2026-07-28
20 分钟After several relatively quiet years, the U.S.
IPO market has reopened in a big way in 2026. Issuance so far this year is already at a record high.
But this resurgence has raised two big questions.
First, is this a late cycle warning sign?
And second, can the market actually absorb all this new stock?
So the real question is, how worried should investors actually be?
I'm Alison Nathan, and this is Goldman Sachs Exchanges.
Each month, I speak with investors, policymakers,
and academics about the most pressing market-moving issues for a top-of-mind report from Goldman Sachs Research.
In a recent exchanges episode,
I spoke about exactly this with my colleague in Goldman Sachs Research, Ben Snyder, chief U.S.
Equity strategist.
He explained that the pickup in U.S.
IPO activity is more of a return to normal than a true IPO boom.
And his view is reassuring in other ways.
For starters, the number of IPOs and their average valuations aren't all that exceptional.
And what's more, the whole equity-supply-demand balance this year is in better shape,
he says, than most investors give it credit for.
This month, I spoke with two other longtime watchers of IPO cycles,
Jay Ritter of the University of Florida's Warrington College of Business and Owen Lamont of Acadian Asset Management.