Total annual value of debut IPOs & SPACs plus first-time M&A exits, stacked. Watch the y-axis when 2026 lands — then watch every prior year stack up against it.
IPOs & SPACs market capM&A exits
2026 column is proforma — values reflect last private valuations, secondary prints or roadshow targets where disclosed. Not all of these companies have filed; SpaceX and ByteDance have no committed timelines. Stripe excluded — Collisons say no IPO. M&A bar is Cursor's $60B sale to SpaceX | xAI.