Goldman Sachs analyst Ben Snider forecasts a significant rebound in the U.S. IPO market this year, projecting 120 IPOs totaling $160 billion in 2026. This represents a substantial increase from the 61 deals completed in 2025, though the bank notes this primarily reflects a return to typical activity levels rather than a structural surge.

Despite the optimistic outlook, Goldman's forecast suggests the rebound may be more modest than headline numbers indicate. The projected $160 billion in IPO proceeds would represent just 0.2% of the Russell 3000 market capitalization, compared to 0.3% during the 2021 boom. Snider points to supportive conditions including solid economic activity, stronger CEO confidence, easier monetary policy, and rising equity markets as measured by Goldman's IPO Issuance Barometer at 139.

However, the bank cautions about several risks including continued share price volatility, corporate confidence concerns, and the substantial weight of software companies in the IPO backlog. The range of potential outcomes is wide, with issuance potentially varying from $80 billion to $200 billion depending on how many private companies successfully go public. Investors should monitor market capacity to absorb new listings, as while first-day returns have averaged 15% this year in line with historical norms, subsequent performance has recently lagged historical averages.