Largest offerings of the year from 424B4 prospectuses
Rank every 2026 offering priced with a 424B4 final prospectus by gross proceeds, using the terms SecFeed reads from the cover page.
A 424B4 is the final prospectus filed after an offering prices. It covers IPOs and also some follow-on and secondary offerings, so a ranking of 424B4s is a ranking of priced deals, not of IPOs only. /v1/ipo returns each 424B4 with terms read from its cover page: shares offered, price, ticker, exchange, proceeds before expenses and underwriters.
This tutorial pulls every 424B4 filed in 2026, keeps the rows whose cover page parsed cleanly, and lists the twenty largest deals by gross proceeds.
The code
import os
import statistics
import requests
BASE = "https://secfeedapi.com"
HEADERS = {"Authorization": f"Bearer {os.environ['SECFEED_KEY']}"}
# 1. every 424B4 final prospectus filed this year, with terms read from the cover page
filings, start = [], 0
while True:
r = requests.get(f"{BASE}/v1/ipo", headers=HEADERS, timeout=300, params={
"formType": "424B4", "startDate": "2026-01-01", "endDate": "2026-10-12", "size": 25, "from": start})
r.raise_for_status()
page = r.json()["filings"]
if not page:
break
filings += page
start += 25
print(len(filings), "424B4 prospectuses filed 2026-01-01 to 2026-10-12")
# 2. keep one row per deal, and only rows whose cover page parsed cleanly
deals, seen = [], set()
for f in filings:
t = f.get("terms") or {}
shares, price, net = t.get("sharesOffered"), t.get("pricePerShare"), t.get("proceedsBeforeExpenses")
key = (f["cik"], shares, price)
if key in seen or not shares or not price or price < 1:
continue
seen.add(key)
gross = shares * price
if net and not 0.85 <= net / gross <= 1.01: # proceeds before expenses = gross minus the underwriting discount
continue
deals.append({**f, "ticker": t.get("ticker") or "", "shares": shares, "price": price, "gross": gross})
print(len(deals), "deals with consistent shares, price and proceeds")
sizes = [d["gross"] for d in deals]
print(f"total ${sum(sizes) / 1e9:,.1f}B, median ${statistics.median(sizes) / 1e6:,.1f}M, "
f"{sum(s >= 1e8 for s in sizes)} deals of $100M or more")
# 3. the twenty largest by gross proceeds
print(f"\n{'Filed':11}{'Ticker':7}{'Issuer':36}{'Shares':>14}{'Price':>9}{'Gross':>12}")
for d in sorted(deals, key=lambda d: -d["gross"])[:20]:
print(f"{d['filedAt']:11}{d['ticker']:7}{d['companyName'][:34]:36}{d['shares']:>14,.0f}{d['price']:>9,.2f}{d['gross'] / 1e6:>11,.0f}M")Two things in the cleanup step matter:
- Deduplication. One prospectus can be indexed under several filers, and a few issuers file the same final prospectus twice. A deal is keyed on issuer CIK, shares and price.
- A consistency check. Cover pages are free text. A row is kept only when shares and price are present, the price is at least $1 (a $0.01 value is a par value, not an offering price), and the stated proceeds before expenses are 85% to 101% of shares times price. Proceeds before expenses are gross proceeds minus the underwriting discount, so anything outside that band means one of the numbers was misread.
Output
Run on 2026-10-13. Each page of 25 reads the cover pages of 25 documents, so the full year takes about two and a half minutes.
441 424B4 prospectuses filed 2026-01-01 to 2026-10-12
237 deals with consistent shares, price and proceeds
total $164.3B, median $63.3M, 107 deals of $100M or more
Filed Ticker Issuer Shares Price Gross
2026-06-12 SPCX SPACE EXPLORATION TECHNOLOGIES COR 555,555,555 135.00 75,000M
2026-07-10 SKHY SK hynix Inc. 177,900,000 149.00 26,507M
2026-05-14 Cerebras Systems Inc. 30,000,000 185.00 5,550M
2026-06-02 CEG Constellation Energy Corp 11,000,000 281.00 3,091M
2026-03-06 MDLN Medline Inc. 75,000,000 41.00 3,075M
2026-02-02 BRAI Braiin Ltd 68,696,076 40.68 2,795M
2026-05-26 MDLN Medline Inc. 72,554,594 37.00 2,685M
2026-04-17 MAIR Madison Air Solutions Corp 82,692,308 27.00 2,233M
2026-05-15 BXDC Blackstone Digital Infrastructure 87,500,000 20.00 1,750M
2026-07-01 BSP Bending Spoons S.p.A. 57,971,015 29.00 1,681M
2026-06-05 QNT Quantinuum Inc. 28,000,000 60.00 1,680M
2026-07-02 FPS Forgent Power Solutions, Inc. 29,094,075 49.00 1,426M
2026-06-01 FPS Forgent Power Solutions, Inc. 28,542,420 47.00 1,341M
2026-06-23 AIAI AIAI Holdings Corp 70,313,990 18.21 1,280M
2026-04-16 ARXS Arxis, Inc. 40,500,000 28.00 1,134M
2026-07-16 CSQR Csquare, Inc. 50,000,000 21.00 1,050M
2026-04-27 XE X-Energy, Inc. 44,254,659 23.00 1,018M
2026-06-26 DPC DPC Holdings Ltd 27,858,585 33.00 919M
2026-03-23 JAN Janus Living, Inc. 42,000,000 20.00 840M
2026-01-26 EQPT EquipmentShare.com Inc 30,500,000 24.50 747MReading the result
- 441 filings became 237 usable deals. The rest are duplicates or cover pages where the price, shares or proceeds could not be read with confidence. If you need every deal, open the
documentURL in the terms for the rows that were dropped. - The list mixes IPOs and follow-ons. Medline appears twice: its IPO in March and a second offering in May. Forgent Power Solutions also appears twice. To keep IPOs only, drop any issuer that already has an earlier 424B4 or an existing ticker before the filing date (check with
/v1/filings?query=cik:<cik> AND formType:"10-K"). - Gross proceeds are shares times price for the base deal. Overallotment options exercised later are not included.
Variations
- One quarter only: set
startDateandendDateto the quarter. - By exchange: group on
terms["exchange"]to compare Nasdaq and NYSE listings. - Registration pipeline: the same endpoint with
formType=S-1orF-1lists deals that have filed but not priced.
Next steps
- IPO API for parameters and the full terms schema
- Most active underwriters on the same prospectuses
- Form 424B4 dataset and Form S-1 dataset
- API reference