Goldman Sachs: U.S. IPO Fundraising Forecast to Hit Record $225B in 2026, But Bubble Signals Remain Absent

According to Goldman Sachs, U.S. IPO fundraising is projected to reach $225 billion for 2026, a record high, but the bulk of this comes from a limited number of mega-deals rather than a broad wave of public listings. So far this year, only 53 to 60 IPOs have been completed, significantly below the 25-year median of roughly 100 deals annually and far short of 250+ in 2021 or nearly 400 during the 1999 dot-com bubble.

Goldman Sachs Chief U.S. Equity Strategist Ben Snider noted that traditional bubble indicators remain absent: current IPO valuations (EV-to-sales median of 5x) are well below the 1999 peak of 9x and 2021's 7x; 43% of 2025-listed companies turned profitable in their first quarter post-listing, versus 28% in 1999; and first-day gains remain moderate, with limited extreme surges. However, Goldman warns the real test will come in 2027, when lockup periods expire on 2026's large IPOs, potentially flooding the market with new supply.