Goldman Sachs: U.S. IPO Fundraising Projected to Hit Record $225 Billion in 2026, No Bubble Signs Yet

According to Goldman Sachs' latest estimates, U.S. IPO fundraising is projected to reach $225 billion in 2026, the highest on record. Year-to-date, IPO fundraising has already exceeded $125 billion, surpassing 2021's full-year record of $120 billion. However, the number of completed IPOs stands at 53–60 so far this year, well below the 25-year median of about 100 annually and far fewer than the 250+ in 2021 or nearly 400 during the 1999 dot-com bubble.

Goldman Sachs notes that current valuation multiples and profitability metrics show no signs of traditional bubble indicators. The median enterprise value-to-sales ratio for recent U.S. IPO firms is about 5x, higher than the 30-year median of 4x but significantly lower than 9x in 1999, 7x in 2021, and 11x in 2020. Additionally, 43% of companies that went public in 2025 achieved profitability in their first quarter post-listing, compared to 28% in 1999 and 24% in 2021.