Listings are still rare, but the offerings are far bigger. 2025 had the most AI IPOs with six. 2026 has had three so far, led by SpaceX and the $5.55 billion Cerebras offering.
Base offering total by year of listing, US$ billions
First-day return versus return since IPO, percent
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The count stays small while offering sizes jump. 2026 has had three IPOs raising $80.95 billion, against six in 2025 that raised $3.25 billion.
The average offering rose from about $0.54 billion in 2025 to about $26.98 billion in 2026.
If more large private AI firms list, 2027 offerings are likely to be fewer but bigger.
About 19 months from first filing to listing
First filing to go public.
New registration statement filed.
Listed, raising $5.55 billion.
*2026 figures run through Oct. 7. Average per IPO is calculated as base offering total divided by the number of AI IPOs. Returns are medians across each year’s listings.