US IPO access is now available via Alpaca’s Broker API, enabling current and prospective partners to provide new investment opportunities to their end users. Already supporting the trading of newly IPO’d US stocks, this launch adds to our existing suite of Broker API capabilities. This launch comes at a pivotal point, with some of the largest private companies, including SpaceX, OpenAI, and Anthropic, expected to file for public IPOs this year.1,2,3
Expanding Access to US IPOs: What Brokers Should Know
Historically, global retail investors have had limited access to US IPOs, with underwriters primarily targeting institutional clients or high-net-worth clients.4 However, the global IPO market is currently witnessing a period of increased activity, creating demand from traders and potential opportunities for brokers.
According to a report from EY, the 1,331 global IPOs in 2025 raised a cumulative value of $177B USD, marking an increase of 44% from 2024 and signaling a resurgence of investor confidence.5 The US IPO market has been a key driver for this recovery.
In 2025, 216 companies went public in the US, a nearly 23% increase from 2024, and generated $47.4B USD in proceeds, a 44% increase from 2024.6 Of those 216 IPOs, 11 raised more than $1B USD and over 70 raised more than $100M USD, with AI, crypto, and digital assets, and aerospace and defense being the most popular sectors.6
Our launch of US IPO access is designed to enable Alpaca’s global partners the opportunity to meet the growing IPO market while reducing traditional barriers for retail investors, enabling their users to access new issuance products that were previously difficult to secure.
Potential Benefits of Integrating US IPO Access
The recent increase in US IPO activity highlights the potential benefits for brokers and financial institutions of providing early access to their users.
Competitive Differentiation
By opening access to US IPOs for retail investors, Alpaca helps partners stand out from competitors with a modernized offering, enabling retail investors to potentially capitalize on market opportunities.
Increased User Base
US IPO events can be major market catalysts that drive wider retail interest and account growth for early adopters.
Greater Order Flow
By offering a new type of US security, you are providing potential opportunities for increased revenue-generating trading volume. The momentum of a primary issuance may lead to increased engagement and long-term activity within a user's portfolio.
How US IPO Access Works with Alpaca
The US IPO experience was designed to integrate seamlessly with existing equity workflows, providing a standardized experience for both our partners and the end user:
- Allocation: Partners receive pricing and final allocation and can allocate the shares accordingly.
- Discovery: Alpaca receives upcoming IPO deals and provides comprehensive information to partners, including company name, ticker, prospectus, price range, and anticipated date. This allows partners to provide the necessary information to their users.
- Order Placement: The end users place dollar-based conditional buy orders leading up to the event.
- Order Window: Customers maintain the flexibility to modify or cancel orders until the day before the IPO date, after which orders become firm and binding.
- Delivery: Shares are then transferred to Alpaca via DTCC and then journaled directly to end-customer accounts.
- Trading: By market open on IPO day, shares appear in customer accounts.
Additionally, backend implementation was engineered to remove convoluted processes with free, streamlined integration for new and existing partners and no additional fees allowing you to go to market faster without managing complex, manual workflows:
- Unified API Experience: Order placement and management are performed through the existing Broker API’s order endpoint, offering the same ease and flow as a regular equity trade.
- Streamlined Integration: Alpaca’s IPO endpoints are simple to use and provide all of the required regulatory information about each offering, with additional details for end users
- Real Time Updates: Alpaca offers real-time updates about each offering through Server-Sent Events (SSEs), making sure partners have access to all of the latest information about the upcoming IPOs.
For more information on our US IPO Access offering, please read our FAQs and Broker API Docs.
What’s Next
The launch of US IPO access is a critical step in our product roadmap. As the IPO market regains momentum and many enterprises are expected to IPO this year, we continue to provide the necessary infrastructure for our partners to scale and remain competitive.
"As US IPO volumes return to levels not seen in years, global investors are signaling a clear shift in appetite. But they aren't just looking for another entry point into the S&P 500 or a broad-market ETF. They are demanding a seat at the table for the market’s primary formation,” said Hitoshi Harada, Co-Founder, CPO, and CTO of Alpaca. “By expanding our access to US IPOs, we are meeting the needs of the modern international investor who views the US as an ecosystem to be entered at its earliest public inception."
Get Started
Interested in learning more about US IPO access at Alpaca? For prospective partners, please contact Alpaca’s Sales team at [email protected] or complete the form below.
For existing partners, please contact your Customer Success Manager (CSM) or email the Success team at [email protected].
Contact Alpaca
About Alpaca
Alpaca is a US-headquartered, self-clearing broker-dealer and a global leader in brokerage infrastructure APIs providing access to stocks, ETFs, options, fixed income, and crypto. Alpaca delivers embeddable finance solutions for tokenization, fully paid securities lending, high-yield cash, 24/5 trading, Shariah-compliant investing and more. Today, Alpaca powers over 10 million brokerage accounts across hundreds of fintechs and institutions in 40+ countries with over $320M in funding.
References
- SpaceX Has Filed Confidentially for IPO Ahead of AI Rivals, Bloomberg, April 1, 2026
- OpenAI lands record $122 billion raise ahead of expected blockbuster IPO. $852bn valuation, TradingView, March 31, 2026
- Anthropic's IPO: What You Need To Know (Private:ANTHRO), Seeking Alpha, April 1, 2026
- Initial Public Offerings, Why Individuals Have Difficulty Getting Shares, U.S. Securities and Exchange Commission, investor.gov, accessed March 18, 2026
- EY Global IPO Trends Q1 2026, EY, April 8, 2026
- US IPO market trends, EY, January 28, 2026
Investments in initial public offerings (“IPOs”) involve significant risks and are not suitable for all investors. IPO securities have no prior public trading history, and the offering price may not reflect the market price following the offering. The market price of IPO securities may be volatile, and investors may lose part or all of their investment.
Information regarding an IPO issuer may be limited, and the issuer may have a limited operating history or may not be profitable. There can be no assurance that an active or liquid trading market will develop.
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