"Geopolitical tensions, AI-scare trade selloffs, and tariff uncertainty drove higher volatility in the first quarter, tempering overall IPO activity. Despite these headwinds, the market showed pockets of resilience, with 22 sizeable IPOs raising $100 million or more and approximately $10 billion in total proceeds. SPAC issuance accelerated in the first quarter, accounting for the majority of IPOs by count. Despite this momentum, DeSPAC activity remained limited, reflecting a mismatch between new issuance and capital deployment that may influence SPAC activity in 2026." Craig Clay, President of Global Capital Markets, DFIN
DFIN congratulates the 30 companies that completed traditional IPOs in Q1 (73% raising $100M+) and the 10 that went public via SPAC mergers. DFIN was proud to partner with many of these issuers—reflecting DFIN’s meaningful share of activity across high‑growth and innovative companies—including:
- Aktis Oncology
- Arko Petroleum
- Eikon Therapeutics
- Ethos Technologies
- Forgent Power Solutions
- Generate Biomedicines
- HMH Holding
- Infleqtion
- Once Upon a Farm
- PayPay Corporation
- SOLV Energy
- York Space
