AI Megadeals Drive Global ECM Past $1 Trillion in 2026

Event summary

Global ECM issuance reached $1.08 trillion across 5,566 deals in 9M26, up 52.6% YoY.
Technology deals dominated 3Q26, with AI infrastructure raises including SK Hynix ($26.5bn), Intel ($23bn), and Alibaba ($10.2bn).
US accounted for 44% of global volumes in 3Q26, while EMEA lagged with just 10% of global issuance.
Global IPO volumes fell 8.1% YoY in 3Q26 to $53.7bn, with SpaceX's $86.2bn IPO dominating new listings.

The big picture

The historic $1 trillion ECM issuance in 2026 is being driven by AI-fueled megadeals, with technology accounting for half of the deal flow in 3Q26. The market is increasingly concentrated in large transactions, crowding out smaller issuers and reflecting the dominance of US and APAC in AI infrastructure development. Rising debt yields and geopolitical uncertainty add complexity to the outlook, with the fourth quarter hinging on the performance of high-profile AI listings like Anthropic.

What we're watching

AI Dependency: How the concentration of equity issuance in AI and semiconductor sectors will affect market stability and diversification.
Geopolitical Timing: Whether the US midterms will reopen the IPO window and clear the path for a record-breaking year.
Regional Disparity: The pace at which EMEA can develop a competitive AI industry to narrow the gap with the US and APAC.