Global equity fundraising tops $1 trillion in nine months, AI concentration and yields dampen mood

Companies raised $1.08 trillion across 5,566 global equity deals in the first nine months of 2026, only the second time above $1 trillion. But the IPO market is weakening: Oura postponed, SB Energy and Nscale delayed plans. Technology deals made up nearly half of Q3 volume, led by SK Hynix $26.5B and Intel $23B. AI concentration is unprecedented, leaving the market vulnerable to a shift in AI enthusiasm. Higher bond yields and valuation concerns are also dampening the pipeline.