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US IPO Market Set for Record $160 Billion in 2026 as Investor Confidence Returns

Prime Highlight

  • Goldman Sachs expects US IPO proceeds to reach a record $160 billionin 2026, driven by improving economic growth and stronger stock markets.
  • The number of IPOs is forecast to double to about 120, potentially making 2026 the largest year ever for IPO activity in absolute terms.

Key Facts

  • So far in 2026, 12 companies have raised nearly $5 billion, including AI firm Forgent Power and biopharmaceutical company Eikon Therapeutics.
  • Software and healthcare companies are likely to dominate by number, while a few large tech and AI firms could account for most of the money raised.

Background

US equity markets are heading toward a strong revival in initial public offerings in 2026, with proceeds expected to reach a record $160 billion, according to Goldman Sachs. The forecast suggests IPO proceeds could quadruple as improving economic growth and stronger stock markets revive investor confidence.

Goldman analysts also expect the number of IPOs to double to about 120 this year, supported by easier financial conditions and rising equity prices. If achieved, 2026 would become the largest year on record for IPO proceeds in absolute terms. Even so, the analysts noted that IPO value would still make up a small part of total US market capitalization, reflecting the market’s rapid growth over the past decade.

So far in 2026, twelve companies have raised nearly $5 billion through public listings. These include AI equipment maker Forgent Power and biopharmaceutical firm Eikon Therapeutics. AI chipmaker Cerebras Systems, recently valued at $23 billion after a late-stage funding round, is also seen as a potential IPO candidate.

Goldman said software and healthcare companies are likely to dominate IPOs by number. However, a small group of large technology and artificial intelligence firms is expected to account for most of the money raised.

Investor focus is firmly on high-profile private companies such as Elon Musk’s SpaceX, AI firm Anthropic, and ChatGPT creator OpenAI. Their potential listings could define the size and mood of the next IPO cycle.

However, Goldman warned that risks remain. Early-year declines in software stocks have highlighted valuation concerns, especially as software firms make up around a quarter of the IPO backlog. Ongoing market volatility and weaker corporate confidence could also affect deal activity.

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