Goldman Sachs is anticipating a significant increase in initial public offerings (IPOs) in the US, with projections suggesting nearly 100 IPOs this year. This estimate represents a substantial rebound from the mere 61 IPOs completed in 2025 and hints at a potential total of $160 billion in proceeds, which would surpass historical records.
The current data as of late April shows that 25 IPOs have already priced this year, collectively raising almost $14 billion. This marks an increase of approximately 80% in both deal volume and the proceeds earned compared to the same timeframe last year. Goldman’s analyst indicates that this projected surge symbolizes a return to standard market conditions rather than signaling a deeper structural change in the market.
#What Does Goldman Sachs' IPO Barometer Indicate?
Goldman's internal gauge, known as the IPO Barometer, currently stands at 136, indicating favorable conditions for new listings. However, the bank cautions that readiness to execute deals can vary significantly between different industry sectors.
Initially, Goldman had estimated an even more optimistic scenario, forecasting around 120 IPOs generating $160 billion in proceeds. Yet, as market volatility and geopolitical uncertainties persisted, the number of expected deals was adjusted to about 100 while the proceeds target remained unchanged. The outlook for total issuance is broad, with estimates ranging from $80 billion to $200 billion, contingent on whether key companies successfully launch their offerings.
#Which Companies Are Expected to Go Public?
Goldman Sachs has expressed expectations for exceptionally large IPOs this year, mentioning potential candidates like SpaceX, OpenAI, and Anthropic. The firm is strategically positioned to lead SpaceX’s anticipated listing in the summer, expected under the ticker SPCX.
#What Are the Implications for Investors?
Goldman’s downward revision of expected IPO counts in April underlines the instability of the macroeconomic landscape. Ongoing geopolitical tensions and market fluctuations compelled this adjustment, suggesting that if conditions worsen, the outcomes may align closer to the lower end of the anticipated $80 billion to $200 billion range. In 2025, the baseline was just 61 IPOs, indicating a market still healing from challenges following the speculative frenzy of 2021, when numerous SPAC listings negatively impacted investor confidence and led to an increased cautiousness among issuers and underwriters.