Goldman Says U.S. IPO Rebound Is Strong, But Not Dot-Com-Level Euphoria

The U.S. IPO market is back in motion, but Goldman Sachs says the revival has not yet reached the speculative intensity of earlier market bubbles. According to the bank, roughly 50 companies have gone public in the U.S. so far in 2026, about double the same period last year, while issuance by deal value has reached about $120 billion by midyear, matching the full-year record set in 2021.

The distinction matters because IPO activity is often read as a signal of risk appetite across public markets. A healthier listing window can help companies raise capital and give investors more access to growth-stage businesses, but Goldman’s view suggests the current rebound is better understood as a recovery than a repeat of dot-com-style exuberance.

Ben Snider, Goldman Sachs’ chief U.S. equity strategist, described part of the rebound as a normal recovery on the bank’s Exchanges podcast. He also pointed to larger companies coming to market and strong demand for capital tied to artificial intelligence development.

There are still signs that investors are paying up for growth. Goldman noted elevated equity valuations, strong confidence and AI’s dominance as a market theme, all of which echo earlier periods of technology-driven optimism. But Snider said the number of IPOs remains the key check against calling the market euphoric.

The U.S. has averaged roughly 100 IPOs a year over the past 25 years, close to the current pace, according to the report. That is far below more than 250 IPOs in 2021 and nearly 400 during the height of the dot-com boom in 1999.

The backdrop is less supportive for crypto listings. CoinDesk reported that Payward, Ledger and Grayscale have paused IPO plans this year, while Kraken parent Payward, Consensys, Ledger and Grayscale have delayed or paused plans as volatile crypto markets, weaker trading volumes and subdued post-listing performance cooled demand for new crypto offerings.