The news
The IPO window reopened in 2026, but mostly for the largest companies. In a third-quarter review published September 24, before the quarter closed, Renaissance Capital counted 31 US listings raising $34.9 billion, only $8.4 billion of it outside one SK hynix offering, as postponements hit deals in late September.
The year's totals look strong. Through late September, 110 US IPOs had raised $146.9 billion, up 393.7% from a year earlier even though the number of deals was down 29.9%, according to Renaissance Capital. SpaceX's June listing raised about $75 billion on its own, and the Renaissance IPO Index was up 17.9% for the year as of September 24, ahead of the S&P 500's 13.5% gain.
Beneath those totals, the third quarter fell short of expectations. Renaissance cited concerns about AI spending, a 19-year high in bond yields and resumed rate hikes. In the week ended September 25, homeowners insurance underwriter Bamboo postponed a $665 million IPO at the last minute after peer Orion180 fell 20% below its offer price, and metal-powders maker Amaero also postponed. A week earlier, Holtec Nuclear postponed an $825 million deal.
Technology names are still testing the window. Smart ring maker Oura set terms to raise about $2.1 billion at $40 to $44 a share, for a market value near $15 billion, and data center equipment maker Accelevation set terms for a $660 million deal; both were on Renaissance's calendar for the week of September 28. London-based Nscale, which builds AI data centers, filed for a New York Stock Exchange listing that Renaissance estimated at $2 billion. Anthropic confidentially submitted a draft registration statement on June 1.
Others chose not to wait. On September 10, fleet software company Motive withdrew the S-1 it filed in December 2025 after securing more than $1.3 billion in growth financing from General Catalyst, saying the money will fund its AI platform and go-to-market expansion and that it remains well positioned to list in the future.
The numbers
- Q3 2026 US IPOs (preliminary, Sept. 24 review)
- 31 listings, $34.9 billion raised
- Q3 proceeds excluding SK hynix (preliminary)
- $8.4 billion
- 2026 US IPOs through late September
- 110, raising $146.9 billion
- Change in deal count vs. 2025
- Down 29.9%
- Renaissance IPO Index, year to date (Sept. 24)
- +17.9% vs. S&P 500 +13.5%
- Oura proposed deal
- About $2.1 billion at $40 to $44 a share
Why CEOs should care
For late-stage founders and CFOs, the message is that scale and story matter more than ever. Investors are buying very large or AI-linked issuers, while some smaller or less differentiated deals are being postponed or trading below their offer price. Companies aiming for a 2027 listing should line up a private-capital fallback, as Motive did, and prepare to show public investors durable growth and a credible path to profit rather than private-market growth rates alone.
For boards, the window is rate-sensitive. With bond yields at a 19-year high, according to Renaissance, directors should stress-test IPO valuations against lower multiples and agree in advance on a price below which the company will stay private. Deal structure matters too: in Oura's offering, existing shareholders are selling 73% of the shares, and the company's own proceeds are earmarked for tax withholding tied to restricted stock units, Renaissance reported. Public investors weigh how much of a deal funds the business versus insiders.
For enterprise buyers, a supplier's IPO changes the relationship. A newly public vendor faces quarterly targets, which can mean firmer renewal terms, but it also publishes audited financials that make vendor-risk reviews easier. Buyers of AI infrastructure and software from companies heading to market should review protections such as price caps and change-of-control clauses before the listing.
The bigger picture
A handful of giants set the tone. SpaceX's $75 billion IPO and SK hynix's $26.5 billion US offering dwarf the rest of the calendar. Renaissance's September 8 fall preview flagged Anthropic as a key candidate and OpenAI as a possible listing, and IPO research firm IPOX reported on September 25 that Anthropic's timing could slip beyond the November midterm elections. How those deals price will shape valuations for the AI companies behind them.
The contrast with private markets is stark. Crunchbase counted a record $510 billion in global venture funding in the first half of 2026, and many late-stage companies can still raise private rounds at prices public investors may not match. That gap helps explain why the IPO pipeline looks thin next to venture funding totals.
What’s next
The immediate test is the week of September 28: whether Oura and Accelevation price within their ranges and trade above their offer prices. After that, watch whether Nscale sets terms, whether Anthropic moves from a confidential filing to a public one, and whether rate moves keep postponements coming in the fourth quarter.
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