A challenging year for software ipos

In 2026, the U.S. venture-backed technology sector raised nearly $90 billion through domestic public offerings, according to Crunchbase data, marking the second-highest annual total on record. However, the majority of this capital—83%—went to SpaceX, with Cerebras Systems securing another 6%. A potential IPO from Anthropic could surpass these figures. The remaining $10 billion came from 21 other companies, mostly in energy, defense, aerospace, and consumer sectors. Energy led with a quarter of the offerings, including Fervo Energy, X-energy, and Standard Nuclear. Quantum computing and defense tech also saw significant activity. Meanwhile, the SaaS sector saw a notable decline, with few enterprise software companies going public. VCs are shifting focus to AI-driven platforms, leading to fewer IPOs and more concentrated investment returns. The pipeline for future IPOs still shows a preference for AI and large-scale ventures over traditional SaaS offerings. The report highlights a trend where a few companies dominate IPO proceeds, with the majority of returns concentrated among a small number of winners. This pattern is expected to continue, with Anthropic and OpenAI remaining central to IPO discussions. Enterprise SaaS offerings remain underrepresented, reflecting a broader shift in investment priorities within the tech sector.