The IPO market is opening again, but not for everyone. According to Crunchbase data, 58 venture-backed companies valued at $1 billion or more went public globally in the first half of 2026, more than double the 27 in the same period last year. Proceeds jumped to $110.8 billion from $12.6 billion. Yet nearly 78% of that total—$86 billion—came from a single company, SpaceX, underscoring that the recovery is driven by exceptional scale rather than broad-based demand.
Mark Williams, chief revenue officer at Datasite, argues that the selective reopening reflects years of preparation by companies that used the slow market to build scale and improve financial controls. His firm's data shows capital-raising project activity rose 32% globally in the first half of 2026, with an IPO-related subset up 33%. Because deal teams typically begin organizing materials before a public filing, this activity can serve as a leading indicator for issuance six to nine months out.
Williams is careful to note that project kickoffs are not completed offerings, and some may be paused or abandoned. The real test, he says, is conversion: whether early activity translates into filings and listings, and whether newly public companies hold their valuations after the first day of trading. A sustained rise in rates, weaker growth, or poor aftermarket performance could still close the window.
The broader message for founders and late-stage startups is that waiting for a better market is not a strategy. Companies that can close their books quickly, produce public-company-quality reporting, and demonstrate durable growth and profitability will have the option to choose among an IPO, another private round, or a sale. Those that lack that readiness may find the window open for others.}