The IPO window isn’t just opening; it’s being kicked wide open.
Goldman Sachs analysts are forecasting a massive resurgence in U.S. equity capital markets, predicting that IPO proceeds will quadruple to a record $160 billion in 2026. The firm expects the total number of listings to double to 120, fueled by improving economic conditions and a backlog of high-profile private giants ready to go public.
🦄 THE “SUPER-CYCLE” CANDIDATES: The forecast hinges on potential blockbuster debuts from a handful of ultra-valuable companies:
- SpaceX (Elon Musk’s aerospace juggernaut)
- OpenAI (The ChatGPT creator)
- Anthropic (The AI challenger)
- Cerebras Systems (Fresh off a $1B raise at $23B valuation)
📊 THE PIPELINE MIX:
- Volume Drivers: Software and Healthcare firms are expected to dominate the sheer number of listings (approx. 25% of the backlog).
- Value Drivers: A small concentration of late-stage AI and Deep Tech companies will likely drive the bulk of the proceeds.
- Early Wins: The market has already seen ~$5 billion raised YTD from 12 firms, including Forgent Power and Eikon Therapeutics.
⚠️ THE RISKS: It’s not all clear skies. Goldman warns that the substantial weight of Software in the backlog is a key vulnerability, especially given the recent volatility and sell-off in SaaS valuations. If the “AI Disruption” narrative continues to hurt software stocks, it could dampen the appetite for new tech listings.
💡 ANALYST TAKEAWAY: 2026 is shaping up to be the “Year of the Mega-Listing.” With a base case of $160 billion (and a bull case near $200 billion), the market is signaling that investors are finally ready to price the next generation of tech titans. The question isn’t if they will list, but at what valuation—and whether the public market can absorb trillions in new market cap without indigestion.
👇 VCs & Bankers: Is a $160B year realistic, or will the current software correction force delays into 2027?