Goldman Sachs: Strong Rebound in US IPO Market in 2026, But Far From Bubble
Goldman Sachs pointed out that the US IPO market will experience its strongest rebound in recent years in 2026, with about 50 companies going public this year, doubling the number from last year, and the amount reaching approximately $120 billion, matching the total record for 2021.
Ben Snider, Chief US Equity Strategist at Goldman Sachs, stated that this is mainly a normal recovery driven by large companies going public and AI financing demand; despite high valuations and the focus on AI themes, the number of IPOs is close to the average of 100 per year over the past 25 years, far below the over 250 in 2021 and nearly 400 in 1999, indicating no exuberant sentiment.
In terms of market mechanisms, IPO companies and institutional investors are the main beneficiaries, with event-driven funds flowing into newly listed companies, benefiting AI-related IPO projects, while concerns about overheating are under pressure.
Source: Public Information
ABAB AI Insight
Goldman Sachs has been continuously tracking the IPO market, and this analysis continues its framework of distinguishing between cyclical recovery and bubbles, reflecting the strategists' judgment on speculative sentiment compared to the peak in 2021.
In terms of capital pathways, large companies and AI financing are driving the expansion of issuance scale, with strategic motives to seize the window period, shifting resources from private equity to public markets.
Similar historical IPO cycle cases indicate that the US is currently in a post-low rebound phase, and the number not reaching peak levels shows a rational recovery.
Essentially, this reflects capital concentration; the IPO rebound reflects the financing needs of AI and large companies, with mechanisms indicating a normal recovery rather than frenzy leading to efficient capital allocation, with pricing power concentrating on high-quality issuers, driving the restructuring of the US stock market's industrial chain towards AI-driven listings.
ABAB News · Cognitive Law
IPO Heat = Number of Issues × Transaction Amount × Speculative Sentiment
Normal recovery sells fundamentals, bubbles sell frenzy; whoever controls the quantity avoids historical collapses.
The higher the amount, the more critical the number; the counterintuitive aspect is that a strong rebound does not show bubble exuberance.