TL;DR

• Largest July on record by dollar volume: 27 U.S. offerings raised $39B, up 95% YoY, defined by fewer but significantly larger deals.

• Rolling 90-day ECM record: $216.7B priced in the 90 days ending July 9, an ECM record that pushed the trailing 90-day volume above $200B for the first time ever. 

• Three straight months of major IPOs: SK hynix’s $26.5B U.S. listing follows SpaceX (June) and Cerebras Systems (May), extending a historic run of headline U.S. IPO issuance. 

• Industrials Follow-On standout: Forgent Power raised $2.1B, the largest U.S. Industrials FO of 2026 and 5th-largest on record. 

• Global ECM near cycle highs: $83B raised globally – the second-biggest month since late 2021 – with 43 IPOs generating ~$49B, placing July as third all-time by monthly IPO proceeds. 

U.S. ECM Extends Its Historic Run 

July raised $39B across 27 offerings, up 95% year-over-year, making it the largest July by dollar volume on record. Fewer deals, larger sizes, more concentrated offerings were the theme for July ECM Issuance. $216.7B priced in the 90 days ending July 9, an ECM record that pushed the trailing 90-day volume above $200B for the first time ever.  

The momentum shows no signs of slowing as issuers continue to take advantage of a receptive market. 

IPO Spotlight: SK hynix Anchors a Historic Three-Month Streak 

SK hynix’s IPO priced at $26.5B, the second-biggest IPO ever, and cements July as the third straight month to feature a major U.S. IPO – following Cerebras Systems in May and SpaceX in June. This sustained run of headline-grabbing listings underscores just how deep investor appetite has become. 
 
Beyond SK hynix, the US IPO market showed encouraging breadth: six additional IPOs raised a combined $2.73B. 

U.S Sector Spotlight: Forgent Follow-Ons

Forgent Power priced the largest industrials follow-on (FO) offering of the year with a gross proceeds base of $2.139B. This marks the 5th largest industrials FO on record, a standout print in a sector that has delivered some of the year’s largest transactions.

Global ECM: Second-Best Month Since Late 2021

The global story mirrors the U.S. narrative. July’s $83B in global ECM volume ranks as the second-biggest month since late 2021, trailing only this June and edging out May. IPO issuance was especially strong: 43 IPOs, 12 of which cleared $500M in gross proceeds, raised ~$49B globally, roughly equal to the highest monthly total proceeds seen in 2020 and 2021 and placing July third all-time in this category.