Global equity capital markets saw a notable rebound in the first quarter, with companies selling more shares than at any point since 2021. Total issuance climbed to $211 billion in the three months ended March 31, a 40% increase from a year earlier, according to LSEG data. IPO proceeds accounted for $44 billion of that total, up 47% year-on-year, even though the number of listings declined slightly to 297.
Much of the quarter's value was driven by large transactions in sectors that have so far been less affected by geopolitical shocks and the software sector's depreciation. The largest IPO of the period was the $4.5 billion offering from Czech defence group CSG, a deal that helped underpin overall issuance levels.
U.S. pipeline and megadeals
Market focus has shifted toward the United States, where several high-profile listings are expected in the near term. SpaceX is projected to seek more than $75 billion in proceeds at a valuation that could reach $1.75 trillion, potentially placing it among the largest IPOs on record. In parallel, private AI developers including OpenAI and Anthropic are exploring listings that could together raise tens of billions of dollars.
Those prospective deals have attracted attention not only for their size but also because they test the depth of U.S. institutional demand amid elevated volatility. One industry participant noted the continuing resilience of investors despite the range of risks in play. "The resilience that we’ve seen in this market, given all of the turbulence that’s out there, is quite remarkable," said John Kolz, global head of equity capital markets at Barclays. "We can’t bury our heads in the sand over it. There are any number of reasons why investors could say, ’don’t call me for a while, we need to let things set settle down’. But they haven’t done that."
Several recent developments illustrate both the market's willingness to proceed and the sensitivity of timing to external events. Japanese payments firm PayPay completed its IPO after a one-day delay connected to the conflict in the Middle East, an example of market participants moving ahead despite geopolitical uncertainty.
Regional issuance trends
U.S. companies have raised more than $23 billion through IPOs so far this year, an increase of 91% compared with the same period a year earlier, LSEG data shows. Market participants say the depth of U.S. capital markets and robust institutional demand enable the absorption of very large transactions even as geopolitical risks persist.
Across Europe, the Middle East and Africa, nearly $7 billion has been raised via IPOs so far this year, up from $5.8 billion in the prior year. Asian markets also recorded an increase, with deal values rising 15% to $13.6 billion.
Goldman Sachs' head of APAC equity capital market syndicate, Phyllis Wang, emphasized that the markets are able to handle sizeable offerings despite elevated volatility. She also noted that issuance remains tilted toward technology, particularly AI infrastructure, while activity is broadening into industrials, natural resources and financials.
Sectoral differences and postponements
Within Europe, the IPO pipeline is currently weighted toward defence-related listings, according to Antoine Noblot, head of northern Europe equity capital markets at BNP Paribas. Nonetheless, companies from a range of sectors are preparing to list later in the year.
At the same time, a number of large proposed transactions have been deferred. Reported postponements include Visma's potential $20 billion listing in London and the planned 1 billion euro ($1.19 billion) float of Dutch telecoms firm Odido. Observers say many investors expect IPOs scheduled for the second quarter to proceed successfully, though timing will hinge on whether market volatility eases and how geopolitical and macroeconomic conditions evolve.
"Many investors are expecting the IPOs that are slated for Q2 to price successfully," said Saadi Soudavaar, head of EMEA equity capital markets at Deutsche Bank. "But that obviously depends on market volatility subsiding and how things evolve geopolitically and on the macroeconomic front."
Drivers supporting the pipeline
Dealmakers point to several structural forces underpinning the current pipeline. Private equity sponsors are advancing larger portfolio exits, adding supply of sizeable assets to the IPO pipeline. Meanwhile, investor demand has shown a particular appetite for defence and AI infrastructure listings, areas that have displayed relative resilience compared with software-focused offerings amid recent sector-specific selloffs.
These dynamics suggest that while headline volatility linked to geopolitical events and sector rotations can delay or reshape individual transactions, the overall capacity of global equity markets - and notably deep U.S. markets - has so far been sufficient to absorb substantial new issuance.
Outlook and caveats
Market participants widely acknowledge that conditions remain fluid. The ability of planned megadeals to price successfully will depend on the evolution of geopolitical tensions and broader market volatility. The quarter's figures underline investor willingness to participate in large, well-positioned offerings, but they also underscore how sector and regional differences shape issuance activity and investor demand.