US IPO Market Review, Q3 2026 (Renaissance Capital)

Summary

• IPO activity came in below expectations in the third quarter of 2026, with a modest deal count of 30 listings.p.1
• Proceeds reached $32.8 billion, driven mostly by SK hynix's $26.5 billion US offering.p.1
• Excluding the mega deal, proceeds fell to $6.2 billion.p.1
• Eighteen IPOs raised $100 million or more, featuring a wider variety of businesses than in prior quarters.p.1
• The Renaissance IPO Index fell 11% alongside the selloff in growth stocks, underperforming the S&P 500.p.1

Key insights

1. Concerns about AI spending, a 19-year high in bond yields, and resumed rate hikes weighed on the fall IPO pickup.p.1
2. The quarter's IPOs averaged a flat return as weak trading near the end of September wiped out gains.p.1
3. Biotech and AI infrastructure remained key themes, but consumer and financial issuers also tested public markets.p.1
4. Anthropic is currently expected to headline the 4Q26, while OpenAI is waiting until 2027 to list.p.1
5. Deal flow will hinge on market conditions stabilizing and returns from recent IPOs holding up.p.1