U.S. IPO Fundraising on Pace to Hit Record $225B in 2026, Though Deal Count Remains Low

According to Goldman Sachs' latest estimates, U.S. IPO fundraising is poised to reach a record $225 billion in 2026; however, the number of completed deals—currently 53 to 60—remains far below the 25-year median of around 100 annually, suggesting the surge is driven by a handful of mega-deals rather than a broad IPO wave.

Goldman Sachs notes that traditional bubble indicators have yet to materialize: recent IPO companies' median enterprise value-to-sales ratio stands at 5x, below the 1999 peak of 9x and 2021's 7x, while 43% of companies that went public in 2025 reported profitability in their first quarter post-listing, significantly outpacing 1999 (28%) and 2021 (24%). The real test may come in 2027, when lockup periods expire on this year's batch of large IPOs, potentially flooding the market with additional shares.