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Inside the Growing IPO Pipeline
The 2026 IPO market is accelerating — and the pipeline just got a lot more interesting.
Sixty-two new companies filed to go public in the last 90 days. That's on top of the 64 deals that have already priced this year, generating $28.8 billion in proceeds and an average return of 14% from offering price.
The pipeline spans nuclear energy, AI hardware, quantum computing, defense, fintech, biotech, and more. Here are five I'm watching closely.
Quantinuum (QNT) is the most significant deal of the recent batch. This is Honeywell's quantum computing division being carved out as a standalone public company. JP Morgan is leading a $1.5 billion raise. Quantum has moved from research to commercial application faster than most expected — and this is the purest way to own that theme as a public investor.
INNIO (INIO) is a Goldman-led $1.5 billion deal from a producer of natural gas engines and distributed power systems. Data centers need power. Industrial facilities need power. Utilities can't build fast enough. INNIO has a real revenue base and real customers — and Morgan Stanley is co-leading alongside Goldman.
Deep Fission (FISN) just filed Tuesday. The company builds small modular nuclear reactors — but with a twist. Its reactors are deployed in deep underground shafts, not above-ground installations. That design reduces regulatory friction and lowers construction costs. William Blair is leading a $150 million raise. This one is early-stage, but the concept is genuinely differentiated.
Liftoff Mobile (LFTO) is a Goldman-backed, $700 million raise from an AI-powered mobile advertising and monetization platform. It's a software business with enterprise contracts and recurring revenue — the kind of deal that tends to price well in a healthy market.
Applied Aerospace (AADX) raised $350 million last week via Morgan Stanley. The company manufactures precision components for aerospace and defense — a sector that continues to see strong government spending and a growing commercial aviation backlog.
What's notable about this list isn't just the company count. It's the diversity. Energy infrastructure, quantum hardware, defense manufacturing, AI software, nuclear power — these aren't speculative moonshots. Most have revenue, institutional underwriters, and real customer bases.
The IPO market tends to build on itself. Strong returns attract more filings. The first half of 2026 is running well ahead of last year — and the second half hasn't started yet.
Immersed is a private tech company completing its Pre-IPO right now. And shares are priced at less than $1.00.
Ian Wyatt
Editor @ IPO Watch
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