The initial public offering market is about to experience something unprecedented. Three of the most valuable private companies in technology history—SpaceX, Anthropic, and Kraken—are actively preparing for public market debuts that could collectively add nearly $3 trillion in market capitalization to U.S. exchanges. If realized, this would mark the largest single-year wave of new listings in the history of the New York Stock Exchange and Nasdaq.

After years of IPO drought driven by rising interest rates, volatile markets, and lingering effects of 2021's SPAC hangover, the reopening of the public market window represents a watershed moment for investors who have been locked out of the most dynamic companies of the AI era.

SpaceX: The Crown Jewel

SpaceX is widely viewed as the centerpiece of the 2026 IPO narrative. Elon Musk's rocket company, which has revolutionized space transportation and built a global satellite internet network, is targeting a market debut in the second half of the year with an expected valuation around $1.5 trillion.

The company's path to this staggering figure rests on two pillars:

Starlink's Exponential Growth

SpaceX's satellite internet service, Starlink, has grown from a bold experiment to a global infrastructure asset. The service now boasts more than 8.5 million subscribers across six continents, generating annual recurring revenue estimated at $12-15 billion. Starlink has proven particularly valuable in conflict zones, disaster areas, and remote regions where traditional internet infrastructure is unavailable or unreliable.

Analysts view Starlink as a cash-generating machine that could eventually dwarf SpaceX's launch business in profitability. Some projections suggest Starlink alone could be worth $500 billion or more as a standalone company.

Launch Dominance

SpaceX's Falcon 9 rocket has become the workhorse of the global space industry, launching more payloads than all other launch providers combined. The company's next-generation Starship vehicle, once fully operational, could reduce launch costs by another order of magnitude while enabling missions to the Moon and Mars.

"SpaceX is unique because it operates a vertically integrated launch and space services ecosystem," noted one aerospace analyst. "There's literally no comparable company in public markets."

Musk confirmed IPO preparations in a December post on X, saying that reporting about the company's plans was "accurate." Current expectations point to a unified listing of the entire company rather than a Starlink spinoff, which had been discussed in earlier years.

Anthropic: The AI Challenger

Anthropic, the AI research company behind the Claude chatbot, represents the clearest opportunity for public market investors to gain exposure to the frontier AI race. The company began informal IPO discussions in December 2025 and has tapped law firm Wilson Sonsini to begin work on a potential public debut.

Founded by former OpenAI researchers Dario and Daniela Amodei, Anthropic has positioned itself as the safety-focused alternative to OpenAI. Its Claude models consistently rank among the most capable AI systems available, competing head-to-head with GPT-4 and beyond.

The company's most recent funding round valued it at well over $300 billion, with an IPO potentially targeting approximately $350 billion. Key factors supporting this valuation include:

  • Revenue growth: Anthropic's enterprise revenue has grown exponentially as businesses adopt AI tools for customer service, coding assistance, and knowledge work.
  • Amazon partnership: A strategic relationship with Amazon Web Services provides both capital and distribution advantages.
  • Safety differentiation: As concerns about AI risks grow, Anthropic's safety-first positioning could become an increasingly valuable differentiator.

Anthropic's rumored IPO path looks more conventional than some peers, which is why many analysts view it as potentially the most realistic first mover among the mega-unicorns.

Kraken: Crypto's IPO Play

Crypto exchange Kraken is targeting a U.S. stock market debut as early as Q1 2026, positioning itself alongside publicly traded platforms like Coinbase and Gemini. The company is reportedly wrapping up a $500 million pre-IPO fundraising round this month, aiming for a valuation of roughly $20 billion.

Kraken's IPO timing is notable given the improved regulatory environment for cryptocurrency under the Trump administration. The company confidentially filed for an IPO in November 2025, potentially looking to go public before the 2026 midterm elections introduce new uncertainty.

Key considerations for a Kraken IPO include:

  • Regulatory clarity: The GENIUS Act and other stablecoin legislation has provided a clearer regulatory framework for crypto companies.
  • Competitive positioning: As one of the oldest and largest U.S. crypto exchanges, Kraken offers institutional investors familiar exposure to the crypto ecosystem.
  • Revenue diversification: Beyond trading fees, Kraken has built businesses in staking, custody, and crypto-backed lending.

Market Implications

The potential combined listings of SpaceX, Anthropic, and Kraken would have significant implications for public markets:

Index Rebalancing

Companies of this size would quickly become candidates for major index inclusion. SpaceX at $1.5 trillion would immediately rank among the ten largest companies in the S&P 500, forcing index funds to make massive purchases. The rebalancing effects alone could move billions of dollars.

Sector Concentration

Adding three more technology and tech-adjacent companies to an already tech-heavy market raises concentration concerns. The S&P 500 is already dominated by the Magnificent Seven; these additions would further skew the index toward growth and technology.

Retail Access

Perhaps most significantly, these IPOs would give ordinary investors access to companies that have been the province of venture capitalists and accredited investors. The democratization of access to SpaceX and Anthropic would represent a meaningful shift in who benefits from transformative company-building.

What Could Go Wrong

Several risks could derail or delay these high-profile debuts:

  • Market volatility: A significant correction could close the IPO window, as it did in 2022.
  • Valuation resets: Public market investors may not be willing to pay private market valuations, forcing companies to accept lower prices or delay.
  • Regulatory complications: SpaceX faces national security considerations, Anthropic faces AI regulation uncertainty, and Kraken operates in an evolving crypto regulatory landscape.
  • Founder reluctance: Musk in particular has historically been skeptical of public market pressures. A change of heart could delay SpaceX indefinitely.

The Bottom Line

2026 is shaping up as the first truly broad-based reopening of the IPO market in years. The potential listings of SpaceX, Anthropic, and Kraken represent an opportunity for public market investors to access companies that have been defining the future while remaining private. Whether all three actually go public—and at what valuations—will depend on market conditions, regulatory outcomes, and founder decisions. But the intent is clear: the mega-unicorns are preparing to go public, and investors should be preparing for what that means for their portfolios.