US IPO Market

The US IPO market is enjoying its strongest rebound in years, with issuance already matching 2021's record pace by dollar value. However, according to Goldman Sachs, the current surge lacks the deal volume and speculative excess that defined the dot-com era.

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

Ben Snider, Goldman Sachs' chief US equity strategist, noted that the pickup in public listings reflects improving confidence among both corporate executives and equity investors. However, he also pointed out that equity valuations remain elevated, investor confidence is strong, and AI has become a dominant investment theme, echoing the technology-driven optimism that characterized previous market peaks.

The US has averaged roughly 100 IPOs a year over the past quarter century, close to the current pace. This compares with more than 250 IPOs in 2021 and nearly 400 during the height of the dot-com boom in 1999. While issuance by dollar value is unusually strong, Snider said today's IPO market remains well below peak levels.

Crypto companies hoping to go public have hit a pause, with companies including Kraken parent Payward, Ethereum software developer Consensys, hardware wallet maker Ledger, and digital asset manager Grayscale delaying or pausing plans to go public this year. This pullback marks a sharp reversal from expectations at the start of 2026, when many industry executives anticipated a wave of crypto listings following successful IPOs by Circle and CoinDesk's owner Bullish.

The successful listing of SpaceX, along with expectations for additional high-profile AI and technology offerings, has given institutional investors another destination for growth capital at a time when crypto markets have struggled to regain momentum. Market participants say that rotation has weighed on tokens, crypto-linked equities, and the appetite for new crypto IPOs.

The shift toward digital-first media consumption and distribution is also having an impact on the IPO market. As more companies look to go public, they are increasingly focusing on digital channels to reach investors and customers. This trend is expected to continue, with more companies likely to follow suit in the coming years.

In terms of market reaction and institutional impact, the surge in IPO activity is likely to have a positive impact on the overall market. However, it also raises concerns about the potential for market euphoria and the impact on valuations. As Snider noted, the key question is whether the surge signals the kind of market euphoria typically seen at the peak of an asset bubble.

The creator economy evolution is also having an impact on the IPO market, with more companies looking to go public in order to access capital and grow their businesses. This trend is expected to continue, with more companies likely to follow suit in the coming years.