Goldman Sachs CEO David Solomon has declared that investors have decisively shifted into a state of greed, as financial markets brace for a historic wave of fundraising by giant artificial intelligence companies. When questioned whether the market can absorb a series of massive equity offerings from the upcoming initial public offerings (IPOs) of OpenAI, Anthropic, and SpaceX, Solomon expressed confidence that ample capital is available.
Ample Liquidity for AI Fundraising
“There’s plenty of liquidity in the system if the world continues to remain as optimistic,” Solomon stated. He added, “I know when I say this, and I’m pausing for a second to say it, it will get quoted but I think it's definitely true and something to reflect on that We are definitely in a moment where there’s more greed than there is fear.”
Wealth and Liquidity Support Fundraising
Solomon acknowledged that the fundraising wave is unprecedented in scale. However, he argued that record levels of wealth and liquidity across global markets provide strong support for such activities. He also noted that gains generated by AI companies may create a self-reinforcing cycle, as employees and investors recycle profits into new ventures.
“Greed can turn into fear very quickly, but that doesn’t mean it will,” Solomon explained. “Exuberance can go on for big periods of time. ...There’s a good chance that we’re earlier in the cycle than later.”
Market Readiness for AI IPOs
Solomon’s remarks come as investors prepare for what is expected to be one of the busiest periods for equity issuance in years. The two leading AI model providers, along with SpaceX—which includes Elon Musk’s AI company—could go public at trillion-dollar valuations. At the same time, other firms are seeking vast sums to fund data centers, chips, and infrastructure. Concerns have been raised about whether markets can absorb this supply.
Solomon, whose bank is playing a key role in several of these deals, downplayed such concerns. He pointed to Google-parent Alphabet’s recent stock performance after announcing plans for an $80 billion equity raise as proof that markets remain receptive to AI. “The stock is trading very well. This is the first actual concrete data point for bringing something of this scale, and it’s encouraging,” Solomon said.
