Goldman Sees $700 Billion Equity Issuance, $1 Trillion Buybacks to Support SanDisk
SNDK•Fears that 2026 IPOs from SpaceX, OpenAI and Anthropic could divert investor funds from AI-focused names such as SanDisk have weighed on its trading momentum. Goldman Sachs projects roughly $700 billion in corporate equity issuance—about 1% of Russell 3000 market cap—and $1 trillion in gross buybacks to offset supply pressures.
1. IPO Competition and SanDisk
Fears around a wave of tech IPOs from SpaceX, OpenAI and Anthropic raised concerns that investors might redirect capital away from established semiconductor and storage stocks like SanDisk, potentially dampening its short-term trading momentum.
2. Goldman’s Equity Issuance Forecast
Goldman Sachs strategist Ben Snider projects that 2026 will see approximately $700 billion in corporate equity issuance, representing about 1% of the Russell 3000 market capitalization, a level deemed close to historical averages rather than extreme.
3. Impact of $1 Trillion Buybacks
Counterbalancing supply, gross buybacks are forecast at around $1 trillion for 2026, which could provide support for SanDisk shares and other AI-focused names by absorbing a significant portion of new issuance.
4. Lockup Expirations and Future Supply
With IPO lockup expirations expected after SpaceX’s June 12 debut and subsequent OpenAI and Anthropic listings in the fall, equity supply and demand dynamics for SanDisk may shift further in 2027, warranting ongoing monitoring.
