Market momentum is starting to rebuild in early 2026, with analysts now pointing to a return to listings after years of hesitation. Stable interest rates, a renewed appetite for growth stocks and pressure from retail investors have propelled several high-profile unicorns into the public arena.
Will 2026 be the year the IPO window fully reopens?
Here are the 10 biggest and most anticipated IPO candidates forming the 2026 pipeline.:
- space x – Space infrastructure and Starlink expansion
- OpenAI – Advantages of generative AI and enterprise adoption
- kraken – Crypto exchange with banking ambitions
- human – Safety-focused AI challenger
- Revolute – European neobanks expand globally
- discord – Community platform subscription monetization
- KNDS – Strengthening the defense of all Europe
- stripe – A leader in global payments infrastructure
- Visma – Nordic SaaS accounting giant
- Monzo – UK digital banking competitors
1. SpaceX – Space Infrastructure Titan
SpaceX stands out as the most ambitious listing candidate. Analysts estimate the valuation to be close to $1.5 trillion, making it the largest IPO in history and potentially surpassing Saudi Aramco’s 2020 debut of $29.4 billion. The company reduced launch costs and transformed the space economy with reusable rockets.
The company’s Starlink satellite network currently serves more than 9 million customers worldwide. However, retail investors will scrutinize the capital expenditures associated with the Starship program and the governance structure surrounding Elon Musk’s multi-company leadership.
Beyond launches, SpaceX’s expanding defense contracts and deepening partnership with NASA have strengthened its recurring revenue outlook, but its massive R&D focus could test the patience of the public market.
2. OpenAI – Generative AI Powerhouse
OpenAI is leading the generative AI race, with a valuation between $830 billion and $1 trillion. The company has reorganized from a nonprofit organization to a limited-profit entity and counts Microsoft as a major shareholder.
CEO Sam Altman is reluctant to run a public company, while CFO Sarah Fryer reportedly aims to go public in 2027 and could file in late 2026. As competition intensifies, investors will likely scrutinize profitability.
Enterprise adoption of AI co-pilots, API monetization, and custom AI models for Fortune 500 customers has the potential to drive sustainable revenue, but computing costs and regulatory oversight remain key risks.
3. Kraken – The belfry of the crypto market
Kraken remains one of the most anticipated crypto IPO candidates. Founded in 2011, the exchange serves over 9 million customers in 190 countries and records significant daily trading volumes depending on market conditions.
The company received a Wyoming banking license in 2020 and expanded into NFTs and staking. Market volatility, Bitcoin trends, and regulatory clarity have a significant impact on timing and valuation.
Listings will serve as a barometer of institutional confidence in digital assets, especially if crypto ETF flows and stablecoin regulation continue to stabilize the sector.
4. Anthropic – AI Safety Challenger
Anthropic uses the Claude model to position itself as a safety-focused AI competitor. Revenues soared by 2025, with strong adoption by businesses accounting for the bulk of the revenue.
The company has hired legal advisers to prepare for a public listing, with an estimated valuation of $350 billion. Growth indicators suggest momentum.
Anthropic differentiates itself through AI-powered research, backed by key cloud partnerships, and appeals to governments and regulated industries seeking to deploy more secure large-scale language models.
5. Revolut – European Fintech Champion
Revolut has emerged as one of Europe’s leading fintech competitors, serving more than 45 million users in dozens of countries. Revenue growth and profitability milestones strengthened the company’s IPO profile.
It secured a UK banking license after years of delays. Management continues to weigh the Nasdaq listing versus London.
Expansion into lending, asset management, and crypto trading has the potential to improve ARPU, while geographic diversification reduces dependence on a single regulatory environment.
6. Discord – Large community platform
Discord has secretly filed for a U.S. IPO and aims to go public in the first quarter of 2026. The platform attracts over 200 million monthly active users and generates revenue through Nitro subscriptions.
Major investment banks are backing the offering, which is aiming for a multibillion-dollar valuation.
Diversification beyond gaming into education, developer communities, and corporate collaboration tools could strengthen recurring subscription revenue and advertising potential.
7. KNDS – European Defense Integrator
KNDS has confirmed its plans to pursue a dual listing in Paris and Frankfurt in 2026. The orders and backlog figures reflect strong defense demand amid increased European security spending.
Leaders view IPOs as a tool to expand industrial capacity and technology investment.
Geopolitical tensions and NATO modernization programs provide multi-year visibility, positioning KNDS as a strategic industrial asset in the European defense ecosystem.
8. Stripe – The leader in payment infrastructure
Stripe ramped up its IPO efforts after returning to profitability and posting strong revenue growth. The company continues to expand globally in online payments and embedded finance.
Under favorable conditions, valuations hover around $90 billion to $100 billion.
Stablecoins, enterprise billing solutions, and AI-powered fraud detection efforts highlight its ambition to remain the foundation of internet commerce.
9. Visma – Nordic SaaS Compounder
Visma develops accounting and payroll software across the Nordic and Baltic markets and remains owned by private equity firm Hg. The timing of the IPO is subject to change depending on sector sentiment.
Recurring SaaS revenue and high retention rates support valuation stability.
Strategic acquisitions across Europe and AI-powered automation capabilities continue to strengthen our competitive position in small business finance software.
10. Monzo – Digital Banking Candidate
Mr. Monzo has taken a cautious approach to the public markets after securing a multibillion-dollar valuation in secondary sales. Digital banks continue to focus on profitability and governance.
Leadership shows that there is no urgent need to list.
Growth in lending, subscription and business banking services could improve margins, while strong brand loyalty among younger consumers supports long-term expansion potential.
