US initial public offerings are poised to rebound this year, Goldman Sachs Group Inc. strategists said, citing tailwinds including a solid economic backdrop, rising boardroom confidence and supportive monetary policy.
Proceeds are set to reach $160 billion in 2026, the team led by Ben Snider wrote in a note. That would be more than three times the roughly $48 billion raised by companies last year, excluding SPACs and other funds, according to data compiled by Bloomberg.
“We expect solid economic activity, improved CEO confidence, friendly monetary policy, and continued equity market appreciation this year,” the strategists wrote.
They see the expected growth as more a case of normalization from unusually depressed levels, rather than a speculative boom. The deal count is expected to rise to 120 listings in 2026, up by nearly double from their count of deals last year. In dollar terms, issuance would still amount to only about 0.2% of the Russell 3000’s market capitalization, below the 0.3% seen at the 2021 peak.
New York has seen an uneven start to the year in terms of listings, after a trio of firms stumbled in their first few trading sessions. More recently, shares of hair-restoration drug developer Veradermics Inc. surged 122% in their debuton Wednesday, while cancer drug developer Eikon Therapeutics Inc. fell 17% on Thursday.
For Snider, key risks in 2026 include renewed market volatility. Last week saw turmoil across equities, with tech stocks leading declines as traders questioned returns from hefty artificial intelligence investments. Snider noted that the heavy weighting of software companies in the IPO pipeline was also a risk.
