Markets are losing hope that the Federal Reserve will lower rates anytime soon and are bracing for potential increases, but the deluge of capital being raised by companies signals financial conditions are already somewhat easy.
Before SpaceX’s historic IPO, Goldman Sachs estimated IPOs in 2026 will generate a total of $225 billion in proceeds—up from a prior view for $160 billion and 2025’s tally of just $44 billion.
In addition to IPOs, companies are using secondary stock offerings to build up their war chests. Google parent Alphabet netted nearly $85 billion proceeds this month, in what was the biggest equity capital markets transaction ever, at the time…