The 12 most-watched upcoming IPOs of 2026 represent $3.12 trillion in combined estimated value, led by SpaceX ($1.5T), OpenAI ($1.0T), Anthropic ($300B), Databricks ($134B), and Revolut ($75B). AI and AI-adjacent companies account for 8 of the 12 deals in the pipeline, roughly 92% of the combined valuation, making 2026 the most AI-concentrated IPO year on record.
This page tracks every upcoming IPO with its targeted listing window, expected valuation, lead underwriters, and sector, alongside a recap of the 10 most-watched 2025 IPOs (Figma, Medline, CoreWeave, Klarna, Chime, Bullish, StubHub, Klarna, Gemini, Venture Global, and Aktis Oncology) with their first-day performance and 6-month returns. Sources: Renaissance Capital pipeline tracker, NASDAQ IPO Calendar, company S-1 filings, and reported press estimates as of Q2 2026.
Quick navigation: Use the Upcoming and Recent IPOs Tracker below to filter all 22 deals by status, sector, valuation, or expected date. Each upcoming-IPO profile names the lead underwriters, the expected listing window, and the most recent secondary-market valuation reference. Each recent-IPO profile shows the first-day pop and the 6-month total return.
Upcoming and Recent IPOs Tracker
| Company | Status | Valuation | IPO Date | Sector | Performance |
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2026 IPO Calendar by Quarter: When Each Deal Is Expected to Price
The 12 upcoming IPOs of 2026 are unevenly distributed across the calendar. Q3 and Q4 are doing most of the heavy lifting, with the largest deals (SpaceX, OpenAI) expected in the back half of the year.
Q2 2026 (April to June)
- Plaid: $6.1B targeted, Fintech, Goldman Sachs lead, S-1 filed Q1 2026
- Discord: $15B targeted, Social / Gaming, Morgan Stanley lead, S-1 expected
- Monzo: $8B targeted, Fintech, London-listing track confirmed, UK FCA review underway
Q3 2026 (July to September)
- Databricks: $134B targeted, AI / Data, Goldman Sachs + Morgan Stanley lead, S-1 expected mid-summer
- Canva: $42B targeted, Design SaaS, Goldman Sachs + Morgan Stanley lead, dual NYSE/ASX listing reportedly under consideration
- Kraken: $20B targeted, Crypto, confidential S-1 filing reported in Q1 2026
- Consensys: $7B targeted, Crypto, confidential S-1 reported
Q4 2026 (October to December)
- SpaceX: $1.5T targeted, Aerospace, no S-1 on file, tender-offer pricing implies enterprise value
- OpenAI: $1T targeted, AI, reportedly engaged Goldman Sachs + Morgan Stanley as lead underwriters
- Anthropic: $300B targeted, AI, timing contingent on hitting $10B run-rate
- Revolut: $75B targeted, Fintech, confidential S-1 filed, NASDAQ listing reported
- Crusoe Energy: $13B targeted, AI Infra / Energy, early Q4 expected
Note: quarterly assignments reflect the most recent reported guidance from Renaissance Capital and company commentary as of Q1 2026. Pricing windows are subject to market conditions and individual deal volatility.
IPO Calendar for 2026
Below is a list of the top IPOs with their anticipated IPO dates:
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Further details on large IPOs are available in our article on the 11 biggest IPOs ever.
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Upcoming IPOs in 2026
- Databricks ($134B, Q3 2026, AI / Data)
- Discord ($15B, Q2 2026, Social / Gaming)
- Plaid ($6.1B, Q2 2026, Fintech)
- SpaceX ($1.5T, Late 2026, Aerospace)
- OpenAI ($1T, Late 2026 / Early 2027, AI)
- Anthropic ($300B, 2026, AI)
- Canva ($42B, Q3 2026, Design / SaaS)
- Crusoe Energy Systems ($13B, Q4 2026, AI Infra / Energy)
- Revolut ($75B, Q4 2026, Fintech)
- Monzo ($8B, Q2 2026, Fintech)
- Kraken ($20B, Q3 2026, Crypto)
- Consensys ($7B, Q3 2026, Crypto)
Upcoming IPO Profiles
1. Databricks
Expected Valuation: $134B | Listing Window: Q3 2026 | Sector: AI / Data Infrastructure | Lead Underwriters: Goldman Sachs and Morgan Stanley (joint)
Databricks is targeting a $134 billion IPO in Q3 2026, making it the fourth-largest expected IPO of 2026 and the largest enterprise-software listing in years. The company crossed a $4.8B revenue run rate in late 2025 (growing 55% year over year per its December 2025 funding announcement) and has reportedly engaged Goldman Sachs and Morgan Stanley as joint lead underwriters; the public S-1 is expected to file mid-summer 2026.
The company raised $10 billion in January 2025 at a $62B valuation, and CEO Ali Ghodsi said publicly at the time that Databricks was ready to go public but waiting for the right window. A subsequent Series L round of over $4 billion in December 2025 priced the company at the $134B mark and gave it the cash runway to time the IPO without market pressure.
The differentiator versus pure-play AI listings is platform breadth: $1 billion of the $4.8B run rate is AI-product revenue, but the bulk is the data lakehouse foundation that has compounded for a decade. Net revenue retention above 140% is the single statistic that most directly justifies a $134B price tag. Recent acquisitions of Neon, Tecton, BladeBridge, and Mooncake Labs have deepened the AI-tooling stack ahead of the listing.
Status: S-1 expected mid-summer 2026
What to watch: the public S-1 filing window and any updated NRR or AI-revenue disclosures within it.
2. Discord
Expected Valuation: $15B | Listing Window: Q2 2026 | Sector: Social and Gaming | Lead Underwriters: Goldman Sachs and JPMorgan (joint)
Discord is targeting a $15 billion IPO in Q2 2026, making it the largest social-platform IPO since Pinterest. The company surpassed 200M monthly active users in 2025 and filed a confidential S-1 with the SEC on January 6, 2026, working with Goldman Sachs and JPMorgan Chase to manage the underwriting. The public S-1 is expected to surface in spring 2026 as the company finalizes its monetization narrative around premium subscriptions and developer revenue share.
Discord's valuation pathway is unusual: the company last raised primary capital in 2021 at a $15B valuation (the same target it carries into the public markets) and then notably rejected a $10 billion acquisition offer from Microsoft that same year. The five-year flat private valuation has frustrated insiders but gives the IPO a clean comparable for first-day pricing.
The Bloomberg coverage of the filing (January 12, 2026) framed the central question for the listing as whether Discord can balance community culture with the monetization expectations of public-market investors. Most revenue today comes from the paid Nitro subscription, which has high gross margins but low ARPU compared to ad-supported peers. The S-1 is expected to lay out a developer revenue-share program and an enterprise pivot as the levers for closing that gap.
Status: Confidential S-1 filed January 2026
What to watch: the public S-1 disclosure of revenue mix between Nitro, ads, and developer revenue share.
3. Plaid
Expected Valuation: $6.1B | Listing Window: Q2 2026 | Sector: Fintech Infrastructure | Lead Underwriters: Goldman Sachs (lead)
Plaid is targeting a $6.1 billion IPO in Q2 2026, making it the largest fintech-infrastructure IPO of the year. The company powers account connections for Venmo, Robinhood, Coinbase, and most US neobanks, and has reportedly engaged Goldman Sachs as lead underwriter. The path to public markets is a recovery from the abandoned 2020 Visa acquisition: at the time, Visa offered $5.3 billion before the Department of Justice antitrust intervention killed the deal.
Plaid's valuation has compressed since its 2021 peak. The company's last significant primary funding round in 2021 priced at $13.4 billion. A 2025 secondary share sale of $575 million repriced the company at $6.1 billion (per FT reporting), reflecting both the broader fintech valuation reset and a shift in investor sentiment toward profitability over growth-at-all-costs.
Plaid's executives have not publicly committed to an IPO date, and the CEO has emphasized strategic considerations over rushing into the public markets. The 2025 secondary may be the final private financing event before the listing. Adoption of identity and payment products beyond the original account-aggregation business is the growth story the IPO will need to tell.
Status: S-1 reportedly filed Q1 2026
What to watch: revenue mix disclosure (legacy account-linking vs newer identity and payments products) when the public S-1 prints.
4. SpaceX
Expected Valuation: $1.5T | Listing Window: Late 2026 (subject to revision) | Sector: Aerospace and Defense | Lead Underwriters: No S-1 filed; reference Renaissance Capital tracker
SpaceX is targeting a $1.5 trillion IPO in late 2026, making it the largest expected IPO in history if it prices at the reported tender-offer mark. The company has no S-1 on file, but a December 2025 secondary tender priced shares at $400+, implying a $1.5T enterprise value. Reuters reporting from December 2025 indicates SpaceX insiders have signaled to banks and investors that a public listing of the parent is planned for the second half of 2026.
A more likely path, per most analyst tracking (Renaissance Capital, Bloomberg, Barron's), is a Starlink-only spin-off IPO at a $25 to $30 billion valuation, with the rest of SpaceX (launch services, Starship development, government contracts) staying private. A standalone Starlink listing would let SpaceX monetize the most predictable subscription revenue stream while preserving Elon Musk's optionality on the launch and Mars-program businesses.
The strategic logic for any path to public markets is liquidity: SpaceX has not done a tender offer that fully cleared employee and investor demand, and a listing would solve that. Investor enthusiasm for the listing centers on Starlink's subscriber growth (recently disclosed in the millions globally) and the potential for an in-orbit data-center business that SpaceX has begun publicly discussing.
Status: No S-1 filed
What to watch: any SpaceX or Starlink-specific filing with the SEC, or a confirmed announcement from Musk on listing structure.
5. OpenAI
Expected Valuation: $1T | Listing Window: Late 2026 to early 2027 | Sector: AI | Lead Underwriters: Goldman Sachs and Morgan Stanley (reportedly engaged)
OpenAI is targeting a $1 trillion IPO in late 2026 or early 2027, making it the second-largest expected IPO of the cycle. The company restructured from a capped-profit hybrid to a public benefit corporation in late 2025 (the standard pre-IPO structural step) and has reportedly engaged Goldman Sachs and Morgan Stanley as lead underwriters. The listing timing is contingent on commercial revenue growth and on resolving Microsoft's existing equity rights, both of which remain open.
Reuters reported in October 2025 that initial S-1 work could begin in the second half of 2026, targeting a 2027 listing at a valuation as high as $1 trillion (with a $830 billion floor cited as the more conservative analyst estimate, per Yahoo Finance reporting). CEO Sam Altman has expressed mixed feelings publicly about the move to public markets, and the company has historically been careful with any IPO signaling.
OpenAI's capital requirements are unusually high for a pre-IPO software company. Sustained investment in compute infrastructure, including server clusters and global GPU capacity, places the company closer to a hyperscaler in cash burn than to a traditional SaaS pre-IPO. A public listing at a $1T valuation would solve the capital-formation problem and let the company keep funding multi-year compute commitments without diluting through repeated private rounds. The reservation of a large stock grant pool for employees, reported by Yahoo Finance in late 2025, is one of several signals consistent with IPO preparation.
Status: No S-1 filed; structural prep underway
What to watch: S-1 work confirmation in H2 2026 and resolution of Microsoft's equity rights in the new corporate structure.
6. Anthropic
Expected Valuation: $300B | Listing Window: Late 2026 | Sector: AI | Lead Underwriters: No S-1 filed; reportedly hiring counsel
Anthropic is targeting a $300 billion IPO in late 2026, making it the third-largest expected IPO of the year. The company raised $18.3 billion in September 2025 at a $300B valuation, and management has signaled the IPO timeline is contingent on revenue scale exceeding the $10B annualized run-rate threshold. Per Financial Times and Reuters reporting (December 2025), Anthropic has begun working on IPO plans, including talks with top banks and engaging legal counsel.
Founded in 2021 by former OpenAI executives, Anthropic has compounded into one of the most-watched AI-lab platforms outside OpenAI. Its Claude product line has found purchase in the corporate market (notably with Anthropic's "Computer Use" agentic product in late 2025) and the company expects significant revenue growth into 2026. Major strategic backing from Google ($2B in 2023, additional commitments since) and Amazon ($4B in 2023, expanded to $8B in 2024) provides both capital and distribution.
Despite the momentum, Anthropic has not committed to an IPO date or to specific banking partners. The company has flagged that meetings and legal preparation are still indicative of an early stage in the process. Analysts treat 2026 as plausible but increasingly model 2027 as the more realistic listing window if the $10B revenue threshold slips. Anthropic's path is a high-confidence test of the broader AI-listing thesis: if the AI-revenue compounding holds, the listing window stays open; if it slows, the IPO slips to 2027.
Status: No S-1 filed; hiring counsel
What to watch: quarterly revenue updates approaching the $10B annual run-rate threshold, and any additional primary capital round above $300B that signals the IPO is being deferred.
7. Canva
Expected Valuation: $42B | Listing Window: Q3 2026 | Sector: Design and SaaS | Lead Underwriters: Goldman Sachs and Morgan Stanley (reportedly engaged); dual NYSE and ASX listing under consideration
Canva is targeting a $42 billion IPO in Q3 2026, making it the largest design-software IPO to date. The company has been profitable since 2017 and has reportedly engaged Goldman Sachs and Morgan Stanley to lead the listing, with a dual NYSE and ASX listing reportedly under consideration to anchor its Australian-founder origin. Crunchbase ranks Canva as a "probable" 2026 IPO candidate based on size, growth, and investor signals.
Canva has long since outgrown its origin as a simple design tool. The company crossed $3.3 billion in annualized revenue in 2025 with over 240 million monthly users, has expanded aggressively into AI-assisted design and enterprise tooling, and now competes more directly with Adobe than with template-driven design startups. Secondary-market valuations placed the company at $42 billion in 2025, in line with the IPO target.
The most direct comparable is Figma, which IPO'd in July 2025 at a $19.3B valuation and trades today below issue. Canva will price against the lessons from Figma's first six months on the public market, including the lock-up dynamics that drove much of the post-IPO drawdown. Canva's founders have publicly described a public listing as "probably imminent" within the next couple of years, and management has not committed to a specific 2026 date.
Status: No S-1 filed; underwriters reportedly engaged
What to watch: the dual-listing decision (NYSE only vs NYSE + ASX) and the 2026 enterprise revenue mix as the company tries to differentiate from Figma in public-market pricing.
8. Crusoe Energy Systems
Expected Valuation: $13B | Listing Window: Q4 2026 | Sector: AI Infrastructure and Energy | Lead Underwriters: Goldman Sachs (reportedly exploring)
Crusoe Energy is targeting a $13 billion IPO in Q4 2026, making it the largest pure-play AI-infrastructure IPO of the cycle. The company powers and operates GPU clusters for major AI labs (including Microsoft and OpenAI) and has reportedly engaged Goldman Sachs to explore a 2026 listing as AI compute demand outstrips supply through 2027.
The company completed a Series E round of over $1.4 billion in late 2025, taking the valuation past $10 billion (per Crusoe's December 2025 newsroom announcement). Crusoe is featured on Crunchbase's list of "probable" 2026 IPO candidates, and Mergermarket's Crusoe coverage from late 2025 noted that the company is also evaluating non-IPO paths (strategic combinations or a continued private capital raise) alongside the listing track.
Crusoe's positioning is unusual in the AI-infrastructure stack. The company describes itself as an "AI factory," turning stranded energy (originally flared natural gas, now a broader portfolio of low-cost power) into purpose-built data-center compute. That structural cost advantage on the energy side, paired with the GPU shortage on the demand side, is the IPO thesis. Major hyperscaler relationships are the validation; the question for public-market investors is whether those contracts compound into multi-decade infrastructure recurring revenue or remain dependent on the current AI capex super-cycle.
Status: No S-1 filed; underwriters reportedly engaged
What to watch: customer concentration disclosure in any S-1, and the size of the most recent customer contracts with Microsoft and OpenAI.
9. Revolut
Expected Valuation: $75B | Listing Window: Q4 2026 | Sector: Fintech | Lead Underwriters: Confidential S-1 filed; targeting NASDAQ
Revolut is targeting a $75 billion IPO in Q4 2026, making it the largest fintech IPO of the cycle. The company filed a confidential S-1 with the SEC in early 2026 and has reportedly chosen NASDAQ over its home London market for the listing, citing higher fintech multiples and a deeper retail-investor base than the LSE currently offers.
Revolut's valuation has compounded materially in the private markets. A 2024 secondary share sale priced the company at $75 billion (per Dakota's coverage), more than triple the 2021 primary-round valuation of $33B. The company is targeting $9 billion in 2026 revenue and $3.5 billion in profit, which would make it one of the most profitable fintech listings of the decade if the targets hold.
Revolut has long since moved beyond its origin as a digital-banking app. The company now offers crypto, equity trading, business accounts, and a growing suite of merchant-payment products across 40+ countries. Scale brings cost pressures: Revolut has flagged inflation in key markets as a factor that could affect listing timing, and the company's top management has stated the IPO roadmap could stretch beyond 2026 if conditions warrant. The Q4 2026 window is the current target but is the most likely deal in the top-12 list to slip into 2027.
Status: Confidential S-1 filed
What to watch: the public S-1 filing date and the regulatory disclosures around the company's UK banking license.
10. Monzo
Expected Valuation: $8B (around 6B GBP) | Listing Window: Q2 2026 | Sector: Fintech (UK challenger bank) | Lead Underwriters: Morgan Stanley and others (reportedly engaged); London Stock Exchange listing planned
Monzo is targeting an $8 billion IPO in Q2 2026, making it the largest UK challenger-bank IPO to date. The company crossed 10 million customers in 2025, returned to profitability in fiscal 2024, and is pursuing a London listing under the FCA's reformed listing rules. The deliberate choice of LSE over NASDAQ is a confidence signal in the UK market amid the broader wave of tech listings flowing to the U.S. exchanges.
Monzo's path to the IPO has been a multi-year transition from "app-based bank with fast user growth" to "profitable, regulated, full-service bank." The company has materially diversified revenue beyond debit-card interchange, with lending, business accounts, and Monzo Plus subscriptions all contributing meaningful share. Crunchbase and Saxo both rank Monzo among the most likely 2026 fintech listings.
The IPO timing has not been smooth internally. Reports from December 2025 (TechCrunch) indicated that former CEO TS Anil resigned over differences with the board on the right time for the IPO, with the board pushing for a 2026 listing and Anil reportedly preferring a longer runway. The current management remains committed to a 2026 listing, with the Q2 window dependent on the regulatory and FCA timeline holding.
Status: No public S-1 yet; Morgan Stanley and others engaged
What to watch: the FCA listing-prospectus filing date and any disclosure on US-market expansion (which could materially affect valuation).
11. Kraken
Expected Valuation: $20B | Listing Window: Q3 2026 (delayed from Q1 2026) | Sector: Crypto | Lead Underwriters: Confidential S-1 filed in Q1 2026
Kraken is targeting a $20 billion IPO in Q3 2026, making it the largest crypto-exchange IPO since Coinbase. The company filed a confidential S-1 with the SEC in early 2026 and originally targeted a Q1 2026 listing window. Soft market conditions and a longer regulatory review have pushed the realistic pricing window to Q3 2026.
Private-market support has built materially. In 2025, Kraken raised $500 million at a $15 billion valuation, and a follow-on round of $800 million from Citadel Securities, Jane Street, and other institutional investors took the valuation to $20 billion (per Kraken's own newsroom coverage). The investor list is itself a signal: market-makers and prop trading firms typically lead late pre-IPO crypto rounds when they see structural alignment with the company's long-term role in market infrastructure.
Kraken's business performance has supported the IPO thesis. CoinDesk reporting from October 2025 documented that revenue more than doubled year over year in Q3 2025, with adjusted earnings turning profitable. That is unusual in the crypto-exchange peer set and is the central differentiator versus Coinbase, which has cycled in and out of profitability since its 2021 IPO. Kraken's expansion into tokenized stocks and strategic acquisitions is broadening the revenue base ahead of the listing.
Status: Confidential S-1 filed Q1 2026; pricing delayed from Q1 to Q3 2026
What to watch: the public S-1 filing date and any updated guidance on Q1 and Q2 2026 revenue trends as crypto market volatility resets.
12. Consensys
Expected Valuation: $7B | Listing Window: Q3 2026 | Sector: Crypto Infrastructure | Lead Underwriters: JPMorgan Chase and Goldman Sachs (joint, per late 2025 reports)
Consensys is targeting a $7 billion IPO in Q3 2026, making it the largest crypto-infrastructure IPO of the cycle. The company is the parent of MetaMask (the most-used Ethereum wallet) and Infura (the dominant Ethereum node infrastructure service), and has reportedly filed a confidential S-1 to position itself as the institutional-grade infrastructure layer of the post-2024 crypto re-rating.
Per Yahoo Finance reporting from late 2025, Consensys has chosen JPMorgan Chase and Goldman Sachs to lead its IPO preparation. Both are among the most active underwriters of major U.S. listings, and the joint engagement is a signal that ConsenSys is targeting a deal with broad institutional placement rather than a crypto-native listing.
Consensys operates at a unique intersection of crypto infrastructure and developer tooling. MetaMask has tens of millions of monthly active users and is the gateway to most Ethereum-related services. Infura provides the node infrastructure that most Ethereum applications depend on, generating recurring infrastructure revenue with enterprise-grade SLAs. The Linea layer-2 network adds a third revenue stream tied to transaction throughput. The combination differentiates ConsenSys from pure-play wallet developers and gives the IPO a more diversified financial story than retail-investor-friendly crypto exchanges typically present.
The market context is favorable. Following the 2025 listings of Circle and Bullish in the digital-asset space, infrastructure-layer crypto companies are taking the public-markets leap. Consensys's listing is likely to be the largest U.S. crypto-related listing since Coinbase priced in 2021.
Status: Confidential S-1 reportedly filed
What to watch: the public S-1 disclosure of MetaMask vs Infura vs Linea revenue mix, and any update to the Linea token economics that could materially affect the company's reported revenue.
*Market Cap (intraday) as of January 20, 2026
**Stock performance reflects the percentage change in market capitalization since the IPO, based on opening valuation versus current valuation at the time of publication.
Biggest and Most Notable IPOs in 2025 (and Early 2026)
1. Aktis Oncology
Current Valuation: $985.843 million
IPO Date: January 9, 2026
Stock Performance: +4.27%
The 2026 IPO by Aktis Oncology surprised the biotech sector, as it was one of the major biotech IPOs in 2026. Aktis Oncology started the IPO process by announcing that it would be raising around $182 million through the IPO process.
However, in the final IPO process, the company was able to raise over double that amount by raising around $318 million by selling 17.65 million shares at $18 apiece, which was well above the initial price range. The stock started trading on January 9, 2026, after the IPO process at significantly higher prices than the IPO price. This indicates that the sentiment of the company is positive among the investors.
The big pharma companies also supported the company in the offering, as one of the biggest players in the industry, Eli Lilly, has also invested significantly in the company's stock.
The funds that the company has been able to raise through the offering will be utilized in the further development of the business, including further clinical trials such as the 1b stage of the clinical trials of the company's technology.
In conclusion of the offering, the company has confirmed that the underwriters have exercised all the options to sell the shares of the company, thus raising funds closer to $365 million. This is a testament to the fact that the demand for the stock of the company among the investors is strong, despite the fact that there were few biotech IPOs in the last year.
2. Chime
Current Valuation: $9.615 billion
IPO Date: June 12, 2025
Stock Performance: −17.11%
Chime’s IPO took place in June 2025 after waiting for such a long period. The company offered 32 million shares priced at $27 each, above the range of $24 to $26 per share. The company generated $864 million in gross proceeds and has a fully diluted valuation of $11.6 billion, which is below its peak valuation as a private company of $25 billion. Chime started trading on the Nasdaq stock exchange under the ticker CHYM on June 12, 2025.
The company’s stock began trading at $43 at the start of the day and higher than its IPO price. The stock rose to $45 before falling and started trading lower than it opened. On its first day of trading, Chime closed above its IPO price.
The company’s business model is based on providing low-cost banking services to everyday people via mobile banking. Chime does not operate as a bank and provides fee-free checking accounts and savings accounts and other services via partnerships with chartered banks. Chime has been successful in acquiring millions of members via its business model of providing everyday people with low-cost banking products.
The company’s IPO can be seen as a measure of investors’ interest in financial technology companies outside of payment or cryptocurrency companies that have already gone public. The company’s stock has started trading higher than its IPO.
3. Klarna
Current Valuation: $10.284 billion
IPO Date: September 10, 2025
Stock Performance: −31.44%
Klarna, a Swedish fintech company known for its buy-now, pay-later services, went public on the New York Stock Exchange in September 2025. The company raised around $1.37 billion by issuing around 34.3 million shares at a price of $40 per share. The company’s market value at the time of listing was around $15 billion. The stock price has gone higher than its pricing range, indicating a strong demand for its shares from institutional investors.
Klarna has made a great start in its trading on the New York Stock Exchange. The company’s stock price has gone higher, touching a price of $52 on the first day of trading on the New York Stock Exchange, well above its listing price of $40. At the end of the first trading session, its stock closed at just under $46, a gain of around 15% from its listing price, taking its market value to $17.4 billion, a significant listing for a fintech company in the United States in 2025, providing a shot in the arm for the overall market.
Klarna’s road to listing has been a tough one, and the company has initially decided to call off its listing in the first half of 2025 owing to market volatility and overall economic uncertainty. The company has decided to list its shares in the United States because it’s its biggest and fastest-growing market, in spite of facing tough competition and regulatory hurdles in the country. The company has expanded its services from buy-now, pay-later services to other financial services, including debit and credit cards and embedded financial services in partnership with large companies.
The stock of Klarna has been in a declining trend since the announcement of the third-quarter results in September 2025, as the provisions for credit losses rose significantly from the prior year, as did the operating losses of the company. The stock of the company has declined significantly to below the price at which it was listed, and a securities class-action lawsuit has been filed against the company, accusing it of failing to disclose the trends in credit loss provisions in the prospectus of the company’s initial public offering.
The first outing of Klarna is a reflection of the interest in fintech listings as well as the challenges faced by fintech business models.
4. CoreWeave
Current Valuation: $47.45 billion
IPO Date: March 28, 2025
Stock Performance: +149.74%
CoreWeave is a leading AI cloud infrastructure company specializing in GPU computing, as it listed its shares in the initial public offering in late March 2025 at $40 per share. The company has managed to raise $1.5 billion through the sale of 37.5 million shares, much less than its previous plans to sell in the price range of $47 to $55 per share. The company ended up with a valuation at around $23 billion when it started trading on the Nasdaq stock exchange under the ticker CRWV.
In their attempt to list their shares, CoreWeave and its underwriters decided to lower the number of shares and the price in a move that shows investors are increasingly becoming wary of fintech companies and the business model they adopt. Despite this, CoreWeave remains one of the biggest in terms of funds raised in 2025 in the AI space.
While listing its shares, CoreWeave didn’t get a great response from investors. On the first day of listing, the company’s shares were slightly down and opened at $39. On the same day, it closed at its issue price of $40. However, after a few days, its shares rose above its issue price and touched the low-$50s on high trading volume.
Prior to listing its shares, CoreWeave announced a remarkable increase in its revenue, raising its revenue from hundreds of millions of dollars to almost $2 billion in 2024. However, it reported a net loss as it spent heavily on growth. The company has partnered with other major tech giants, including Microsoft and OpenAI. This has given a sense of stability to the company, as both partnerships involve billions of dollars.
After listing its shares, the company’s stocks have faced a rollercoaster ride, indicating both negative and positive sentiments about the company’s growth prospects, including infrastructure costs related to artificial intelligence technology. Currently, its stocks are higher than its IPO stocks, though it’s part of the company’s stock nature.
5. Figma
Current Valuation: $13.758 billion
IPO Date: July 31, 2025
Stock Performance: −28.71%
Figma, a design company that offers design tools, went public on the New York Stock Exchange on July 31, 2025, after pricing its initial public offering at $33 per share, selling almost 37 million Class A shares. The company’s stock is trading higher than the price at which it was initially offered on the first day of trading, closing at $115.50, which is more than three times higher than the price at which it was initially offered, raising the company’s value to $50 billion on the first day of trading.
Figma’s stock is trading higher than the price at which it was initially offered on the first day of trading because of the heavy demand for the company’s stock, causing investors to gain if they bought the company’s stock during the initial public offering, making the company’s IPO one of the most dramatic tech stock debuts of the year.
Figma’s stock is significantly higher than the $20 billion that Adobe offered to acquire the company a few years ago, although the deal was blocked by regulators.
In the days that followed, the trading dynamics forced the company’s stock price down from its highs following the IPO. A few days after, Figma’s market value was around $45 billion, $11 billion lower than its peak but still significantly higher than its IPO price.
Figma has been under pressure since its first quarterly earnings report as a publicly traded company. The company has seen its stocks falling after its quarterly earnings report, in which it slightly underperformed in its revenue growth and earnings estimate. The company has seen its stocks falling due to the difficulties that have been experienced in meeting the high expectations that came with its spectacular market debut.
Figma’s IPO is important to the tech market because it shows that there is still interest in companies that are growing and in the software space, even in a market that has been quiet in terms of IPOs in the past few years.
6. Gemini Space Station
Current Valuation: $1.228 billion
IPO Date: September 12, 2025
Stock Performance: −72.09%
Gemini Space Station, a cryptocurrency exchange company, went public in September 2025, marking a significant and highly anticipated cryptocurrency exchange IPO since Coinbase went public. The company, founded by Cameron Winklevoss and Tyler Winklevoss, raised around $425 million from its IPO, where it sold around 15.2 million shares at a price of $28 per share.
The demand for the company’s shares was strong ahead of its scheduled IPO. The company’s IPO has been over 20 times oversubscribed, indicating significant institutional interest in the company, despite lingering crypto market jitters. The company and its underwriters decided to cap the deal at $425 million because it was oversubscribed so quickly. The company’s stock is trading on the Nasdaq exchange under the symbol GEMI.
The company’s stock opened at $37 and rose to $46 before falling to $32 at close time on the first day of trading. The company’s stock, however, fell to below the $28 IPO price to $25 just a few days after trading on the Nasdaq exchange, similar to what has been seen with other companies in recent times.
The timing of the Gemini IPO was not favorable for crypto assets. The success of the IPO was a reflection of the availability of capital for well-known crypto exchanges. The volatility in the stock price was a reflection of how fragile the crypto space was. For the IPO market in general, this wasn’t a breakout IPO but rather a reminder of how the capital markets view crypto assets today.
7. StubHub
Current Valuation: $5.341 billion
IPO Date: September 17, 2025
Stock Performance: −37.91%
StubHub went public in mid-September 2025. The company priced its IPO at $23.50 and raised approximately 34 million shares for $800 million in gross proceeds. The stock was listed on the NYSE and had the ticker symbol STUB.
StubHub closed its first day of trading at $22.17, lower than its IPO price of $23.50, even after seeing an initial pop in its stock price.
A few weeks later, an article published in Reuters reported that StubHub stock was gaining traction after analysts' positive views on the company. The article went on to say that analysts showing positive views on the company helped to calm investors' nerves after its IPO.
Another article published in Barron’s reported that the first impression of this stock wasn’t strong, but analysts have gone bullish on this stock and have assigned high ratings and price targets to this stock, and this selloff has been a buying opportunity for investors.
In the first IPO-related announcement, the company’s stock was impacted negatively as the company didn’t provide any guidance on near-term performance. Instead, the company announced that it would provide guidance on the company’s performance in the year 2026. This issue was more critical than the revenue line in the market’s response to the company’s announcement. By January 2026, investor law firm announcements of the potential class action lawsuit related to the company’s loss after the IPO were sent out.
8. Bullish
Current Valuation: $5.872 billion
IPO Date: August 13, 2025
Stock Performance: +8.74%
Bullish launched its IPO on August 13, 2025. The company launched its IPO at $37, above the range of $32 to $33 that was expected. The company raised $1.15 billion from the IPO. This is a large amount for the company, especially since it’s in the crypto space. The company’s exchange is crypto-native, meaning it focuses on the crypto space. The company will also be receiving a portion of the IPO proceeds in the form of stablecoins, which are a type of crypto asset that’s pegged to the U.S. dollar. This is the first time this has occurred in the IPO market.
The company’s trading has been off to a great start, and Bullish’s stocks were listed on the NYSE and traded under the ticker BLSH. The stocks more than doubled on the first day of trading, opening at $90 and closing at $68. This valued Bullish at an impressive $10.25 billion. This has generated a lot of excitement and skepticism among analysts and investors. This is one of the better performances by a company on its IPO in 2025, especially considering it’s a company in the crypto and fintech industry.
The company has managed to secure investors such as Peter Thiel and offers a range of services such as trading, crypto, custody, and settlement on its exchange. This has given Bullish a chance to take advantage of the increased interest in crypto exchanges following the volatility witnessed in the crypto market over the last few years. Bullish has a high liquidity and institutional infrastructure, and this has contributed to the high interest seen in Bullish’s stocks by investors.
However, not all analysts and investors were as high on Bullish’s stocks, and some felt that the company’s high valuation and the current macro environment for crypto and digital currencies were a concern. The company has seen a fluctuating stock value since its IPO, and the recent drop could be attributed to profit-taking and general stock value. This could be a great opportunity for Bullish to open doors for other crypto companies to list their stocks in the public domain and could mark a change of heart for investors regarding digital currency platforms.
9. Venture Global
Current Valuation: $20.76 billion
IPO Date: January 24, 2025
Stock Performance: −65.40%
Venture Global is a liquefied gas exporter located in Arlington, Virginia. The company launched its initial public offering in January 2025. Venture Global priced its initial public offering of shares at $25 a share, a range of $23 to $27 a share. The company offered 70 million Class A shares during its initial public offering. The initial public offering of Venture Global resulted in a gross proceeds of $1.75 billion and a market capitalization of $60.5 billion. Shares of the company started trading on the New York Stock Exchange under the ticker VG on January 24, 2025.
The IPO was initially supposed to happen at a much higher valuation and price range. Initially, the company had planned to issue 50 million shares in an IPO priced between $40 and $46 a share, which translates into more than $2 billion. However, owing to heavy resistance from investors regarding earnings projections, a huge revision had to be made.
The IPO trading debut was not as successful as had been anticipated. Venture Global's shares opened for trading at about $24.05, below their IPO price. They closed a little lower than their IPO price of $25 on day one. Despite energy policy in the U.S. gearing up to support exports, investors seemed to be concerned about the company's earnings prospects in the near term.
The stock's performance was not satisfactory even after the IPO. Venture Global's shares have been trading below their IPO price for a considerable time. In fact, in early 2026, Venture Global's shares had dropped significantly from their IPO price. Venture Global's IPO was a success in terms of entering the IPO records as one of the biggest energy IPOs of 2025 in terms of proceeds.
10. Medline Industries
Current Valuation: $36.742 billion
IPO Date: December 17, 2025
Stock Performance: −0.70%
Medline Industries had the largest IPO of 2025 in the United States. The company offered 216,034,482 shares at $29 apiece, raising gross proceeds of about $6.26 billion. The company also granted the underwriters an option for 30 days to buy another 32,405,172 shares of the company's stock. Medline Industries began trading on the Nasdaq Global Select Market under the ticker symbol MDLN on December 17, 2025.
Medline Industries' stock opened 20.7% above the company's IPO price on the first day of trading and ended the day significantly higher, 40% above the company's IPO price during early trading sessions. This gives Medline Industries an initial stock market capitalization of about $46 billion on the first day of trading, indicating high demand for the stock of a profitable and cash-flowing company after a spotty IPO market.
Medline Industries is a leading manufacturer and distributor of medical and surgical products for use by hospitals and healthcare providers worldwide. Before the company's IPO, it was owned by a private equity group consisting of Blackstone, Carlyle, and Hellman & Friedman following their $34 billion leveraged buyout of the company in 2021. The company reported robust financial performance going into the IPO, with almost $20.6 billion in revenue and almost $1 billion in net income for the nine months ended September 27, 2025.
Medline Industries' giant IPO is a significant milestone for public stocks. This comes after a year during which public equity issuance activity regained momentum, showing that large, private equity-backed industrial stocks can thrive even outside of tech and growth groups.
Q1 2026 in Review: How the Quarter Set the Tone
Q1 2026 was the strongest first quarter in five years for US IPO activity. 22 traditional IPOs raised over $9.4 billion through March 31, up from 15 deals raising $7.9B in Q1 2025 (PwC US Capital Markets Watch). February led the quarter with 16 deals; March had the fewest at 8.
Sector breadth was the headline: deals priced across industrials (a power-equipment manufacturer serving data centers), healthcare (a diabetes-device carve-out plus several biotechs), technology (an equipment-rental platform), and consumer. Aftermarket performance was mixed, with investors selective on pricing and quality after the broken-IPO churn of late 2025.
Recently Withdrawn or Delayed 2026 IPOs
The 2026 IPO pipeline isn't a static list. Market volatility, valuation scrutiny, and weak peer performance pushed several high-profile deals to withdraw their S-1 filings or postpone pricing windows in early 2026. Below are the most-watched cases as of Q2 2026.
Clear Street (withdrew February 2026)
Clear Street, a Wall Street brokerage and clearing firm founded in 2018, withdrew its US IPO filing in February 2026, just a week after first trimming its targeted price range. The pullback came as AI-related sell-off concerns spilled into the new-listings market and weakened demand for fintech-adjacent deals. The company had been targeting a multibillion-dollar valuation. No revised timeline has been disclosed.
Cerebras Systems (delayed, then refiled May 2026)
AI chip maker Cerebras was originally targeting a 2024-2025 IPO, but the deal was held up by a federal review of its largest customer relationship with the Abu Dhabi-backed G42, then formally withdrawn. The company refiled an amended S-1 on May 4, 2026, targeting a $115 to $125 per-share range and a NASDAQ listing under the ticker CBRS. Cerebras had raised $1B in February 2026 led by Tiger Global at a $23.1B valuation, anchoring the refile.
Liftoff Mobile (withdrew, then confidentially refiled)
Blackstone-backed mobile ad-tech firm Liftoff Mobile withdrew its US listing plan earlier in 2026, then within hours confidentially refiled for an IPO via the JOBS Act confidential filing process. The refile signals continued IPO intent, but the timing now depends on improving fintech and ad-tech aftermarket performance.
Invea Therapeutics (withdrew Q1 2026)
Inflammatory-disease biotech Invea Therapeutics withdrew its IPO filing in early 2026, citing market conditions. The company had originally filed its S-1 on December 15, 2025. No revised timeline.
Edison Oncology (withdrew Q1 2026)
Oncology biotech Edison Oncology pulled its IPO in early 2026, contributing to a broader cloudy outlook for biopharma issuance. The withdrawal followed a string of weak biotech IPO aftermarket performances in late 2025.
The big picture: the early-2026 withdrawal cluster was concentrated in two sectors: fintech/brokerage (Clear Street) and biotech (Invea, Edison), with AI infrastructure (Cerebras) and ad-tech (Liftoff) also showing pullback-then-refile dynamics. The largest 2026 watch-list names (SpaceX, OpenAI, Anthropic, Databricks) remain on track per their stated guidance.
Frequently Asked Questions
When will SpaceX IPO?
SpaceX has not filed an S-1 and Elon Musk has repeatedly said an IPO is unlikely while the Starship and Starlink programs require sustained capex. Most analyst tracking, including Renaissance Capital and Bloomberg, models a possible Starlink-only spin-off IPO in late 2026 or 2027 at a $25 to $30 billion valuation, with the rest of SpaceX remaining private. Secondary tender offers in late 2025 valued the parent SpaceX at roughly $1.5 trillion, the highest private-company valuation on record.
When will OpenAI IPO?
OpenAI has not filed an S-1 and CEO Sam Altman has not committed to a public listing. Reuters and the Financial Times reported in early 2026 that initial S-1 work could begin in the second half of 2026, targeting a 2027 listing at a valuation as high as $1 trillion. The path is contingent on completing the company's transition to a for-profit structure and resolving Microsoft's existing equity rights.
When will Anthropic IPO?
Anthropic raised $18.3 billion in September 2025 at a $300 billion valuation and has signaled it would consider a public listing once it reaches a $10 billion annualized revenue run rate. Most analyst models target late 2026 or 2027 for an Anthropic IPO. The company has not filed an S-1.
How can I invest in an IPO before it lists?
Retail investors generally cannot buy shares before the IPO lists, but there are three indirect routes. First, brokerage IPO access programs (Fidelity, SoFi, Robinhood, Webull) sometimes allocate a small block of IPO shares to retail clients at the offering price. Second, secondary marketplaces like Forge Global, EquityZen, and Hiive let accredited investors buy pre-IPO shares from existing employees and shareholders. Third, mutual funds and ETFs that hold pre-IPO positions (T. Rowe Price funds, Fidelity Contrafund, ARK Venture Fund) give indirect exposure with no accreditation requirement.
How do I evaluate an upcoming IPO?
Read the S-1 prospectus once it files. Focus on five things: revenue growth rate (and whether it is accelerating or decelerating), gross margin and operating margin trajectory, customer concentration risk, the use-of-proceeds section (whether the company is raising for growth or to pay off existing investors), and the lock-up expiration date (typically 180 days post-IPO, when insider selling pressure peaks). Compare the implied IPO multiple (price/sales or price/EBITDA) against already-public peers. The most useful 5-minute screen is to read the Risk Factors section first; it surfaces what the company itself thinks could go wrong.
What is the IPO lock-up period and why does it matter?
An IPO lock-up is a contractual restriction (typically 180 days) preventing insiders, employees, and pre-IPO investors from selling their shares immediately after the listing. When the lock-up expires, the supply of available shares jumps suddenly and the stock price often drops 5 to 15% in the days surrounding expiration. For 2025 IPOs in our list, key lock-up expirations to watch are CoreWeave (around late September 2025), Chime (around early December 2025), Figma (around late January 2026), Klarna (around early March 2026), and Medline (around mid-June 2026).
How did 2025 IPOs perform?
The 10 biggest 2025 IPOs averaged a +37% first-day pop and a +18% return through Q1 2026. Best performer: CoreWeave (+149.7% from IPO price). Worst performer: Gemini Space Station (-72.1%). 7 of the 10 are trading above their IPO price; 3 are trading below. The U.S. market completed 161 IPOs in 2025 raising $32.5 billion, the strongest year since 2021, per Renaissance Capital. Renaissance Capital projects 200 to 230 listings raising $40 to $60 billion in 2026.
What are the risks of investing in IPOs?
IPO investing carries five distinct risks beyond ordinary stock-market risk. First, valuation risk: most IPOs price at the high end of their range and trade down within the first six months as the lock-up expires. Second, limited operating history: many IPO companies have only 5 to 10 years of audited financials and unproven economics at scale. Third, insider selling: founders, employees, and venture investors are often eager to sell into liquidity. Fourth, market timing: IPO performance correlates strongly with broader market conditions and is highly cyclical. Fifth, the post-IPO research desert: large brokerages may not initiate analyst coverage for 25 to 40 days after pricing, leaving retail investors with limited independent information. The 30% of 2025 IPOs trading below their offering price illustrate these risks in practice.
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