Goldman Sachs projects $600 billion in US equity issuance in 2027

Goldman Sachs thinks corporate America is going to keep selling stock. A lot of it. In a report dated October 9, 2026, Goldman strategist Ben Snider forecast that US equity issuance will reach $600 billion in 2027. That would follow a 2026 the bank now expects to set an all-time record. Put together, it adds up to two of the biggest years for stock sales the US market has seen. Breaking down the $600 billion The 2027 projection has two main pieces. Goldman expects $175 billion to come from initial public offerings, the classic debut of a company on a public exchange. The remaining $425 billion is expected to come from follow-on offerings, convertible securities, and special purpose acquisition companies, better known as SPACs. A follow-on is what it sounds like: a company that is already public goes back to investors and sells more shares. Convertibles are bonds that can turn into stock later. SPACs are blank-check shells that raise money first and find a business to merge with afterward. The forecast lands after a blockbuster stretch. Companies have already raised approximately $431 billion through equity offerings so far in 2026. That figure represents a 98% increase compared to ...