Goldman Sachs data shows about 50 companies have listed on US exchanges since January 2026, with total IPO proceeds reaching $120 billion by midyear — matching the record-setting pace of 2021 and roughly double the amount from the same period last year. Ben Snider, Goldman’s chief US equity strategist, describes this as a relatively normal recovery rather than a return of bubble-era exuberance. He points to major companies returning to market and the need for large capital to fund artificial intelligence investments as key drivers.
Crypto IPOs Hit the Brakes
In contrast, crypto-related companies planning to go public have turned cautious. According to CoinDesk, Kraken parent Payward, Ethereum software developer Consensys, hardware wallet maker Ledger, and digital asset manager Grayscale have all postponed or shelved their IPO plans this year. Volatile crypto markets, weakening trading volumes, and disappointing post-IPO performances contributed to these decisions. Grayscale has established itself as a major player in digital asset investment products, while Ledger is among the leading producers of offline hardware wallets. Amid turbulent markets and dwindling investor appetite, crypto companies have put new IPO initiatives on hold.
AI IPOs Divert Institutional Capital
Earlier this year, expectations were reversed. After successful IPOs from Circle and Bullish, many thought a wave of crypto listings would follow. But those expectations have since faded, with most companies opting to wait. Market observers note that large AI-focused IPOs are pulling institutional capital away from crypto assets. The arrival of high-profile technology and AI firms offers growth-seeking investors alternative opportunities. As crypto markets struggle to gain momentum, this shift pressures tokens, crypto equities, and appetite for new crypto IPOs.
What Sets This Cycle Apart from the Dot-Com Era
Snider flags some warning signs: elevated stock valuations, robust investor confidence, and AI as the dominant investment theme — reminiscent of the optimism around tech stocks at past market peaks. However, the critical difference lies in the number of IPOs. Over the past 25 years, the annual average US IPO count has been around 100, consistent with the current pace. In 2021 there were over 250 IPOs, and at the dot-com peak in 1999, that number neared 400. Goldman Sachs concludes that despite strong dollar-denominated issuance, today's market is still far from the extremes of past speculative bubbles. The key question: will rising confidence lead to a sustainable recovery or open the door to a new era of exuberance?