Many investors have raised questions about the valuations of companies that have gone public this year.
"The most commonly raised concerns are that new firms are too expensive relative to their fundamentals and that demand for equity in new issues will diminish demand for the rest of the equity market," the firm said.
WeWork, one of the most anticipated listings of 2019, has seen its valuation come under scrutiny in recent months.
The company was last valued at $47 billion during a private fundraising round, but now the company is rumored to be seeking between a $20 billion and $30 billion valuation for its upcoming public offering.
According to Goldman, IPO's become more expensive compared the rest of the market shortly before a recession. At the height of the tech bubble in the early 2000's, IPO valuations soared past that of the median S&P 500 company.