UK IPO Surge: Not Another Dot-Com Bubble, Says Goldman

Despite a significant rebound in 2026, the UK IPO market is not experiencing a dot-com era speculative frenzy, according to Goldman Sachs. The investment bank acknowledges a sharp increase in issuance but highlights a distinct difference in volume and speculative excess compared to the late 1990s. US IPO activity has impressively doubled year-on-year, with issuance by dollar value already matching the record pace set in 2021. However, Goldman Sachs notes that actual IPO volumes remain considerably below both the dot-com bubble and even pandemic-era peaks. This suggests a more measured, albeit strong, recovery rather than an overheated market. Approximately 50 companies have gone public in the US in 2026, double the number from the previous year's equivalent period. The deal value has reached an impressive $120 billion by mid-year, mirroring the full-year record of 2021. Ben Snider, Goldman Sachs' chief US equity strategist, attributed this surge primarily to a "normal recovery" and a wave of large companies entering the market, alongside robust demand for capital to fuel artificial intelligence (AI) development. Interestingly, the crypto sector has seen a pause in its IPO ambitions. Companies such as Payward (Kraken's parent), Ethereum software developer Consensys, hardware wallet maker Ledger, and digital asset manager Grayscale have all delayed or halted their plans to go public this year. This setback is largely due to volatile crypto markets, weaker trading volumes, and disappointing post-listing performance from recent crypto debuts, which have collectively dampened investor enthusiasm. This marks a significant shift from early 2026, when many industry executives anticipated a flurry of crypto listings, buoyed by the successful IPOs of Circle (CRCL) and Bullish (BLSH), CoinDesk's owner. Furthermore, crypto investors are increasingly concerned that the blockbuster AI-related IPOs seen this year are diverting crucial capital away from digital assets. The successful listing of SpaceX (SPCX) and the anticipation of further high-profile AI and technology offerings are providing institutional investors with appealing alternative destinations for growth capital. This comes at a time when crypto markets are struggling to regain momentum, creating a rotation of capital that is impacting tokens, crypto-linked equities, and the appetite for new crypto listings.