JP Morgan: AI Equity Issuances to Hit $1.2 Trillion

JP Morgan estimates net equity issuances climbing to ~$200 billion in 2026 before a +500% YoY jump to ~$1.2 trillion in 2027, marking the largest two-year issuance wave since the late 1990s and reversing two decades of ~$12 trillion in net buybacks. The surge stems from SpaceX’s record $85.7 billion IPO alongside planned mega offerings from OpenAI and Anthropic, while Alphabet, Meta and Oracle prepare secondary raises to fund AI infrastructure. This shift expands available share supply after years of contraction and highlights the capital intensity of the AI industry impact on public markets.