U.S. equity markets are heading toward a powerful revival in initial public offerings in 2026, with analysts at Goldman Sachs projecting total IPO proceeds could quadruple to a record $160 billion. The brokerage also expects the number of listings to double to around 120 this year, fueled by improving economic growth, stronger equity performance, and more supportive financial conditions that are reigniting investor appetite for new issues.
High-profile private companies are expected to anchor the resurgence, including Elon Musk’s SpaceX, artificial intelligence firms OpenAI and Anthropic, whose potential public debuts could define the scale of the next IPO cycle. Analysts said overall proceeds could range from $80 billion to nearly $200 billion depending on market conditions. So far this year, 12 companies have already raised about $5 billion, including AI equipment maker Forgent Power and biopharmaceutical firm Eikon Therapeutics, while AI chipmaker Cerebras Systems is also seen as a strong candidate for listing.
Software and healthcare companies are expected to dominate the IPO pipeline by volume, while a handful of large late-stage tech and AI firms may drive most of the capital raised. Still, Goldman warned that volatility in equity markets and corporate confidence could pose risks to the outlook. An early-year selloff in software stocks has highlighted valuation concerns, especially since the sector represents roughly a quarter of the IPO backlog, potentially making the forecast sensitive to shifts in investor sentiment.
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