AI drives global ECM surge in 1H26
NEW YORK and LONDON, July 1, 2026 /PRNewswire/ -- A huge wave of AI-linked equity issuance emerged as the defining force in global equity capital markets in the first half of 2026. Driven by a record-breaking SpaceX IPO, ECM activity posted its highest first half volume since 2021.
According to the latest ECM Highlights 1H26 report by Dealogic, an ION service, global ECM issuance reached USD 729.4 billion in 1H26, up over 73% year-on-year, driven by surging US volumes. Technology accounted for roughly a third of all issuance globally and convertible bond volumes also hit a record first half high.
ECM issuance in the Americas exploded in 2Q, the highest value quarter in history for ECM in the region, primarily driven by SpaceX's historic USD 86.2 billion IPO. While categorized as an Aerospace deal, SpaceX's equity story hinged on its AI infrastructure buildout as well as its xAI business. SpaceX combined with global technology deals made up around 41.4% of all ECM issuance in the first half.
Key insights from the report
Samuel Kerr, Head of Global ECM and Mergermarket EMEA, says:
"We have never seen deal sizes like this before. SpaceX is the largest IPO on record, and the volume of capital deployed in 1H26 for AI capex is truly extraordinary. For now, investors seem ready to continue to back that story, but these historic volumes demand a wider perspective: the only two prior years when technology ECM exceeded USD 100 billion in 1H were 2000 and 2021, both of which were followed by severe crashes."
"Looking ahead, the elephant in the room is whether the capital markets are deep enough to sustain the next wave of megadeals – with Anthropic and OpenAI still waiting closely in the wings for 2H."
To download the full report, click here.
*All data accurate as of 29 June 2026.
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ION provides mission-critical trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporates. Our solutions and services simplify complex processes, boost efficiency, and enable better decision-making. We build long-term partnerships with our clients, helping transform their businesses for sustained success through continuous innovation. For more information, visit https://iongroup.com/
About Dealogic
Dealogic offers integrated content, analytics, and technology via targeted products and services to financial firms worldwide. Whether working in capital markets, sales and trading, banking, or the buy-side, firms rely on Dealogic's platform to connect and more effectively identify opportunities, execute deals, and manage risk. With 30 years' experience and in-depth understanding of financial markets, Dealogic is a trusted global partner. For more information, visit www.dealogic.com
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SOURCE ION