Goldman Sachs: The IPO market recovery is a cyclical correction; AI financing is driving growth but is far from reaching a frenzy.

According to Odaily Odaily, Goldman Sachs stated that although the US IPO market is expected to rebound significantly in 2026, current activity levels remain significantly lower than the speculative frenzy during the dot-com bubble. Data shows that by 2026, approximately 50 companies in the US have completed IPOs, more than double the number from the same period last year; the total financing amount is estimated at around $120 billion, approaching the record level for the entire year of 2021. Goldman Sachs' chief U.S. equity strategist, Ben Snider, pointed out that this round of IPO recovery is more of a "normal cyclical rebound," driven by factors including a wave of large-scale IPOs and rising capital expenditure needs related to artificial intelligence. However, he emphasized that compared to the dot-com bubble of 2000 and the market frenzy of 2021, the current market still lacks the extreme speculative number of issuances. Over the past 25 years, the U.S. has averaged about 100 IPOs per year, while in 2021 there were over 250, and in 1999 it was close to 400. Meanwhile, the market structure has also diverged: the IPO process for crypto companies has slowed significantly, with companies such as Kraken's parent company Payward, Consensys, Ledger, and Grayscale all postponing or suspending their listing plans. Analysts point out that funds are flowing more towards AI and technology IPOs, including potential or high-profile projects such as OpenAI and SpaceX, temporarily reducing the hype in the crypto asset market. The current market still exhibits "early bubble characteristics" such as high valuations and AI-driven investment themes, but in terms of the number of IPOs, it is still significantly lower than the historical frenzy, and the overall trend is closer to a structural recovery than a full-blown speculative cycle. (CoinDesk)