Surging U.S. IPO market still falls short of bubble territory: Goldman Sachs

The U.S. IPO market is enjoying its strongest rebound in years, but Goldman Sachs says the resurgence doesn't yet resemble the speculative frenzy of the dot-com bubble.

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 the bank's research. By deal value, issuance has already reached roughly $120 billion at the year's midpoint, matching the full-year record set in 2021.

"To some extent, what's happening is just a normal recovery," Ben Snider, Goldman Sachs' chief U.S. equity strategist, said on the bank's Exchanges podcast on Tuesday. He also pointed to a wave of large companies coming to market and strong demand for capital to fund artificial intelligence development.

Crypto companies hoping to go public have hit a pause. Companies including Kraken parent Payward , Ethereum software developer Consensys , hardware wallet maker Ledger and digital asset manager Grayscale have all delayed or paused plans to go public this year as volatile crypto markets, weaker trading volumes and lackluster post-listing performance from recent debuts cooled investor appetite, according to CoinDesk reporting.

The 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 (CRCL) and CoinDesk's owner Bullish (BLSH).

Crypto investors also worry that this year's blockbuster AI-related IPOs are siphoning capital away from digital assets. The successful listing of SpaceX SPCX), 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

Snider said the pickup in public listings reflects improving confidence among both corporate executives and equity investors. The key question, is whether the surge signals the kind of market euphoria typically seen at the peak of an asset bubble.

He sees some familiar warning signs. 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.

But the strategist argued one critical metric tells a different story: the number of IPOs. The U.S. has averaged roughly 100 IPOs a year over the past quarter century, close to the current pace. That 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 short of the speculative excess seen during previous bubbles.

"So although the dollar volume is quite elevated, although we're seeing an acceleration in activity, to me it still looks like we're a far cry from that level of euphoric sentiment that we saw in those episodes," Snider added.

Read more: Crypto trading firm FalconX confidentially files with SEC for IPO, hires bankers

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