US venture capital-backed IPOs have reached a combined value of $1.79 trillion through July 28, 2026, driven almost entirely by SpaceX’s public debut. SpaceX went public on June 12, selling 555.56 million shares at $135 each, raising $75 billion and reaching a valuation near $1.77 trillion. Excluding SpaceX, the other 43 VC-backed IPOs this year total roughly $17 billion, according to PitchBook data cited by saastr.com.
The 44 VC-backed IPOs in 2026 so far compare to 50 IPOs in all of 2025, indicating an increase in the number of listings. However, the overall value is heavily skewed by SpaceX’s record-breaking offering, which is the largest IPO ever executed. The other companies going public have not matched this scale, and the combined value of their IPOs remains modest. Databricks’ CEO has publicly stated that 2026 is not an ideal time for B2B companies to go public, reflecting caution in the market.
This data highlights a bifurcated IPO market in 2026, where one extraordinary company dominates the headline numbers while the broader VC-backed IPO ecosystem remains subdued. The total IPO value excluding SpaceX aligns with 2023 levels, despite a higher count of listings. This suggests that while more companies are listing, they are generally smaller or less valued than in previous years. The market’s reliance on a single mega-IPO underscores challenges for SaaS and other sectors seeking public capital.
SpaceX’s IPO on June 12, 2026, stands as the single largest public offering in history, raising $75 billion and valuing the company at approximately $1.77 trillion, per PitchBook data reported by saastr.com.