Goldman Projects $1T Buybacks to Offset 2026 IPO Supply Impacting Nvidia
NVDA•Goldman Sachs projects roughly 100 IPOs and $700 billion of equity issuance in 2026, about 1% of the Russell 3000’s market cap, while forecasting $1 trillion in buybacks to offset supply. Nvidia, part of the Magnificent Seven, contributed to a $2 trillion collective market-cap drop this month, with relief expected after SpaceX’s IPO.
1. IPO Supply Forecast
Goldman Sachs strategist Ben Snider projects roughly 100 IPOs in 2026, on par with the 25-year average, generating about $700 billion in equity issuance—approximately 1% of Russell 3000 market capitalization.
2. Buybacks and Demand Balance
Gross share repurchases are forecast at $1 trillion for 2026, which should counterbalance new equity supply, while anticipated demand from M&A activity, international investors and households further supports markets, though lockup expirations in 2027 may challenge this balance.
3. Impact on Nvidia and Peers
Investor worries over the upcoming SpaceX, OpenAI and Anthropic listings have driven a collective $2 trillion market-cap decline among the Magnificent Seven, including Nvidia, with selling pressure expected to ease once SpaceX completes its June 12 IPO.
