Goldman Sachs: IPO Market Recovery is a Cyclical Rebound, AI Financing Drives Growth but Far from a Frenzy Stage

Goldman Sachs stated that although the U.S. IPO market saw a significant recovery in 2026, the current level of activity is still notably lower than the speculative frenzy during the internet bubble era. Data shows that as of 2026, approximately 50 companies have completed IPOs in the U.S., double the number from the same period last year; the total financing scale has reached about $120 billion, approaching the full-year record level of 2021.

Goldman Sachs' Chief U.S. Equity Strategist, Ben Snider, pointed out that the current IPO recovery is more of a "normal cyclical rebound," driven by factors including a wave of large-scale company listings and increased capital expenditure needs related to artificial intelligence. However, he emphasized that compared to the internet bubble of 2000 and the market frenzy of 2021, the current market still lacks an extreme number of speculative issuances. Over the past 25 years, the average number of annual U.S. IPOs has been about 100, while it exceeded 250 in 2021 and approached nearly 400 in 1999.

Meanwhile, the market structure has also shown divergence: the IPO process for crypto companies has notably slowed down, with entities including Kraken's parent company Payward, Consensys, Ledger, and Grayscale all delaying or suspending their listing plans. Analysts point out that capital is increasingly flowing towards AI and technology sector IPOs, including potential or highly anticipated offerings from OpenAI and SpaceX, which is periodically squeezing the market heat for crypto assets. While the current market still exhibits characteristics of "early-stage bubble" such as high valuations and an AI-dominated investment theme, the number of IPOs indicates a significant gap from historical frenzy stages. Overall, this is more akin to a structural recovery than a full-blown speculative cycle. (CoinDesk)