Record IPO year won’t overwhelm equity demand, Goldman says

Goldman Sachs raised its 2026 IPO gross proceeds forecast to $225 billion (from $160B) and says a record year of issuance is unlikely to overwhelm demand for U.S. equities. While post‑lockup selling could create as much as nearly $500B of potential equity supply in 2026, Goldman expects much of that may not materialize if investors hold positions. Corporate buybacks and elevated M&A activity are projected to offset new issuance, leaving net supply pressure manageable and below historical averages relative to market size. The bank’s view implies limited downside risk to the S&P 500 from a surge in IPO activity.