Primary Markets Group June 2026 US IPO Update

The U.S. IPO market shattered records in June 2026, propelled by the ‘out of this world’ debut of Space Exploration Technologies Corp. (SpaceX). The month saw 19 IPOs raising a staggering $97.9 billion, which was a dramatic increase from the $13.1 billion raised across 12 deals in May and the $4.2 billion across 10 IPOs in June 2025. The month's activity was dominated by SpaceX's $86.2 billion offering, which was nearly 3.5 times larger than Alibaba Group Holding Ltd’s previous record $25.0 billion IPO in 2014. To put its size into perspective, the proceeds from the SpaceX IPO alone would rank as the third-largest year for total IPO proceeds since 2001, single-handedly raising more than all IPOs combined in 23 of the last 25 full years. The next largest IPO came from industrial firm INNIO N.V., which raised $2.8 billion. The technology sector was the second most active sector during the month with seven IPOs, including Quantinuum Inc and Bending Spoons S.p.A. that each raised $1.7 billion in proceeds from their respective offerings.

Looking at pricing performance, the best first-day performance came from healthcare firm Parabilis Medicines, Inc., which increased 58.0% after pricing its offering above its initial filing range. DPC Holdings Limited and Bending Spoons S.p.A. had the second and third best first-day pops with both pricing above their ranges and rising 42.9% and 39.7%, respectively. INNIO N.V. posted a positive first day gain of 23.3% after pricing within its range. The month’s largest issuer SpaceX, rose 19.2% on its first day after pricing at $135 per share. At the other end of the spectrum, the month's weakest debuts came from DSC Holdings Ltd and ERock, Inc., which declined 46.7% and 12.8%, respectively, on their first day of trading.

Looking at the six-month IPO backlog, 10 new issuers filed for offerings in June, bringing the total pipeline to 72 companies seeking to raise $3.7 billion in aggregate proceeds. The largest anticipated offering is from technology company Csquare, Inc., which is aiming to raise $1.3 billion. Consistent with trends observed this year, the technology and industrials sectors remain the most active, with 19 and 16 issuers in the backlog, respectively.