Goldman Sachs Led US Equity Underwriting Banks
Goldman Sachs outpaced competitors in equity capital markets revenue for the third quarter of 2026.
Updated on Oct. 14, 2026 in Stock Markets
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Goldman Sachs secured the top position among major US banks for equity underwriting during the third quarter, reporting $666 million in revenue. This represents a 43% increase compared to the same period in 2025.
Why it matters
The surge in equity underwriting revenue reflects a broader trend of companies issuing stock to fund significant capital expenditures in the artificial intelligence sector. Major offerings, including a $26.5 billion listing for SK Hynix and a $23 billion sale by Intel Corp., drove this activity.
Goldman Sachs reported $666 million in equity capital markets revenue for the quarter ending September 30. Citigroup also saw gains, with revenue reaching $343 million, a 77% increase from the prior year.
The players
Goldman Sachs
Goldman Sachs is a leading global investment banking and securities firm.
Citigroup
Citigroup is a major multinational financial services corporation providing investment banking and consumer banking services.
Morgan Stanley
Morgan Stanley is a global financial services firm focused on investment banking, securities, and wealth management.
SK Hynix
SK Hynix is a major South Korean semiconductor manufacturer and supplier of memory chips.
Intel Corp.
Intel Corp. is a multinational corporation and technology company primarily known for designing and manufacturing semiconductor chips.
The details
Goldman Sachs managed high-profile stock sales for AI firms such as CoreWeave Inc. and Nebius Group NV, while Citigroup benefited from its lead role in the SK Hynix offering. Conversely, Morgan Stanley experienced a 19% decline in equity underwriting fees year-over-year.
Timeline
2025 served as the baseline for all year-over-year financial comparisons.
The June 2026 quarter recorded $3.6 billion in combined equity underwriting fees.
The third quarter reporting period officially concluded on September 30, 2026.
Morgan Stanley is expected to lead the IPO of Anthropic PBC in November 2026.
Market Dynamics
This bank revenue growth follows the surge in equity capital market activity linked to artificial intelligence sector spending. These financial gains mark a departure from flatter periods as banks capitalize on the aggressive financing needs of the AI hardware and software arms race.
The strong underwriting performance suggests significant capital flow into major tech and semiconductor firms, which may influence institutional portfolio allocations and market sentiment. Retail investors should note that increased underwriting activity often precedes large-scale equity offerings that can shift sector valuations.
The takeaway
The recent dominance of equity underwriting revenue at firms like Goldman Sachs highlights the financial sector's reliance on large-scale capital raises from the AI industry. Investors should monitor whether this pace of underwriting continues as major technology firms finalize their upcoming public listings.
What happens next
Morgan Stanley is anticipated to lead the initial public offering of Anthropic PBC in November 2026.
Further reading
For more on market trends, visit the Stock Markets section.
Source note: This article includes information reported by Mint.
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