Wilson Sonsini is pleased to present the 2026 Mid-Year Technology and Life Sciences PIPE and RDO Report, analyzing 103 private investments in public equity (PIPEs) and registered direct offerings (RDOs) by U.S.-based technology and life sciences companies between January 1 and June 30, 2026.

Notable trends include:

• Rebound in Life Sciences Transactions: Seventy-two transactions raised $4.5 billion in the first half of 2026, marking a 75.6% jump in deal count and more than doubling proceeds compared to the prior year.
• Transformative Deals Commanded Premium Pricing: Twelve life sciences transactions tied to strategic collaborations, mergers, in-licensing, or divestitures tended to have more favorable terms than the broader market. For example, nine such transactions were priced at an average 12.3% premium, versus a 1.2% average discount for the rest of the life sciences market.
• Large Transactions to Support AI Investment: The top seven technology transactions raised roughly $11.6 billion combined, 87.6% of total technology proceeds, with six tied to AI services or infrastructure buildout.
• Proposed Regulatory Changes May Increase Access to Capital: In May 2026, the U.S. Securities and Exchange Commission proposed a substantial revision to the public offering framework aimed at facilitating capital formation. The proposal could expand access to Form S-3 by removing limitations for smaller-market-cap issuers, making the form available immediately after going public, and revising “timely filing” requirements. If adopted, the revisions would expand Form S-3 access, reduce execution friction, and extend capital markets flexibility to a broader range of reporting companies.

The report excludes data related to PIPEs by special purpose acquisition companies (SPACs) and equity lines of credit.

Click here to read the report.