Renaissance Capital counted 30 US IPOs raising $32.8 billion in the third quarter, with SK hynix's $26.5 billion offering accounting for most of it; excluding that deal, proceeds were $6.2 billion. Eighteen IPOs raised $100 million or more. Deals averaged a flat return as weak late-September trading erased gains, and the Renaissance IPO Index fell 11%, trailing the S&P 500 for the quarter. A string of postponements came near quarter-end.
Why it matters for listed companies
Fewer and smaller deals cut equity underwriting fees for investment banks and delay exits for private-equity and venture backers. Renaissance tied the slowdown to concerns about AI spending, a 19-year high in bond yields and resumed Fed rate hikes. It said fourth-quarter activity hinges on market conditions and on Anthropic, which it expects to headline the quarter, while OpenAI is now waiting until 2027 to list.
Euro in US dollars 1.1298 → 1.1208-0.0090 01 Oct 2026 → 15 Oct 2026 · ECB reference rate
These figures are measured, not attributed. Prices and rates move for many reasons at once; they show
what happened after this story, not that the story caused it. Nothing here is a recommendation to buy, sell or hold.
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