Goldman Sachs predicts US IPO will hit $160b in 2026

Goldman Sachs forecasts a significant rebound in US IPOs in 2026, with proceeds expected to reach a record US$160 billion, quadrupling from previous years.

The firm predicts the number of IPOs will double to around 120, driven by improving economic conditions, higher equity prices, and easier financing.

So far in 2026, twelve companies have raised around US$5 billion through IPOs, including AI hardware maker Forgent Power and biopharmaceutical firm Eikon Therapeutics.

Notable private companies such as SpaceX, Anthropic, and OpenAI are expected to go public, potentially shaping the year’s IPO market.

Goldman estimates total proceeds from large private listings could range between US$80 billion and US$200 billion.

However, analysts caution that market volatility and sector-specific valuation risks, particularly in software stocks, could impact the forecast.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

The “Big Three” IPOs rest on record private valuations

Some forecasts suggest a wave of IPOs, with SpaceX, OpenAI, and Anthropic as the largest drivers.
Recent private valuations put SpaceX at $800 billion, OpenAI at about $500 billion, and Anthropic in talks that could reach $350 billion 1.
At those prices, each would rank among the biggest listings since Saudi Aramco’s 2019 debut at $1.7 trillion 1.
SpaceX has started interviewing banks to lead an IPO, while both AI labs have begun early work on possible public offerings 1.
Their scale supports Goldman Sachs’s forecast for record 2026 US IPO proceeds and the idea of an “IPO supercycle” 1.

A mega-IPO run could shift how investors price deep tech

A strong stretch of blockbuster listings could reshape how public markets value deep tech.
If the Big Three perform well, they could reset market capitalizations and investor expectations for AI and space over the next decade 2.
Fresh public benchmarks could lift other private valuations and pull more money into AI and commercial space, including smaller startups 1.