<div id="readability-page-1"><div> IPO Market Caps Off a Strong 2Q with SpaceX’s Historic DealThe IPO market staged a quick recovery from the first quarter’s spike in volatility, as 48 IPOs raised a record-breaking $104.9 billion in the 2Q, led by SpaceX’s largest-ever deal. The company raised $75 billion, more than all US IPOs from the prior two calendar years combined, and commanded a $1.7 trillion market cap at listing, immediately making it one of the largest public companies on US exchanges. SpaceX rose 19% on day one, easing concerns of a too-hot or too-cold debut, though aftermarket trading was still volatile. Even without the headline deal, the 2Q would have been the biggest quarter for IPO proceeds since 2021, driven by a steady flow of very large deals; nine other IPOs raised $1+ billion, led by AI chipmaker Cerebras. Earlier themes remained prevalent among the quarter’s deals, namely...Get a Preview of our 2Q 2026 US IPO Review<img src="https://imageproxy.pbkrs.com/https://www.renaissancecapital.com/imageuploads/PDFIconNew.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="34" height="45" original-src="https://imageproxy.pbkrs.com/https://www.renaissancecapital.com/imageuploads/PDFIconNew.png"/>For the full report, sign up for a free 7-day trial of IPO Pro. To automatically get previews of special reports in the future, sign up for our newsletter.</div></div>

SpaceX just priced its debut bond, a roughly USD 25 billion investment-grade sale across five tranches, upsized from a USD 20 billion target after orders reached about USD 89 billion (a 3.5x oversubscription, one of the largest IG order books ever). It settles on June 26, with proceeds mainly repaying a bridge loan, even though SpaceX already sits on around USD 100.8 billion in cash. The stock has been a rollercoaster since the record IPO priced it at USD 135: it spiked to about USD 225 then pulled back toward the mid 150s. Insider lockups start unwinding from the Q2 print (first 20%) and fully release on December 8. Starlink has topped 10.3 million subscribers and connectivity is profitable, but the space and AI arms still burn cash. Buy the dip here, or wait for the lockups to clear?

SpaceX just priced its debut bond, a roughly USD 25 billion investment-grade sale across five tranches, upsized from a USD 20 billion target after orders reached about USD 89 billion (a 3.5x oversubscription, one of the largest IG order books ever). It settles on June 26, with proceeds mainly repaying a bridge loan, even though SpaceX already sits on around USD 100.8 billion in cash. The stock has been a rollercoaster since the record IPO priced it at USD 135: it spiked to about USD 225 then pulled back toward the mid 150s. Insider lockups start unwinding from the Q2 print (first 20%) and fully release on December 8. Starlink has topped 10.3 million subscribers and connectivity is profitable, but the space and AI arms still burn cash. Buy the dip here, or wait for the lockups to clear?

SpaceX's $25B Debut Bond: Buy the Dip or Wait?

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The US IPO market concluded Q2 2026 with a record $104.9 billion raised across 48 deals, driven by SpaceX's historic $75 billion listing at a $1.7 trillion valuation. This single deal exceeded the total proceeds of all prior US IPOs in the previous two years combined. Excluding SpaceX, the quarter remained the strongest since 2021, supported by nine other offerings exceeding $1 billion, including AI chipmaker Cerebras.

Renaissance Capital's 2Q 2026 US IPO Market Review