U.S. companies raised about $114.1 billion through traditional initial public offerings in the first half of 2026, more than seven times the amount raised during the same period last year as the IPO market reached its strongest level since 2021, according to a recent PwC analysis.

The surge was fueled in part by SpaceX’s record-setting public debut, which accounted for a significant share of total capital raised. Companies completed 65 traditional IPOs through June 30, nearly double the 34 offerings completed during the first half of 2025, according to PwC data. Traditional IPOs refer to public offerings that exclude special purpose acquisition companies, or SPACs.

“The window is wide open, and companies that are prepared for that window are being rewarded for it,” Mike Bellin, PwC’s U.S. IPO leader, said in an interview.

The IPO market is rebounding sharply even as companies continue to navigate a volatile business environment.

CFO optimism about the U.S. economy edged lower in the second quarter as energy price shocks pushed inflation back to the top of finance chiefs’ concerns, according to a recent report from Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta.

Financial executives lowered their expectations for real gross domestic product growth over the next four quarters to 1.8 percent, from 2.1 percent in the prior survey.

However, CFOs were more optimistic about their own companies. Since the last survey, finance leaders added 1.1 percentage points to their firm’s unit cost and price growth projections for 2026.

PwC said the macroeconomic backdrop “remains supportive, despite some notable challenges.”

“We continue to view the IPO market as open for companies with the right fundamentals, including appropriate scale, durable growth, a credible path to profitability, and the operational maturity to function as a public company from day one,” the report said. “Even so, current conditions reinforce that windows can open and close quickly. Companies that are ready, flexible, and disciplined on valuation will be best positioned to execute.”

IPO activity in the second quarter “built meaningfully on the momentum established in Q1” in contrast with prior recovery cycles, where momentum often stalled after a strong start, according to PwC.

‘Genuine inflection point’

Bellin said the first half marked a “genuine inflection point” for the IPO market, driven by a combination of factors including a resilient economy, strong investor appetite for companies with compelling growth stories and a pipeline of issuers delayed by the 43-day SEC shutdown in late 2025.

“When you look at companies that do have a strong KPI, strong revenue growth, strong story around their business, durable recurring revenue, profitable or a credible path to profitability, and they’re public-company-ready — those companies have really been waiting for the right moment,” Bellin said.

The SpaceX IPO in particular was a “defining event,” demonstrating the depth of investor demand for “scaled, category-defining growth businesses, as well as the continuing interest in AI infrastructure,” the report said.

SpaceX completed the largest IPO in history on June 12, raising a record $75 billion on ​the sale of more than 500 million shares, with its stock closing at around $161 after being priced at $135 per share, CNBC reported at the time.

But the stock has tumbled 33% since its record close in an ominous sign for the business, according to a Thursday Reuters article. The news outlet said it found in an analysis of 50 high-profile U.S. IPOs since 2010 that companies whose shares dropped below their IPO price in the first two months after their market debuts have gone on to underperform those that didn't, even though most still posted gains.

Excluding SpaceX, IPO proceeds in the first half of 2026 were still nearly three times higher than during the same period last year, PwC said, suggesting the recovery was broader than one marquee listing.

Beyond the SpaceX transaction, the second quarter’s largest IPOs included one by AI computing infrastructure company Cerebras Systems, which priced more than 50% above its initial filing range, PwC said.

SPAC issuance also accelerated during the first half of the year. Through June 30, 118 SPAC IPOs raised about $21 billion, compared with 66 SPAC IPOs during the first half of 2025, according to PwC.

AI momentum

AI has been a major driver of investor interest, according to the analysis.

Bellin said companies with a credible AI narrative — whether as AI-focused businesses or companies using AI to strengthen their competitive position — are attracting greater investor attention, while companies that cannot clearly explain AI’s impact on their growth strategy are facing tougher questions.

“The AI dynamic is creating really a two-speed market,” he said, adding that companies need credible metrics and key performance indicators to support their AI story.

Looking ahead, PwC said it expects strong issuance to continue through the second half of 2026 across sectors. The pipeline includes AI market leaders OpenAI and Anthropic, which have confidentially filed to go public.

“If market conditions remain supportive, these transactions would likely rank among the largest tech IPOs in history and represent an enormous share of issuance during the second half of 2026,” the report said.