2026 IPO Pipeline: AI, Defense, Fintech Companies Going Public

Q: What are the biggest IPOs expected in 2026?

The five largest IPOs expected in 2026 by valuation are: (1) OpenAI — $852 billion, targeting Q4 2026, the AI company behind ChatGPT led by CEO Sam Altman; (2) Anthropic — $380 billion, targeting October 2026, the AI safety company behind Claude with Goldman Sachs and JPMorgan as underwriters; (3) Stripe — $159 billion, confidential S-1 filed, payments infrastructure leader processing hundreds of billions annually; (4) Databricks — $134 billion, targeting Q4 2026, AI and data lakehouse platform; (5) Waymo — $126 billion, autonomous vehicle subsidiary of Alphabet. SpaceX ($1.75T) has filed a confidential S-1 and targets a June 2026 Nasdaq listing, which would be the largest IPO in history.

Q: What is the IPO calendar for 2026?

The 2026 IPO calendar for major tech companies: Q1–Q2 2026 — SpaceX (S-1 filed April 2026, Nasdaq June target, $1.75T valuation); Q2 2026 — Klarna (NYSE listed, fintech, BNPL); Q3 2026 — Cerebras Systems (AI chips, Nasdaq, $23.5B); Q4 2026 — Anthropic (Oct target, $380B, AI safety), OpenAI (Q4 target, $852B, ChatGPT), Databricks (Dec target, $134B, AI data). 2026 also track: Stripe ($159B, confidential S-1), Revolut ($75B, fintech), Anduril ($60B, defense tech), Waymo ($126B, autonomous vehicles). All dates are estimates as of May 2026 — subject to market conditions and regulatory approval.

Q: Which tech companies are going public in 2026?

The leading tech IPO candidates for 2026 include SpaceX ($1.75T, confidential S-1 filed), OpenAI ($852B, Q4 target), Anthropic ($380B, Oct target), Stripe ($159B, confidential S-1), Databricks ($134B, Q4 target), Waymo ($126B, Alphabet spinout), Revolut ($75B, fintech), and Anduril ($60B, defense tech). Already public in 2026: Klarna, Cerebras, Figma, Chime. All timelines are estimates and subject to market conditions.

Q: What is the biggest IPO expected in 2026?

SpaceX, with a confidential S-1 filed in April 2026 and a $1.75 trillion valuation, is targeting the largest IPO in history — surpassing Saudi Aramco's $29.4B record. If OpenAI goes public in 2026 at its $852 billion valuation, it would be the second-largest. Anthropic ($380B), Stripe ($159B), and Databricks ($134B) round out the top five by valuation.

Q: Is Anthropic going public in 2026?

Anthropic, the AI safety company behind Claude, is targeting an IPO in October 2026 at a $380 billion valuation. Goldman Sachs, JPMorgan, and Morgan Stanley are in discussions as underwriters. The company reached $19B in annualized revenue as of March 2026 and hired Wilson Sonsini as legal counsel. No formal S-1 has been filed publicly as of May 2026.

Q: Which defense tech companies are going public in 2026?

Anduril Industries ($60B) is the leading defense tech IPO candidate for 2026. Shield AI ($12.7B) is a possible 2026 candidate. SpaceX ($1.75T) has filed a confidential S-1 targeting a June 2026 Nasdaq listing — while classified primarily as aerospace, its defense contracts make it relevant to this sector as well.

TechStackIPO Research

2026 IPO Pipeline at a Glance

8

Likely 2026 IPOs

11

Possible 2026 IPOs

$852B

Largest candidate (OpenAI)

1

S-1 Filed (Klarna)

Q2 '26

Busiest expected quarter

AI

Hottest IPO sector

IPO Calendar 2026

Expected IPO dates, valuations, and status for the top tech companies going public in 2026. Updated May 2026.

#	Company	Valuation	Expected IPO	Status	Sector
1	SpaceX	$1.75T – $2T	June 2026	S-1 Filed	Aerospace
2	OpenAI	$852B	Q4 2026	IPO Announced	AI / LLM
3	Anthropic	$380B	Oct 2026	IPO Announced	AI Safety
4	Stripe	$159B	2026–2027	Confidential S-1	Fintech
5	Databricks	$134B	Q4 2026	Pre-IPO	AI / Data
6	Waymo	$126B	TBD 2026	Pre-IPO	Autonomous Vehicles
7	Revolut	$75B	2026	Pre-IPO	Fintech
8	Anduril Industries	$60B	2026	Pre-IPO	Defense Tech
9	xAI	$80B	TBD	Pre-IPO	AI / LLM
10	Figure AI	$39B	TBD 2026	Pre-IPO	Robotics

All dates are estimates as of May 2026. Subject to market conditions, regulatory approval, and company decisions. Track live updates →

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AI & Machine Learning

8 companies · $1.9T+ combined valuation

View AI IPO tracker →

Company Valuation Latest Round Timeline 2026 Status

Possible

Likely

Likely

Unlikely

AI data labeling & RLHF

Possible

Unlikely

Enterprise LLM platform

$5.5B

$500M Series D (Jul '24)

Q4 2026

Possible

MI

Mistral AI

Open-weight LLM models

$6B

$640M Series B (Jun '24)

2027+

Unlikely

Tracking 20+ AI companies total View all AI IPO candidates →

🛡️

Defense Tech

7 companies · $2T+ combined valuation

View defense sector →

Company Valuation Latest Round Timeline 2026 Status

SPX

SpaceX

Rockets, Starlink, Starship

Unlikely

AI-powered defense systems

Likely

Autonomous military AI

Possible

Possible

Palantir Technologies

Defense & gov't AI (PLTR)

AI for national security

Unlikely

Unlikely

Tracking 15+ defense & space companies View Full 2026 Pipeline →

💳

Fintech

8 companies · $380B+ combined valuation

View fintech tracker →

Company Valuation Latest Round Timeline 2026 Status

KLA

Klarna

Buy now, pay later · S-1 Filed

Digital banking neobank

Likely

US neobank, 22M+ users

Likely

Payments infrastructure

Possible

Open banking data network

Possible

Corporate cards & spend mgmt

Possible

Unlikely

India payments unicorn

$7.5B

$375M Series F (Dec '21)

2027+

Unlikely

Tracking 18+ fintech companies View Full 2026 Pipeline →

🏥

Healthcare & BioTech

6 companies · $35B+ combined valuation

View healthcare companies →

Company Valuation Latest Round Timeline 2026 Status

HH

Hinge Health

Digital musculoskeletal care

$6.2B

$300M Series E (Oct '21)

Q1–Q2 2026

Likely

DH

Devoted Health

Medicare Advantage insurer

Unlikely

Mental health benefits

$5.3B

$235M Series F (Jan '22)

2027+

Unlikely

VIZ

Viz.ai

AI-powered care coordination

$1.2B

$100M Series D (Mar '22)

Q4 2026

Possible

1X

1X Technologies

Humanoid robotics (NEO)

Unlikely

Oncology-focused biotech

Est. $800M

Series D (2023)

Q3–Q4 2026

Possible

Tracking 10+ healthcare & biotech companies View all healthcare candidates →

⚙️

Infrastructure & Cloud

6 companies · $78B+ combined valuation

View infrastructure companies →

Company Valuation Latest Round Timeline 2026 Status

KNG

Kong Inc.

API gateway & service mesh

$2B

$100M Series E (Dec '21)

Q3–Q4 2026

Possible

TEM

Temporal Technologies

Workflow orchestration

Unlikely

Managed cloud data services

$2.4B

$210M Series D (Dec '21)

2026–2027

Possible

LAM

Lambda Labs

GPU cloud for AI training

$1.5B

$320M Series B (Aug '23)

2027+

Unlikely

VUL

Vultr

Cloud infrastructure provider

$3.5B

$333M Series A (May '21)

2027+

Unlikely

CRWV

CoreWeave

GPU cloud · IPO'd Mar 2026

$35B

IPO: NASDAQ: CRWV

Public (Mar '26)

Public

Tracking 12+ infrastructure companies View all infrastructure candidates →

Methodology & Data Sources: IPO timelines are estimates based on publicly available information including S-1 filings, press releases, funding announcements, and analyst forecasts as of April 2026. "Likely" = management has signaled IPO intent + meets typical thresholds (revenue, profitability, or growth metrics). "Possible" = market-ready but no confirmed timeline. "Unlikely" = insufficient stage maturity or explicit statements against near-term IPO. Valuations reflect last funding round or secondary market estimates. All information is for informational purposes only — not investment advice.

2026 IPO Pipeline:Which Tech CompaniesGoing Public?

2026 IPO Pipeline at a Glance

IPO Calendar 2026

AI & Machine Learning

Defense Tech

Fintech

Healthcare & BioTech

Infrastructure & Cloud

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