Global ECM activity cooled in Q3 2026 as the conflict in Iran, the energy shock that followed and U.S. bond yields at a 19-year high shrank the windows available to issuers. Even so, 751 offerings raised $212.8B (excluding rights offerings), with IPOs up 60.1% YoY, as AI infrastructure funding kept chip, data center and power companies continued to raise capital.

Explore the key data points and trends that defined the third quarter in CMG’s Q3 2026 Global ECM Recap.

Key Highlights

• Global ECM proceeds declined 33.3% quarter over quarter but rose 32.4% YoY to $206.1B (excluding SPACs and rights offerings)
• SK hynix’s $26.5B Nasdaq IPO marked the second largest U.S. stock offering in history
• IPOs raised $70.5B (+60.1% YoY) via 299 offerings
• Follow-on issuance raised $135.6B (+21.5% YoY) across 413 offerings
• Technology was the most active sector, raising $94.5B (45.9% market share), followed by Consumer Cyclical ($24.0B, 11.6%) and Industrials ($22.8B, 11.1%)
• Asia-Pacific posted the strongest growth, with proceeds rising 62.9% quarter over quarter to $82.0B across 402 offerings

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