2026: The IPO Comeback Year?

After years of drought in the IPO market, 2026 is potentially shaping up to be a watershed year for public offerings. The convergence of AI-driven company valuations, improving market conditions, and pent-up investor demand has created an environment where some of the most valuable private companies in history are preparing to go public. 

In this week's post, we examine the major IPO candidates, explore why 2026 has become the target year for so many high-profile listings, and assess what this means for both institutional investors and those looking to enter the early-stage startup ecosystem.

2026 EquityZen IPO Watchlist 

According to EquityZen's 2026 IPO Outlook, blockchain and crypto companies make up the largest portion of potential IPO candidates, following strong performances from Circle and other crypto listings in 2025. The top names to watch include Cerebras Systems (AI chip maker), Databricks (data/AI platform valued at $100B+), Kraken (crypto exchange), BitGo (crypto custody), Consensys (blockchain infrastructure), and Animoca Brands (Web3 gaming). On the fintech side, Upgrade, Wealthfront, and Motive Technologies are preparing for public debuts, while Lambda Labs (GPU cloud), Cohesity (data security), and Strava (fitness app) round out the list.

A deeper look into 3 2026 IPO candidates:

1. Anthropic

2. SpaceX

3. Kraken

Anthropic: The AI Safety Giant Eyes Public Markets

Anthropic, creator of the Claude AI assistant, has emerged as a top IPO candidate for 2026. The Financial Times reports the company has hired Wilson Sonsini Goodrich & Rosati—the firm behind Google's 2004 IPO—to begin preparations.

The company projects to nearly triple its annualized revenue to approximately $26 billion by end of 2026, up from $9 billion in 2025, now serving over 300,000 business customers. Its most recent private valuation stood at $183 billion, but a new funding round could push it above $300 billion, with Microsoft and Nvidia jointly committing $15 billion.

Kraken: Cryptocurrency's Next Public Exchange

Cryptocurrency exchange Kraken confidentially filed for an IPO with the SEC in November 2025, targeting a Q1 2026 listing. The timing reflects a dramatic regulatory shift—under the Trump administration's pro-crypto stance, the SEC dropped its lawsuit against Kraken, and new legislation has provided regulatory clarity.

Kraken raised $800 million at a $20 billion valuation in November 2025. Q3 2025 showed transaction volume of $576.8 billion (up 26% QoQ), revenue surging 50% to a record $648 million, and assets under management increasing 34% to $59.3 billion. The company is also expanding, acquiring NinjaTrader for $1.5 billion and planning commission-free equities trading in 2026.

SpaceX: The Most Valuable Private Company Goes Public

SpaceX has confirmed it's targeting a public offering in mid-to-late 2026, potentially listing the entire enterprise including Starlink rather than spinning off divisions separately.

The company is targeting a valuation of about $1.5 trillion for the entire company, which would leave SpaceX near the market value that Saudi Aramco established during its record 2019 listing (via Bloomberg). 

The IPO would seek to raise significantly more than $30 billion, making it the biggest listing of all time. The company is expected to produce about $15 billion in revenue in 2025, increasing to between $22 billion and $24 billion in 2026, with the majority of sales coming from Starlink (according to Yahoo Finance). Elon Musk recently confirmed the IPO plans are "accurate," though the timing could change based on market conditions and other factors, and could slip into 2027. 

Why 2026? The Perfect Storm for IPOs

The concentration of major IPO candidates targeting 2026 is not coincidental. Several factors have aligned to potentially make next year the optimal window for companies to go public.

1. Market Recovery and Investor Appetite: The IPO market has shown significant recovery in 2025. Q3 2025 was the biggest quarter for new issuance since 2021, with 60+ IPOs raising a combined $14.6 billion in the US alone. High-profile debuts from companies like Circle, CoreWeave, and ServiceTitan have demonstrated strong investor appetite for innovative technology companies, with several IPOs posting significant first-day gains.

2. Stabilizing Interest Rates: The rapid run-up in global interest rates from 2022 to 2023—an increase of more than 500 basis points in the US—had a chilling effect on the IPO market. Private equity and venture capital, industries that had grown accustomed to cheap leverage for nearly a decade, saw dealmaking slump dramatically. By late 2025, interest rate stabilization and expectations of potential cuts have improved the outlook for growth stocks and made public markets more attractive.

3. Pent-Up Supply of IPO-Ready Companies: The three-year IPO drought created a backlog of mature, profitable companies ready to go public. Many of these companies used the extended private period to strengthen their fundamentals, achieve profitability, and build more defensible market positions. The October 2025 government shutdown pushed additional IPO-ready candidates to delay their listings to 2026, further concentrating the pipeline.

4. AI-Driven Valuations and Momentum: AI startups have captured 65% of total VC deal value through Q3 2025, with more than half of new unicorns built on AI innovation. This sector-specific momentum has created a favorable environment for AI-adjacent companies to go public, with public market investors eager to gain exposure to the AI value chain.

Breaking the Liquidity Drought: What 2026 IPOs Mean for VC and PE

The venture capital and private equity industries have faced a challenging period since 2022, with muted exit markets creating a cascade of negative effects: less fundraising, reduced deal activity, and growing pressure from LPs seeking returns. A wave of major IPOs in 2026 could fundamentally change this dynamic.

The Liquidity Crisis in Numbers: 

The exit drought has been severe. Large exit values declined 47% in 2023, and the secondary market—while growing rapidly—handles roughly the same volume in four days as private equity transacts over an entire year. Only about 2% of unicorn market value has been traded on the secondary market, leaving enormous pent-up demand for liquidity.

The Ripple Effect on Fundraising: 

Increased IPO activity should stimulate VC fundraising. When distributions increase due to heightened dealmaking, general partners return to market to raise additional capital, supported by investors seeking to redeploy distributions into new opportunities. Adams Street Partners notes that "should the anticipated increase in market activity play out, we would expect it to stimulate fundraising for private equity managers."

Looking Ahead / In Summary  

The convergence of Anthropic, SpaceX, and Kraken potentially entering public markets in 2026 represents more than just a handful of high-profile listings—it signals a broader thawing of the capital markets after years of stagnation. With stabilizing interest rates, renewed investor appetite for growth stories, and a backlog of mature companies ready to make the leap, the conditions are finally aligning for what could be the most significant IPO year since 2021. For institutional investors, 2026 offers rare opportunities to gain exposure to category-defining companies in AI, space infrastructure, and digital assets at a pivotal moment in their trajectories.

For the venture and private equity ecosystem, the stakes are equally high. A successful wave of IPOs would break the liquidity logjam that has constrained fundraising and distributions for the past three years, potentially kickstarting a virtuous cycle of capital returns and reinvestment. While timing and market conditions remain uncertain—and skeptics may rightly question whether all these offerings will materialize as planned—the pipeline is undeniably robust. Whether 2026 ultimately delivers on its promise or not, it has already become the year the private markets are betting on.

Disclaimer: The information provided in this newsletter is for informational and educational purposes only and does not constitute financial, investment, or legal advice. The discussion of potential IPO candidates, valuations, and market conditions reflects publicly available information and should not be interpreted as a recommendation to buy, sell, or hold any securities. Past performance is not indicative of future results, and investing in IPOs and private companies involves significant risk, including the potential loss of principal. Readers should consult with a qualified financial advisor before making any investment decisions.

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✍️ Written by Zachary and Alex