Goldman Sachs forecasts US IPO issuance could reach $160 billion in 2026, pointing to renewed confidence in equity markets after a prolonged slowdown.
After years of caution, the US IPO market may be approaching a turning point.
Goldman Sachs expects initial public offerings in the US to raise around $160 billion in 2026, according to its latest outlook. The forecast suggests a sharp rebound from the muted activity seen during a period marked by rising interest rates, market volatility, and valuation resets.
If realized, the recovery would reshape fundraising prospects for late-stage startups and private equity-backed companies alike.
What’s driving the optimism
Goldman Sachs‘ projection rests on a gradual normalization of macroeconomic conditions. Lower volatility, clearer interest rate trajectories, and more disciplined valuations have reduced the uncertainty that kept companies private for longer.
A growing backlog of mature private firms—particularly in technology, healthcare, and financial services—is also building pressure for exits.
For investment banks, that pipeline represents deferred demand rather than lost opportunity.
Tech is central, but not alone
Technology companies are expected to remain a major driver of listings, especially those tied to AI infrastructure, enterprise software, and digital platforms. But the next IPO wave is likely to be broader than previous cycles.
Industrials, energy transition companies, and consumer brands with resilient cash flows are also preparing to test public markets.
That diversification could make the recovery more durable than earlier tech-heavy surges.
Valuations, not volume, will decide success
Despite the bullish headline number, bankers and investors alike are wary of repeating past mistakes. Aggressive pricing and weak post-IPO performance have made markets less forgiving.
Companies coming to market in 2026 will need clear paths to profitability and credible governance structures.
In that sense, the rebound is expected to favor quality over quantity.
What it means for founders and investors
For founders, a healthier IPO market expands exit options beyond private sales and secondary deals. For investors, it offers liquidity after extended holding periods.
But timing will be critical. Early movers may benefit from pent-up demand, while latecomers risk crowding.
Goldman Sachs‘ forecast does not guarantee smooth sailing—but it suggests that the IPO window, long shut, may finally be reopening.
