$251 billion IPO frenzy, SpaceX and Google lead the charge, will the capital market change after 2026?

SpaceX and Alphabet drive a wave of issuance, boosting Wall Street bankers' confidence and lifting expectations for deals after 2026. Bloomberg data shows that as of June 26, total U.S. IPO and stock issuance reached $251 billion, a record high in recent years. More deals are expected in the coming weeks, including a potential mega financing round by Anthropic PBC in October. The momentum for convertible bonds and other financing will continue, with AI hyperscalers continuing to raise capital for building data centers and other infrastructure.