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Data from 2026 points to a selective return of the IPO market, led by larger companies that used the slowdown to improve reporting, governance, and operations. Mark Williams believes that corporate readiness gives companies multiple options among going public, raising private capital, or selling, but early activity indicators do not yet prove a broad and sustainable recovery.
Crunchbase data shows that U.S. venture-backed technology companies raised about $90 billion through public offerings in 2026, but SpaceX and Cerebras Systems accounted for the overwhelming majority of that amount. Meanwhile, enterprise software companies were almost entirely absent from the market, while energy, defense, and space stood out.