Wall Street bankers are optimistic following record-setting issuance activity from SpaceX and Alphabet Inc., which has boosted expectations for deal flow in the second half of 2026.

Compiled data shows that, excluding special purpose acquisition companies and other investment vehicles, the total value of US initial public offerings and stock sales this year has reached a record $251 billion as of June 26. This figure surpasses the previous half-year high set during the 2021 issuance boom.

Pipeline of Upcoming Deals

More transactions are on the horizon, including a steady stream of IPOs in the coming weeks and a potential mega-follow-on offering from Anthropic PBC as early as October. Momentum in other forms of financing, such as convertible bonds, is also expected to continue, as so-called hyperscale cloud service providers persistently seek investor capital to fund data centers and other AI infrastructure projects.

Beyond the SpaceX Record

The $86.2 billion listing by SpaceX broke new issuance records, but that is not the whole story. Will Connolly, Co-Head of Americas Equity Capital Markets at Goldman Sachs Group Inc., stated, "Even excluding the SpaceX IPO, deal volume is growing rapidly." Goldman Sachs was a lead underwriter on the record SpaceX IPO.

Connolly believes a paradigm shift is occurring in capital markets, where the demand for equity capital to fund AI infrastructure is being strongly supported by robust stock prices and investors' willingness to commit capital.

Arnaud Blanchard, Co-Head of Global Equity Capital Markets at Morgan Stanley, noted, "Market activity is likely to remain elevated this summer, and we are preparing for a busy issuance window in the third quarter." Morgan Stanley was also a lead underwriter on the SpaceX IPO.

Blanchard added, "While the fourth quarter is typically also a favorable window for issuance, market volatility around the midterm elections is possible, so issuance activity in the second half will likely be concentrated in the third quarter."