Goldman Predicts Record $160 Billion US IPO Wave In 2026

U.S. equity markets are poised for a substantial pickup in initial public offering (IPO) activity in 2026, with proceeds potentially quadrupling to about $160 billion, which is the highest, as per the Goldman Sachs analysts.

According to a note from the Wall Street brokerage, improving economic growth, buoyant equity prices, and more accommodative financial conditions are reviving corporate confidence and appetite for public listings, which had been subdued in recent years.

Key Forecasts: Surge In IPO Volume And Proceeds

Goldman Sachs expects the 2026 IPO sector to show marked expansion:

• IPO proceeds could reach around $160 billion, up from much lower levels in recent years, potentially the largest year on record in absolute proceeds.

• The IPOs could also grow to approximately 120 listings in 2026.

The trend is an indication of recovery in deal flow and investor appetite towards risk, backed by solid market performance and general economic optimism.

Analysts noted, however, that the total IPO proceeds still represent only a small share of the U.S. equity market capitalisation, underscoring the market's scale.

Tech And Healthcare Likely To Dominate In 2026

So far in 2026, twelve companies have already tapped the public markets, collectively raising around $5 billion in IPO proceeds, including:

• Cerebras Systems, which is a rival to Nvidia in AI chips that recently raised $1 billion in late-stage private funding at a $23 billion valuation, is viewed as a strong IPO candidate likely to drive significant proceeds later in the year.

• Forgent Power, an AI equipment maker

• Eikon Therapeutics, a biopharmaceutical company

Goldman noted that software and healthcare firms are expected to dominate IPO volume, while late-stage tech and artificial intelligence companies are poised to contribute disproportionately to overall proceeds.

Mega Private Market IPOs Could Redefine The Market

A small group of ultra-valuable private companies is at the center of investor attention and could largely define the scale and tone of the IPO cycle, including:

• Elon Musk's SpaceX

• Artificial intelligence firm Anthropic

• ChatGPT maker OpenAI

These companies are not yet public but are widely anticipated to pursue listings, and their participation could substantially increase total proceeds well beyond the base-case forecast.

Goldman’s base case scenario is $160 billion, but proceeds could range from roughly $80 billion to nearly $200 billion, depending on which marquee names choose to go public.

Volatility Still A Key Risk

Goldman had warned that the IPO prospects are still vulnerable to market volatility and valuation trends. The report pointed to recent weakness in software stocks, noting that the sector accounts for roughly a quarter of the IPO backlog, making it a critical driver of the broader listing pipeline.

What Could It Mean For Indian Markets?

The positive impact of the US IPO cycle on the Indian investor and firm in 2026 would have significant spillovers. When the risk appetite of the world increases and liquidity increases, then it most likely increases the foreign portfolio inflows in emerging markets, and India is one of them.

This would have a trickle-down effect on Indian equities, especially in areas associated with internationalisation themes of growth like IT services, digital infrastructure, and new-age technology.

Moreover, an active market in the US IPO could stimulate the Indian startups and unicorns in an accelerated fundraising and listing schedule, either locally or by way of overseas options, particularly should the US valuations again prove to be enzymatic in the growth ventures.

To Indian investors who monitor the global markets, a resurgent US IPO market is also an indicator that the largest global capital market is returning to a risk-on state, which tends to lift the mood in equities across the world.

What Does This Mean For Investors?

To investors, the estimated IPO issuance recovery is an indicator of a possibly more robust deal environment and a growing opportunity in the US equity markets.

​With a bigger pipeline of IPOs, liquidity would rise, and more sectors would join in, especially the technological and healthcare ones.

But the performance of new listings will still be closely related to the mood in the market, pricing discipline, and stability in the valuations, particularly in the growth-intensive segments.

Sources:

Economic Times

Reuters