Best upcoming IPOs to watch in 2026

Written by: Caroline Tidman | Head of Content

Looking ahead, 2026 is shaping up to be a breakout year, particularly for major names at the crossroads of AI, fintech, and frontier technologies. Indicators point to stabilising interest rates, renewed investor appetite, and a deep pipeline of late-stage private companies eyeing public launches.

Key takeaways

IPO momentum is rebuilding after a cautious 2025, supported by stabilising interest rates, easing volatility, and renewed investor confidence in growth-oriented listings.

Artificial intelligence dominates the narrative, with OpenAI, Anthropic, and Databricks representing consumer-facing models, enterprise infrastructure, and safety-focused deployment.

Space and orbital technologies are emerging as a distinct investment theme, with SpaceX positioned at the centre of commercial satellite networks, launch services, and next-generation space infrastructure — supported by both government spending and private capital.

Fintech and consumer platforms remain relevant, with companies like Revolut, Shein, Stripe, and Discord offering exposure to global payments, digital services, and evolving consumer behaviour — often alongside heightened regulatory and geopolitical considerations.

Why 2026 could be a mega-IPO year

IPO activity generally strengthens when macroeconomic risks ease and investor confidence returns. As interest rates stabilise and market volatility moderates, conditions become more supportive for companies considering a public listing, particularly those that postponed plans during periods of uncertainty.

This improving backdrop has encouraged more firms to revisit delayed IPO timelines and prepare for market entry. However, macro stability alone does not explain the renewed momentum.

What sets 2026 apart is the depth and quality of the IPO pipeline. A number of late-stage private companies are operating in high-growth, high-conviction sectors such as generative AI, fintech platforms, semiconductor infrastructure, and space technology – areas that continue to attract strong institutional and retail interest. Leading contenders including OpenAi, Anthropic, Databricks, Revolut, SpaceX, Altera, and Shein are widely expected to lead the charge, potentially opening the floodgates to a further listings in 2026.

Upcoming IPOs in 2026

SpaceX

SpaceX has long been one of the most talked-about private companies in the world, and any IPO would likely attract significant global interest. While there is no confirmed listing date, market speculation points to a potential mid-to-late 2026 debut, with reports suggesting a raise of more than $30 billion and valuations that could approach $1.5 trillion – potentially making it the largest IPO on record.

What began as a rocket launch company has expanded into a broader commercial space platform. Its Starlink satellite network now delivers broadband to millions of users worldwide, highlighting the growing demand for the low-earth-orbit connectivity, particularly in remote and underserved regions. Beyond internet services, the wider space ecosystem – from satellites and defence capabilities to drones and space-based infrastructure – is increasingly viewed as a major long-term growth theme.

If SpaceX lists, it will offer one of the first large-scale opportunities for public market exposure to this emerging sector. As with many frontier industries, pricing such a story may be challenging, which could lead to heightened volatility as investors weigh its long-term potential.

OpenAI

OpenAI is widely seen as the most anticipated IPO of the decade, sitting at the centre of the generative AI boom. Its models power consumer tools like ChatGPT, as well as enterprise software and developer integrations, making it one of the core building blocks of today’s AI ecosystem.

Valuation expectations vary widely – from around $60 billion to as high as $1 trillion – highlighting both its growth potential and the challenge of pricing such as fast-moving, frontier technology. According to reports, the company is targeting a late-2026 listing, though timing will likely depend on monetisation progress, competitive pressure, and evolving AI regulation.

If it proceeds, the IPO could become one of the year’s defining market events, drawing significant attention and potentially sharp price savings as investors assess how to value the next phase of AI growth.

Anthropic

Anthropic has emerged as one of OpenAI’s main competitors, with a focus on AI safety, alignment, and enterprise-ready solutions. Its Claude models are gaining traction among businesses seeking reliable and responsible AI applications.

The company has raised billions from major investors, including Google, Amazon, and Salesforce, scaling both infrastructure and research. Private valuations have climbed from around $60 billion in early 2025 to roughly $183 billion following a large Series F round, with some funding discussions suggesting a potential $350 billion valuation.

While speculation points to a possible late-2026 IPO, the timing remains uncertain. If it proceeds, Anthropic would represent one of the most closely watched AI listings of the year, given its rapid growth and strategic positioning in the sector.

Databricks

Databricks has become one of the key infrastructure players behind the AI and data boom, providing the tools enterprises use to manage analytics, data engineering, and machine learning at scale.

The company raised $4 billion in December 2025 at a $134 billion valuation, backed by solid operating momentum: an annualised revenue run rate of $4.8 billion, more than $1 billion in AI product revenue, and positive free cash flow. Compared with many earlier-stage AI startups, Databricks looks more established, with a large base of enterprise customers and recurring subscription income.

If it moves ahead with a 2026 listing, attention is likely to focus on customer growth, profitability trends, and how it stacks up against competitors such as Snowflake in the race to power enterprise AI workloads.

Revolut

Revolut has grown from a digital payments app into a full-service fintech platform, offering everything from spending and transfers to trading, crypto, savings, and banking products. Its ambition to become a global “super-app” has helped it expand rapidly across Europe and other key markets.

The company’s financial momentum has also begun to stand out. In 2024, Revolut reported around $4 billion in revenue – up to 72% year-on-year – and generated $1 billion in net profit, a relatively rare combination of scale and profitability for a late-stage fintech. A secondary share sale in late 2025 valued the business at approximately $75 billion. Reinforcing investor confidence ahead of any potential listing.

Although an IPO timeline has yet to be confirmed, with reports pointing to late 2026 or beyond, Revolut is often viewed as one of the stronger fintech candidates to reach public market, particularly given its global reach, expanding licenses, and improving earnings profile.

Shein

Shein has reshaped the fast-fashion industry with a data-led, on-demand manufacturing model that allows it to spot trends quickly and bring new styles to market at remarkable speed. This approach has helped the company build a massive global customer base and compete aggressively on both price and product variety.

After earlier attempts to list in the US and London stalled, reportedly due to governance and supply chain scrutiny, Shein has shifted its focus to Hong Kong and filed confidentially for an IPO in mid-2025. Valuation expectations have also moderated, with recent estimates around $30 billion, down from prior peaks of $60-$100 billion.

Ongoing regulatory and ESG oversight may continue to shape its listing timeline. If it does proceed, the IPO would offer exposure to a consumer brand with significant scale, though sentiment could be sensitive to policy developments and changing retail trends.  

Altera

Intel is preparing to spin off its programmable chip business, Altera, through a stake sale followed by a potential IPO targeted for 2026. The plan was reinforced after Intel sold a majority stake to private equity firm Silver Lake in April 2025, valuing Altera at around $8.75 billion – well below the targeted for 2026$16.7 billion Intel paid for the business in 2015.

As a standalone company, Altera would be able to operate with greater focus, competing more directly with AMD’s Xilinx in fast-growing areas such as AI acceleration, data centres, and edge computing. The listing could attract attention from those watching the semiconductor cycle, particularly as demand for specialised chips tied to AI and infrastructure continues to expand.

Other contenders to watch

• Stripe is still anticipated as one of the largest fintech IPOs on the horizon, with secondary trading suggesting valuations above $106 billion, bolstered by global payments scale and growing profitability.

• Canva, the Australian design SaaS unicorn, recently completed a private tender offer valuing the company at $42 billion with $3.3 billion in ARR (annual recurring revenue) and over 240 million users, reinforcing market expectations of a 2026 listing.  

• Crusoe Energy bridges the AI-infrastructure and energy-transition themes, having raised $1.38 billion in October 2025 at valuations worth of $10 billion. Crusoe Energy combines AI infrastructure with the energy transition, raising $1.38 billion in October 2025 at a valuation above $10 billion. It's often rated “probable” for a future IPO due to strong growth in sustainable computing.

• Discord quietly filed confidentially for a US IPO and has over 200 million monthly users; underwriters include Goldman Sachs and JPMorgan, putting it firmly on public market watchlists. Discord has filed confidentially for a U.S. IPO with Goldman Sachs and JPMorgan as underwriters. The company counts more than 200 million monthly users, putting it firmly on public‑market watchlists.

Why do companies go public?

Companies typically pursue an IPO to raise capital growth, repay debt, or provide liquidity for early investors and employees. Going public also enhances brand visibility and credibility, which can help attract customers and partners. However, the decision often reflects a balance between accessing deep pools of capital and accepting the scrutiny and regulatory obligations that come with being a listed entity.

Understanding IPO valuations

IPO valuations are influenced by multiple factors such as revenue growth, profitability, market size, competitive positioning, and investor sentiment. For high-growth sectors like AI or fintech, valuations often incorporate forward-looking assumptions about adoption and scalability. You should pay attention to metrics disclosed in the 5-1 filing – such as ARR, gross margins, and cash flow – as these provide clues on whether pricing reflects fundamentals or hype.

The risks and rewards of trading IPOs

Trading IPOs can offer significant upside, especially in sectors with strong momentum, but they also carry unique risks. Early price action is often volatile due to limited float, lock-up expiry, and uncertainty around earnings visibility. Rewards come from capturing momentum during initial demand surges, while risks include overvaluation, regulatory surprises, and sharp corrections post-listing. You should combine technical setups with fundamental analysis and be prepared for rapid swings in sentiment.

Key considerations for trading IPOs

IPOs often involve a higher degree of uncertainty than established listed companies, particularly during the early stages of public trading. With limited price history, valuation and price discovery can be heavily influenced by market sentiment, especially for companies operating in emerging sectors such as AI and space technology.

Liquidity and volatility may also be elevated shortly after listing, while lock-up expiries -when insiders can sell shares -can add supply and potentially impact the price. Reviewing prospectus disclosures, regulatory risks, and broader market conditions can help provide useful context when assessing how newly listed stocks may behave.

How to identify a successful IPO in 2026

A successful IPO is not defined solely by its first-day performance. In 2026, companies that enter public markets with clear revenue models, strong balance sheets, and exposure to durable growth themes are more likely to attract sustained interest.

Key indicators include:

• Large addressable market – room for long-term growth.

• Strong competitive position – defensible advantages in the sector.

• Regulatory and ESG readiness – low risk of compliance or social issues.

• Credible management and guidance – proven teams that can execute growth plans.

• Scalable demand and cost discipline – growth that doesn’t erode margins, especially in fast-moving sectors like AI, fintech, and space technology.

Evaluating these factors will help you spot IPOs with lasting potential rather than short-term hype.

Considerations for trading on the first day

Heightened first-day volatility: Prices fluctuate as supply and demand meet limited float, with intraday swings driven by allocation imbalances, media coverage, and momentum flows. Early sessions may not reflect fundamentals.

Liquidity patterns: Trading volumes can spike at the open, thin out mid-session, and surge near the close, making execution quality important.

Market cues: You should watch indicative auction prices, bid-ask spreads, and volatility halts to navigate early trading conditions.

Long-term perspective: First-day price action rarely reflects sustained valuation. Initial price jumps often normalise within weeks, particularly as lock-up periods end and earnings guidance updates reset expectations.

The impact of market sentiment

Market sentiment is a powerful driver of IPO performance, especially in the early days after listing. Positive sentiment toward broader themes – such as AI adoption, fintech innovation, or space commercialisation – can amplify demand for new offerings tied to those trends. Historical data shows that thematic hype often leads to outsized first-day pops, even when fundamentals are secondary.

Conversely, shifts in risk appetite, macroeconomic indicators (like inflation or rate decisions), or geopolitical developments can quickly dampen enthusiasm. Understanding the broader market backdrop, including sector trends, liquidity conditions, and major news, is essential for contextualising short-term price moves in newly listed stocks.

An alternate route to gain exposure

You don’t need to buy an IPO to benefit from trending companies. You can get exposure indirectly via:

• Listed peers in the same sector

• Thematic ETFs tracking AI, fintech, or space tech

• Sector indices capturing similar trends

This strategy reduces risk, offers diversification, and lets you participate in growth themes even when IPO allocations are limited or valuations are high.

For example, thematic ETFs tracking cloud computing or semiconductor sectors often move in tandem with sentiment around AI infrastructure names. Similarly, established listed peers can provide proxy exposure while reducing single-stock volatility. This strategy can help you manage risk while will participating in the broader growth narrative.

Making the most of IPOs with Pepperstone

Pepperstone offers an advanced suite of tools and platforms to start trading CFDs on companies as soon as they’re publicly listed, allowing you to speculate on price movements without owning the underlying shares. With access to comprehensive market analysis and educational resources, you can stay up to date on the latest IPO trends and make informed decisions.

Understanding how IPOs fit within broader market themes, the current market conditions, and the risks involved can help you navigate volatility with confidence

Final thoughts

The outlook for IPO markets in 2026 reflects a shift from caution toward opportunity. After several years shaped by macro uncertainty and regulatory headwinds, improving market conditions are encouraging some of the world’s most influential private companies to consider public listings.

What differentiates this cycle is not just the volume of potential IPOs, but their strategic importance. Companies operating across AI, fintech, semiconductors, and space infrastructure are helping to define how future economies may function; from how data is processed and payments are made, to how connectivity and defence capabilities evolve beyond Earth.

Although uncertainty is inherent in public listings in fast-growing sectors, the size and maturity of the 2026 pipeline suggest a year that could play a meaningful role in shaping market narratives for the decade ahead.