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Goldman Sachs estimates that artificial intelligence IPOs could add USD 50 billion to USD 100 billion to India’s listed market capitalization. The investment bank expects potential listings over the next two to five years as private AI companies expand. Its estimate assumes that 25% to 50% of nearly 70 mid-to-late-stage companies pursue public offerings.
The projection reflects rising investor interest in Indian AI startups and businesses supporting the technology’s growth. Goldman Sachs identified 84 private AI contenders worth an estimated USD 55 billion combined, spanning infrastructure, core AI development and industry applications. Timothy Moe, the bank’s Asia-Pacific equity strategist, said these listings could broaden India’s publicly traded AI sector.
AI infrastructure companies may contribute the largest share of potential market value, according to Goldman Sachs. This group includes data centers, cloud services, semiconductor supply chains, chip design and power equipment providers. The bank estimates their combined value at USD 35 billion, representing the biggest segment among identified contenders.
Businesses applying AI across industries form another major category, with 42 companies valued at approximately USD 18 billion. These firms operate in healthcare, financial services, enterprise software, robotics, cybersecurity and commerce. Core AI developers remain a smaller group, with seven companies carrying an estimated combined value of USD 2 billion.
Private equity investment in Indian AI startups has accelerated since 2024, according to the report. AI’s share of private capital allocations has also increased, highlighting stronger investor focus on the sector. India ranks among the leading global destinations for private AI funding and newly funded AI companies.
Potential listings could give public-market investors wider access to AI infrastructure and application businesses. However, Goldman Sachs’ estimate remains a scenario rather than a confirmed pipeline of IPOs. Actual outcomes will depend on companies’ listing decisions, public-market valuations and investor demand.
The projected increase therefore signals opportunity, not guaranteed returns, as India’s AI ecosystem develops.
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