US IPO market reopens in 2026, with issuance surging to record highs; could signal late-cycle risks for markets

IPO Surge: A Red Flag for Markets? | Goldman Sachs

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IPO Surge: A Red Flag for Markets?

After several relatively quiet years, the US IPO market has reopened in a big way in 2026, with issuance to date rising sharply to a new record high. But this resurgence has raised two key concerns for the equity market: whether it’s flashing a late-cycle warning sign, and—even if it isn’t—whether the market can comfortably digest so much new issuance. So, how worried should investors be?

Top of Mind IPO Surge: A Red Flag for Markets?

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