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Road to Next
Mega-exits redraw the liquidity map
In the Q3 edition of the Road to Next series—a quarterly report exploring emerging investment trends in the private financial markets—we examine a market shift toward scale, as a historic wave of mega-initial public offerings (IPOs) focuses capital and attention on fewer, larger deals.
What to know now
Megadeals power the IPO rebound
Ten high-scale IPOs generated $1.74T, driving this year’s historic exit-value surge.
Valuation confidence is returning
Eighty-four percent of expansion-stage IPO graduates traded above their last private mark in H1 2026, reflecting investor focus on strong fundamentals and durable growth.
Middle-market recovery continues
Eighty-eight middle-market exits closed in H1 2026, putting the segment on pace to narrowly exceed its 2025 total.
Key sectors lead the exit-value surge
AI exit value reached $312.8B in H1 2026, more than quadrupling full-year 2025’s $74.7B.
Opens in new window
“The market’s AI infrastructure focus aligns with what we see in our portfolio. Those companies often accelerate IPOs ahead of fundamentals as investors accept risk in high-growth spaces.”
Justin Yahr, Audit & Assurance Partner and National Emerging Growth Company Leader, Deloitte & Touche LLP
Q3 2026: Map the market shifts driving record exits
Look beyond the headlines and understand how exits are performing, where capital is focusing, and which hubs are leading the charge.
A $2.26 trillion expansion-stage exit rise by the numbers
Dive into the latest Road to Next report to unpack the metrics driving this year’s surge in expansion-stage liquidity.
Justin Yahr
