Goldman Sachs: IPO Market Recovery Is Cyclical Repair, AI Financing Drives Growth but Far from Frenzy Stage

Odaily Planet Daily News Goldman Sachs stated that while the U.S. IPO market has significantly recovered in 2026, the current enthusiasm remains notably lower than the speculative frenzy during the internet bubble period. Data shows that as of 2026, about 50 companies in the U.S. have completed IPOs, double the number from the same period last year; the total financing amount has reached approximately $120 billion, nearing the full-year record level of 2021.

Goldman Sachs Chief U.S. Equity Strategist Ben Snider pointed out that this IPO recovery is more of a "normal cyclical rebound," driven by factors including a wave of large companies going public and rising capital expenditure needs related to artificial intelligence. However, he emphasized that compared to the 2000 internet bubble and the 2021 market frenzy, the current market still lacks extreme speculative issuance volume. Over the past 25 years, the average annual number of U.S. IPOs has been about 100, while in 2021 it exceeded 250, and in 1999 it was closer to 400.

At the same time, market structure has also shown divergence: the IPO process for crypto companies has notably slowed down, with firms including Kraken parent company Payward, Consensys, Ledger, and Grayscale all delaying or suspending their listing plans. Analysts pointed out that funds are flowing more towards AI and technology sector IPOs, including potential or highly anticipated issuances like OpenAI and SpaceX, which is periodically squeezing the market heat for crypto assets. While the current market still exhibits "early-stage bubble characteristics" such as high valuations and the AI-dominated investment theme, in terms of IPO volume, there remains a clear gap compared to historical frenzy phases, and the overall situation is closer to a structural recovery rather than a full-fledged speculative cycle. (CoinDesk)