Fueled by names like SpaceX , OpenAI , and Anthropic , the initial public offering ( IPO ) market in the United States is expected to see a strong recovery in 2026. At least, that's the projection from Goldman Sachs .
Translating this expectation into numbers, analysts at the American bank predict that offerings registered on the country's stock exchanges will generate a record volume of US$160 billion this year.
If Goldman Sachs' crystal ball accurately predicts this, that will be the largest annual amount of revenue generated by IPOs in the United States , the bank's analysts pointed out.
Highlighted by Reuters , the report also projects that the American capital market will reach a total of 120 initial public offerings in 2026, which will represent double the listings of last year.
By 2026, IPOs had already raised approximately US$5 billion across twelve public offerings in the US. This includes names like Forgent Power, a manufacturer of data center equipment, which raised US$1.5 billion in its debut on the New York Stock Exchange (NYSE) last week.
Brazil has also contributed to this trend. At the end of January, PicPay went public on Nasdaq, raising US$490 million and valuing it at US$2.6 billion. The offering attracted demand 12.9 times greater than the order book.
Another Brazilian name that will bolster this list and reinforce these fundraising efforts is Agibank . On the same day that PicPay's shares began trading, the digital bank filed the latest version of its offering with the Securities and Exchange Commission (SEC).
In the offering, scheduled to take place, in principle, this week, Agibank estimates a price range between US$15 and US$18, with the midpoint of the range at US$16.50 and the potential to raise up to US$903.3 million.
While Brazil participates in this game, so far, with two digital banks, Goldman Sachs predicts that software and healthcare companies will dominate the volume of offerings. On the other hand, some technology and artificial intelligence companies are expected to boost the amounts traded.
In this last tier, much of the attention is focused on extremely valuable private companies, such as Elon Musk's SpaceX, OpenAI, owner of ChatGPT, and Anthropic, its biggest rival. This trio is prominently featured in the "betting pool" of companies that will follow this path in 2026.
SpaceX, for example, has fueled expectations of registering the largest IPO in history. The outlook is that the company will surpass the US$29 billion raised by Saudi Aramco in 2019 and reach a valuation of US$800 billion.
In this scenario, Goldman Sachs analysts observe that offerings from large private companies will shape the 2026 market. And that, depending on the completion of these and other IPOs of this size, the total fundraising could reach almost US$200 billion, in addition to the initial projection of US$160 billion.
The American bank's team emphasizes, however, that a wave of software stock sales earlier this year highlighted the valuation risks of the operations, especially given that the sector represents about a quarter of the IPO portfolio projected for 2026.
"Continued volatility in equity prices and corporate confidence are the main macroeconomic risks to our forecast. The substantial weight of the software sector in the IPO backlog is another risk," added Goldman Sachs.
