Goldman Sachs reports that the recent uptick in IPO activity has not reached the levels of euphoria seen during the dot-com boom. Despite expectations for a surge in crypto listings following successful IPOs by Circle and Bullish, the market has not met these anticipations. Concerns have arisen that high-profile AI-related IPOs are diverting capital from digital assets, with SpaceX's successful listing further attracting institutional growth capital. Market analysts note that while equity valuations and investor confidence are high, the number of IPOs remains moderate. The U.S. has averaged about 100 IPOs annually over the past 25 years, contrasting sharply with the 250 IPOs in 2021 and nearly 400 during the dot-com peak in 1999. This suggests that while there are signs of optimism, the current market does not mirror the speculative frenzy of past asset bubbles.