Back in February, we looked at SEC data on small and pre-public companies and noted that IPOs were reemerging as an option after several lean years. The SEC’s Division of Economic and Risk Analysis has now released a fresh set of capital formation statistics covering the first half of 2026. The topline is encouraging: More IPOs, dramatically more IPO proceeds and more follow-on capital raised than in the first half of 2025.

However, the data is even more informative when you look beyond the headlines. For example, compared to the prior-year period:

• Special purpose acquisition companies (SPACs) account for much of the increase in IPO count.
• Fewer corporate issuers completed IPOs, but they raised significantly higher proceeds.
• Public companies conducted more registered follow-on offerings and received more proceeds.

For companies considering an IPO or planning their next financing, the data suggest more active public capital markets – but the opportunities are still not equally open to everyone.

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