Goldman Sachs notes IPO issuance doubled year-over-year but remains below speculative levels of the late 1990s bubble.
U.S. initial public offering activity has rebounded sharply in 2026, with issuance reaching $120 billion by midyear, matching the full-year record set in 2021. The surge reflects a recovery in market conditions and strong demand for capital, particularly in artificial intelligence sectors, according to recent analysis.
Despite the rebound, deal volumes remain well below the peaks seen during the dot-com era and even the pandemic period. Elevated valuations and investor enthusiasm for AI have not translated into the speculative excess that defined earlier booms, the bank noted.
Several high-profile crypto firms, including Payward, Ledger, and Grayscale, have delayed IPO plans this year amid volatile crypto markets and softer investor demand, highlighting lingering caution in the new listings space.