Upcoming IPOs 2026: From Historic Debuts to the Upcoming Pipeline

From artificial intelligence pioneers to aerospace powerhouses, the 2026 IPO market has reached historic levels in the first half of the year alone. After a prolonged drought in tech listings, investor confidence has returned. Driven by interest rate stabilisation, robust corporate earnings, and sustained institutional demand for structural growth engines, the floodgates have officially swung wide open.

The first six months of 2026 have already delivered some of the most monumental public debuts in financial history, headlined by SpaceX’s record-breaking multi-billion-dollar listing on the NASDAQ. However, this historic opening wave of mega-cap deals has fundamentally altered the market’s underlying dynamics. By vacuuming up vast pools of institutional capital in a short window, these early blockbusters have triggered a wave of capital fatigue—effectively dividing the rest of the year’s pipeline into a highly strategic, two-speed race.

Is 2026 the Year of IPOs?

Signs point to a definitive yes. While early indicators in January pointed to a gradual resurgence following Circle’s successful framework, the reality of mid-2026 has vastly outstripped analysts’ initial expectations. Mature tech giants that spent 2022 through 2024 delaying their debuts due to market volatility are no longer just running up against shareholder limits—they are aggressively capitalising on a market that rewards proven scale and clear paths to profitability.

That said, timing has become the ultimate corporate weapon. While AI infrastructure plays are rapidly forcing their way through the regulatory pipeline to secure vital computing capital, heavily capitalised software and fintech empires are comfortably choosing to wait. For modern investors navigating the 2026 calendar, the themes are clear: massive structural execution, high institutional selectivity, and an entirely rewritten playbook for retail participant inclusion.

Already Listed: 2026’s Completed IPOs

1. Cerebras Systems 

Debut Valuation	IPO Status	Ticker Symbol	Exchange	Lock-Up Period
~$60 billion to $64 billion (Peaked near $100 billion on Day 1)	Filed (Listed May 14, 2026)	CBRS	NASDAQ	Phased “early-release” structure

Cerebras Systems stands out as the ultimate pure-play semiconductor challenger to Nvidia in the high-stakes AI hardware race. Co-founded and steered by Silicon Valley hardware veteran Andrew Feldman, the Sunnyvale-based firm completely rejected traditional chip design architecture. Instead of building massive clusters made up of thousands of tiny, separate graphics chips (GPUs), Cerebras builds a single, massive computer processor carved from an entire silicon wafer, known as the Wafer-Scale Engine 3 (WSE-3). By keeping all data moving smoothly on one gigantic, dinner-plate-sized piece of silicon, this architecture bypasses traditional wiring bottlenecks, allowing it to process AI inference workloads up to 15 times faster than leading legacy hardware while drawing a fraction of the power.

The company’s commercial trajectory reached escape velocity after strategically addressing previous regulatory delays. To eliminate an earlier revenue concentration risk, Feldman secured a historic, multi-year infrastructure agreement with OpenAI valued at over $20 billion, alongside expanded data center partnership pipelines with Amazon Web Services (AWS). This massive customer pipeline completely redefined the firm’s financial profile; full-year 2025 revenue surged to $510 million, and the company reported adjusted net income of $237.8 million, though this benefited from a one-time accounting gain. This operational momentum carried right into the first quarter of 2026, which recorded $193.4 million in revenue—marking an explosive 92% year-over-year growth rate.

This monumental growth culminated in a blockbuster public market debut on May 14, 2026, with the chipmaker listing on the NASDAQ under the ticker symbol CBRS. Driven by intense institutional demand during its roadshow, the deal aggressively outpaced its initial marketing ranges, pricing at a premium $185 per share. The offering sold 30 million shares to raise a massive $5.55 billion in gross proceeds at a starting $56.4 billion market valuation. Though the stock has experienced notable post-listing volatility as the market balances near-term data center capacity costs against long-term expansion, Cerebras remains firmly locked in as one of the most highly capitalised hardware listing of the 2026 cycle.

2. SpaceX

Debut Valuation	IPO Status	Ticker Symbol	Exchange	Lock-Up Period
US$1.77 trillion (At IPO pricing) / ~US$2.0 trillion (Current market value)	Completed (Listed June 12, 2026)	SPCX	NASDAQ	Multi-Tiered Staggered Structure

SpaceX is Elon Musk’s aerospace company that has revolutionised the space industry with reusable rockets.  While long anticipated as a hypothetical public listing, the company officially rewrote financial history on June 12, 2026, executing the largest IPO of all time by raising over US$75 billion on the NASDAQ exchange. In a massive win for everyday market participants, a historic 30% of the public share float was specifically reserved for retail investors.

The company has evolved into a diversified, “three-headed creature” across the tech and defense sectors. Its core operations span its capital-heavy space launch services for NASA and commercial clients, its rapidly expanding global satellite internet network, and a newly integrated AI and compute infrastructure segment powered by its xAI ecosystem.

As explained in our SpaceX IPO guide, prior to listing, SpaceX reported a consolidated trailing revenue of US$18.7 billion against a net loss of US$4.9 billion. The financial growth narrative is primarily driven by its connectivity arm, Starlink, which generated US$11.4 billion—accounting for around 61% of the company’s total incoming revenue.

Because of the sheer trillion-dollar scale of the listing, automated global index inclusion rules mean that many everyday Australians will likely find themselves indirectly owning a piece of the aerospace giant through routine Superannuation fund rebalancing over the coming months.

3. Bending Spoons

Debut Valuation	IPO Status	Ticker Symbol	Exchange	Lock-Up Period
US$19 billion	Completed	BSP	NASDAQ (Global Select Market)	Standard 180-day insider lock-up applies.

Bending Spoons operates as a fascinating software “roll-up” powerhouse, carving out a unique space right at the intersection of a tech operator and a private equity fund. Co-founded and steered by the low-key, hoodie-wearing CEO Luca Ferrari, the Milan-based firm has built its reputation on rescuing fading but structurally sound digital brands that boast massive, built-in user communities. Instead of relying on volatile ad networks or one-time app downloads, Ferrari’s strategy hinges on a highly defensive subscription engine. This model transforms under-monetised platforms into highly predictable cash flow machines, successfully driving between 84% and 93% of the company’s total incoming revenue straight through recurring user subscriptions.

The sheer scale of their acquisition loop is remarkable, with the company completing more than 50 takeovers to date. Their expansive digital portfolio features legacy web properties that millions of internet users interact with daily, including the note-taking application Evernote, ticketing hub Eventbrite, file-sharing platform WeTransfer, the historic portal AOL, and video giant Vimeo—which they snapped up for a notable $1.38 billion. Maintaining fat financial margins across such a sprawling portfolio is accomplished via an aggressive, cutting-edge AI play. In their regulatory filings, Bending Spoons disclosed that 90% or more of their software code changes in the first quarter of 2026 were written or co-written by artificial intelligence, with roughly 70% generated completely by AI alone.

This radical reliance on automation has yielded explosive growth insights, with full-year revenue skyrocketing from $387 million in 2023 to $1.31 billion in 2025. While the upfront expenses of their intense acquisition sprint dragged down bottom-line numbers temporarily, the business model swung into definitive profitability by the first quarter of 2026, delivering a strong $27.5 million net profit on a massive $601 million in revenue. Riding high on these metrics, Bending Spoons officially executed its highly anticipated NASDAQ debut on July 1, 2026, under the ticker symbol BSP. Facing intense institutional demand, the company priced its offering at $29 per share—exceeding its initial targeted marketing range—to successfully raise $1.68 billion in fresh capital at a premium $19 billion market valuation.

Upcoming IPOs for the Rest of 2026

1. Anthropic

Latest Valuation (2026 Actuals)	Filing Status	Likelihood of 2026 Listing	Ticker Symbol	Target Exchange
~$965 billion	Confidentially Filed (June 2026)	High (Targeting Fall 2026)	TBD	NASDAQ

Anthropic is the AI safety-focused company behind Claude, one of the leading large language models competing with OpenAI’s ChatGPT. Founded by former OpenAI researchers, the company has positioned itself as the “responsible AI” alternative in the generative AI race.

The company’s growth has been remarkable. Run-rate revenue jumped from approximately US$1 billion in early 2025 to over US$5 billion by August 2025, with targets of US$9 billion by year-end and potentially US$26 billion in 2026. Enterprise customers now account for 80% of revenue, which public markets typically view favourably.

Anthropic’s explosive momentum culminated in a historic Series H funding round that valued the firm at a staggering US$965 billion, thrusting it into a neck-and-neck valuation war with OpenAI. Having officially advanced its confidential S-1 paperwork through SEC pipelines, Anthropic is completely skipping any funding delays and is aggressively targeting a premier Fall 2026 public listing on the NASDAQ.

2. Canva

Latest Valuation (2026 Actuals)	Filing Status	Likelihood of 2026 Listing	Ticker Symbol	Target Exchange
~$42 billion to $60 billion	Not Yet Filed	Moderate to High (Late 2026 or 2027)	TBD	NYSE or NASDAQ (ASX Dual Possible)

Canva is the Australian-born design platform that has become a genuine challenger to Adobe. With over 240 million monthly active users, the company offers AI-powered tools that let anyone create graphics, videos and presentations without professional design skills.

Unlike many tech unicorns, Canva is already consistently profitable, having achieved seven consecutive years of profitability as of the 2024 calendar year. Canva’s financial metrics have consistently broken records, with annualised recurring revenue (ARR) officially clearing the US$4 billion milestone. A major late-stage insider share transaction firmly reset the design giant’s baseline private valuation to US$42 billion, mapping out a direct trajectory toward a formal public debut targeting a public market capitalisation between US$50 billion and US$60 billion.  On the other hand, the hiring of Kelly Steckelberg (who helped take Zoom public) as CFO in 2024 signalled IPO preparations are well underway.

While Canva competes directly with Adobe, its freemium model and focus on accessibility have carved out a distinct market position.

3. Discord

Latest Valuation (2026 Actuals)	Filing Status	Likelihood of 2026 Listing	Ticker Symbol	Target Exchange
~$15 billion (Secondary trading at $6.6B-$8.5B)	Confidentially Filed (January 2026)	High (Slated for 2026 window)	TBD	NASDAQ

Discord started as a chat platform for gamers but has since evolved into a broader community hub with over 200 million monthly active users. The platform generates revenue primarily through Nitro subscriptions, which offer enhanced features like custom emojis and larger file uploads.

Having advanced its market rollout through a confidential SEC filing, Discord is officially moving down the 2026 IPO track.  Working alongside major underwriters like Goldman Sachs and JPMorgan, the platform is maintaining an internal public target valuation of US$25 billion. However, it faces a steep divide with everyday secondary market platforms, where independent share trading currently implies a lower, discounted valuation of US$6.6 billion to US$8.5 billion.

Discord faces competition from Slack, Microsoft Teams and Telegram, though its strong brand loyalty among younger demographics and expansion beyond gaming could support a premium valuation. The key question is whether it can demonstrate durable profitability.

4. Strava

Latest Valuation (2026 Actuals)	Filing Status	Likelihood of 2026 Listing	Ticker Symbol	Target Exchange
~$2.2 billion (Targeting $2.5B-$3.0B at IPO)	Confidentially Filed (January 2026)	Very High (Targeting Spring/H2 2026)	TBD	NASDAQ

Strava is the social fitness platform beloved by runners, cyclists and outdoor enthusiasts worldwide. The app combines workout tracking with social networking features, letting users share activities, give “kudos” and compete on leaderboards.

Moving past early spring projections, Strava has steadily advanced into the mature stages of the confidential SEC filing pipeline. The community platform is firmly holding its baseline US$2.2 billion valuation mark, but underwriters speculate the company to target an optimised public market capitalisation between US$2.5 billion and US$3.0 billion during its official back-half 2026 trading debut.

Founded in 2009, Strava’s popularity surged during the pandemic as fitness enthusiasts embraced its community features. The company competes with Apple Fitness, Garmin Connect and Nike Run Club, though its strong brand loyalty and engaged user base give it a defensible position in the market.

Delayed Horizons: IPOs Postponed to 2027 and Beyond

1. OpenAI

OpenAI is the company behind ChatGPT, the AI chatbot that sparked the generative AI revolution. Originally founded as a nonprofit in 2015, the company has since restructured with a capped-profit arm to attract investment, with Microsoft holding approximately 27% ownership.

CEO Sam Altman has been candid about IPO prospects, telling podcasters he is “0% excited” to be a public company CEO while acknowledging capital needs may force the move. Following significant corporate restructurings and a confidential SEC submission, OpenAI has accelerated its timeline. The company is now actively positioning itself for public debut windows in late 2026, outstripping previous expectations of a delay into 2027.

Internal valuations have reached as high as US$1 trillion, which would make OpenAI one of the most valuable companies to ever go public. Competition from Anthropic, Google and Meta remains fierce, and investors will want clarity on the path to profitability before committing at such lofty valuations.

2. ByteDance (TikTok)

Latest Valuation (2026 Actuals)	Filing Status	Likelihood of 2026 Listing	Ticker Symbol	Target Exchange
~$330 billion (Secondary bids up to $480 billion)	Not Yet Filed	Low (USDS JV finalised Jan 2026)	TBD	HKEX and NYSE

ByteDance is the Beijing-headquartered tech giant that owns TikTok, the short-form video platform that has reshaped social media globally. The company also operates Douyin (TikTok’s Chinese equivalent), news aggregator Toutiao and video editing app CapCut.

While internal baseline share buybacks value the tech giant near US$330 billion, high-demand institutional bidding in private secondary marketplaces regularly prices ByteDance blocks between US$480 billion and US$550 billion. Geopolitical and data governance friction remains complex, but the structural finalisation of the TikTok USDS Joint Venture has cleared a concrete corporate framework. This paves a much cleaner path for a structural carve-out or dual listing of ByteDance International, though a complete public market launch remains a slow-moving target slated between late 2026 and 2027.

3. Databricks

Latest Valuation (2026 Actuals)	Filing Status	Likelihood of 2026 Listing	Ticker Symbol	Target Exchange
~$134 billion (In talks for $165B-$175B)	Not Yet Filed	Moderate (CEO open to 2026 listing)	TBD	NASDAQ and NYSE

Databricks is the data intelligence platform helping enterprises manage and analyse their data for AI applications. The company’s products include Lakebase (a database for AI agents), Agent Bricks (for building AI agents) and partnerships with both Anthropic and OpenAI.

The company recently raised over US$4 billion at a US$134 billion valuation, up 34% from just three months earlier. Run-rate revenue now exceeds US$4.8 billion, with 55% year-on-year growth. Notably, over US$1 billion comes from AI products alone.

 While the company previously leaned into private placements, its massive operational scale and active late-stage negotiations for a US$165 billion to US$175 billion step-up round have altered the timeline. CEO Ali Ghodsi recently signaled a change in strategy, confirming that the data powerhouse is no longer ruling out an official public listing window before the close of 2026. Competitors include Snowflake, which is already public, as well as cloud giants like AWS and Google Cloud. While an IPO is likely on the horizon, the company appears in no rush given investor appetite for private placements.

4. Stripe

Latest Valuation (2026 Actuals)	Filing Status	Likelihood of 2026 Listing	Ticker Symbol	Target Exchange
~$159 billion	Not Yet Filed	Extremely Low (Lack of urgency due to tenders)	TBD	NYSE or NASDAQ

Stripe is the payments infrastructure giant behind millions of online transactions globally. Founded by Irish brothers Patrick and John Collison, the company processes payments for businesses ranging from startups to Fortune 500 companies.

After years of anticipation, Stripe’s IPO case is looking stronger than ever. Its international subsidiary reported its first profit in five years in 2024, alongside 34% revenue growth to US$5.1 billion. The company’s acquisition of stablecoin player Bridge for US$1.1 billion also positions it well in the emerging crypto payments space.

Competitors include PayPal, Adyen and Square, but Stripe’s developer-first approach and vertical integration have helped it carve out a dominant position in online payments.  Rather than pushing into public markets, Stripe successfully completed a blockbuster liquidity tender offer for its workforce that locked in a historic US$159 billion private market valuation. Because this massive internal transaction comfortably satisfied near-term employee and early investor liquidity demands, Stripe’s executive team has corporate freedom and feels zero near-term pressure to initiate a traditional public listing.

5. Revolut

Latest Valuation (2026 Actuals)	Filing Status	Likelihood of 2026 Listing	Ticker Symbol	Target Exchange
~$75 billion (Weighing secondary at $100B-$115B)	Not Yet Filed	Extremely Low (CEO notes ~2 years away)	TBD	NASDAQ or London Stock Exchange

Revolut is the London-based fintech that has grown into one of Europe’s most valuable startups. With over 45 million users across 38 countries, the company offers digital banking, currency exchange, cryptocurrency trading and stock investing through a single app.

The numbers tell a compelling story: revenue surged to US$2.2 billion in 2023 with a record pre-tax profit of US$545 million. The company added 12 million new customers in 2023 alone, with 70% acquired through referrals. Securing a UK banking licence in 2023 after years of regulatory delays was a significant milestone.

The listing venue remains uncertain. Revolut has expressed interest in both NASDAQ (for its greater liquidity) and the London Stock Exchange (given its UK headquarters).  A core secondary placement recently re-priced Revolut to an impressive US$75 billion benchmark—with private demand building toward a US$100 billion+ follow-on tier. However, the executive team has officially cooled IPO hype, clarifying that a formal public market debut remains comfortably at least two years away.

Final Thoughts

The tech IPO winter hasn’t just thawed in 2026; it has been completely dismantled by history-making execution. Massive public debuts from the likes of SpaceX, Cerebras Systems, and Bending Spoons have proven that public markets possess an insatiable appetite for scaled, dominant tech innovation. However, this record-breaking opening rush has triggered a distinct case of “capital fatigue” across institutional balance sheets. Because a few historic listings vacuumed up a massive portion of available global liquidity in a short window, a highly strategic “two-speed” market has emerged. While capital-intensive AI infrastructure plays are rushing the gates, other massive, mature companies are deliberately choosing a “wait-and-see” approach. Many executives are choosing to pause and observe how the market stabilises after the historic SpaceX debut, and how highly anticipated upcoming listings like Anthropic are received, before moving ahead themselves. For these pipeline holdouts, waiting for institutional pockets to recapitalise isn’t a delay out of fear—it is a calculated play to ensure they don’t list into a temporary liquidity hangover.

For everyday wealth builders, the ultimate legacy of this 2026 cohort is the shift towards broader retail allocation in mega-cap debut. Milestones like SpaceX intentionally reserving an unprecedented 20 to 30% of its initial float strictly for global retail traders signify a massive structural shift toward making public offerings truly public from Day One. Crucially, for Australian investors, the sheer scale of these newly minted public giants triggers automatic, mandatory inclusions into major global equity indexes. This means that even if you never actively click “buy” on these individual stocks, the automated rebalancing of global asset managers ensures that almost every everyday Australian will naturally inherit indirect exposure to these market leaders through their routine Superannuation fund allocations. Whether you are actively trading the pipeline or letting your retirement balance grow, the 2026 IPO calendar has officially transformed from a speculative waiting game into a live re-shaping of global portfolios.

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This article reflects information accurate as of July 2026.