AI-Driven Equity Issuance Lifts Global Equity Capital Markets to Highest Level Since 2021

Global equity capital markets (ECM) delivered their strongest first-half performance since 2021 as an unprecedented wave of artificial intelligence-related fundraising and the record-breaking initial public offering of SpaceX drove issuance volumes sharply higher, highlighting investors’ continued appetite for technology-led growth despite mounting questions over market concentration.

According to Dealogic’s ECM Highlights 1H26 report, global equity capital markets (ECM) issuance reached $729.4 billion during the first six months of 2026, representing a 73.1% increase from the same period a year earlier and marking the second-highest first-half total ever recorded. Only the extraordinary fundraising environment of 2021, fueled by pandemic-era monetary stimulus, surpassed this year’s performance.

The report points to artificial intelligence as the defining investment theme shaping global capital markets in 2026. Technology companies accounted for roughly 30% of all ECM issuance during the first half, while the historic $86.2 billion IPO of SpaceX—classified under aerospace but widely viewed as part of the broader AI ecosystem because of its artificial intelligence initiatives and infrastructure investments—became the largest IPO ever completed. Including SpaceX within the technology category would lift tech-related fundraising to more than $302 billion, or approximately 41.4% of total global ECM issuance.

The figures underscore how significantly investor capital has become concentrated around AI-related opportunities as companies race to finance next-generation computing infrastructure, data centers, semiconductor development and machine learning platforms.

Despite the dramatic increase in capital raised, Dealogic noted that the overall number of equity offerings remained broadly stable compared with previous periods, indicating that growth has been driven primarily by substantially larger transactions rather than a broader expansion in issuance activity.

The Americas dominated global issuance during the period, benefiting from strong U.S. equity markets and several landmark technology transactions. ECM issuance across the region climbed to $442 billion, more than doubling from the first half of 2025 and increasing 104% year over year. The second quarter alone generated $303.8 billion, making it the second-largest quarter for equity issuance ever recorded in the region, trailing only the first quarter of 2021. Technology represented approximately 32% of Americas deal value.

Global IPO activity also rebounded sharply. Initial public offerings generated $207 billion during the first half of 2026, compared with $68.6 billion during the corresponding period last year, largely reflecting the impact of SpaceX’s landmark listing alongside improving investor sentiment toward growth companies.

Europe, the Middle East and Africa also experienced a recovery, with ECM volumes rising 29% compared with the first half of 2025. The improvement was supported by increased convertible bond issuance and accelerated bookbuild transactions, particularly involving private equity firms monetizing stakes in publicly traded portfolio companies, including Allegro.eu, Beijer Ref and Galderma.

However, the United Kingdom remained a relative laggard. Despite a growing pipeline of potential IPO candidates, including businesses such as Waterstones and RAC, issuance volumes in the UK declined 14%, reflecting continued challenges in revitalizing London’s equity markets.

In Asia-Pacific, China and Hong Kong led regional fundraising, generating more than $105.2 billion of issuance, a 62% year-over-year increase. Dealogic attributed the surge to China’s strategic effort to finance domestic AI champions, mirroring investment trends seen in the United States as both countries compete for technological leadership.

By contrast, India and Japan recorded weaker issuance levels, with geopolitical tensions in the Middle East and elevated energy prices weighing on investor activity during portions of the first half. Dealogic suggested that easing regional tensions could support a stronger recovery during the remainder of 2026.

While market conditions remained supportive throughout the first half, the report cautioned that the current fundraising boom is becoming increasingly dependent on a single investment theme.

Samuel Kerr, Head of Global ECM and Mergermarket EMEA at ION Analytics, said the size of recent transactions has been unprecedented, with AI-related capital expenditure driving extraordinary fundraising volumes across global markets.

He also warned that history offers reasons for caution. According to Dealogic, the only previous periods when first-half technology ECM issuance exceeded $100 billion were 2000 and 2021—both of which were followed by significant market corrections.

Looking ahead, Dealogic said one of the key questions facing global equity markets is whether investors possess sufficient capacity to absorb another wave of mega-capital raises expected from high-profile AI companies. Several major private technology businesses, including OpenAI and Anthropic, are widely viewed as potential candidates for significant public or private fundraising during the second half of the year, potentially extending the AI-driven capital markets cycle while also testing investor demand.

For investment banks, institutional investors and private equity sponsors, the first-half data illustrates how rapidly capital markets have reopened following several years of subdued activity caused by higher interest rates and macroeconomic uncertainty. However, the report also highlights an increasingly concentrated market where technology—and AI in particular—has become the dominant force driving global equity issuance.

Whether that momentum can be sustained through the remainder of 2026 may ultimately depend on investors’ willingness to continue funding ever-larger AI-related transactions without broader sector participation emerging to diversify the market.

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