U.S. IPO Fundraising Reaches Record $225 Billion in First Half of 2026

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According to Goldman Sachs, U.S. initial public offerings (IPOs) raised a record $225 billion in the first half of 2026, sparking debate over whether the market is showing early signs of excess. Owen Lamont, a senior portfolio manager at Acadian Asset Management, warned that the IPO surge meets one of four key bubble indicators—active equity issuance—which historically tends to precede extended bull markets in technology cycles. However, he noted that IPO first-day gains remain modest, suggesting speculation has not yet reached extreme levels. Other market observers, including Goldman's Ben Snider and University of Florida's Jay Ritter, pointed out the U.S. stock market's $75 trillion total value can absorb the new supply, and that recent IPO companies show stronger profitability than in previous waves.
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