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Direct listings are having a record year, but performance tells a different story

September 9, 2026

So far this year, 13 companies have gone public via direct listing, marking the biggest year ever for the IPO alternative. Nearly half have come to market in the past two months. But the year’s direct listings average a dismal -71% return from first trade, and just one is above its opening price (IOND).

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2026 direct listings performance table