2026 IPO Market Quality Sets It Apart From Dot-Com Era, Goldman Sachs Says

Goldman Sachs strategist Ben Snider said the 2026 IPO market is distinguished by the caliber of new listings rather than their volume, assuaging fears of a dot-com-style bubble. Year-to-date, 40 deals have raised $28 billion, putting 2026 on pace for roughly 100 IPOs—the historical average—compared to over 250 in 2021 and nearly 400 in 1999, Snider wrote. Snider raised his full-year IPO volume forecast to $225 billion from $160 billion. He estimates total corporate equity supply, including follow-on offerings, will reach $675 billion, which would account for just 1% of the U.S. equity market capitalization, below the 1.5% average since 1995. The quality of upcoming IPOs is highlighted by SpaceX (SPAX.PVT), which has more than 13,000 employees and reported 2025 revenue of $18.7 billion, up 33% year-over-year. Recent volatility in technology stocks such as Micron (MU), Sandisk (SNDK), Snowflake (SNOW), and Dell (DELL) stoked bubble concerns, but Snider’s data suggests valuations may still reflect future earnings potential, and the market is not seeing a rush of fundamentally weak companies going public.