Wall Street’s IPO Revival Has Yet to Reach Dot-Com Euphoria, Goldman Sachs Says

Goldman Sachs said the U.S. initial public offering market is rebounding, fueled by the artificial intelligence boom, high valuations and companies’ need to raise capital. Although the supply of new listings and investor risk appetite are both increasing, activity has yet to return to the speculative peaks of the dot-com bubble around 2000 or the pandemic-era boom of 2020–2021.

Goldman Sachs’ latest report showed that U.S. IPO activity so far in 2026 has doubled from the same period in 2025, with issuance reaching $120 billion. However, deal volume and market exuberance remain below historic highs. Meanwhile, heightened volatility in cryptocurrency markets has prompted several industry heavyweights to postpone planned listings, creating a key uncertainty for the IPO recovery.