By Paul R. La Monica
After a lackluster 2024, initial public offerings roared back to life in 2025. IPO research and investment manager Renaissance Capital says 202 companies priced IPOs in 2025, a 35% increase from 2024, raising some $44 billion, up almost 50% from 2024. And that came in the face of tariff-related volatility and a government shutdown.
IPO watchers see even better times in 2026. "Now, with more stable ground underfoot and a backlog brimming with the next wave of innovators, we're optimistic that the IPO market will resume its long-awaited pickup in 2026," Renaissance analysts say. The firm estimates that 200 to 230 companies could go public this year, potentially raising $40 billion to $60 billion.
To that end, a pack of large private start-ups -- so-called unicorns -- hungry for capital may line up to go public. Elon Musk's SpaceX could be the largest IPO ever, seeking to raise $30 billion, topping Saudi Aramco's $29 billion IPO in 2019.
Then there's artificial-intelligence start-ups such as Anthropic, OpenAI, Databricks, and Musk's xAI. EquityZen, which runs a platform to trade shares of private companies, notes that AI firms Cerebras, Cohesity, and Lambda Labs may seek IPOs, as could crypto firms BitGo, Consensys, and Kraken.
Of course, the health of the IPO market is tied to the broader stock market. As long as the bulls run, expect more unicorns to join the parade. If stocks stumble, all bets are off.
Write to Paul R. La Monica at paul.lamonica@barrons.com
Last Week
Markets
The week began with investors unclear about U.S. plans for Venezuela after the capture of President Nicolás Maduro and his wife. Oil, gold, and silver were volatile, the dollar and oil-related shares rose. President Donald Trump talked of the U.S. seizing Greenland. Still, the Dow industrials set consecutive highs before indexes sank on Wednesday. The U.S. added 50,000 jobs in December. On the week, the Dow rose 2.3%, the S&P 500 1.6%, and the Nasdaq Composite 1.9%.
Companies
Venezuela surrendered up to 50 million barrels of sanctioned oil to the U.S. Oil majors expressed caution over investing in Venezuela without U.S. guarantees. Defense stocks sank after Trump threatened to cut RTX's Pentagon contracts, then rose when he proposed raising the defense budget by 50%. Trump also said he would ban private equity from homebuying and told Fannie Mae and Freddie Mac to buy $200 billion in mortgage bonds. Nvidia announced a partnership on autonomous driving with Mercedes-Benz. Advanced Micro Devices introduced a new AI chip.
Deals
Glencore and Rio Tinto resumed merger talks...Australia's BlueScope Steel rejected an $8.8 billion bid from Steel Dynamics and SGH...The Financial Times reported that Chevron and Quantum Capital will seek to buy the international assets of Russian oil company Lukoil...Power generator Vistra agreed to buy Cogentrix Energy for $4 billion, including debt... Warner Bros. Discovery rejected Paramount Skydance again.
Next Week
Tuesday 1/13
Fourth-quarter earnings season kicks off with the big banks reporting their results. Bank of New York Mellon and JPMorgan Chase release their earnings on Tuesday, followed by Bank of America, Citigroup, and Wells Fargo on Wednesday. BlackRock, Goldman Sachs Group, and Morgan Stanley announce their results Thursday, while PNC Financial Services Group and State Street close out the week on Friday.
The Bureau of Labor Statistics releases the consumer price index for December. Consensus estimate is for a 2.7% year-over-year increase, even with November's figure. The core CPI, which excludes volatile food and energy, is expected to also rise 2.7%, one-tenth of a percentage point more than previously.
Wednesday 1/14
The Census Bureau reports retail sales for November. The consensus call is for a 0.4% increase month over month, following a flat reading in October. Excluding autos, retail sales are seen rising 0.3%, one-tenth of a percentage point less than previously.
The National Association of Realtors reports existing-home sales for December. Economists forecast a seasonally adjusted annual rate of 4.23 million homes sold, 100,000 more than in November.
The Numbers
$38 B
The amount spent by U.S. money managers on M&A deals in 2025, double that of 2024.
65 K
Estimate of how many industrial jobs the U.S. lost in 2025, a reversal from 2024's addition of 250,000.
15.8 M
Cox Automotive projection of new cars sold in the U.S. in 2026, down from 16.3 million in 2025.
255
The number of activist campaigns worldwide in 2025, up about 5% from 2024. U.S. campaigns rose 23%.
Write to Robert Teitelman at bob.teitelman@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
January 09, 2026 20:24 ET (01:24 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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