U.S. IPO proceeds rose to $11 billion in 1Q26 despite a drop in deal count, with JPMorgan highlighting energy sector opportunities.
U.S. initial public offerings raised $11 billion in the first quarter of 2026, up from $9 billion a year earlier, even as the number of deals fell to 32 from 63. The increase in proceeds reflects larger, high-profile offerings amid stable markets and lower capital costs early in the year.
Market conditions later deteriorated due to tariff uncertainties, private credit concerns, and geopolitical tensions, including the Middle East conflict. Despite the volatility, JPMorgan analysts identified two energy IPOs as compelling opportunities, diverging from the focus on AI, aerospace, and defense sectors.
The firm’s picks underscore a shift toward energy stocks, which have gained attention amid fluctuating energy prices and broader market instability.