AI-led initial public offerings (IPOs) could add up to $100 billion to India’s market capitalisation, reflecting the growing role of artificial intelligence in shaping the country’s startup ecosystem and capital markets.
The potential increase in market value highlights the opportunities for AI-driven companies to tap public markets as investor interest in artificial intelligence continues to grow. The trend could also strengthen India’s technology sector and provide investors with new avenues to participate in the country’s expanding AI economy.
“The listings could broaden India’s listed AI universe, bringing several underrepresented segments of the AI value chain into the public markets,” Timothy Moe, co-head of Asia macro research and chief Asia-Pacific equity strategist at Goldman Sachs, wrote in an coauthored note.
The investment bank estimates that 25-50 per cent of nearly 70 mid-to-late-stage private AI companies could go public during this period, at a weighted average valuation of around four times their current estimated value.
As per the Goldman Sachs report, Private equity (PE) funding for Indian AI startups has tripled since 2024, while AI’s share of total PE allocations has quadrupled to approximately one-fifth of all private capital deployed in India.
Further, it said India now ranks among the top six global destinations for private AI funding and the top four for newly funded AI companies, according to Stanford University’s 2026 AI Index Report, challenging the perception that India remains on the periphery of the global AI buildout.
Goldman Sachs has identified 84 private companies as “Private AI Contenders”, with an estimated combined current value of $55 billion. These companies, Goldman Sachs said, account for nearly 40 per cent of all AI-related private capital raised in India since 2025 and span the value chain, from infrastructure providers and core AI developers to businesses deploying AI across industries.
Goldman Sachs estimates the segment’s current value at $35 billion, making it the biggest potential contributor to future AI-related listings.