Goldman Sachs: IPO Market Recovery is Cyclical, AI Funding Drives Growth but Far from Mania Phase

Odaily reports, Goldman Sachs stated that while the U.S. IPO market has seen a notable recovery in 2026, the current level of activity remains significantly below the speculative frenzy of the internet bubble era. Data shows that as of 2026, approximately 50 companies have completed IPOs in the U.S., doubling the number from the same period last year; the total financing scale has reached about $120 billion, approaching the full-year record level set in 2021.

Goldman Sachs' Chief U.S. Equity Strategist, Ben Snider, pointed out that the current IPO recovery is more of a "normal cyclical rebound," driven by factors including a wave of large companies going public and rising capital expenditure needs related to artificial intelligence. However, he emphasized that compared to the 2000 internet bubble and the market frenzy of 2021, the current market still lacks an extreme number of speculative issuances. Over the past 25 years, the U.S. averaged around 100 IPOs annually, compared to over 250 in 2021 and nearly 400 in 1999.

Meanwhile, market structure is showing divergence: the IPO process for crypto companies has notably slowed down, with companies including Kraken's parent company Payward, Consensys, Ledger, and Grayscale all delaying or suspending their listing plans. Analysts point out that funds are increasingly flowing towards IPOs in the AI and technology sectors, including potential or high-profile issuances like OpenAI and SpaceX, which is crowding out market interest in crypto assets. While the current market exhibits "early-stage bubble characteristics" such as high valuations and AI-led investment themes, the number of IPOs remains far from historical mania levels. Overall, this resembles a structural recovery more than a full-blown speculative cycle. (CoinDesk)