Wall Street Dealmaking Roars Back to 2021 Levels

The resurgence is anchored by a significant thawing in the IPO market, which raised $104.8 billion in the second quarter. This exit channel has proven vital for private equity and venture capital firms that faced multi-year logjams. Goldman Sachs CEO David Solomon noted that his firm’s advisory backlog has reached its second-highest level on record, suggesting that the current momentum is not merely a transient spike but a sustained cycle.

Citigroup and Bank of America executives also report a robust pipeline, with activity spanning healthcare, energy, and AI-related infrastructure. Wall Street is now positioning itself for potential mega-listings from companies like OpenAI and Anthropic, both of which have filed confidentially for public offerings. While bank shares have seen modest gains, analysts at Morningstar suggest this investment banking 'super-cycle' has room to run through at least 2028, provided the current appetite for strategic transactions and capital raising remains unchecked by macroeconomic shifts.