Goldman Sachs Cuts 2026 IPO Forecast to 100 Deals Worth $160 Billion
Goldman Sachs projects 100 IPOs totaling $160 billion will launch in 2026, down from a prior forecast of 120 offerings. The bank highlights a 19% average first-day gain for 2026 listings and a 27% return for the eight IPOs in early Q2.
1. Revised 2026 IPO Projections
Goldman Sachs now expects 100 IPOs totaling $160 billion in 2026, down from a prior projection of 120 offerings, while its IPO barometer suggests up to 136 potential listings as geopolitical uncertainty and market volatility weigh on issuance.
2. Strong Initial Returns
The firm’s analysts highlight a 19% average first-day pop for the year’s IPOs and note that the eight companies launched in early Q2 delivered a 27% gain, well above the 16% average in Q1.
3. Pipeline Composition and Risks
The IPO backlog remains heavily weighted toward software, accounting for 20% of the delayed 2025 pipeline, but none of the 19 companies filing since April are software developers; 53 firms have filed year-to-date, more than double last year’s count.
4. SpaceX Mega IPO on Track
SpaceX’s late June listing targets raising $75 billion at an implied valuation above $1.75 trillion following its merger with xAI, positioning it as the largest global IPO in history.