JP Morgan estimates net equity issuance will reach about $200 billion in 2026 and surge 500 percent to roughly $1.2 trillion in 2027. The figure includes IPOs, secondary offerings and other share sales after accounting for buybacks, marking the largest two‑year net issuance wave since the late 1990s. The surge is driven mainly by SpaceX’s $85.7 billion IPO—the biggest ever—plus upcoming large IPOs from OpenAI and Anthropic, while Alphabet, Meta and Oracle are expected to raise hundreds of billions through secondary offerings to fund AI investments.