Surging U.S. IPO market still falls short of bubble territory: Goldman Sachs

The pullback marks a sharp reversal from expectations at the start of 2026, when many industry executives anticipated a wave of crypto listings following successful IPOs by Circle (CRCL) and CoinDesk’s owner Bullish (BLSH).

Crypto investors also worry that this year’s blockbuster AI-related IPOs are siphoning capital away from digital assets. The successful listing of SpaceX SPCX), along with expectations for additional high-profile AI and technology offerings, has given institutional investors another destination for growth capital at a time when crypto markets have struggled to regain momentum.

Market participants say that rotation has weighed on tokens, crypto-linked equities and the appetite for new crypto IPOs

Snider said the pickup in public listings reflects improving confidence among both corporate executives and equity investors. The key question, is whether the surge signals the kind of market euphoria typically seen at the peak of an asset bubble.

He sees some familiar warning signs. Equity valuations remain elevated, investor confidence is strong, and AI has become a dominant investment theme, echoing the technology-driven optimism that characterized previous market peaks.

But the strategist argued one critical metric tells a different story: the number of IPOs. The U.S. has averaged roughly 100 IPOs a year over the past quarter century, close to the current pace. That compares with more than 250 IPOs in 2021 and nearly 400 during the height of the dot-com boom in 1999.