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VC-backed IPOs hit a record in 2026, but initial trading falters
PitchBook data shows 44 US VC-backed IPOs so far in 2026, but several first-day winners including SpaceX and Cerebras are down sharply from their debuts.
Venture-backed IPO activity has surged in 2026, with 44 VC-backed IPOs in the US so far this year, according to PitchBook data cited by Yahoo Finance. The pace is on track to exceed 2025’s total of 50, helping make the year a record for IPO liquidity, headlined by SpaceX’s $1.77 trillion IPO.
Despite the busy slate of listings, early stock performance for newly public companies has been muted. As of Thursday’s market close, SpaceX was trading 30.3% below its debut, while Cerebras was down 34.7% from its listing level even after a 19.9% one-day gain.
Yahoo Finance points to broader market worries that have pressured IPO returns, including concerns over the continued war in Iran and the possibility that Chinese chipmakers could challenge US incumbents in AI computing. The outlet also highlights a valuation gap between late-stage private-market expectations and what public investors have been willing to pay.
While AI-related IPOs have struggled, the article notes some pockets of strength. A Bloomberg biotech IPO index through July 21 was up 55% for the year, outpacing 2026 AI IPO performance, and the Renaissance IPO Index was up 12.7% on the year through Wednesday versus the S&P 500’s 8.3% increase.
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