery from the first quarter’s spike in volatility, as 48 IPOs raised a record-breaking $104.8 billion in the 2Q, led by SpaceX’s largest-ever deal ($75B). Even without SpaceX, 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. Earlier themes remained prevalent among the quarter’s deals, namely aerospace and defense, AI infrastructure, energy, and biotech, while VC-backed tech largely remained absent. The Big Four accounting firms appeared on 34 IPOs, representing 71% of the quarter’s deal count but 98% of proceeds. With every offering requiring audited financials, there were 48 auditing engagements with 15 accounting firms, or 104 with 30 firms including SPACs.
View our Report on The Most Active Audit Firms of the 2Q26 IPO Market
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Read Renaissance Capital's other quarterly publications:
- 2Q26 US IPO Market Review
