Goldman Sachs: The recovery of US stock-market IPOs is underway, but it still hasn’t reached the level of the early “internet bubble”; AI-driven financing has become the core driving force

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Gold Finance reported that Goldman Sachs stated that although the US IPO market has significantly rebounded in 2026, the current level of activity is still clearly lower than the speculative frenzy during the internet bubble period. As of 2026, about 50 companies in the US have completed IPOs, double the number from the same period last year; the total financing scale is approximately $120 billion, already close to the full-year record level of 2021.
Goldman Sachs' chief US equity strategist Ben Snider pointed out that this IPO recovery is more of a "normal cyclical rebound," driven by factors including a wave of large corporate listings and rising demand for AI-related capital expenditures. Compared to the 2000 internet bubble and the 2021 market frenzy, the current market still lacks an extreme number of speculative issuances. Over the past 25 years, the average number of US IPOs has been about 100 per year, while in 2021 it exceeded 250, and in 1999 it was closer to 400. However, the current market still exhibits "early bubble characteristics" such as high valuations and an AI-dominated investment theme, but in terms of the number of IPOs, it is generally closer to a structural recovery rather than a full speculative cycle.
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