The IPO drought is definitively over, and 2026 could be the year that transforms public markets. After 371 U.S. companies went public through early December 2025—a significant acceleration from 266 in 2024—market watchers are forecasting an even more robust year ahead. But what's capturing Wall Street's imagination isn't just the volume of deals; it's the caliber of companies preparing to debut. SpaceX, OpenAI, Anthropic, and a constellation of other private market titans are reportedly eyeing 2026 as their moment to go public.

SpaceX: A Record-Shattering Debut

The most anticipated IPO of the upcoming year—and possibly of the decade—is Elon Musk's SpaceX. The rocket and satellite company confirmed in December that it's targeting an offering in the second half of 2026, and Wall Street projections are staggering: a potential $30 billion raise at a valuation near $1.5 trillion.

If those numbers hold, SpaceX would instantly become one of the largest IPOs in history and the most valuable space company ever to trade publicly. The valuation reflects not just the company's dominance in commercial launch services—it now handles the majority of global launches—but also the massive potential of Starlink, its satellite internet constellation serving millions of subscribers worldwide.

"SpaceX is the rare company that operates in two massive markets simultaneously—commercial and government space launch, plus global broadband—with dominant positions in both. The valuation seems enormous until you look at the addressable market."

— Senior aerospace analyst at a major investment bank

AI Giants Eye the Public Markets

The artificial intelligence companies that have reshaped how we work and live are also preparing for their public debuts. OpenAI, the creator of ChatGPT and the company that arguably ignited the current AI revolution, is reportedly preparing for a new funding round that could set the stage for an IPO. With a last reported private valuation north of $150 billion, OpenAI's public offering would be a landmark event for AI investing.

Not to be outdone, Anthropic—maker of the Claude AI assistant and one of OpenAI's most formidable competitors—is exploring its own path to the public markets. The company, backed by Amazon and Google, has positioned itself as the safety-focused alternative in the AI race, an angle that could resonate with institutional investors increasingly focused on responsible AI development.

The Supporting Cast: Databricks, Stripe, and More

Beyond the headline names, a deep bench of private market leaders is preparing for public debuts:

  • Databricks: The data and AI company raised $4 billion at a $134 billion valuation in its latest round, with revenue exceeding $4.8 billion and growing 55% annually. An IPO seems all but inevitable.
  • Kraken: The cryptocurrency exchange confidentially filed for an IPO in November 2025 at a $20 billion valuation, positioning itself to capitalize on crypto's continued mainstream adoption.
  • Lambda: The GPU cloud provider has hired banks to prepare for a first-half 2026 IPO, following CoreWeave's successful public debut.
  • Stripe: The payments giant has been on IPO watch lists for years. With interest rates coming down and its business model proven at scale, 2026 could finally be the year.
  • Discord, Revolut, Canva: Consumer-facing tech giants with massive user bases are all reportedly evaluating public listings.

Why 2026 Is the Sweet Spot

Several factors are converging to make 2026 an attractive window for companies to go public:

Interest rate environment: With the Federal Reserve expected to continue its rate-cutting cycle (albeit more slowly than initially anticipated), the cost of capital is declining. Lower rates typically support higher equity valuations, making it more attractive for companies to sell shares.

Economic backdrop: Despite recession fears, the U.S. economy has proved remarkably resilient. GDP growth of 4.3% in Q3 2025 suggests the consumer and corporate America remain healthy.

Political calendar: "With interest rates coming down and a strong economy, 2026 is a good year for going public, as I think there will be more uncertainty in 2027 as midterm elections approach," noted one investment banking executive.

Pent-up supply: Many companies that would have gone public in 2022 or 2023 delayed their plans due to market volatility. That backlog is now ready to be released.

What It Means for Investors

For retail investors, the 2026 IPO wave presents both opportunities and risks. On the opportunity side, several generational companies may finally become accessible to ordinary investors. SpaceX, in particular, has been off-limits to all but the wealthiest private investors; a public listing would democratize access to what many consider the most innovative company of our era.

However, IPO investing carries significant risks. First-day pops often give way to multi-year underperformance as the reality of public company life—quarterly earnings pressure, short-seller scrutiny, increased disclosure—weighs on share prices. The graveyard of hyped IPOs that subsequently disappointed is vast.

Renaissance Capital, the IPO research firm, projects 200-230 offerings in 2026 raising $40-60 billion in total. That represents a significant step up from 2025 levels and would mark the healthiest IPO market since the pre-pandemic boom of 2019-2021.

The Bottom Line

The stars are aligning for a blockbuster IPO year in 2026. Companies that have defined the private market landscape—from SpaceX's rockets to OpenAI's AI models to Stripe's payment rails—may finally give public investors a seat at the table.

For those considering IPO investments, the keys remain unchanged: focus on companies with proven business models, sustainable competitive advantages, and management teams capable of navigating the fishbowl of public markets. The hype will be intense, but disciplined investors who separate signal from noise could find exceptional opportunities in the year ahead.