Market Overview
- In the US in 2026 YTD, $68.0B has been raised across 781 PIPE deals and $5.8B has been raised across 201 registered direct deals.
- 2021 was the largest year on record for PIPEs in the US, with $126.5B raised across 1,262 deals.
- 2025 was the largest year on record for registered directs in the US, with $14.4B raised across 417 deals.
- Healthcare and Technology are the most prevalent sectors for PIPEs and registered directs in the US, making up 37% of the total capital raised since 2016.
- Warrants are more common on smaller PIPE raises in the US, with 34.6% of PIPEs raising under $50M including warrants at an average warrant coverage ratio of 44.6%.
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