TMX Group, parent of the Toronto Stock Exchange, expects a major pickup in IPO activity heading into 2026, supported by a deep pipeline of companies preparing to tap capital markets.
Key Points
📈 Rockpoint Gas Storage’s C$704M IPO has renewed optimism for Canada’s listings market.
🇺🇸 U.S. IPOs have raised ~$30B in 2025, up 13% YoY, helping boost sentiment in Canada.
💬 TMX CEO John McKenzie: improving U.S. liquidity and pricing is creating similar conditions for Canadian markets.
TMX Growth Priorities
- Expanding AlphaX US, its off-exchange U.S. equities trading platform.
- Exploring a new fixed-income ATS (alternative trading system).
- Growing U.S. presence — more than 50% of TMX’s revenue now comes from outside Canada.
- Strengthening global reach after the $1B acquisition of VettaFi in 2023.
On Prediction Markets
While U.S. peers like ICE, CME, and CBOE are moving aggressively into regulated prediction markets, TMX is taking a cautious, demand-driven approach due to client risk considerations.