The U.S. IPO market is seeing its strongest rebound in years, but Goldman Sachs insists this is not a repeat of the dot-com bubble. Roughly 50 companies have gone public in the U.S. through mid-2026, double the number from a year earlier. Deal value has hit roughly $120 billion, matching the full-year record set in 2021. Ben Snider, Goldman's chief U.S. equity strategist, called it "just a normal recovery" on the bank's podcast, pointing to large companies coming to market and strong demand for AI capital.
Crypto IPO Plans Halted
Meanwhile, the anticipated wave of crypto IPOs has failed to materialize. Companies such as Payward (Kraken's parent), Consensys, Ledger, and Grayscale have all delayed or paused their going-public plans this year. According to CoinDesk, volatile crypto markets, thin trading volumes, and weak post-listing performances dampened investor appetite. This marks a sharp reversal from early 2026 expectations, after successful IPOs by Circle (CRCL) and Bullish (BLSH) had fueled optimism.
AI Giants Drain Capital Away
Crypto investors also worry that blockbuster AI-related IPOs are siphoning funds from digital assets. The successful listing of SpaceX (SPCX) and expectations for more high-profile AI offerings give institutional investors a growth capital outlet just as crypto markets struggle for momentum. Market participants say this rotation weighs on tokens, crypto-linked stocks, and demand for new crypto listings.
Snider acknowledged some warning signs of exuberance — elevated valuations, strong investor confidence, AI as a dominant theme — but stressed that the sheer number of IPOs tells a different story. The U.S. averages about 100 IPOs per year, close to the current pace, versus 250 in 2021 and nearly 400 during the 1999 dot-com peak. "Although dollar volume is elevated, we're a far cry from that euphoric sentiment," he added.