Goldman Sachs forecasts US equity issuance will reach $600 billion in 2027, with $175 billion from IPOs and $425 billion from follow-ons, convertibles, and SPACs. This follows an expected record year in 2026 at $675 billion, representing a 98% increase from the prior year. Artificial intelligence is the primary driver, accounting for 45% of US follow-on offerings in 2026. Major cloud and hyperscale companies including Amazon, Alphabet, Meta, Microsoft, and Oracle plan to spend $1.2 trillion in capital expenditures in 2027, exceeding their $1.1 trillion in operating cash flow. Additionally, approximately $1.7 trillion in shares could become tradable in 2027 as lock-up periods expire, potentially the largest increase in US equity supply since 2000.
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