The US initial public offering (IPO) market has seen a significant revival in 2026, but Goldman Sachs maintains that the current upswing has not yet reached the feverish, speculative levels witnessed during the dot com bubble. According to assessments from the bank, both companies and investors are showing increased confidence. However, the actual number of IPO deals remains well below those seen in previous boom cycles.
IPOs make a strong comeback
Goldman Sachs reports that around 50 companies have listed on US stock exchanges since the start of the year. This marks about a twofold increase compared to the same period last year. In terms of financial volume, the total value of IPOs reached 120 billion dollars by midyear, already matching the record-setting pace of 2021.
Ben Snider, Goldman Sachs’ chief US equity strategist, views this as a relatively normal recovery. He points out that the return of major companies to the market and the need for substantial capital to fund artificial intelligence investments have been key drivers behind the increase.
According to Ben Snider, while the current activity may appear strong in dollar terms, it still lacks the exuberant investor behavior that defined previous bubble periods.
A pause for crypto companies
In contrast, crypto-related companies planning IPOs have adopted a more cautious approach. CoinDesk notes that Kraken’s parent firm Payward, Ethereum software developer Consensys, hardware wallet maker Ledger, and digital asset manager Grayscale have all postponed or put their IPO plans on hold this year. Factors such as volatile crypto markets, weakening trading volumes, and underwhelming post-IPO performances have played a role in these decisions.
Grayscale has established itself as a major player in digital asset investment products, while Ledger is among the leading producers of offline hardware wallets that allow users to store their crypto securely.
As CoinDesk reports, crypto companies have put the brakes on new IPO initiatives amid turbulent markets and declining investor appetite.
AI IPOs attract capital
At the beginning of the year, expectations in the sector were moving in the opposite direction. After successful IPOs from companies like Circle and Bullish, there was speculation that many crypto firms might go public. However, those expectations have since dampened, and many companies are now opting to wait.
Market participants observe that large, AI-oriented IPOs are diverting institutional capital away from crypto assets. The arrival of high-profile technology and artificial intelligence firms has offered growth-seeking investors alternative opportunities. As the crypto markets struggle to gain momentum, this shift has put pressure on tokens, crypto-related equities, and appetite for new crypto IPOs.
What distinguishes this cycle from the dot com era?
According to Snider, there are some warning signs in the current environment. Stock valuations are elevated, investor confidence remains robust, and AI has emerged as the dominant investment theme. This scenario is reminiscent of the optimism that surrounded tech stocks during past market peaks.
However, the critical difference lies in the number of IPOs. Over the last 25 years, the annual average number of US IPOs has been around 100, a level consistent with the current pace. For comparison, there were over 250 IPOs in 2021, and at the peak of the dot com era in 1999, that number neared 400.
Therefore, Goldman Sachs concludes that despite robust issuance volume in dollar terms, today’s market environment is still a far cry from the extremes of past speculative bubbles. The bank believes the essential question is whether rising confidence will translate into a sustainable recovery or open the door to a new era of exuberance.
