Global ECM markets shook off a volatile geopolitical backdrop in H1 2026, led by record-breaking offerings from SpaceX, Alphabet and Cerebras.
With 1,497 offerings raising $473.1B and IPOs up 251.4% YoY, the market delivered a wave of high-profile deals that reset confidence among issuers and investors alike.
Explore the key data points and trends that defined the first half of the year in CMG’s H1 2026 Global ECM Recap.
Key highlights
- SpaceX, Alphabet and Cerebras led the charge, together accounting for more than $113B in proceeds
- SpaceX’s $86.3B IPO marked the largest in history, surpassing Saudi Aramco’s 2019 listing by 193% and accounting for 18.2% of all proceeds raised year to date.
- Follow-on issuance raised $266.9B (+20.2% YoY) across 954 offerings
- Industrials was the most active sector, raising $151.4B (33.7% market share), followed by Technology ($62.9B, 14.0%) and Healthcare ($58.1B, 13.0%)
- On a dollar-weighted basis, IPOs returned 23.8% from offer to first-day close (vs. a mean of 30.6%), while follow-ons returned 4.1% (vs. a mean of 4.9%)
Download the full report for charts, pricing trends, discount data, sector-level ECM insights and more from H1 2026.
Download the Recap
