Software IPOs in 2026 Dominated by a Few Large Deals
In 2026, U.S. technology companies raised nearly $90 billion in public offerings, but the majority of the funds went to just two companies.
The year 2026 presented a challenging landscape for software initial public offerings (IPOs), despite significant capital raised by technology companies in public markets. U.S. venture-backed technology firms secured nearly $90 billion in domestic public offerings, marking the second-highest annual tally on record.
However, a substantial portion of these funds was concentrated in the offerings of just two companies: SpaceX and Cerebras Systems. SpaceX alone accounted for 83% of the total capital raised. Additionally, a potential IPO from Anthropic could be even larger.
Other listings were considerably smaller. Only 21 other venture-backed technology companies went public in 2026 on major exchanges like the Nasdaq or New York Stock Exchange. Collectively, these offerings, including traditional IPOs and SPAC deals, raised less than $10 billion.
The traditionally strong enterprise software sector was largely absent from the IPO market. In contrast, energy, defense, and space technology sectors were well-represented. Listings also occurred in medical devices and consumer-facing startups.
The energy sector was the most active, accounting for approximately a quarter of the technology sector's IPOs in 2026. Other notable sectors included quantum computing, defense, and space technology. The quiet period for software IPOs is partly attributed to the rise of artificial intelligence, which has directed capital towards a new generation of AI-focused platforms.