The 10 Most Anticipated IPOs to Watch in 2026

The biggest IPO in history already happened this year: SpaceX listed in June 2026 at a roughly $1.77 trillion valuation. That cleared the runway for an even longer line of mega-listings, led by the AI labs. Here are the ten most anticipated IPOs still ahead, what each company actually does, and the case for why investors are watching.

Updated: June 2026. Valuations are reported private marks from press reports and secondary markets, not audited prospectus figures, and change frequently. This page is updated as the pipeline moves.

The pipeline at a glance

#	Company	Sector	Reported valuation	Status
1	Anthropic	Frontier AI	~$965 billion	Confidential S-1 filed
2	OpenAI	Frontier AI	up to $1 trillion target	Confidential S-1, leaning 2027
3	Stripe	Payments / fintech	~$159 billion	No S-1, no rush
4	Databricks	Data + AI	~$134 billion	S-1 expected H2 2026
5	Revolut	Neobank / fintech	~$75 billion	Confidential S-1 reported
6	Anduril	Defense tech	~$61 billion	Pre-filing, watched
7	Polymarket	Prediction markets	~$15 billion	Raising, eyeing IPO
8	Kalshi	Prediction markets	~$40 billion target	Raising, IPO from 2027
9	Canva	Design SaaS	~$42 billion	Dual-listing mulled
10	Discord	Social / comms	private	Confidential S-1 filed

1. Anthropic

Anthropic is the AI safety lab behind the Claude family of models, and as of mid-2026 it is the most anticipated IPO in the world. It competes head-to-head with OpenAI at the frontier of large language models, but has carved out a distinct position in the enterprise market, with its Claude Code and agentic work tools pulling in hundreds of thousands of corporate customers including Microsoft, IBM, Deloitte and Salesforce.

The listing momentum is real. Anthropic confidentially filed for an IPO around June 2026, just days after a $65 billion funding round pushed its valuation to roughly $965 billion, making it the most valuable AI startup in the world. It hired Wilson Sonsini, the firm that guided Google and LinkedIn to market, and brought on an Airbnb IPO veteran as CFO back in 2024. Reporting points to a listing as soon as the fourth quarter, and prediction markets give Anthropic strong odds of beating OpenAI to the public markets.

The bull case is growth plus discipline: Anthropic has reportedly crossed roughly $30 billion in annualized revenue on triple-digit growth, and unlike most of its peers it has talked about a path to breaking even by 2028 rather than burning cash indefinitely. The bear case is the same one that hangs over the whole sector, namely enormous compute costs and a brutal competitive race. For investors, Anthropic is the cleanest pure-play on frontier AI economics outside of OpenAI itself, which is exactly why its debut is the one the market is watching most closely.

2. OpenAI

OpenAI is the company that put generative AI in front of the world with ChatGPT, and it remains the single most-watched name in the IPO pipeline. It sits at the center of the AI boom across consumer, enterprise and developer markets, and a listing would likely be the largest AI IPO in history.

The catch is timing. OpenAI has confidentially filed and is targeting a valuation of up to $1 trillion, but reporting now points to the listing slipping to 2027. CFO Sarah Friar is said to favor more runway, citing roughly $600 billion in compute infrastructure commitments through 2030 and the demands of public-company reporting, while CEO Sam Altman has reportedly called any cut to the trillion-dollar target a non-starter. The volatile aftermath of SpaceX's own listing appears to have made the timing question even more cautious.

The potential is enormous and so is the risk. OpenAI is generating around $25 billion in annualized revenue with intense retail and institutional demand, and has discussed allocating a large share of its IPO to retail buyers. But it is also projected to lose billions in 2026 and is not expected to be profitable for years, and it remains entangled in litigation with Elon Musk. OpenAI is the headline act of the AI IPO wave; the only real debate is when it finally takes the stage.

3. Stripe

Stripe is the payments-infrastructure company that processes trillions of dollars a year for online businesses, and it is the most anticipated fintech IPO in the world. Its APIs and financial tools sit underneath a huge slice of internet commerce, from early-stage startups to Amazon, Shopify, Microsoft and Nvidia.

What makes Stripe unusual is that it does not need to go public. A February 2026 employee tender offer valued it at about $159 billion, up from $91.5 billion a year earlier, and the company is robustly profitable, processing roughly $1.9 trillion in payment volume in 2025 and generating an estimated $2.2 billion in free cash flow in 2024. There is no public S-1, and the founders have repeatedly said an IPO is, in their words, a solution in search of a problem. Periodic tender offers keep employees liquid, removing the usual pressure to list.

The growth story now centers on AI-driven commerce: Stripe has partnered with OpenAI on an agentic-commerce protocol that lets software agents transact, and its revenue suite is on track for a $1 billion run rate. The bear case is fierce competition from PayPal, Adyen, Block and the card networks, and the simple reality that a profitable private company can keep the market waiting indefinitely. (See our full Stripe IPO breakdown for the valuation history and how to get exposure today.)

4. Databricks

Databricks is the data and AI platform that helps enterprises unify their data and build AI applications on top of it, competing directly with Snowflake. In a pipeline crowded with cash-burning AI names, Databricks stands out as the financially conventional one.

It was last valued around $134 billion in a private round, and an S-1 is widely expected in the second half of 2026. What separates it from the AI labs is the unit economics: Databricks is free-cash-flow positive, with revenue around $5.4 billion growing about 65% and a net retention rate above 140%, meaning existing customers keep spending more each year. For comparison, its main rival Snowflake trades publicly at a fraction of Databricks' private mark.

The potential here is the conservative position in the AI trade. For investors wary of companies that have never posted a profitable quarter, Databricks offers AI exposure with real cash generation behind it, including a fast-growing slice of AI-specific product revenue. The risk is valuation: at $134 billion it is priced for continued dominance, and a public listing will test whether that premium holds against Snowflake and the hyperscalers.

5. Revolut

Revolut is the consumer fintech super-app that began as a money-transfer and card product and has expanded into banking, investing, crypto and business accounts across dozens of countries. It is the most anticipated consumer-fintech debut, the neobank that retail investors have wanted to own for years.

Reporting points to a confidential S-1 and a targeted valuation around $75 billion, with a Nasdaq listing discussed. That would make it one of the largest fintech listings ever and a landmark for the European tech scene, where few companies have reached this scale. Revolut has leaned on rapid user growth and aggressive product expansion to justify a valuation that has climbed sharply through successive private rounds.

The upside is a genuinely global, multi-product franchise with tens of millions of users and diversified revenue across payments, subscriptions, trading and lending. The risks are regulatory and operational: operating a bank-like business across many jurisdictions invites scrutiny, and public investors will want to see that the growth comes with durable profitability rather than just scale. Revolut's listing will be a key read on how the market prices the next generation of neobanks.

6. Anduril

Anduril is the defense-technology company rebuilding how Western militaries buy and deploy hardware, pairing autonomous systems and drones with its Lattice software platform and large-scale manufacturing. It is widely seen as the next big defense IPO, and a pure play on a rearmament cycle across the US and Europe.

Valued around $61 billion in private markets, Anduril has not yet filed but is one of the most closely watched pre-IPO names in the sector. Its pitch is that software-defined, mass-producible defense systems can displace the slow, expensive programs of legacy contractors, exactly the capability governments are now racing to fund as defense budgets climb.

The bull case is structural: sustained government spending on autonomy, drones and modern defense infrastructure, with Anduril positioned as the disruptor rather than the incumbent. The bear case is that defense revenue can be lumpy and contract-driven, and a $61 billion valuation already prices in years of winning large programs. (See our full Anduril IPO breakdown for the detail.)

7. Polymarket

Polymarket is the blockchain-based prediction market that became a household name during the 2024 US election cycle, when its odds were quoted everywhere as a real-time gauge of political outcomes. It lets users trade yes-or-no contracts on real-world events, settled in crypto, and it sits at the center of one of the fastest-growing new categories in finance.

Polymarket is reportedly raising at a valuation around $15 billion. Having previously blocked US users after a regulatory settlement, it bought a CFTC-licensed exchange and clearinghouse in 2025 to build a regulated path back into the United States, and it has attracted major institutional backing. It runs on blockchain infrastructure and crypto settlement, which makes it fast and globally accessible but, for now, further from the institutional credibility that its regulated rival enjoys.

The potential is twofold: Polymarket can be both a trading venue and an increasingly cited data and signal provider for professional desks. The risk is that it trails Kalshi on regulatory standing and valuation, and that prediction-market volume is heavily tied to event cycles like elections. Whether its crypto-native model or a regulated approach ultimately wins is the central question for the sector. (See our Polymarket vs Kalshi comparison.)

8. Kalshi

Kalshi is the federally regulated US prediction-market exchange, and the institutional counterweight to Polymarket. Founded by MIT classmates and operating as a CFTC-regulated venue, it has positioned regulated event contracts as a legitimate piece of financial infrastructure rather than a workaround.

Its valuation has been on a near-vertical climb: from $2 billion in mid-2025 to $5 billion, then $11 billion, then a $22 billion round in early 2026, and it is now reportedly raising at around $40 billion, which would put it just outside the world's most valuable private companies. Annualized revenue has surpassed $2 billion and monthly trading volume has run well above Polymarket's. The CEO has confirmed an IPO is under consideration but ruled out 2026, pointing to 2027 or 2028.

Kalshi's moat is exactly the slow, expensive part that competitors cannot copy quickly: years of regulatory standing as a federally regulated exchange. That is what has drawn mainstream and institutional investors, and what justifies its premium over Polymarket. The risks are whether trading volume holds up between major event cycles, and a string of state-level legal challenges over how its contracts are taxed and regulated. Kalshi is the cleanest institutional bet on prediction markets becoming a durable asset class.

9. Canva

Canva is the Australian design platform that made graphic design accessible to non-designers, from social posts to presentations to full marketing kits, and it is taking that base into a direct challenge to Adobe. It is one of the largest and most profitable software companies still private.

Reporting points to a targeted valuation around $42 billion, with a dual NYSE and ASX listing reportedly under consideration. Unlike many SaaS names heading to market, Canva is profitable, with an enormous global user base spanning individuals, small businesses and large enterprises, which gives it a rare combination of scale and positive economics going into a listing.

The opportunity is a profitable, AI-enabled design giant expanding from individual creators into enterprise workflows, the same territory Adobe dominates. The risk is competition on both sides: incumbents like Adobe moving down-market, and a wave of AI-native design tools moving up. Canva's listing will be a marquee non-AI-lab software IPO and a test of how public markets value profitable, founder-led SaaS at scale.

10. Discord

Discord is the communications platform that grew out of gaming into a broader home for online communities, with millions of servers hosting real-time voice, video and text. It is the main consumer-social name in a pipeline otherwise dominated by AI and fintech.

Discord filed confidentially in early 2026, signaling that a listing is genuinely on the table after years of speculation. Its appeal is deep engagement: a large, sticky base of communities that spend significant time on the platform, a profile that public investors tend to reward when paired with a credible revenue model.

The potential lies in monetization runway. Discord has expanded beyond its subscription product into ads and commerce-adjacent features, and the bull case is that it converts engagement into durable revenue at scale. The bear case is the perennial challenge of monetizing a consumer-social product without alienating its community, in a public market that has been skeptical of consumer-social listings. Discord is the wild card of the group, and the one most dependent on proving its business model on the road to listing.

Honorable mentions

A few names just outside the top ten, any of which could climb the list: Plaid (open-banking infrastructure), Kraken (crypto exchange, confidential S-1 reported), Mistral and Cohere (European and enterprise AI), Shein (fast fashion, pursuing a Hong Kong listing), and Crusoe Energy (AI data-center infrastructure).

How to get exposure when they list

You cannot buy most of these companies until they actually list, and pre-IPO access for private shares is generally limited to accredited investors through secondary venues. For everyone else, the practical move is to be ready to trade them on day one, and in the meantime to follow the public peers in each theme. Brokers like eToro let you trade IPO stocks the day they list alongside the sector comparables. Always do your own research, and be extremely wary of any service offering retail access to pre-IPO shares.

What to watch

The single most important signal for any name here is a public S-1 on SEC EDGAR (or the equivalent on its chosen exchange). Everything before that, including tender-offer marks and secondary-market prices, is an estimate rather than a price set by open-market demand. We track each company's status, implied valuation and listing progress on its company page, and update this ranking as the pipeline moves.

This article is for informational and educational purposes only and is not financial advice, a recommendation, or a solicitation to buy or sell any security. The companies listed are privately held and not currently tradable on public exchanges. Valuations are reported estimates from press reports and private secondary markets, not audited prospectus figures, and will change. Verify all current details on official filings before making any decision. Aggregated data, not investment advice.