Market momentum has started to rebuild in early 2026, and analysts now point to a revival in public listings after years of hesitation. Stabilising interest rates, renewed appetite for growth stocks and pressure from private investors have pushed several high-profile unicorns toward the public arena.
Can 2026 become the year the IPO window fully reopens?
Here are the 10 biggest and most anticipated IPO candidates shaping the 2026 pipeline:
- SpaceX – Space infrastructure and Starlink expansion
- OpenAI – Generative AI dominance and enterprise adoption
- Kraken – Crypto exchange with banking ambitions
- Anthropic – Safety-focused AI challenger
- Revolut – European neobank scaling globally
- Discord – Community platform monetising subscriptions
- KNDS – Pan-European defence consolidation
- Stripe – Global payments infrastructure leader
- Visma – Nordic SaaS accounting powerhouse
- Monzo – UK digital banking contender
1. SpaceX – Space Infrastructure Titan
SpaceX stands out as the most ambitious potential listing. Analysts estimate a valuation near $1.5 trillion, which could make it the largest IPO in history and surpass Saudi Aramco’s $29.4 billion 2020 debut. The company transformed space economics by cutting launch costs with reusable rockets.
Its Starlink satellite network now serves over 9 million customers globally. However, public investors would closely examine capital spending tied to the Starship program and the governance structure surrounding Elon Musk’s multi-company leadership.
Beyond launches, SpaceX’s growing defense contracts and deepening NASA partnerships strengthen recurring revenue visibility, but massive R&D intensity could test public market patience.
2. OpenAI – Generative AI Powerhouse
OpenAI commands valuations between $830 billion and $1 trillion as it leads the generative AI race. The company restructured from a nonprofit into a capped-profit entity and counts Microsoft as a major shareholder.
CEO Sam Altman has expressed reluctance about running a public company, while CFO Sarah Friar reportedly targets 2027 for a listing, with a possible filing in late 2026. Investors will likely scrutinize profitability as competition intensifies.
Enterprise adoption of AI copilots, API monetisation and custom AI models for Fortune 500 clients could drive sustained revenue, but compute costs and regulatory scrutiny remain key risks.
3. Kraken – Crypto Market Bellwether
Kraken remains one of the most anticipated crypto IPO candidates. Founded in 2011, the exchange serves more than 9 million clients across 190 countries and records significant daily trading volumes depending on market conditions.
The company secured a Wyoming banking charter in 2020 and expanded into NFTs and staking. Market volatility, Bitcoin trends and regulatory clarity will heavily influence timing and valuation.
A listing would serve as a barometer for institutional confidence in digital assets, especially if crypto ETF flows and stablecoin regulation continue stabilising the sector.
4. Anthropic – AI Safety Challenger
Anthropic positions itself as a safety-focused AI competitor with its Claude model. Revenue surged sharply through 2025, with strong enterprise adoption driving the majority of income.
The company has engaged legal advisers to prepare for a listing and carries an estimated $350 billion valuation. Growth metrics suggest momentum.
Backed by major cloud partnerships, Anthropic differentiates itself through AI alignment research, appealing to governments and regulated industries seeking safer large language model deployment.
5. Revolut – European Fintech Champion
Revolut has emerged as one of Europe’s strongest fintech contenders, serving more than 45 million users across dozens of countries. Revenue growth and profitability milestones have strengthened its IPO profile.
It secured a UK banking licence after years of delay. Management continues to weigh a NASDAQ listing against London.
Expansion into lending, wealth management and crypto trading could boost ARPU, while geographic diversification reduces dependence on any single regulatory environment.
6. Discord – Community Platform at Scale
Discord confidentially filed for a US IPO and targets a first-quarter 2026 listing. The platform attracts more than 200 million monthly active users and generates revenue through Nitro subscriptions.
Major investment banks support the offering, aiming for a multi-billion valuation.
Diversification beyond gaming into education, developer communities and enterprise collaboration tools may strengthen recurring subscription revenue and advertising potential.
7. KNDS – European Defense Consolidator
KNDS confirmed plans to pursue a dual listing in Paris and Frankfurt in 2026. Order intake and backlog figures reflect strong defence demand amid rising European security spending.
Leadership views the IPO as a tool to expand industrial capacity and technology investment.
Geopolitical tensions and NATO modernisation programs provide multi-year visibility, positioning KNDS as a strategic industrial asset in Europe’s defence ecosystem.
8. Stripe – Payments Infrastructure Leader
Stripe strengthened its IPO case after returning to profitability and posting robust revenue growth. The company continues expanding globally across online payments and embedded finance.
Valuations hover near $90–100 billion under favourable conditions.
Its push into stablecoins, enterprise billing solutions and AI-powered fraud detection underscores ambitions to remain foundational to internet commerce.
9. Visma – Nordic SaaS Compounder
Visma develops accounting and payroll software across Nordic and Baltic markets and remains owned by private equity firm Hg. IPO timing may shift depending on sector sentiment.
Recurring SaaS revenues and high retention rates support valuation stability.
Strategic acquisitions across Europe and automation features powered by AI continue strengthening its competitive moat in SME financial software.
10. Monzo – Digital Banking Contender
Monzo has taken a measured approach toward public markets after securing a multi-billion valuation in secondary sales. The digital bank continues focusing on profitability and governance.
Leadership signals no urgency to list.
Growth in lending, subscriptions and business banking services could improve margins, while strong brand loyalty among younger consumers supports long-term expansion potential.
