The IPO market is not going gangbusters, but the number of deals has increased year over year. Companies from a broad base of sectors are driving the uptick in activity, according to Richard Truesdell, global chair of the capital markets practice at Davis Polk. Richard recently joined The Pipeline podcast to discuss the state of the IPO market. He shared his views on how SpaceX and its aftermarket performance are impacting IPOs. Richard also discussed how SPACs and private equity firms are once again testing the IPO waters.

This episode of The Pipeline features a conversation about SpaceX that took place recently on MediaTalk, an S&P Global Market Intelligence podcast. The discussion breaks down the early trading days following SpaceX's historic IPO and notes how SpaceX's valuation metrics differ from the companies that went public during the dotcom era. The guests also discuss what's next in the space race and how 2026 is set to become the year of AI IPO.

Featured experts: John Fletcher, principal research analyst at S&P Global Market Intelligence Kagan Iuri Struta, tech capital markets reporter at S&P Global Market Intelligence

Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James

In this episode of The Pipeline podcast, Vinod Chandiramani, head of capital advisory at Solomon Partners, explains why middle-market M&A has remained sluggish, noting higher borrowing costs, margin pressure and valuation gaps between buyers and sellers. He discusses how hybrid capital and structured equity solutions can help companies, founders and sponsors complete transactions or recapitalize while preserving upside. Chandiramani also reflects on his career path, including his experience on the in-house deal team for Bear Stearns during its sale to JPMorgan and how a professor got him into the world of restructuring.

Credits:

• Host: Joe Mantone
• Guest: Vinod Chandiramani
• Published With Assistance From: Sophie Carr, Feranmi Adeoshun and Alison Perico

Jay Ritter has spent decades studying IPOs, and he has become a go-to source on the topic for policymakers and journalists alike. Ritter joined the Pipeline podcast to discuss his work as the director of the IPO Initiative at the University of Florida, the SEC's efforts to increase IPOs, and some challenges that companies like SpaceX and OpenAI will likely face if they execute their anticipated high-profile IPOs.

Kevin Desai, PwC's US and Mexico deals leader, joined The Pipeline podcast to discuss how recent market volatility is impacting M&A. The increase in uncertainty can give buyers and sellers pause as they face a more complicated financing picture and lower valuations. Desai said earnouts and stake sales are steps sellers can take to create some liquidity in the near term while putting themselves in a position to benefit from some upside down the road. For buyers, Desai said it can still make sense to pursue transactions that are truly transformational or help them deal with competitiveness in their market.

Chris Fenske, the head of capital markets research in S&P Global Market Intelligence's primary markets group, joined The Pipeline podcast to discuss his unique approach to studying the health of the IPO market. Rather than creating an index, Fenske creates a portfolio of companies, and this allows him to take a granular look at leaders and laggards. Fenske also spoke about what the recent market volatility means for the IPO outlook, why AI hyperscalers can hold off on going public and how his biochemistry degree helps him in the world of financial services. More S&P Global Market Intelligence Content:

• Fenske's research: 2025 US IPO Performance Starts with a Roar and Ends with a Whimper
• Webinar: M&A in Focus: Dealmakers' Discussion on the 2026 Outlook

Credits:

• Host: Joe Mantone
• Guest: Chris Fenske

On the latest episode of The Pipeline podcast, Mark Lehmann, vice chair of Citizens Financial Group Inc.'s commercial bank, said he expects to see a broader subset of companies pursue initial public offerings in 2026. Lehmann also talked about his company's equity‑research approach, which involves having analysts dive deep into a narrow portion of growth‑oriented sectors, and how his law degree helps him in the world of financial services.

More S&P Global Market Intelligence Content:

• Webinar: M&A in Focus: Dealmakers' Discussion on the 2026 Outlook
• Market Intelligence research: Big Picture 2026 M&A Outlook: Big deals drive resurgence
• Webinar: The State of the Middle Market

Credits:

• Host: Joe Mantone
• Guest: Mark Lehmann

Tariffs have created operating challenges that have slowed cross-border M&A, but deal activity is starting to increase, according to Paul Aversano, the practice leader for Alvarez & Marsal's global transaction advisory group. Aversano recently joined The Pipeline podcast to discuss cross-border M&A trends and noted that uncertainty is the biggest obstacle to the deals. He added that regulatory approval of the cross-border transactions has gotten more challenging in recent years, but deals are coming to market. Three areas that are helping produce the transactions are the Middle East, Japan and India.

More S&P Global Market Intelligence Content:

• Market Intelligence research: Big Picture 2026 M&A Outlook: Big deals drive resurgence
• Webinar: The State of the Middle Market
• Webinar: Dealmaking Amid High Volatility

Credits:

• Host: Joe Mantone
• Guest: Paul Aversano

The dealmaking downturn that started in 2022 has weighed on investment banking revenue, but the third quarter produced good results in the M&A advisory and capital markets underwriting businesses for the large US investment banks. RBC Capital Markets analyst Gerard Cassidy joined the Pipeline to discuss the results, the risks that could slow dealmaking and the importance of financial sponsors to the investment banks. Cassidy also touched on Wells Fargo's goal of becoming a top-five investment bank, and St. John's goal of returning to the Final Four of the men's college basketball NCAA tournament.

More S&P Global Market Intelligence Content:

• M&A in Focus Webinar: The State of the Middle Market
• Webinar: M&A in Focus: Dealmaking Amid High Volatility
• Market Intelligence news: Wells Fargo new hires advise on PNC Financial's FirstBank acquisition

Credits:

• Host: Joe Mantone
• Guest: Gerard Cassidy
• Published With Assistance From: Kyle Cangialosi and Patrick Moroney

In this episode of the Pipeline podcast, Eddie Best, a partner at Willkie Farr & Gallagher LLP and co-chair of the firm's capital markets practice, discusses how the regulatory-friendly business environment is helping to open the IPO window. Best also examines how reducing reporting requirements and tailoring SEC rules to the size of companies can alleviate regulatory burdens for publicly traded companies. He points out that lowering compliance costs could encourage more companies to consider going public. However, while easing regulations might benefit the IPO landscape, Best notes that this must be balanced against investor protection and the need for transparency.

More S&P Global Market Intelligence Content:

• Webinar: M&A in Focus: Dealmaking Amid High Volatility
• Oct. 9 M&A in Focus Webinar: The State of the Middle Market
• Market Intelligence news: Wells Fargo new hires advise on PNC Financial's FirstBank acquisition

Credits:

• Host: Joe Mantone
• Guest: Eddie Best
• Published With Assistance From: Sophie Carr, Patrick Moroney and Alison Perico