IPO Edge hosted a fireside chat at Nasdaq MarketSite on Oct. 5 with Samuel Kerr, Head of Global Equity Capital Markets and Head of Mergermarket EMEA at ION. The in-person interview was joined by Editor-in-Chief John Jannarone and they discussed:
- Global equity capital markets issuance has surpassed $1 trillion through the first nine months of 2026, putting the year on pace to rival the record 2021 period.
- AI infrastructure is the dominant force behind the market. He mentioned mega-deals involving companies such as Alphabet and SpaceX are driving the numbers, with technology heavily concentrated at the top.
- Alphabet’s return to the equity market reflects the scale of the AI investment cycle. Mr. Kerr pointed to Alphabet raising dilutive equity after roughly two decades of returning capital to shareholders, as companies invest heavily in computing capacity and AI infrastructure.
- The U.S. IPO market is beginning to slow as borrowing costs rise, while AI companies face additional liability concerns. He explained that higher sovereign-debt yields are increasing companies’ weighted average cost of capital and contributing to IPO postponements. He also highlights emerging liability risks from AI models and suggests that slower AI spending could ultimately help hyperscalers improve profitability while reducing some risks.
About Samuel Kerr
Head of Global Equity Capital Markets and Head of Mergermarket EMEA at ION
Since 2017, he has established himself as a leading voice on global equity capital markets, IPOs, and market trends.
A sought-after commentator, he regularly appears on CNBC and other international broadcast outlets and isfrequently quoted by leading media including Reuters, The New York Times, Barron’s, and the Associated Press.
Samuel’s insights on IPOs, equity issuance, and capital markets trends make him a trusted source for investors,bankers, issuers, and financial markets professionals.
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About ION Analytics
Delivering trusted intelligence, data, and predictive insights to banks, investors, advisors, and corporates worldwide
Through leading brands including Mergermarket, Dealogic, and Debtwire, ION Analytics helps clients identify opportunities, manage risk, and make better-informed decisions across M&A, capital markets, leveraged finance, and private capital markets.
For more information, visit ION Analytics.
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