NEW YORK and LONDON, July 1, 2026 /PRNewswire/ -- A huge wave of AI-linked equity issuance emerged as the defining force in global equity capital markets in the first half of 2026. Driven by a record-breaking SpaceX IPO, ECM activity posted its highest first-half volume since 2021.
According to the latest ECM Highlights 1H26 report by Dealogic, an ION service, global ECM issuance reached USD 729.4 billion in 1H26, up over 73% year-on-year, driven by surging US volumes. Technology accounted for roughly a third of all issuance globally, in the. Convertible bond volumes also hit a record first half high.
ECM Issuance in the Americas exploded in 2Q, the highest value quarter in history for ECM in the region, primarily driven by SpaceX's historic USD 86.2 billion IPO. While categorized as an Aerospace deal, Space X's equity story hinged on its AI infrastructure buildout as well as its xAI business. SpaceX combined with global tech deals, as represented by Dealogic's Computer & Electronics sector classification, made up around 41.4% of all ECM issuance in the first half.
The US remains the key driver of global ECM momentum, though any shift in retail sentiment or a deterioration in AI earnings narratives could be a catalyst for a rapid reassessment of valuations.
Key insights from the report
- IPO issuance blasts higher: Global IPO volumes reached USD 207 billion in 1H26, versus USD 68.6 billion from 1H25, supported by SpaceX's historic IPO.
- US issuance doubles from 1H25: US ECM issuance reached USD 422 billion in 1H26, up 111% YoY, making the Americas by far the most active region globally. Computers and Electronics remained the dominant sector in Americas with 32% of deal value. 2Q US issuance is the second-best quarter in history at USD 296.4 billion, just behind 1Q21's USD 301.9 billion.
- EMEA recovers; UK lags again: EMEA growth accelerated by 28.5% 1H26, driven by convertible bond issuance, accelerated bookbuilds, particularly private equity disposals in names like Allegro.eu, Beijer Ref and Galderma. The UK continued to lag, dropping by 14%, with a pipeline of prospective IPO candidates that has yet to translate into sustained issuance activity, including bookseller Waterstones and driving services group RAC.
- Hong Kong and China lead Asia on AI funding drive: China and Hong Kong led APAC issuance in 1H26, with over USD 105.2 billion representing 61.8% growth YoY. The growth in deal volumes reflects a national imperative to fund Chinese AI champions - mirroring the dynamic in the US and bringing the race for AI dominance to the equity capital markets. India and Japan were weaker, primarily driven by energy price volatility due to the conflict in the Middle East, though easing tensions are expected to support a second-half recovery.
Samuel Kerr, Head of Global ECM and Mergermarket EMEA, says:
"We have never seen deal sizes like this before. SpaceX is the largest IPO on record, and the volume of capital deployed in 1H26 for AI capex is truly extraordinary. For now, investors seem ready to continue to back that story, but these historic volumes demand a wider perspective: the only two prior years when technology ECM exceeded USD 100 billion in 1H were 2000 and 2021, both of which were followed by severe crashes.
"Looking ahead, the elephant in the room is whether the capital markets are deep enough to sustain the next wave of megadeals - with Anthropic and OpenAI still waiting closely in the wings for 2H."
To download the full report, click here.
*All data accurate as of 29 June 2026.
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About Dealogic
Dealogic offers integrated content, analytics, and technology via targeted products and services to financial firms worldwide. Whether working in capital markets, sales and trading, banking, or the buy-side, firms rely on Dealogic's platform to connect and more effectively identify opportunities, execute deals, and manage risk. With 30 years' experience and in-depth understanding of financial markets, Dealogic is a trusted global partner. For more information, visit www.dealogic.com.
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