The US IPO market recorded its largest quarter in history, with 48 offerings raising $104.8 billion in total proceeds, a figure surpassing the combined totals of the prior two years.
The quarter was defined by a single, massive transaction: SpaceX. The company’s $75 billion IPO alone accounted for over 70% of the total capital raised. SpaceX debuted with a $1.7 trillion market capitalization and surged 19% on its first day of trading.
SpaceX was not the quarter's only giant. Nine other IPOs surpassed the $1 billion mark, with AI chipmaker Cerebras Systems leading that cohort. The average deal size stood at roughly $2.18 billion.
Capital flowed overwhelmingly into artificial intelligence and aerospace. The quarterly review noted a stark absence of crypto or blockchain-related listings, a silence that stands in contrast to the rush of such offerings in 2021.
For crypto market observers, one detail in SpaceX’s regulatory filing stood out: the company reported Bitcoin holdings valued between $1.2 billion and $1.45 billion on its balance sheet as a treasury asset. The disclosure raises questions about whether other large-cap firms will follow suit now that the IPO window has forcefully reopened.