The U.S. IPO market will set a new record by the end of this week, and the biggest AI IPOs remain in the offing.

Why it matters: We've just crossed into the second half of the year.

Context: U.S. IPO proceeds for 2026 sit at $141.2 billion following SK Hynix's $26.5 billion listing last week, according to data from Renaissance Capital. That's just a stone's throw from 2021's record $142.4 billion mark.

What's next: Brookfield-backed data center operator Csquare expects to raise up to $1.35 billion in its IPO July 15, per Renaissance, which would put this year over the top.

• Standard Nuclear is also expected to price that day, raising up to $384.3 million.

What they're saying: The string of recent mega IPOs, from SpaceX to SK Hynix, have been "as much of a green light as you could possibly get," says Latham & Watkins partner Stelios Saffos.

• Investors notably bought into these names knowing listings like Anthropic and OpenAI are also likely to come.
• AI has dominated the headlines, but non-tech names are jumping in too. Blackstone-backed Jersey Mike's filed its paperwork earlier this month, and Men's Warehouse operator Tailored Brands, backed by Silver Point, filed on Friday.

What we're watching: AI investing has become highly interconnected. It's helped reopen this IPO market, but any signs of it faltering could also help close it.

Between the lines: This extreme boom is currently a U.S.-centric phenomenon. Globally, IPOs have raised $201 billion in 2026 — putting it a far cry from the $394 billion figure from all of 2021, and slightly behind 2020's $225 billion, per Renaissance.

The bottom line: There's no summer break coming for the dealmakers.

German defense company Helsing raised $1.8 billion in Series E funding that values the drone maker at $18 billion.

Why it's the BFD: The most valuable mainland Europe startup is now a defense player.

• If you include the U.K., Helsing only trails $75 billion banking fintech Revolut.

Follow the money: Investors including Dragoneer Investment Group, Lightspeed Venture Partners, Disruptive, Iconiq, Growth Equity at Goldman Sachs Alternatives, JPMorgan Chase, Canada Pension Plan Investment Board, General Catalyst, Plural, and Stepstone.

Driving the news: Europe has rapidly amped up its defense spending amid the Russia-Ukraine War, and increasingly strained ties with the U.S.

• Drones in particular have become the defining instrument of modern warfare.

The bottom line: Amid calls for greater tech sovereignty in Europe, the defense tech industry is now running hotter than the AI foundational model scene on the continent.

• Gauntlet Networks, a NYC-based DeFi-risk management and crypto vault company, raised $125m in Series C funding led by SBI Holdings USA. axios.link/4bCUwFY

• Digantara Industries, a Bengaluru, India-based space surveillance company, raised $50m from 360 ONE Asset, SBI Investments Co Japan, Ronnie Screwvala, Peak XV Partners and Kalaari Capital. axios.link/4wuWsbE

• Moneybox, a U.K.-based wealthtech, is being valued at $1.1b in a secondary sale that will raise £45m for employees. axios.link/4w2z59J

• Gradium, a Paris-based voice AI company, added $30m to its seed. Nvidia was among the investors. axios.link/3SUZ7gm

• Reformed, a London-based maker of wellness beverages, raised $22m in Series A funding. Iris Ventures led. axios.link/4ykxtJT

• Augmodo, a Seattle-based AI camera company for retail stocking, raised $21m. TQ Ventures led, valuing it at $350m. axios.link/4wFqmKy

• Ravee Optics, a Dayton, Ohio-based ultra compact laser maker for moving data across satellite networks, raised $6m led by BIG Capital. JobsOhio Ventures and CincyTech joined. axios.link/4f54Wz5

• Piq Energy, an SF-based agentic grid planning platform, raised $5M in seed funding. Active Impact Investments led, joined by Cisco Foundation, Mobilize AI x Energy Ventures, New Climate Ventures, Ascent Energy Ventures, Umami Capital, CLAI Ventures and 9Zero. axios.link/3R6kScA

• Finto, a Munich, Germany-based developer of AI accounting agents, raised $3.4m in seed funding. Y Combinator, Gradient, and Lightspeed Venture Partners. axios.link/3R3I37n

• Arthur J. Gallagher & Co.'s Risk Placement Services acquired Med James, a Overland Park, Kan.-based wholesale insurance broker. axios.link/4vYpSPK

• BC Partners and CVC are among the investors weighing a bid for Segafredo Zanetti, an Italian coffee producer backed by QuattroR. axios.link/4gvN5nq

• Bluefront Equity acquired a 55% majority stake in Meox AS, a Norway-based cleaning robotics solution for the aquaculture industry. axios.link/44TSVb5

🚑 Bond Vet, backed by Talisman Capital Partners and Warburg Pincus, completed its merger with Small Door Veterinary, a vet services company backed by Valspring Capital, Primary Venture Partners, and Lerer Hippeau. axios.link/44Vruh1

• Bridgepoint agreed to invest in UMag, a Danish subsurface detection company. axios.link/4bq41bx

• H.I.G. Capital took a majority stake in Outward Hound, Centennial, Colo.-based maker of treats and toys for cats and dogs. axios.link/4faeNnk

• I Squared Capital will invest up to $2b into the Saudi Arabian sovereign wealth fund's ​real estate and infrastructure assets in the ‌country. axios.link/4hfvZKG

🌍 Morgan Stanley Infrastructure Partners agreed to buy a majority stake in Nicollin Environnement, a French environmental platform focused on waste collection and sorting. axios.link/4pjAgPA

• Palm Beach Capital invested in Nelson Worldwide, a Minneapolis-based design and architecture firm. axios.link/4aLpN9x

• Peak Business Valuation, part of Unity Partners-backed Amplēo, acquired Nationwide Valuations, an SBA-compliant business valuations and certified machinery and equipment appraisals company. axios.link/4aIjhAj

• Talon Precision, backed by Strand Equity and Telos North, acquired B&A Company, a Milford, Conn.‑based precision machining firm. axios.link/3RtYjyA

🚑 Warburg Pincus is near a deal to buy Pantherx Rare, a specialty-pharmacy company backed by General Atlantic, for over $7b. axios.link/4w09RsB

⚡Holtec Nuclear, a New Jersey-based nuclear company, filed for an IPO. It posted $386.6m in net income and $576.6m in revenue in 2025. It plans to list on the Nasdaq at "HNUC." axios.link/3SVeq8R

• NourNet, a Saudi-based IT firm, is working with Goldman Sachs and HSBC on a potential bid. axios.link/4yfhZqw

• Shein, the Chinese fast-fashion brand, is eyeing an IPO in Hong Kong to raise $3b as soon as August, per Bloomberg. axios.link/4wFr0rp

• Tailored Brands, the Houston-based retailer behind Men's Warehouse, filed for an IPO. It posted sales of $2.5b in 2025 and net income of $217.2m. Silver Point Capital and Arbour Lane Capital Management back the firm. axios.link/4h7lNE3

• Enerpac Tool Group (NYSE: EPAC) agreed to acquire Specialized Fabrication Equipment Group from SFEG Holdings, a portfolio company of Gladstone Investment Corporation, in $472m deal. axios.link/4bE42Zt

• Elliott Management has built a stake in CCC Intelligent Solutions, a software firm. axios.link/4peNhK0

🚑 IKS Health (NYSE: IKS) completed its $557m acquisition of TruBridge (NAS: TBRG), a Mobile, Ala.-based maker of EHR and revenue-cycle tools for hospitals. axios.link/44jsuvl

• MGM Resorts (NYSE: MGM) is negotiating a potential deal after People (Nasdaq:PPLI) after Barry Diller offered to buy the former. axios.link/4peKUH6

• Nippon Paint (T:4612) has offered to acquire AzkoNobel (AS:AKZO), a Dutch paint company, for €7.5b ($8.6b). Nippon Paint previously withdrew a €12.5b joint bid with Sherwin-Williams. axios.link/4pdHJzm

• The Oregon attorney general's office has withdrawn a court motion to delay Paramount's proposed acquisition of Warner Bros. axios.link/4feIpzW

• Steel Partners Holdings offered to acquire InMode (Nasdaq: IMND), an Israel-based medical and plastic surgery device company, for $16.75 per share, valuing it around $962m. axios.link/4ftUNgL

• Vinod Khosla and family led a group that's agreed to acquire Super Bowl champion Seattle Seahawks from the estate of Microsoft co-founder Paul Allen for a reported $9.6b. axios.link/4pn4KAe

• Acurio Ventures closed its Acurio Secondaries I FCR at €115m. axios.link/4w044mz

• Andera Partners closed its fourth Andera Expansion fund at €430m. axios.link/4f8jZIe

• Citation Capital, a Dallas-based private equity firm raised $1.2b for its debut fund. citation.capital

• Decimal Capital, the venture fund launched by Ashton Kutcher and Morgan Beller, is seeking $500m. axios.link/3R0vc5T

• Lightspring Capital Partners closed its second fund with $218.1m. axios.link/4piKFef

• Latham & Watkins added Byron Rooney and Dan Gibbons from Davis Polk & Wardwell. Rooney will join as global vice chair of the firm's capital markets practice. axios.link/4phd6ZX