SpaceX · Federal Reserve (FED) · Goldman Sachs · Fortune Technology
Who needs rate cuts
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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.
Key facts
- 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 $44 billion
- In fact, after SpaceX sold $85.7 billion in stock from its IPO this month, it’s reportedly preparing to issue $20 billion in bonds
- Meanwhile, corporate bond issuance in the year through May totaled $1.23 trillion, up 21% from a year ago as hyperscalers take on debt to fuel massive AI spending, according to the Securities
- Convertible debt is also popular, and issuance from U.S.-listed firms in the year to date is up 43% from the same period in 2025 to $54 billion
Summary
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 $44 billion. In addition to IPOs, companies are using secondary stock offerings to build up their war chests. Meanwhile, corporate bond issuance in the year through May totaled $1.23 trillion, up 21% from a year ago as hyperscalers take on debt to fuel massive AI spending, according to the Securities Industry and Financial Markets Association. More debt is on the way.