Goldman Sachs Forecasts Double-Digit European IPOs, Unprecedented Deal Sizes in 2026

Europe's IPO market recorded more deal volume in January 2026 than it did across the entire first quarter of 2024, and Goldman Sachs CEO David Solomon says the year is only getting started. According to people familiar with his remarks, Solomon has predicted 2026 will produce "very, very large IPOs, unprecedented in size" alongside what he describes as a "top decile" year for merger-and-acquisition activity.

Goldman is forecasting double-digit potential IPOs across Europe this year, a striking call coming off the region's worst two-year drought since the 2008 financial crisis. Solomon, who has been predicting a "dealmaking renaissance" for two years, told colleagues the market is now experiencing "the normalization of activity into late 2025 and 2026." He pointed to four converging forces driving the rebound: pent-up private equity capital, stabilizing interest rates, deregulation, and surging AI investment demands.

The bank is not just forecasting the wave; it is positioned to ride it. Goldman topped global M&A rankings in 2025 by advising on $1.48 trillion in deals, and recent quarters have produced robust investment-banking revenues, particularly in advisory fees, after the firm's well-documented exit from its unprofitable consumer banking venture Marcus. Solomon has specifically highlighted Goldman's deep relationships with private equity sponsors as a competitive edge in capturing deal flow as those firms look for exits. JPMorgan Chase and boutique advisory firms are making similar preparations, but Goldman's sponsor network gives it an early structural advantage in the queue.

The pipeline already has identifiable names. TK Elevator, the German manufacturer of elevators and escalators that Advent International and Cinven acquired in 2020 for €17.2 billion, is reportedly set for a Frankfurt IPO that could value the company at around €25 billion, which would rank it among the largest European listings in recent memory. Goldman Sachs, Deutsche Bank, and UBS are among the banks selected to lead that deal. The private equity owners have had six years of growth and solid revenues to point to; improved market conditions across Europe make the timing, in the words of one market analysis, a "perfect time" to go public.

Tech listings are shaping up as the other major story. Mistral AI, described as one of the fastest-growing artificial intelligence companies in Europe and valued at around €6 billion, is identified as a potential 2026 IPO candidate, as is Kry Sweden, a digital healthcare company valued at $2 billion. Analysts note that this wave of European tech listings differs meaningfully from 2021: companies coming to market now have long operating histories and established market positions, rather than speculative revenue profiles. AI, climate technology, and biotech dominate the sector pipeline.

The London market is also in the conversation. Anthony Gutman of Goldman Sachs predicted at the Financial Times and The Banker's Global Banking Summit that UK IPOs will return in 2026, citing listing reforms and tax changes as factors boosting London's appeal as a venue. EY's Scott McCubbin offered a counterweight at the same event, warning that "the market remains cautious amid ongoing global uncertainty."

That caution is worth noting. Solomon's most pointed remarks were relayed through people familiar with his thinking rather than delivered in formal public statements, and the specific IPOs cited across Europe, including TK Elevator, Mistral AI, and Kry Sweden, remain rumored or potential rather than formally filed. The January volume data is striking, but a single month does not confirm that Europe has permanently repositioned itself in the global IPO market. Whether 2026 closes as the landmark year Goldman is predicting will depend on how long market stability holds against a backdrop Solomon himself acknowledged has only recently begun to normalize.