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 — SpaceX listed in June and is shown at its market cap on 10 November 2026. The others reflect last private valuations, secondary prints or targets where disclosed. Not all of them have filed; ByteDance has no committed timeline. Stripe excluded — Collisons say no IPO. M&A bar is Cursor's $60B sale to SpaceX | xAI.