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%.
Working with PIPE and RD Data
These market snapshots tell you what happened in the market. If you’re looking to understand the operational implications such as how to structure deals, benchmark terms, detect signals or integrate this data into your workflow, visit PIPEs and Registered Directs Data, Now Available in CMG DataLab™, which walks through real-world use cases across both buy-side and sell-side desks.
Contact [email protected] to request a demo.
This information provided is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. You should not act or refrain from acting on the basis of any of this information. Past performance is no guarantee of future results. CMG shall have no liability whatsoever for your use of this information.
