Crystal Ball: How IPOs and dealmaking will shake out in 2026

2025 saw some big names, like Circle, go public to rousing success. On the M&A side, blockbuster deals like Google’s $32 billion Wiz acquisition made headlines. 

But the hoped-for rising tide of exits did not come to lift all boats. Some IPOs, like Navan, met with more muted reception. And overall IPO activity, while up from recent lows, remains below historical levels.

As 2026 gets underway, the fundamental circumstances that influence private market exits are largely the same...