Goldman Sachs forecasts that US equity issuance will reach $600 billion in 2027, following a 2026 the bank expects to set a record. AI-related spending drives much of the supply, and a wave of lock-up expirations adds more. Goldman argues buybacks and investor demand can absorb it.
Goldman Sachs strategist Ben Snider forecast that US equity issuance will reach $600 billion in 2027, according to a report dated October 9, 2026. The bank now expects 2026 to set an all-time record, so the two years would rank among the biggest for stock sales in the US market.
How the $600 billion breaks down
Goldman expects $175 billion to come from initial public offerings. The remaining $425 billion should come from follow-on offerings, convertible securities and special purpose acquisition companies.
Companies have raised approximately $431 billion through equity offerings so far in 2026, a 98% increase on the previous year. Goldman now expects full-year issuance to hit a record $675 billion, against a prior high of $540 billion in 2021.
AI spending drives follow-on offerings
AI-related follow-on offerings have raised about $65 billion in 2026, according to the report. That accounts for around 45% of total US follow-on issuance this year.
Capital spending explains part of the demand for cash. Goldman expects Amazon, Alphabet, Meta, Microsoft and Oracle to spend $1.2 trillion on capital expenditures in 2027, compared with $1.1 trillion in operating cash flow for the same group.
Lock-up expirations add supply
Separately, approximately $1.7 trillion in shares could become tradable in 2027 as lock-up restrictions expire. Goldman says this wave could potentially produce the largest increase in net publicly available US equity supply since 2000.
The bank still thinks the market can handle it. It predicts that heightened corporate buyback activity and sustained investor demand will help absorb the additional volume, and that this support should keep the broader bull market moving, even if valuations come under some pressure.
Source: Crypto Briefing
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