The US IPO drought isn’t just ending, it’s being replaced by a deluge. Goldman Sachs analysts project that IPO proceeds will quadruple in 2026, hitting a record $160 billion. Improved economic growth and easier financial conditions have officially revived the appetite for “mega-deals.”

The 2026 cycle is defined by the public debuts of ultra-valuable private giants. These aren’t just listings; they are market-defining events:

• The Big Three: OpenAI, SpaceX, and Anthropic are the gravitational centers of the pipeline.
• Early Momentum: Twelve firms have already raised $5 billion this month, led by AI hardware firm Forgent Power and biopharma innovator Eikon Therapeutics.
• In the Wings: AI chipmaker Cerebras Systems, recently valued at $23 billion, is expected to be a primary driver of tech proceeds.

The Numbers to Watch

• 120: The predicted number of IPOs this year (double the 2025 count).
• $200 Billion: The high-end “bull case” if large-cap tech listings perform at peak levels.
• 25%: The portion of the IPO backlog held by software firms.

While the headline numbers are record-breaking, Goldman warns of “Achilles’ heel” risks. Software stocks saw an early-year selloff, highlighting valuation sensitivities. Because software represents a quarter of the total backlog, continued volatility in this sector could dampen the overall forecast.

2026 is the year of the “Essential Listing.” While volume will come from software and healthcare, the scale of the market will be dictated by the few late-stage tech titans capable of capturing global investor bandwidth.

End Notes

Source: https://www.reuters.com/business/us-ipo-proceeds-quadruple-record-160-billion-2026-dealmaking-rebounds-says-2026-02-09