After years of muted deal flow, 2026 is shaping up as a potential turning point for IPO markets—one defined not by volume, but by sheer scale. Three companies alone—SpaceX, OpenAI, and Anthropic—could collectively raise sums that rival or exceed the proceeds of hundreds of IPOs in 2025. The question hanging over Wall Street: can markets absorb them all?
At the center of the excitement are three names that embody frontier technology:
- SpaceX: Elon Musk’s aerospace giant is reportedly targeting a public debut within the next 12 months at a valuation near $1.5 trillion. An IPO could raise more than $30 billion, potentially the largest ever, funding projects from space-based data centers to lunar ambitions. Its size alone would reshape major indices and capital flows.
- OpenAI: Fresh off explosive growth in generative AI, OpenAI is discussing fundraising of up to $100 billion, with IPO valuations rumored around $1 trillion. A listing would mark one of the fastest ascents from startup to public-market titan in history.
- Anthropic: Backed by Google and Amazon, the Claude developer is preparing for a possible 2026 IPO with a valuation exceeding $300 billion, signaling investor appetite for multiple winners in AI—not just one.
Together, these mega-IPOs could force portfolio rebalancing across mutual funds and ETFs, redirect capital away from legacy tech, and deliver a windfall for investment banks. But risks remain. Interest rates, geopolitics, and AI sentiment in early 2026 will matter—and the first company out the gate may set the tone for them all.
