- Big IPO year ahead — Goldman now forecasts $225B of 2026 IPO proceeds (vs $44B in 2025), with mega deals like SpaceX and planned public listings from OpenAI and Anthropic expected to dominate headlines.
- Companies are hoarding capital through giant secondaries and debt — Alphabet pulled in nearly $85B, corporate bond issuance is up sharply, and firms like SpaceX and Nvidia are preparing $20B+ debt sales.
- Fed and markets are at odds — investors doubt near‑term rate cuts, while new Fed Chair Kevin Warsh called policy “somewhat restrictive” but struck a hawkish tone on inflation, keeping rate worries in the air.
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