2026 may appear to be an exceptionally strong year for the public-offering market for U.S. venture-backed technology companies, after these companies raised about $90 billion through domestic offerings, according to Crunchbase data. This figure represents the second-highest annual total on record as of September 16, with several months remaining before the end of the year.
But the total funding conceals an exceptional concentration. SpaceX alone accounted for 83% of the amount, while AI infrastructure company Cerebras Systems raised about 6%. As a result, the remaining companies received only a limited share of the funds, even though more companies entered the market.
A Lot of Money for Essentially Two Companies
In addition to SpaceX and Cerebras Systems, 21 other venture-backed technology companies listed their shares on Nasdaq or the New York Stock Exchange through traditional initial public offerings or mergers with special-purpose acquisition companies, and this group collectively raised less than $10 billion. Crunchbase’s statistics include offerings that raised $40 million or more and exclude biotechnology companies or companies acquired by private equity firms.
These figures show that market strength cannot be measured by the amount of money alone. The nearly record total is driven mainly by a very small number of enormous deals, while the average opportunities available to the remaining companies remained more modest. A potential offering by Anthropic would likely increase the market’s concentration, but the source describes it as a possibility rather than a confirmed event.
Energy Moves Ahead of Software
The energy sector had the strongest presence among technology offerings during the year, accounting for about a quarter of startup offerings. The largest was the offering by Fervo Energy, which specializes in geothermal energy. Companies focused on nuclear energy also entered the market, including X-energy and Hadron Energy, developers of small modular nuclear reactors, and Standard Nuclear, which operates in advanced nuclear fuel.
Other notable offerings included quantum-computing company Quantinuum and equipment-rental platform EquipmentShare. In the defense and space sectors, satellite-intelligence company HawkEye 360 and spacecraft developer York Space Systems emerged. In the consumer-products sector, electric-bike and scooter platform Lime entered the market, but at a valuation below its previous peak.
Why Were SaaS Companies Absent?
The clearest absence was enterprise software, a category that has traditionally been one of the pillars of venture-backed company IPOs. Crunchbase’s analysis links this decline to AI’s impact on the sector: investors are directing capital toward a new generation of platforms designed around AI, including legal and accounting tools and other enterprise-software applications.
At the same time, startup SaaS companies that were once valued at billions of dollars are trying to integrate AI capabilities into their products. As a result, large numbers of current or former SaaS companies with billion-dollar valuations chose to delay their IPOs, considering market conditions in 2026 unfavorable for such a move.
What Does This Mean for the Market?
The data reveals a market that does not distribute exit opportunities evenly among sectors and companies. Energy, defense, and space benefited from a clear presence, while enterprise software faced a double test: proving its ability to keep pace with AI while also obtaining a valuation that would allow for a successful public offering.
The list of companies that have filed for future IPOs does not point to a rapid change in this pattern. Discussion of upcoming offerings is focused on potential giants such as Anthropic and OpenAI, not on broad-based SaaS IPOs. Accordingly, the open question is not whether the IPO market has raised a great deal of money, but whether it can broaden the base of companies capable of accessing the market instead of relying on a small number of giant deals.