Companies raised $1.08 trillion across 5,566 global equity capital-market deals in the first nine months of 2026, yet that record-scale total did not mean every company could count on a receptive IPO market. Activity was heavily concentrated in technology and AI-linked offerings, while higher Treasury yields, questions about AI returns and valuation disagreements weighed on some companies considering a listing.
How much did companies raise in equity markets in 2026?
In the first nine months of 2026, companies raised $1.08 trillion through 5,566 equity capital-market deals worldwide, according to Mergermarket figures reported by Joe Stonor in the Wall Street Journal report republished by Mint. The article described this as only the second time fundraising had topped $1 trillion in a January-to-September period, and said the total exceeded the full-year total in each of the prior four years.
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The report also compared the period with 2021, described as the highest-volume equity capital-market year on record. The 2026 total reached $1 trillion with 1,050 fewer equity raises than in the comparable 2021 period, implying substantially larger average fundraising. The underlying Mergermarket tables and methodology are not included in the accessible report, so these historical comparisons cannot be independently checked from its published detail.
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The headline total combines different kinds of equity deals and conceals how unevenly they were distributed. It is not an IPO-only figure: the report discusses equity capital-market activity broadly, but does not provide a complete breakdown by IPO, follow-on offering or other deal type. A few very large transactions can therefore lift the aggregate even as some would-be public companies pause.
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For the third quarter, the report said technology represented almost half of all equity capital-market deals and described activity as unusually concentrated in AI. It also noted that the number of fundraisers in the Americas was at its lowest since the third quarter of 2024. That regional measure should not be read as evidence that global fundraising fell overall.
At the time the article was published, Oura had postponed its planned public offering, citing “uncertainty in the IPO market.” SoftBank-backed SB Energy and cloud-services company Nscale had also delayed anticipated offerings. Those are reported decisions at that time, not confirmation of what the companies later did or when they might list. Anthropic was mentioned only as a possible November listing, not as a confirmed offering.
How are AI concerns and bond yields affecting IPO plans?
The report’s market participants pointed to several pressures rather than establishing a single cause for delayed offerings. It linked a cooler IPO mood to Federal Reserve tightening and Treasury yields at multidecade highs, alongside investor concerns about whether AI-related spending will produce returns that justify high expectations. Companies and investors may also disagree over valuations.
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Samuel Kerr, Mergermarket’s head of global equity capital markets, said: “The spike in yields has caused everyone to take a breath.” Danny Tricot, head of European capital markets at law firm Skadden, said: “The current concern around AI is probably the biggest thing that’s caused people to take a beat.” On the question of what ultimately determines whether an offering proceeds, Tricot added: “Ultimately, it all comes down to valuations.” These comments describe the speakers’ assessment of market sentiment, not a measured estimate of how much each factor caused issuance to change.
The report also noted that companies can access private capital, which may reduce the pressure to list immediately. If a company can fund its plans privately, it may prefer to wait rather than accept a public-market valuation it considers too low.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Which were the biggest equity offerings in the third quarter of 2026?
The two largest deals named in the report were a $26.5 billion New York depository-receipt listing by SK Hynix and Intel’s $23 billion capital raise in August. The article does not give a complete ranked list or enough detail to compare all third-quarter deals by size or type.
Quick Recap
What the $1 trillion figure does—and does not—show
- It shows a large global aggregate: the reported $1.08 trillion covers equity capital-market deals worldwide from January through September 2026.
- It does not show a uniformly open IPO market: fundraising can remain high when large deals are completed even as other companies postpone plans.
- It reflects concentration: technology accounted for almost half of third-quarter deals, according to the report, which characterized activity as unusually focused on AI.
- It is not fully auditable from the accessible account: the report attributes the total and historical comparisons to Mergermarket but does not include the underlying dataset or methodology.
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