Goldman Sachs · Wall Street · Circle · CoinDesk
Wall Street's IPO revival hasn't reached dot-com euphoria levels, Goldman Sachs confirms
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The U.S. IPO market is enjoying its strongest rebound in years, but Goldman Sachs says the resurgence doesn't yet resemble the speculative frenzy of the dot-com bubble.
Key facts
- That compares with more than 250 IPOs in 2021 and nearly 400 during the height of the dot-com boom in 1999
- Roughly 50 companies have gone public in the U.S. so far in 2026, about double the number during the same period a year earlier, according to the bank's research
- The pullback marks a sharp reversal from expectations at the start of 2026, when many industry executives anticipated a wave of crypto listings following successful IPOs by Circle (CRCL)
- To some extent, what's happening is a normal recovery," Ben Snider, Goldman Sachs' chief U.S. equity strategist, said on the bank's Exchanges podcast on Tuesday
Summary
Goldman Sachs said U.S. IPO activity has doubled year over year, with issuance already matching 2021's record pace by dollar value. Despite elevated valuations and AI-driven investor enthusiasm, the bank noted that IPO volumes remain well below dot-com and pandemic-era peaks. Payward, Ledger and Grayscale have paused IPO plans this year as volatile crypto markets and softer investor demand weighed on new listings, reporting. The U.S. Roughly 50 companies have gone public in the U.S. so far in 2026, about double the number during the same period a year earlier, according to the bank's research.