Geopolitics Unlikely to Put a Stop to IPOs, NYSE's Martin Says

The New York Stock Exchange (NYSE) has stated that geopolitical tensions are unlikely to halt initial public offerings (IPOs), according to NYSE Group President Lynn Martin. Martin made the comments during an interview at the Bloomberg Invest conference in New York. She emphasized that while geopolitical events continue to evolve, well-prepared companies can still access public markets according to Martin.

Martin highlighted that companies choosing to remain private longer had done so due to private-capital availability and regulatory scrutiny. However, she noted a potential shift in 2026, with an anticipated surge in IPOs, including anticipated major debuts such as Anthropic PBC and Elon Musk’s SpaceX according to Martin.

Market activity in early 2026 has seen a steady stream of IPOs, particularly in sectors like construction tech, space tech, and biotech. So far this year, 11 venture- or seed-backed U.S. companies have gone public, raising over $3 billion. However, SaaS companies, which traditionally were a reliable source of IPOs, have been notably absent.

What Drives the Resilience of the IPO Market?

According to Martin, companies that choose to go public now are often better prepared due to the longer time they have spent in the private market. This preparation, she said, includes navigating regulatory environments and building robust financial models. These factors contribute to a more resilient IPO market.

Market trends have also shifted in early 2026, with small-cap stocks outperforming large-cap counterparts. The Russell 2000 index gained over 8% in the first two weeks of January, compared to a 1.4% increase for the S&P 500. This shift reflects valuation disparities and a broader benefit from AI infrastructure investments.

How Are Geopolitical Tensions Affecting IPO Plans?

Geopolitical tensions, including those between the U.S. and Iran, have not halted IPO activity. While Martin acknowledged the importance of being mindful of geopolitical risks, she emphasized that companies with strong fundamentals can still proceed with public offerings. She noted that geopolitical risks are a consideration, but not a determinant, for companies planning to go public according to Martin.

The NYSE has also taken steps to modernize its platform by building a blockchain-based system for 24/7 trading of tokenized stocks and ETFs. This initiative aims to enhance market accessibility and efficiency, with plans to launch the platform as early as Q2 2026.

What Do Analysts Expect for the Rest of 2026?

Analysts are watching for signs of a significant IPO rebound in 2026. While the first couple of months have seen a steady stream of market entries, the absence of SaaS companies has been notable. This is partly due to concerns about AI-driven disruption in the sector, which has led to an extended selloff.

Despite the absence of SaaS companies, the NYSE and other market participants are optimistic about the rest of 2026. The expected IPOs from companies like SpaceX and Anthropic are seen as potential game-changers, with the potential to transform the technology and economic landscape.

The NYSE’s move toward tokenized equities represents a structural shift in market operations. By enabling 24/7 trading and near-instant settlement, the platform could attract new participants who value faster settlement and higher market flexibility.

Investors are advised to remain cautious as they navigate the evolving IPO landscape. While the market remains open for companies with strong fundamentals, the impact of geopolitical tensions and sector-specific challenges, particularly in SaaS, should not be underestimated.