2026 IPO Market Overview
2026 is shaping up to be the strongest year for initial public offerings since the 2021 boom. After three years of subdued IPO activity caused by rising interest rates, inflation uncertainty, and the collapse of SPAC-era valuations, multiple catalysts are converging to create what many analysts call a potentially historic IPO window.
The private equity secondary market hit a record $160 billion in transaction volume in 2024, signaling enormous pent-up demand for liquidity. PE-backed companies that have been held for 5-7+ years are facing increasing pressure from limited partners to return capital. Meanwhile, venture-backed companies that raised at peak 2021 valuations have had time to grow into their price tags, making public market debuts more viable.
For investors, this creates an unprecedented window to access pre-IPO shares at secondary market prices before these companies enter the public markets. Platforms like Forge Global, EquityZen, and Hiive facilitate these transactions for accredited investors. See our IPO Calendar for live timeline tracking.
2026 IPO Market at a Glance
The Mega-IPOs: Largest Expected Listings
These companies represent the most anticipated IPOs of 2026, with valuations exceeding $10 billion and the potential to reshape their respective industries as public companies.
Largest anticipated IPO ever. Starlink spinoff may come first. Over 60% global commercial launch share, 4M+ Starlink subscribers, $6.6B annual Starlink revenue.
NYSE IPO filing submitted. World's largest BNPL provider with 150M consumers across 45 countries. Returned to profitability in 2024 through AI-driven cost restructuring.
UK banking license secured. 45M+ customers, $2.2B+ revenue, profitable at scale. Expected to list on London Stock Exchange with potential U.S. secondary listing.
Leading defense tech disruptor building autonomous drones and AI-powered battlefield systems. $5B+ contract backlog with U.S. DoD and allied forces.
World's largest fast-fashion e-commerce platform. $30B+ annual revenue. Filed for London Stock Exchange IPO; regulatory approval pending amid geopolitical scrutiny.
Dominant online payment processor handling hundreds of billions in annual volume. Has explored direct listing; no confirmed filing date.
AI & Technology IPOs
The AI boom has created a wave of well-funded technology companies approaching the scale and maturity needed for public markets. Several of these companies are actively preparing for IPOs while others are building toward a 2027+ timeline.
| Company | Sector | Valuation | IPO Likelihood | Timeline |
|---|---|---|---|---|
| Databricks | Data & AI | $62B | Medium | 2026-2027 |
| xAI | Artificial Intelligence | $50B | Low-Medium | 2027+ |
| Canva | Design & SaaS | $32B | Medium | 2026-2027 |
| Discord | Social & Gaming | $15B | Medium | 2026-2027 |
| Scale AI | AI Infrastructure | $14B | Medium | 2026-2027 |
| Figure AI | Robotics & AI | $7B | Low | 2027+ |
| Perplexity AI | AI Search | $9B | Low-Medium | 2027+ |
Fintech & Financial Services IPOs
Fintech companies that raised at peak valuations in 2020-2021 have spent the intervening years building sustainable revenue models and, in several cases, achieving profitability. The strongest are now IPO-ready.
Defense & Aerospace IPOs
Defense technology is one of the fastest-growing sectors in venture capital, driven by bipartisan support for military modernization and battlefield AI adoption. Anduril Industries leads this sector with a $28 billion valuation and significant government contract backlog.
| Company | Sector | Valuation | IPO Likelihood | Timeline |
|---|---|---|---|---|
| Anduril Industries | Defense AI | $28B | Medium-High | H2 2026 / 2027 |
| Relativity Space | Aerospace | $4.2B | Low | 2027+ |
| Sierra Space | Space Infrastructure | $5.4B | Low-Medium | 2027+ |
Full IPO Pipeline: 40+ Companies
The complete list of private companies being watched for potential IPO activity in 2026-2027. This pipeline is updated monthly as new information becomes available. Companies marked "High" likelihood have either filed or publicly signaled IPO intent.
| Company | Sector | Valuation | Likelihood | Timeline |
|---|---|---|---|---|
| SpaceX | Aerospace & Defense | $1.5T (est.) | Medium | H2 2026 / 2027 |
| Klarna | Fintech & Payments | $14.6B | High | H1 2026 |
| Revolut | Digital Banking | $45B | High | 2026 |
| Anduril Industries | Defense Technology | $28B | Medium-High | H2 2026 / 2027 |
| Shein | E-Commerce & Fashion | $66B | Medium | 2026 (pending approval) |
| Stripe | Fintech & Payments | $91B (2024 tender) | Medium | H2 2026 / 2027 |
| Databricks | Data & AI | $62B | Medium | 2026-2027 |
| xAI | Artificial Intelligence | $50B | Low-Medium | 2027+ |
| Canva | Design & SaaS | $32B | Medium | 2026-2027 |
| Discord | Social & Gaming | $15B | Medium | 2026-2027 |
| Scale AI | AI Infrastructure | $14B | Medium | 2026-2027 |
| Figure AI | Robotics & AI | $7B | Low | 2027+ |
| Perplexity AI | AI Search | $9B | Low-Medium | 2027+ |
| Plaid | Financial Infrastructure | $13.4B | Medium | 2026-2027 |
| Brex | Corporate Finance | $12.3B | Low-Medium | 2027+ |
| Ramp | Corporate Spend | $8B | Low-Medium | 2027+ |
| Kraken | Cryptocurrency | $10B+ | Medium | 2026-2027 |
| Relativity Space | Aerospace | $4.2B | Low | 2027+ |
| Sierra Space | Space Infrastructure | $5.4B | Low-Medium | 2027+ |
| Flexport | Supply Chain & Logistics | $8B | Low-Medium | 2027+ |
| Impossible Foods | Food Tech | $4B | Low | 2027+ |
| Epic Games | Gaming | $32B | Low | No current plans |
| Fanatics | Sports & Commerce | $31B | Medium | 2026-2027 |
| Rippling | HR & Workforce | $13.4B | Medium | 2026-2027 |
| Deel | HR & Payroll | $12B | Medium | 2026-2027 |
| Gusto | HR & Payroll | $10B | Low-Medium | 2027+ |
| Notion | Productivity | $10B | Low-Medium | 2027+ |
| Vercel | Developer Tools | $3.2B | Low | 2027+ |
| Waymo | Autonomous Vehicles | $45B | Low-Medium | 2027+ |
| Northvolt | Clean Energy | $12B | Low | 2027+ |
| Redwood Materials | Battery Recycling | $5B | Low-Medium | 2027+ |
Valuations reflect the most recent known funding round or secondary market pricing. IPO likelihood is based on public statements, regulatory filings, and market analysis. This is not investment advice. Data last updated March 2026.
How to Invest Before the IPO
Accredited investors can purchase shares in most of these companies before they go public through secondary market platforms. The process typically involves verifying your accredited investor status, selecting a platform, and choosing which company to invest in. For a complete walkthrough, see our guide to buying pre-IPO stock.
| Platform | Minimum | Fee | Structure | Companies |
|---|---|---|---|---|
| Forge Global | $100,000 | 5% seller | Direct shares | 200+ |
| EquityZen | $10,000 | 5% buyer | SPV | 350+ |
| Hiive | Varies | 0% buyer | Direct shares | 500+ |
Not accredited? The Fundrise Innovation Fund offers exposure to companies like OpenAI and Anthropic with just a $10 minimum investment, no accreditation required. See our accredited investor guide for qualification details.
IPO Investment Risks
Pre-IPO and IPO-day investments carry specific risks that differ from typical public market investing. Understanding these risks is essential before committing capital.
IPO Timing Uncertainty
Companies may delay or cancel their IPO based on market conditions. Your capital may be locked for years longer than expected.
Pricing Risk
IPO pricing may be set below your secondary market entry price, especially if market conditions deteriorate between your purchase and the listing.
Lock-Up Periods
Most IPOs include 90-180 day lock-up periods preventing existing shareholders (including pre-IPO buyers) from selling immediately.
Information Asymmetry
Private companies provide less financial disclosure than public companies. Your due diligence will be more limited.
For a comprehensive analysis of all 12 key risks, see our Pre-IPO Investment Risks Guide. To protect against fraud, review our scam protection guide.