Primary Markets Group May 2026 US IPO Monthly

The U.S. IPO market maintained its strong momentum in May with 12 offerings raising $13.1 billion in total proceeds, which was well above April’s $8.2 billion in total proceeds but one short on deal count. This was the most active May since 21 IPOs priced in 2021 and well above the seven deals raising only $2.0 billion in May 2025. The largest deal of the month was technology firm Cerebras Systems’ $6.4 billion raise, making it the largest IPO since Medline Inc.’s $7.2 billion raise in December 2025 and the biggest tech IPO since Uber Technologies’ $8.1 billion in May 2019. In addition, Fervo Energy Company raised $2.2 billion, which was the largest IPO from the energy sector since Shoals Technologies Group’s $2.2 billion offering in January 2021. The third-largest offering was from the Blackstone Digital Infrastructure Trust Inc. REIT which raised $2.0 billion, making it the largest REIT IPO since Paramount Group’s $2.6 billion in November 2014. The healthcare sector saw three new issuers, led by GMR Solutions’ $478.7 million offering. Meanwhile, Lincoln International, Inc. from the financial sector and HawkEye 360, Inc. from the industrial sector each raised almost $500 million.

The U.S. IPO market maintained its strong momentum in May with 12 offerings raising $13.1 billion in total proceeds, which was well above April’s $8.2 billion in total proceeds but one short on deal count. This was the most active May since 21 IPOs priced in 2021 and well above the seven deals raising only $2.0 billion in May 2025. The largest deal of the month was technology firm Cerebras Systems’ $6.4 billion raise, making it the largest IPO since Medline Inc.’s $7.2 billion raise in December 2025 and the biggest tech IPO since Uber Technologies’ $8.1 billion in May 2019. In addition, Fervo Energy Company raised $2.2 billion, which was the largest IPO from the energy sector since Shoals Technologies Group’s $2.2 billion offering in January 2021. The third-largest offering was from the Blackstone Digital Infrastructure Trust Inc. REIT which raised $2.0 billion, making it the largest REIT IPO since Paramount Group’s $2.6 billion in November 2014. The healthcare sector saw three new issuers, led by GMR Solutions’ $478.7 million offering. Meanwhile, Lincoln International, Inc. from the financial sector and HawkEye 360, Inc. from the industrial sector each raised almost $500 million.

Looking at pricing performance, Cerebras Systems experienced the strongest first-day performance of the month, increasing 68.2% after pricing well above its initial filing range of $115-$125 to price at $185 per share and making it the highest offering price in over 25 years after surpassing monday.com Ltd.’s $155 per share in June 2021. Fervo Energy also priced above its initial range at $27 per share and jumped 35.3% on its debut. HawkEye 360 was priced within its initial range at $26 per share and gained 30.8% in its first trading day. Conversely, Mobia Medical had the worst first-day performance during the month, declining 21.7% after pricing within its initial range at $15 per share. Additionally, Blackstone Digital Infrastructure Trust priced within its initial range at $20 per share but declined 1.0% on its first day.

The six-month backlog added 21 issuers, bringing the total to 64 companies seeking to raise $8.0 billion in total proceeds. The largest anticipated IPO is INNIO Holding GmbH from the industrial sector aiming to raise $1.9 billion. Additionally, technology company Quantinuum Inc. is looking to raise $1.4 billion. The industrials sector remains the most active, with 17 issuers expecting to raise $3.7 billion, followed by the technology sector with 14 issuers seeking $2.3 billion. Lastly, the highly anticipated market debut from Space Exploration Technologies Corp. (SpaceX) is expected in early-June and could set the record for the largest IPO ever.