After years of waiting on the sidelines, the biggest names in private technology are finally moving toward the public markets. SpaceX, OpenAI, Stripe, Databricks, and a roster of other unicorns are lining up for what analysts are calling potentially the most significant IPO year in history—with combined valuations exceeding $3.6 trillion.

SpaceX: The Deal That Could Dwarf All Others

Elon Musk's rocket company appears set to become the largest initial public offering ever. According to Bloomberg, SpaceX is pursuing a 2026 IPO that would seek to raise significantly more than $30 billion at a valuation approaching $1.5 trillion.

To put that in perspective, the current record for a U.S. IPO was Saudi Aramco's $29.4 billion offering in 2019. SpaceX could surpass that mark while creating the most valuable debut in American capital markets history.

"SpaceX represents something unprecedented in the IPO market: a profitable, rapidly growing monopoly in an essential infrastructure business. There's nothing to compare it to."

— Lise Buyer, Founder, Class V Group

The company's financial trajectory supports the lofty valuation. SpaceX generated an estimated $15.5 billion in revenue in 2025, with Bloomberg projecting $22 billion to $24 billion in 2026. The Starlink satellite internet division alone is approaching profitability while growing subscribers at an extraordinary pace.

Why Now for SpaceX?

Several factors are pushing SpaceX toward the public markets:

  • Employee liquidity: Long-tenured employees hold substantial stock options that can only be monetized through an IPO or acquisition
  • Capital needs: The Starship program requires billions in ongoing investment
  • Market conditions: Investor appetite for space companies has improved after the SPAC hangover subsided
  • Regulatory clarity: FAA and FCC approvals for key programs reduce execution risk

OpenAI: The AI Crown Jewel

The company behind ChatGPT represents perhaps the most anticipated tech IPO since Facebook. While OpenAI has not officially announced public market plans, the restructuring from nonprofit to for-profit governance—completed in late 2025—cleared a major obstacle to going public.

The company's most recent private funding valued it at approximately $200 billion, making it one of the most valuable startups in history. Revenue has grown explosively, driven by ChatGPT subscriptions, API licensing, and enterprise contracts.

An OpenAI IPO would likely attract enormous retail investor interest, given the brand recognition of ChatGPT and the broader excitement around artificial intelligence. However, some analysts caution that the company's high cash burn and competitive pressures from Google, Anthropic, and Meta warrant careful scrutiny.

Stripe: The Long-Awaited Fintech Giant

Perhaps no company has teased an IPO longer than Stripe. The payments processor, founded by brothers Patrick and John Collison, has achieved a secondary market valuation exceeding $100 billion while steadfastly remaining private.

Internal pressure is building. Thousands of employees hold illiquid stock from the company's 15-year private history, and Stripe has conducted multiple tender offers to provide some liquidity. But a full public offering would unlock far more value for long-tenured staff.

"Stripe has been 'IPO-ready' for years. The question has always been whether Patrick and John wanted to deal with the quarterly scrutiny of public markets. At some point, employee pressure and capital markets conditions align to make it inevitable."

— Anupam Rastogi, Managing Director, Renaissance Capital

Databricks: The AI Data Platform Play

Databricks raised a staggering $4 billion in December at a $134 billion valuation, signaling that while it is fully prepared for public markets, it is waiting for optimal conditions. The company, which provides data and AI analytics platforms, has become essential infrastructure for enterprises deploying machine learning at scale.

Unlike some AI-hyped companies, Databricks has genuine revenue traction and a sticky enterprise customer base. An IPO would provide a benchmark valuation for the broader enterprise AI software sector.

Other Names to Watch

The 2026 pipeline extends well beyond the mega-cap names:

  • Kraken: The crypto exchange is reportedly targeting a U.S. debut as early as Q1 2026, capitalizing on the regulatory clarity emerging under the new SEC leadership
  • Discord: The gaming-focused communication platform has reportedly explored going public
  • Anthropic: The AI safety company behind Claude could follow OpenAI to public markets
  • Ramp: The corporate card and expense management company is seen as a likely 2026 candidate
  • Rippling: The HR and IT platform has grown rapidly and may seek public market validation

Risks and Reality Checks

Not everything about the 2026 IPO outlook is rosy. A sobering reality emerged in 2025: every major IPO traded down from its private round valuation. Public markets have consistently valued companies lower than late-stage venture capitalists, creating potential for disappointment.

Other risks include:

  • Market volatility: A significant market correction could close the IPO window quickly
  • Valuation expectations: Founders accustomed to private market premiums may resist public market discounts
  • Regulatory scrutiny: High-profile companies like OpenAI could face regulatory hurdles
  • Lock-up expirations: Heavy insider selling after lock-up periods expire can pressure newly public stocks

What It Means for Investors

The 2026 IPO wave presents both opportunity and risk. For investors who missed the private market run-up, these offerings provide access to companies that have been inaccessible for years. But the hype surrounding names like SpaceX and OpenAI could lead to overheated initial pricing.

History suggests a measured approach. Many of the best-performing IPO investments come months or years after the initial offering, once the hype subsides and fundamentals take over. Patient investors who wait for post-IPO volatility to settle may find better entry points than those who chase hot deals at the opening bell.

Regardless of how individual offerings perform, the 2026 IPO wave will reshape public markets and provide a fresh generation of companies for investors to evaluate. After years of private market exuberance, the reckoning—and the opportunity—is finally arriving.