2026 IPO Momentum Builds with $3B Raised by 11 VC-Backed Firms Amid SaaS IPO Drought

In the first months of 2026, 11 venture- or seed-backed U.S. companies have gone public on major exchanges, raising just over $3 billion.

This early-year activity marks a robust showing compared to recent subdued periods, though it falls short of the 2021 peak.

Standout Performers in Early 2026 IPOs

EquipmentShare, a construction equipment rental service from Columbia, Missouri, led the pack by raising over $700 million in its January IPO, achieving a market cap exceeding $7 billion.

York Space Systems, a space tech firm backed by private equity, followed as the second-largest debut but has traded below its initial price, with a recent valuation around $3.4 billion.

Sectors like construction tech, space tech, and biotech have dominated these debuts, filling the void left by traditional software players.

SaaS Sector Faces Prolonged Slump

Strikingly, no venture-backed SaaS unicorns have filed for IPOs in 2026, extending a drought in the sector long considered a reliable IPO staple.

This absence stems from an ongoing selloff, exacerbated by fears of AI-driven disruption threatening core SaaS business models.

Recent SaaS IPOs like Figma and Navan have plummeted, with Figma down over two-thirds from its peak and Navan losing more than half its value.

Historical Trends and Future Implications

Historically, enterprise software firms drove much of the IPO volume, but 2026's pattern echoes a shift away from AI-vulnerable models amid market caution.

Looking ahead, mega-debuts from SpaceX—now merged with xAI at a $1.25 trillion valuation—and others like Anthropic and OpenAI could set records, even as overall volume remains low.

If the SaaS squeeze persists alongside these outliers, 2026 may feature blockbuster returns from few debuts, reshaping investor expectations for tech listings.