2026 Could Be a Massive Year for IPOs. Here Are 3 Candidates to Watch.

After several years of fewer initial public offerings, the IPO market finally began to thaw in 2025, with some larger names going public and experiencing notable gains out of the gate. It's clear the market was anxious after a drought in previous years. The outlook for the IPO market in 2026 is also promising, with many hoping that lower rates and increased visibility into markets and the economy will lead to more IPOs.

If some of the speculation is true, 2026 might be the biggest year ever for the IPO market. Here are three potential IPO candidates to watch.

1. OpenAI

While OpenAI's CEO, Sam Altman, says he is unsure whether OpenAI, the parent company of ChatGPT, will go public in 2026, there's certainly speculation that it could happen later this year or in early 2027. It will likely depend on market conditions and artificial intelligence valuations, and also OpenAI's financial situation.

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The company reportedly has $1.4 trillion of outstanding obligations with data infrastructure companies, leading some investors questioning how exactly OpenAI will cover all of these commitments. If OpenAI makes the move, media reports have suggested the company could look to debut on the public markets at a $1 trillion valuation, which would make it the highest valued IPO of all time, and instantly catapult it into an elite group of stocks with market caps over $1 trillion.

The valuation is potentially enormous, but OpenAI has been one of the most hyped companies since unveiling ChatGPT, a chatbot that leverages AI to engage in human-like conversations with people and produce a range of content with speed and depth not previously seen at any technology company. As recently as November, Altman said OpenAI is on pace to hit a $20 billion annualized run rate this year. ChatGPT reportedly had 800 million weekly active users as of October, and the company still only charges a modest $20 per month for its premium version.

2. SpaceX

Elon Musk's SpaceX is another potential IPO candidate in 2026, and it's another extremely hyped candidate. Musk has called a report about a SpaceX IPO in 2026 "accurate," so this one seems likely as well. Recent media reports have suggested that SpaceX recently raised capital at an $800 billion valuation, not far behind that of OpenAI. Bloomberg reported as recently as December that SpaceX will look to raise $30 billion. However, Musk also called the reports regarding valuation inaccurate.

SpaceX builds advanced rocket aircraft for missions into space. The company also makes reusable rockets, which have significantly cut launch costs. SpaceX also owns Starlink, which utilizes satellites to provide high-speed internet, particularly in rural areas and remote locations that are not near fiber or traditional cable. SpaceX generates revenue from government contracts with the National Aeronautics and Space Administration (NASA), as well as from other commercial contracts and its Starlink service.

Having Musk as CEO could be another big factor in improving valuation. Love him or hate him, Musk, at times, at least in my view, has turned Tesla into a bit of a meme stock, and it's clear that the market places a premium on his leadership. SpaceX is well-known among most market watchers and is expected to generate similar hype as Tesla.

3. Anthropic

The Financial Times reported in December that another major AI company, Anthropic, is also considering an IPO as early as 2026, which could provide the company with a more effective way to raise capital, according to the report.

Backed by Google and Amazon, Anthropic is the parent company of another fast-growing AI chatbot called Claude, which is similar to ChatGPT. According to studies issued by OpenAI and Anthropic, users tend to choose ChatGPT for personal and exploratory uses, while Claude is used more for work tasks, such as coding, research, and education. While there's less public data about the company, Claude reportedly had 30 million monthly active users in the second quarter of 2025, according to SQ Magazine.

In December, CNBC reported that Anthropic has recently been looking to raise another private round of financing that would include funding from major AI companies like Nvidia and Microsoft and value the company at $300 billion. In October, Reuters reported that Anthropic projected to hit an annualized revenue run rate of $26 billion some time this year.

Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Microsoft, Nvidia, and Tesla. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.