Goldman: AI IPOs could add USD 50-100 billion to India’s listed market

A Goldman Sachs report says India's listed AI space could grow by USD 50-100 billion in market cap over the next two to five years. The gain would come as private AI companies move towards IPOs. The findings were covered by Devdiscourse, LatestLY and The Hindu BusinessLine.

The bank identified 84 private Indian AI companies with a combined value around USD 55 billion. Of these, 71 are at growth, late, infrastructure or buyout stages, valued at USD 54 billion. The report assumes 25-50% of the 71 could list in 2-5 years at about 4x current value. The report states: "We estimate approximately $50bn to $100bn in incremental market cap could be added to India’s listed AI complex from prospective IPOs over the next 2-5 years, assuming 25-50% of the ~70 mid-to-late stage Private AI Contenders (currently estimated at ~$54bn value) list at a weighted average 4x valuation step-up,"

Today the listed AI market is concentrated in AI infrastructure. New listings would bring in computer vision and healthcare AI players, conversational AI, enterprise AI services, data centre operators, and cloud and data management firms. Money is also flowing in. Private equity investment in Indian AI startups was about USD 5 billion in 2025, against USD 1.6 billion in 2024. The first 8-9 months of 2026 matched the 2025 total.