Woofun AI data shows that US IPO financing reached approximately $120 billion in 2026, with 50 companies completing offerings, doubling the prior year's count. Goldman Sachs characterizes this surge as a cyclical rebound fueled by artificial intelligence capital expenditure rather than speculative mania.

Market structure is diverging significantly, with crypto entities including Grayscale, Payward, Consensys, and Ledger suspending or delaying listing plans. Capital is redirecting toward AI and technology sectors, such as potential issuances from OpenAI and SpaceX, crowding out interest in digital asset firms despite high valuations.