NEW YORK — Goldman Sachs expects US IPOs 2026 to quadruple to a record $160 billion in proceeds and about 120 listings as Wall Street’s deal pipeline reopens after a multiyear slowdown. The bank pointed to stronger equity markets, improving economic growth and easier financial conditions as the forces pulling issuers back, Feb. 9, 2026.
In a research note reported by Reuters, Goldman said the $160 billion figure is its base case and would be the largest year on record in absolute proceeds, even if IPO value remains a small slice of overall U.S. market capitalization.
US IPOs 2026 forecast: what the $160 billion base case implies
Proceeds: $160 billion in Goldman’s base scenario, with a roughly $80 billion to $200 billion range depending on market conditions.
Deal count: About 120 IPOs, roughly double last year’s pace, Goldman estimates.
Early read: 12 companies have raised about $5 billion so far this year, including Forgent Power and Eikon Therapeutics, according to the note.
The biggest swing factor for US IPOs 2026 is whether a handful of ultra-valuable private companies finally jump. Goldman flagged SpaceX, OpenAI and Anthropic as names that could set the tone for the market — not just in dollars raised, but in how investors price growth, risk and profitability.
Dealmaking is back, but windows can still shut fast
Signs of thawing are already visible in the calendar. Clear Street’s planned New York debut, as reported by Reuters, targeted a valuation of up to $11.8 billion and underscored how quickly bankers have tried to capitalize on record-high equities and pent-up demand for new listings.
Still, Goldman cautioned that “continued volatility in share prices and corporate confidence” could derail the pace, and warned that a software-heavy backlog adds valuation risk — especially after an early-year selloff in software stocks.
Why investors are taking US IPOs 2026 seriously now
Market data suggests the recovery has already been building. EY’s latest U.S. IPO market trends report said 2025 produced 216 deals and $47.4 billion in proceeds, up from 176 deals and $33 billion in 2024, with larger offerings doing more of the heavy lifting.
Legal advisers tracking issuance say the backlog is mature and motivated. A Cleary Gottlieb review of the 2025 market estimated roughly 202 U.S. IPOs last year for companies with market caps above $50 million, and argued the supply-and-demand dynamic could persist into 2026 as rates ease and delayed deals resurface.
The setup is a sharp turn from the last cycle’s extremes. Reuters reported in 2022 that U.S. tech IPO activity fell to levels not seen since the global financial crisis as inflation, rate hikes and volatility froze new listings. By 2024, the market had started to reopen; a separate Reuters analysis described a “sober and clinical” comeback with investors demanding clearer paths to profitability.
If volatility stays contained and marquee issuers commit, Goldman’s call suggests US IPOs 2026 could become the year the backlog finally clears — and the first real stress test of public-market appetite for the next generation of AI-era giants.
