Goldman Sachs analysts recently indicated that as a series of high-profile companies such as SpaceX, OpenAI, and Anthropic gradually approach going public, the U.S. equity market is poised for a strong recovery in initial public offering activities in 2026. Fundraising size is expected to quadruple by then, reaching a record $160 billion.
The Wall Street investment bank also forecasts that the number of U.S. IPOs will double to 120 this year. Improving economic growth, strengthening stock markets, and easing financial conditions are collectively boosting companies’ willingness to list and investors’ risk appetite. Goldman Sachs analysts noted in a research report released last Friday that, in terms of absolute fundraising size, this will be the largest year for U.S. IPO fundraising in history. However, the proportion of IPO fundraising within the total market capitalization of U.S. stocks remains relatively small, reflecting the significant expansion of the U.S. stock market over the past decade.
Since 2026, 12 companies have raised approximately $5 billion through IPOs, including artificial intelligence equipment manufacturer Forgent Power Solutions (FPS) and biopharmaceutical company Eikon Therapeutics (EIKN). Meanwhile, artificial intelligence chipmaker Cerebras Systems, viewed as a potential competitor to Nvidia, raised $1 billion in a recent late-stage funding round, achieving a valuation of $23 billion. It is also considered a potential IPO candidate.
Goldman Sachs pointed out that, in terms of quantity, software and healthcare companies will dominate the future IPO pipeline. However, in terms of fundraising scale, it will be a few large late-stage technology and artificial intelligence companies that truly drive the overall amount. Investor attention is focused on several highly valued private companies, including Musk’s SpaceX, AI company Anthropic, and ChatGPT developer OpenAI. The potential listings of these companies are likely to determine the overall scale and market tone of the next IPO cycle.
Analysts stated that the listing pace of large private companies will shape the IPO market in 2026. Under different scenarios, the annual IPO fundraising size could range from $80 billion to nearly $200 billion, with Goldman Sachs’ baseline forecast at $160 billion. However, the sell-off in software stocks earlier this year has already highlighted valuation risks. Goldman Sachs warned that this is particularly noteworthy, as the software industry accounts for about a quarter of the IPO pipeline.
Analysts noted that financial markets have been exuberant for months due to investor enthusiasm for AI-related trades. However, last week’s sharp decline in software stocks, driven by concerns that rapidly evolving AI tools could disrupt the industry, served as a warning to the market. Although Friday’s broad market rally alleviated some of the tension, the outlook for software stocks at the center of the sell-off remains uncertain. Even with a 2% rebound that day, participants in the options market remain highly vigilant about further declines.
Goldman Sachs added that sustained stock price volatility and shifts in corporate confidence are the primary macro risks facing their forecast. The high proportion of the software industry in the IPO pipeline is another significant risk factor.
