Solomon says IPO window may stay open for big AI deals

David Solomon’s latest message to the market was also a message to Goldman Sachs employees: if AI companies keep pushing into public markets, the firm’s equity capital markets, syndicate, tech banking, and legal teams are likely to get much busier, and the work that follows will carry more weight in promotion, bonus, and prestige conversations. A durable IPO window would not just mean more headline-grabbing listings. It would also open the door to follow-on offerings, structured financings, private placements, and pre-IPO capital solutions, all of which demand tight valuation work, investor education, and careful sequencing from associates and vice presidents trying to keep large transactions moving.

Solomon made the comments during a CNBC interview at an Economic Club of New York event on June 2, saying markets had “more greed than there is fear” and that liquidity was not the constraint for very large AI offerings. His clearest proof point was Alphabet’s stock sale, which he described as a sign that the market can absorb capital raises at scale. Alphabet announced on June 1 that it planned to sell $80 billion in stock, including a $10 billion investment from Berkshire Hathaway, to fund AI compute infrastructure. The company had already raised its 2026 capital expenditure forecast in April to as much as $190 billion, and later said the underwritten portion of the deal was oversubscribed, with about $35 billion priced and allocated for an expected total of roughly $85 billion.

For Goldman, the timing matters because the firm is already tied to the next wave of deal flow. CNBC reported on May 19 that SpaceX had picked Goldman Sachs for the lead-left position on its IPO prospectus, alongside Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase. SpaceX was also said to be working with at least 21 banks on the offering. Reuters reported June 1 that Anthropic confidentially filed for a U.S. IPO, while OpenAI remains another closely watched name that could test whether the market is truly ready for giant AI listings. If those deals come, the pressure will fall on the bankers who can price them, distribute them, and defend the story to investors.

The bullish setup still comes with a warning. Solomon’s own formulation depends on liquidity staying abundant and optimism holding. Investors are likely to scrutinize AI companies on gross margins, revenue quality, and the path to profitability, especially for names that are consuming capital at a fast clip. Reuters quoted Renaissance Capital’s Matt Kennedy as saying private tech unicorns have long wanted an IPO market willing to grant their target valuations, but that Anthropic is different because demand is already strong. PitchBook’s Harrison Rolfes said the filing could become the most scrutinized public offering in tech history.

The scale of the opportunity is what makes the current moment so important inside Goldman. Reuters said SpaceX’s expected $75 billion IPO would top Saudi Aramco’s $26 billion record if it prices as planned, a reminder that these are not routine tech listings but capacity tests for public markets. For Goldman bankers, that kind of issuance cycle can mean longer hours and sharper competition for elite mandates, but also the kind of marquee execution that shapes careers, compensation, and the firm’s standing when the biggest deals return.