Goldman Sachs Says Record U.S. IPO Boom Is Market Normalization, Not a Bubble

U.S. IPO issuance is on track for a record-breaking year in 2025, but Goldman Sachs argues the surge represents a normalization of market activity rather than a speculative bubble. The bank has examined the case for and against the overvaluation thesis. Analysts point to pent-up demand following years of suppressed public offerings as the main driver.