According to Svmuu News (Goldman Sachs), although the U.S. IPO market has rebounded significantly in 2026, the current level of activity remains well below the speculative frenzy seen during the dot-com bubble.Data shows that as of 2026, approximately 50 companies in the U.S. have completed IPOs, double the number from the same period last year; the total amount raised is approximately $120 billion, approaching the record level set for the entire year of 2021.
Goldman SachsBen Snider, Chief U.S. Equity Strategist, noted that this round of IPO recovery is more of a “normal cyclical rebound,” driven by factors such as a wave of large-cap IPOs and rising capital expenditure demand 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 an extreme number of speculative offerings.Over the past 25 years, the average annual number of IPOs in the U.S. has been around 100, while in 2021 it exceeded 250, and in 1999 it was closer to 400.
At the same time, the market structure has also diverged: the pace of IPOs for crypto companies has slowed significantly, with firms such as Payward (the parent company of Kraken), Consensys, Ledger, and Grayscale all delaying or suspending their listing plans.Analysts point out that capital is increasingly flowing toward IPOs in the AI and technology sectors—including potential or high-profile offerings such as OpenAI and SpaceX—which is temporarily dampening enthusiasm in the crypto asset market.While the current market still exhibits “early signs of a bubble,” such as high valuations and AI-dominated investment themes, the number of IPOs remains significantly below levels seen during periods of historical mania. Overall, the market is closer to a structural recovery than a full-blown speculative cycle. (CoinDesk)