Despite the historic scale, these offerings represent more of a ripple than a disruption. SpaceX’s $75 billion float, for example, would make up roughly 0.1% of the Russell 1000’s total market cap. Goldman Sachs estimates total U.S. IPO issuance at approximately $700 billion across more than 100 companies in 2026 — a large figure in absolute terms, but one that is expected to be more than offset by gross share buybacks exceeding $1 trillion this year. In other words, capital returned to investors in 2026 could potentially help offset some of the new issuance coming to market.