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Companies raised $1.08 trillion across 5,566 global equity capital-market deals in the first nine months of 2026, even as rising bond yields, AI-related concerns and valuation expectations cooled some companies’ plans to go public. The apparent contradiction is that a large aggregate total can coexist with a cautious IPO market: the fundraising was concentrated in large deals and technology, while companies weighing a public listing faced tougher questions about timing and price.
How much did companies raise in equity markets in 2026?
Companies raised $1.08 trillion across 5,566 global equity capital-market deals from January through September 2026, according to Mergermarket figures reported by Joe Stonor for The Wall Street Journal and republished by Mint. The article says it was only the second time the total for the first nine months of a year had exceeded $1 trillion, and that the 2026 nine-month total was higher than each of the previous four years’ full-year totals.
The same report says the market reached $1 trillion with 1,050 fewer equity raises than in the comparable 2021 period, which it describes as the highest-volume equity capital-market year on record. That comparison points to larger average fundraisings, not a larger count of transactions.
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The accessible report does not provide Mergermarket’s underlying tables or methodology, so the total and historical comparisons cannot be independently audited from the information published there. It also does not give a complete breakdown by deal type; the headline total should not be read as a count of IPOs alone.
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Why did IPO sentiment cool while fundraising remained high?
The total covers a broad equity capital market, while the report’s comments about sentiment concern the willingness of some companies to pursue public offerings. It attributes the cooler mood to higher Treasury yields, concern about returns from AI-related investments, and a gap between what companies expect to be worth and what investors are prepared to pay. These are explanations offered by the report’s named market participants, not independently established causes of each postponed offering.
Higher yields raised the bar for public offerings
The report links Federal Reserve tightening and Treasury yields at multidecade highs with more cautious investor behavior. Samuel Kerr, Mergermarket’s head of global equity capital markets, said: “The spike in yields has caused everyone to take a breath.” The comment describes a shift in mood; it does not quantify the effect of yields on fundraising or establish that rates alone caused companies to delay listings.
AI optimism also brought scrutiny of returns
Technology accounted for almost half of all equity capital-market deals in the third quarter of 2026, according to the report, which characterizes activity as unusually concentrated in AI. But enthusiasm for AI-related companies did not eliminate questions about whether expected returns would justify valuations. 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.”
Valuation and access to private capital affected timing
Tricot also said: “Ultimately, it all comes down to valuations.” The report notes that companies can access private capital, reducing the pressure to list publicly immediately. A business that can raise money privately may choose to wait rather than accept a public-market valuation it considers too low.
Which were the biggest named equity deals in the third quarter?
The report identifies two standout transactions: SK Hynix’s $26.5 billion New York depository-receipt listing and Intel’s $23 billion capital raise in August. These were among the largest named third-quarter deals in the article, not a complete ranking of all 2026 equity offerings.
The deal sizes also help explain why a high aggregate total need not signal broad-based IPO demand: a handful of very large transactions can contribute substantially to the overall amount even as the number of companies willing to list weakens in a particular region or period.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened to the reported IPO plans?
At the time of the report, Oura had postponed its public offering in September, citing “uncertainty in the IPO market.” The article also reported that SoftBank-backed SB Energy and cloud-services company Nscale delayed anticipated offerings. It described Anthropic only as a possible November listing. These were time-sensitive reports about plans, not guarantees of future listing dates or outcomes.
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The report also says the number of fundraisers in the Americas in the third quarter was the lowest since the third quarter of 2024. That is a regional observation about the Americas, not evidence that fundraising declined globally in the same period.
Quick Recap
What the $1 trillion headline does—and does not—show
- It shows a strong global aggregate: the reported $1.08 trillion total covers the first nine months of 2026 and includes equity capital-market deals, not just IPOs.
- It does not show uniform market access: large transactions and technology activity can lift the total while some companies postpone public offerings.
- It highlights concentration: technology made up almost half of third-quarter deals, according to the report, but the accessible article does not provide the underlying calculation or a full sector table.
- It reflects reported figures rather than an independently auditable dataset: the accessible account attributes the figures to Mergermarket but does not include its underlying data or methodology.
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