Backlog of IPOs going into 2026 is 'largest we've seen in over four years,' says Barclays' DeClark

Group 1 - The IPO market is expected to have a strong year in 2026, with significant interest in companies like SpaceX and OpenAI [1][2] - There has been a meaningful increase in tech IPO volume in 2025 compared to 2024, with the largest backlog seen in over four years [2][3] - The government shutdown has delayed some companies' IPO plans, leading to an anticipated busier January and February in 2026 [3] Group 2 - Approximately half of the current IPO backlog consists of private equity-backed deals, with a mix of venture-backed companies [4] - The minimum deal size to attract tech IPO buyers has increased to around $500 million, indicating a focus on liquidity [5] - Larger deal sizes are expected, with companies around the $10 billion market cap area dominating the early part of the year [4][5] Group 3 - There is an expectation that by the end of 2026, companies with market caps of $100 billion may begin to go public, leading to deal sizes of $20 billion or more [6] - Concerns about market saturation due to large IPOs are addressed, indicating that institutional investors are prepared for these large deals [7] - There is a significant amount of capital available for tech IPOs, with a strong appetite for companies in the $10 billion market cap range [8] Group 4 - The performance and maturity of many tech companies have led to increased confidence among CEOs regarding their projections and execution [9]