Goldman Sachs: Current US IPO Surge Lacks Dot-Com Euphoria Levels

Goldman Sachs says the current IPO revival in the US is not comparable to the dot-com era's speculative frenzy. The bank's research shows that U.S. IPO activity has doubled year over year, with issuance already matching 2021's record pace by dollar value.

Roughly 50 companies have gone public in the U.S. so far in 2026, about double the number during the same period a year earlier, according to Goldman Sachs' research. By deal value, issuance has already reached roughly $120 billion at the year's midpoint, matching the full-year record set in 2021.

However, Ben Snider, Goldman Sachs' chief U.S. equity strategist, noted that the current surge lacks the deal volume and speculative excess seen during previous market peaks. He pointed to a wave of large companies coming to market and strong demand for capital to fund artificial intelligence development as contributing factors.

Crypto companies hoping to go public have hit a pause, with several companies delaying or pausing plans due to volatile crypto markets and lackluster post-listing performance from recent debuts.