Indonesia Absent, Here are the 10 Largest Global IPOs of 2026: Defence Giants Lead the Way
Jakarta, CNBC Indonesia - Initial Public Offering (IPO) activity in global capital markets has begun to show movement in the first two months of 2026. Although mega-IPOs with valuations above US$50 billion have not yet materialised, several companies from various strategic sectors have successfully listed on major global exchanges. The surge in IPOs abroad contrasts sharply with Indonesia, where no companies have listed on the exchange as of February 2026. The defence, artificial intelligence, energy infrastructure, and financial technology sectors are the main contributors to the list of IPOs with the largest market capitalisation.
Here is a list of the 10 companies with the largest market capitalisation at the time of their IPOs globally from January to the fourth week of February 2026 (in US$):
Dominance of Strategic Sectors: Defence and Artificial Intelligence
Based on the compiled data, the Euronext Amsterdam exchange recorded the largest IPO in early 2026 through Czechoslovak Group (CSG) with a market capitalisation of US$29.2 billion, or approximately IDR 489.25 trillion (US$1 = IDR 16,755). This phenomenon confirms the defence sector as one of the main drivers of liquidity in global capital markets in the first quarter of 2026.
In Asia, the Hong Kong (HKEX) exchange has shown significant bargaining power in the future technology sector, particularly artificial intelligence (AI). The presence of MiniMax and Zhipu AI with a combined valuation exceeding US$20 billion reflects investor optimism regarding the fundamentals and growth prospects of the technology ecosystem in the region.
Global Diversification and the Rise of US Exchanges
The US exchanges, represented by the NYSE and NASDAQ, remain the primary destination for cross-sectoral corporations. The majority of the entities in the top ten list chose to list on the US exchanges, covering a wide spectrum of industries from energy infrastructure and heavy equipment leasing to financial technology and digital asset infrastructure. The presence of entities such as BitGo, York Space Systems, and PicPay in this elite group indicates a diversification of sectors, covering industries from aerospace to digital banking.
Overall, the IPO trend in the early part of 2026 provides a positive indication of the recovery of confidence in global capital markets, especially in the category of large-cap issuers.
Disclaimer: This article is a journalistic product in the form of an analysis by CNBC Indonesia Research. This analysis is not intended to encourage readers to buy, hold, or sell related investment products or sectors. The decision is entirely up to the reader, so we are not responsible for any losses or profits arising from that decision.
CNBC INDONESIA RESEARCH