Market & RegulationInvestment · $90B
SpaceX and Cerebras dominate $90B tech IPO year
Crunchbase Newshigh confidence
Why it matters
- →Enterprise software IPOs are effectively frozen as capital flows to AI infrastructure and energy.
- →Market liquidity is becoming hyper-concentrated among a handful of massive infrastructure plays.
- →Traditional SaaS unicorns are delaying public listings due to unfavorable valuation conditions.
U.S. venture-backed technology companies raised nearly $90 billion in domestic public offerings in 2026, marking the second-highest annual tally on record. However, this figure is heavily skewed by SpaceX, which accounted for 83% of total proceeds, and AI infrastructure firm Cerebras Systems, which contributed another 6%. The remaining 21 venture-backed tech companies went public collectively raising less than $10 billion. Enterprise software was largely absent from the market, with capital flowing instead into energy, defense, and space sectors. Analysts note that this winner-take-all dynamic is intensifying, with future IPO chatter focused on potential debuts from Anthropic and OpenAI rather than traditional SaaS firms.
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