Deals · Research note · 29 Sep 2026
The IPO window reopened and tenders grew anyway
US IPOs raised a record $104.8 billion in Q2 2026 and private companies ran 34% more tender offers in the same half, at a 0% median discount among tenders at least a year after the last primary round. What that means for anyone holding late-stage private shares.
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Every number, and where it comes from
The first five figures in the note.
The full table has 8 rows. Each figure is as published on the date shown, with its denominator.
| Figure | What it measures | Source |
|---|---|---|
| $104.8B | Raised by 48 US IPOs in Q2 2026, a record quarter for proceeds. SpaceX raised $75B of the total and rose 19% on day one. Universe: IPOs and direct listings with a market cap of at least $50M, excluding SPACs, closed-end funds and unit offerings. | Renaissance Capital, 2Q 2026 US IPO Market Review, 1 Jul 2026 |
| -29.9% | Year-to-date fall in the US IPO count against the same period of 2025, measured on 25 September 2026. Year to date: 110 IPOs and $146.9B of proceeds. A live statistics page, so the figures move with each new pricing. | Renaissance Capital, US IPO stats page, read 25 Sep 2026 |
| 71 / $3B | Tender offers administered on Carta in H1 2026 and their combined volume. Count up 34% and value up 200% year on year. The highest first-half figures on Carta in at least six years. Carta's own platform, mostly US venture-backed companies. | Carta, Tender offer update H1 2026, 20 Aug 2026 |
| 0% | Median discount to the last primary round, among Carta tenders run at least a year after that round. Five semiannual periods in a row. The 75th percentile discount in H1 2026 was 10%. | Carta, Tender offer update H1 2026, 20 Aug 2026 |
| 93.1% / 57.9% | Median subscription rate and median seller participation in Carta tenders during Q2 2026. Q2 alone, a different period from the H1 count and value figures above. | Carta, Tender offer update H1 2026, 20 Aug 2026 |
3 more figures in the PDF, each with its source.
Sources
6 primary releases.
- Renaissance Capital, 2Q 2026 US IPO Market Review (1 Jul 2026)48 US IPOs raised a record-breaking $104.8B in Q2 2026; SpaceX raised $75B and rose 19% on day one; even without SpaceX the quarter would have been the biggest for proceeds since 2021. Universe: IPOs and direct listings with a market cap of at least $50M, excluding SPACs, closed-end funds and unit offerings.renaissancecapital.com
- Renaissance Capital, US IPO statistics (read 25 Sep 2026)Year to date 110 IPOs and $146.9B of proceeds, with the deal count down 29.9% on the same period of 2025. Live page, read 25 September 2026.renaissancecapital.com
- Carta, Tender-Offer Activity Reaches a Four-Year High (tender offer update, H1 2026) (20 Aug 2026)71 tender offers administered in H1 2026 with about $3B of combined volume, count up 34% and value up 200% year on year, the highest first-half figures in at least six years; nearly 70% at Series C or later; median Series C and later offering $28.5M; median discount to the last primary round 0% for five semiannual periods among tenders at least a year after that round, 75th percentile 10%; Q2 2026 median subscription 93.1% and median seller participation 57.9%.carta.com
- PitchBook, Q2 2026 US VC Secondary Market Watch (28 Jul 2026)US venture secondary market estimated at $121.7B over the trailing twelve months to Q2 2026; direct secondaries $90.3B to $123.9B with a midpoint of $107.1B; GP-led deals $14.6B. Describes the market as fast approaching its peak, with SpaceX, OpenAI and Anthropic all leaving the secondary market.pitchbook.com
- Forge Global, Private Market Update: $100B Is the New $10B as Late-Stage Value Creation Accelerates (19 Aug 2026)Median secondary trade at a 7% discount to the last primary round in July 2026 against par in June; 25th percentile a 34% discount and 75th percentile a 7% premium. Forge describes the median as continuing to price near par.forgeglobal.com
- Forge Global, Private Market Update: The Great Reset enters a new phase with discounted acquisitions (22 Sep 2026)Median secondary trade at a 3% discount to the last primary round in August 2026, an improvement from 7% in July; 25th percentile a 30% discount and 75th percentile an 11% premium.forgeglobal.com