SKN | Goldman Sachs Forecasts Record US Equity Fundraising as AI Capital Needs Reshape Markets

Key Takeaways:

• Goldman Sachs expects US equity issuance to reach approximately US$675 billion in 2026, exceeding the previous annual record of US$540 billion set in 2021.
• The bank projects around US$600 billion in equity issuance for 2027, including US$175 billion from initial public offerings and US$425 billion from follow-on offerings, convertible securities and SPACs.
• For Goldman Sachs, sustained issuance could support investment banking activity, while execution risks, investor demand and valuations will shape the durability of the fundraising cycle.

Goldman Sachs is anticipating another substantial year for US equity capital markets, with companies expected to raise approximately US$600 billion through equity issuance in 2027. The forecast, attributed to Goldman strategist Ben Snider, points to continued demand for external financing as businesses fund expansion, strategic transactions and the infrastructure required to support artificial intelligence. For Goldman, the outlook highlights the potential importance of equity underwriting and capital-markets advisory within its investment banking franchise.

Why Goldman Sees Another Major Fundraising Year

The bank’s projection follows an exceptionally strong 2026. According to the supplied report, US companies have already issued approximately US$431 billion in equity this year, representing a 98% increase from the comparable period in 2025. Goldman expects full-year issuance to reach roughly US$675 billion, surpassing the previous record of US$540 billion established in 2021.

The expansion reflects several financing requirements, with AI infrastructure spending identified as an important driver. Developing data centres, computing capacity and related systems can require substantial capital, encouraging companies to consider equity financing alongside debt and internally generated cash. For Goldman, a sustained pipeline of transactions could create opportunities across underwriting, syndication and advisory services.

However, the forecast describes expected market activity rather than guaranteed revenue for the bank. Goldman’s ability to translate issuance volumes into earnings will depend on completed transactions, underwriting economics, competitive conditions and the mix of services provided to corporate clients.

How the 2027 Issuance Forecast Breaks Down

Goldman’s projection comprises approximately US$175 billion in initial public offerings and another US$425 billion from follow-on equity offerings, convertible securities and special purpose acquisition companies. This composition matters because the bank’s capital-markets opportunities will depend on more than the number of businesses entering public markets for the first time.

Follow-on offerings allow listed companies to raise additional capital, while convertible securities combine debt characteristics with the possibility of conversion into equity. SPAC-related activity represents another potential source of transactions, although actual volumes will depend on market conditions and investor participation.

What the Forecast Means for Goldman Sachs and Investors

A strong issuance environment could reinforce Goldman Sachs’ role as a capital-raising intermediary for companies pursuing growth and infrastructure investment. Yet a large pipeline does not eliminate execution risk. Equity markets can become less receptive when valuations are stretched, volatility increases or investors question whether projected spending will generate adequate returns.

For high-net-worth investors, the broader implication is that capital raising may expand the range of investment opportunities while also increasing the importance of assessing valuation, dilution and business fundamentals. Goldman’s forecast provides a framework for understanding potential market activity, not a guarantee that every offering will attract sufficient demand. As 2027 approaches, the key indicators will be completed issuance volumes, IPO performance and companies’ ability to convert new capital into sustainable cash flows. For a confidential discussion regarding your cross-border banking structure and global capital-markets exposure, contact our senior advisory team.