IPO와 알아야 할 사항

So, here’s the thing...

If you have been following the tech story for the last decade, you have been trained to look at a very specific, very small patch of real estate in Northern California. But as we sit here in early 2026, the "connect-the-dots" moment for investors is this: the AI trade has stopped being about shiny software demos in Palo Alto and has started being about the physical industrialisation of compute.

Want to know more? Read our 2026 AI playbook

What changed, and why it matters

We have entered the "Year of Proof". The world’s largest companies, the hyperscalers, are projected to spend a staggering US$650 billion on capital expenditures this year. But here’s the part most people miss: that money is not staying in Silicon Valley. It’s flowing to the "picks and shovels" players in Idaho, Washington, Colorado and even overseas.

If you want to understand where the actual return on investment (ROI) may be landing this earnings season, you have to look outside the 650 area code. The shift from AI hype to AI industrialisation is changing the map.

Five companies · AI infrastructure play · 2026

The full AI stack: from capex to consulting

Infrastructure builders compared to the implementation bridge across the AI value chain

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Note: Hyperscalers shown as 2026 CapEx spend. Accenture shown as cumulative advanced AI bookings ($11.5B through Q1 FY2026), reflecting its role as the adoption layer rather than the infrastructure layer.

Infrastructure (2026 CapEx projected) Implementation bridge (cumulative AI bookings)

Hyperscaler CapEx: Early 2026 analyst estimates, midpoint of ranges. Amazon approx. 100% YoY, Alphabet approx. 100%, Meta approx. 87%, Microsoft approx. 50%.
Accenture: Cumulative advanced AI bookings $11.5B through Q1 FY2026. Q1 AI bookings $2.2B (up 76% YoY), AI revenue $1.1B (up 120% YoY) across 1,300+ clients.

Five companies shaping the next phase of AI

Micron Technology (MU), Boise, Idaho

Micron is the "memory backbone" of the current cycle. While everyone was watching the chip designers, many overlooked the fact that AI chips are far less useful without high-bandwidth memory (HBM). Micron is currently viewed by some analysts as a strong buy because its capacity is reportedly sold out through the end of 2026. Analysts are also eyeing a 457% jump in earnings per share (EPS) as the memory cycle reaches what some describe as a robust peak.

Microsoft (MSFT), Redmond, Washington

Microsoft is the enterprise backbone of this transition. It has moved beyond simple chatbots and is now building what analysts call "Intelligence Factories". While the stock has faced pressure recently over capacity constraints, underlying demand for Azure AI is reportedly still running ahead of capacity. The broader bull case is that Microsoft is moving into "Agentic AI", systems that do not just talk to users but may also execute multi-step business workflows.

Which Asian companies are betting big on artificial intelligence?

Amazon (AMZN), Seattle, Washington

Amazon is playing a long-term game of vertical integration. To reduce its reliance on expensive third-party hardware, it’s building its own AI chips in-house. Amazon Web Services (AWS) remains the primary driver of profitability, and the company is using its retail data to train specialised models that many Silicon Valley start-ups may struggle to replicate.

Palantir Technologies (PLTR), Denver, Colorado

If Micron provides the memory and Microsoft the platform, Palantir provides the "operating system" for the modern AI factory. The company has posted strong momentum, with US commercial sales recently growing 93% year over year. It’s often framed as a bridge between raw data and corporate profitability, which remains a key focus for investors in 2026.

Accenture (ACN), Dublin, Ireland

You cannot just "plug in" AI. Businesses often need to redesign processes around it, and that’s where Accenture comes in.

The company is viewed as an implementation bridge, with one analyst arguing that "GenAI needs Accenture" to move from pilot programs to production though the cautionary angle is that the AI story has not fully excited investors here yet because consulting revenue can take longer to show up than chip sales.

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What could happen next?

The chart maps the three time horizons likely to shape the next phase of the AI industrialisation trade.

In the near term, markets are still reacting to chipmaker earnings, guidance, and any signs of capacity strain. Over the next month, attention shifts to the real-world inputs behind AI growth, especially power, financing, and infrastructure. By the 60-day window, the key question is whether AI spending is broadening into a wider market re-rating or running ahead of near-term returns.

Across all three periods, the focus is the same: proof. Investors are looking for signs that AI capital expenditure is translating into real demand for energy, land, and industrial capacity. That is why updates from companies tied to power and data centre buildout matter more than ever.

Scenario planning · March 2026

What could happen next

Three time horizons, three scenarios to watch across the AI industrialisation cycle

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Next 2 weeks

Chipmaker reports

Possible

Market volatility continues as traders digest the latest reports from chipmakers like Micron

Upside scenario

"Bulletproof" guidance from remaining infrastructure names triggers a sector-wide relief rally

Watch for

Any mention of "capacity constraints" or "supply bottlenecks" in earnings calls

Next 30 days

Energy and rates

Possible

Focus shifts to "real economy" energy players like NextEra that power the data centres

Downside scenario

Rising oil prices from Middle East conflict act as a tax on tech margins, rotating into defensives

Action point

Monitor Fed language on rates. Higher for longer makes $650B capex bills far more expensive to finance

Next 60 days

The great dispersion

Possible

Market rewards companies with real AI revenue and punishes those still stuck in experimentation

Upside scenario

NextEra Energy (NEE) data centre announcements in late April/May trigger a utility renaissance rally

Downside scenario

An "air pocket" in profits occurs where debt-funded investment outpaces revenue gains

Watch

May reports from Texas Pacific Land (TPL) — is data centre land demand still "red hot"?

Action point

Review your portfolio for geographic diversity. The AI story is now a global power race

The psychological trap‍

The emotional trap many traders fall into right now is recency bias. You have seen NVIDIA and the "Magnificent 7" win for so long that it feels like they are the only way to play this. But the "obvious" trade is often the one that has already been priced in. Before acting, ask yourself: "Am I buying this stock because I understand its role in the physical AI supply chain, or because I’m afraid of missing the next leg of a rally that started two years ago?"

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^{Disclaimer: This content is general information only and should not be relied on as personal financial advice or a recommendation to buy, sell, or hold any financial product. References to companies or themes, including AI-related stocks, are illustrative only. Share and derivative markets can move sharply, and concentrated sectors such as AI and technology may experience elevated volatility, valuation risk, and liquidity risk. If you trade derivatives such as CFDs, leverage can magnify both gains and losses. Past performance is not a reliable indicator of future performance.}

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While all eyes are on the US AI narrative dominated by Nvidia, Microsoft, and Google, Asia has quietly been moving on AI and is home to some of the world’s most aggressive AI bets.

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Quick facts

• SoftBank has committed $41 billion to OpenAI, securing approximately an 11% ownership stake.
• Alibaba plans to invest more than $50 billion in AI infrastructure over the coming years.
• Baidu's Core AI-powered business revenue grew 48% year over year in Q4, with ~70% of search results now AI-generated.

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1. SoftBank Group (TYO: 9984)

SoftBank is the most AI-committed company in Asia by capital deployed and ambition. CEO Masayoshi Son has declared the company in "total offence mode," having completed a $41 billion investment into OpenAI for approximately an 11% ownership stake. 

Son has also launched a $100 billion initiative aimed at building a vertically integrated AI semiconductor champion (Project Izanagi), repositioning SoftBank as an "AI-era industrial holding company." 

SoftBank's fortunes are now deeply tied to the success of OpenAI and Son's ability to execute his semiconductor plan that puts it in direct competition with established players.

What to monitor

• OpenAI's trajectory: Any shift in OpenAI's competitive position, valuation, or path to profitability has direct implications for SoftBank's balance sheet.
• Project Izanagi progress: Watch for partner announcements, funding milestones, and whether Son can attract the engineering and manufacturing talent needed.
• Arm Holdings performance: SoftBank also has a listed stake in Arm. Arm's data centre and AI chip licensing momentum is worth tracking.
• Debt levels and Vision Fund exposure: SoftBank carries significant leverage. Rising interest rates or a correction in AI valuations could pressure the group's net asset value.

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2. Alibaba Group (BABA)

Alibaba has committed more than US$50 billion to AI infrastructure, making it one of the largest AI capex programmes in the world. 

Its Qwen family of large language models underpins a rebuilt AI-focused cloud platform, and the company has partnered with Nvidia on physical AI projects. 

Alibaba Cloud is also the leading cloud provider in China. The key commercial question is whether Alibaba's can convert this cloud leadership into durable revenue growth.

However, it will have to navigate ongoing regulatory scrutiny in China and competition from local rivals like Huawei and ByteDance.

What to monitor

• Cloud AI revenue growth: The clearest signal of whether the $50 billion investment is translating into commercial traction.
• Qwen model adoption: Enterprise and developer uptake of the Qwen model family could be an indicator of Alibaba's AI platform stickiness.
• Regulatory environment: Beijing's approach to large tech platforms and any renewed regulatory action could disrupt execution and sentiment.
• US-China tech tensions: Nvidia partnership activity and access to advanced AI chips could be affected by further export controls.

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3. Baidu (BIDU)

Baidu has made the most visible AI transformation of any company on this list. It has released a 2.4 trillion parameter omni-modal model (ERNIE 5.0) with approximately 70% of its search results now delivered as AI-generated rich media. 

Beyond search, its Apollo Go robotaxi service is now partnering with Uber to expand into Dubai and the UK.

Its Core AI-powered business generated RMB 11.3 billion in Q4 revenue, up 48% YoY. The question now is whether that momentum is sustainable and whether the robotaxi business can scale economically.

What to monitor

• ERNIE monetisation: Watch for updates on enterprise API revenue and advertising yield improvements driven by AI-generated search.
• Apollo Go expansion: Rider volume growth and cost per ride will indicate whether unit economics are improving.
• Search market share: Competition from ByteDance and emerging AI-native search alternatives in China is a potential structural risk.

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4. Tencent Holdings (HK: 0700)

Tencent's AI play is to allocate its GPU capacity to itself. This allows it to convert AI directly into efficiency gains across its ecosystem. 

With WeChat's 1.4 billion users providing an unmatched data engine, Tencent is embedding AI across gaming, payments, cloud, and search in a way that is difficult to replicate. 

This approach also offers greater resilience against AI chip export restrictions, since the compute stays internal.

The AI upside here is arguably underappreciated because it is embedded rather than a separate segment, which could also mean the market may find it harder to isolate and value that contribution.

What to monitor

• Advertising revenue trends: The most measurable near-term AI benefit is from ad targeting improvements translating into sustained advertising revenue growth.
• WeChat ecosystem AI integration: Watch for new AI-native features within WeChat, including search, mini-programs, and payments, as signals of platform deepening.
• Regulatory and geopolitical risk: Tencent operates under ongoing scrutiny from Chinese regulators and faces restrictions in some Western markets.

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5. Kakao (KRX: 035720)

Kakao is South Korea's dominant AI and internet platform, operating KakaoTalk, which is used by approximately 95% of South Koreans.

It is one of the most aggressively AI-focused non-Chinese tech companies in Asia, investing heavily in LLM development and AI-native services. 

The domestic dominance of KakaoTalk provides a captive distribution platform for AI products in a way few companies outside China can match. The key question is whether Kakao can monetise that distribution advantage before global competitors close the gap.

What to monitor

• KakaoAI product rollouts: New AI-native features within KakaoTalk and Kakao's broader service suite are the most direct signal of commercial AI progress.
• Cloud division growth: Kakao's cloud business is the infrastructure layer for its AI ambitions. Revenue growth and enterprise customer additions are key metrics.
• LLM competitive positioning: Monitor how Kakao's models benchmark against global and regional peers, and whether Korean enterprise customers are adopting them at scale.
• Corporate governance: Kakao has faced governance-related scrutiny in recent years; any developments here could affect sentiment independently of AI progress.

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Bottom line

Asia's AI landscape is far more complicated than a simple "follow the AI spend" narrative suggests. 

China's top companies are innovating rapidly but operate under regulatory and geopolitical constraints. Japan's SoftBank is making the biggest single bet, but at a level of concentration risk that demands scrutiny. And South Korea's Kakao offers a differentiated, lower-geopolitical-risk angle.

The AI push in Asia is real. But the range of outcomes across these five names is wide, making it pivotal to understand each company's specific exposure and risk profile, not just its AI narrative.

From AI infrastructure to pet care, semiconductors, and gold exploration, here are the five top candidates most likely to list on the ASX in 2026.

What is an Initial public offering (IPO)?

1. Firmus Technologies

Firmus Technologies is building AI-powered data centre infrastructure in Tasmania, and it may be one of the most strategically positioned tech companies in Australia right now.

Firmus is an Nvidia Cloud Partner and has joined the GPU maker's Lepton marketplace. The company has designed its modular, liquid-everywhere AI Factory platform to evolve with Nvidia's latest architectures, including Nvidia Spectrum-X Ethernet networking.

A September 2025 raise of A$330m closed at a post-money valuation of A$1.85 billion for the company. By November 2025, after a further A$500m raise, that valuation had trebled to approximately A$6 billion. 

A subsequent A$100m investment from Maas Group in early 2026 confirmed the November valuation. Firmus is reported to be contemplating an ASX IPO within the next 12 months and, given the A$6 billion private valuation, any public raise is expected to be well above A$1 billion.

With Australia's growing demand for sovereign AI compute capacity and Tasmania's cool climate and renewable energy advantage for large-scale data centre operations, Firmus stands as one of the largest-scale ASX IPO candidates in 2026.

However, although market interest in Firmus appears to be growing, timing is everything when it comes to IPOs. Watch for confirmation of exact IPO timing, AI data centres sentiment, and whether Nvidia signals deepening its involvement as a strategic anchor investor post-listing.

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2. Rokt

Sydney-founded Rokt has quietly become one of Australia's most valuable private tech companies. The e-commerce adtech platform aimed at helping brands monetise the “transaction moment” is now valued at ~US$7.9 billion.

A term sheet prepared by MA Financial projected an exit share price of US$72 under base-case scenarios, when shares are freed from escrow in November 2027. 

Rokt is expected to potentially dual-list in the US and on the ASX in 2026, possibly as soon as the first half of the year. IG The most widely discussed structure is a primary Nasdaq listing with an ASX CDI (CHESS Depositary Interest) structure for Australian investors, rather than a full dual listing.

Rokt’s revenue for the year ending August 2025 is projected at US$743m (up 48% year-over-year), with EBITDA forecast at US$100m and a gross profit margin of approximately 43%. It is currently projected to cross the $US1 billion annual revenue milestone by August 2026.

Amazon, Live Nation, and Uber are all reported to be Rokt customers, and the company has expanded rapidly across North America and Europe.

Whether Rokt opts for a primary Nasdaq listing with an ASX CDI structure, or a full dual listing, could significantly affect liquidity and local investor access.

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3. Greencross

Greencross, the business behind Petbarn, City Farmers, and Greencross Vets, is preparing to relist on the ASX after being taken private by US private equity firm TPG in 2019. 

TPG currently owns 55% of Greencross, while AustralianSuper and the Healthcare of Ontario Pension Plan (HOOPP) hold the remaining 45%. 

The company reported revenue of A$2 billion for the 2025 financial year, a modest increase from A$1.95 billion in 2024. TPG paid A$675 million in equity value for the business in 2019; it sold a 45% stake in 2022 at a valuation of more than A$3.5 billion. The proposed IPO implies a valuation of more than A$4 billion.

TPG is targeting an initial public offering of at least A$700 million. The IPO will mark Greencross's return to the ASX after an eight-year absence. TPG's relatively small raise size suggests the firm is banking on strong aftermarket performance before fully exiting.

TPG's exit timeline announcement is still a watch for whether a 2026 IPO is on the cards. And whether the company pursues a traditional IPO or a trade sale, which remains an alternative path.

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4. Morse Micro

Morse Micro is a Sydney-based semiconductor company developing Wi-Fi HaLow chips designed for IoT applications across agriculture, logistics, smart cities, and industrial monitoring.

Morse Micro held a Series C round in September 2025, raising US$88 million, followed in November 2025 by a US$32 million pre-IPO raise, taking total funding to over A$300 million. 

It is targeting an ASX listing in the next 12–18 months. The Series C was led by Japanese chip giant MegaChips and the National Reconstruction Fund Corporation.

Global IoT device connections forecast to exceed 30 billion by 2030, and Morse Micro would be a rare ASX-listed pure-play semiconductor company, which could attract significant interest from tech-focused fund managers.

Morse Micro’s Revenue traction with tier-one hardware partners ahead of listing is a watch, and whether the company seeks a concurrent US listing given the depth of US semiconductor investor appetite.

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5. Bison Resources

Bison Resources is a newly incorporated US-focused gold and precious metals explorer currently in the middle of its ASX IPO. 

The offer closes on 20 March 2026, with an ASX listing targeted for mid-April 2026. At an indicative market capitalisation of A$13.25 million on full subscription, Bison is the most speculative name on this list by a significant margin.

The company holds four exploration projects in north-east Nevada, within the Carlin Trend (one of the world's most prolific gold-producing belts), responsible for approximately 75% of US gold output. 

The IPO seeks to raise A$4.5 to A$5.5 million (22.5 to 27.5 million shares at A$0.20 per share). The team has prior experience at Sun Silver (ASX: SS1) and Black Bear Minerals, giving it a track record in ASX junior mining listings out of Nevada.

Global IPOs: What are the biggest IPOs happening globally in 2026?

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Bottom line

Australia's 2026 IPO calendar spans the full risk spectrum. A Nvidia-backed AI infrastructure play, a billion-dollar e-commerce platform, and a junior gold explorer with its IPO already underway. 

Each candidate reflects a different stage of maturity and a different investor profile. Together, they suggest the ASX could see a meaningful injection of new listings across sectors that have been largely absent from the local market in recent years.

혁신적 기술 기업부터 방위 계약업체까지, 시장에서 가장 화제가 되고 있는 기업 중 일부가 기업공개 (IPO) 를 통해 상장 여정을 시작합니다.트레이더에게 이러한 신규 상장은 독특한 거래 환경일 뿐만 아니라 불확실성이 고조되는 시기이기도 합니다.

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간략한 정보

• IPO는 민간 기업이 처음으로 공개 증권 거래소에 주식을 상장하는 것입니다.
• IPO를 통해 트레이더는 고성장 기업에 일찍 접근할 수 있지만 변동성이 높고 가격 이력이 제한적입니다.
• 일단 상장되면 트레이더는 직접 주식 매수 또는 다음과 같은 파생 상품을 통해 IPO 주식에 노출될 수 있습니다. 차액결제약정 (CFD).

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기업공개 (IPO) 란 무엇인가요?

IPO는 회사가 처음으로 주식을 대중에게 제공하는 것입니다.

IPO를 수행하기 전에 회사의 주식은 일반적으로 설립자, 초기 직원 및 개인 투자자만 보유합니다.주식을 상장하면 누구나 주식을 매입할 수 있습니다.

회사 규모에 따라 일반적으로 현지 증권 거래소에 공개 주식을 상장합니다 (예: ASX 호주에서).그러나 일부 대형 밸류에이션 기업은 본사가 어디에 있든 상관없이 나스닥과 같은 글로벌 증권 거래소에만 상장합니다.

트레이더에게 IPO는 일반적으로 회사 주식에 노출될 수 있는 첫 번째 기회입니다.변동성과 유동성이 증가하는 독특한 환경을 조성할 수 있지만, 제한된 가격 이력과 심리 변동에 대한 민감성을 고려할 때 리스크도 커질 수 있습니다.

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기업이 상장하는 이유는 무엇입니까?

IPO를 수행하는 가장 큰 동인은 더 많은 자본을 확보하는 것입니다.공개 거래소에 상장한다는 것은 회사가 주식을 매각하여 상당한 자금을 조달할 수 있다는 것을 의미합니다.

또한 기존 주주에게 유동성을 제공합니다.설립자, 초기 직원 및 개인 투자자는 종종 기존 보유 주식의 일부를 공개 시장에서 매각하여 수년간의 지원에 따른 수익을 실현합니다.

상장은 금전적 이익 외에도 기업이 주식을 인수 통화로 사용하고 인재를 유치하기 위해 주식 기반 보상을 제공할 수 있음을 의미합니다.또한 공개 가치 평가는 투명한 벤치마크를 제공하며, 이는 전략적 포지셔닝과 향후 자금 조달에 유용합니다.

그러나 장단점이 있습니다.상장 기업은 지속적인 공시 및 보고 의무를 준수해야 하며, 공공 주주의 압력이 단기 성과에 초점을 맞출 경우 장기적인 발전을 가로막는 장벽이 될 수 있습니다.

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IPO 프로세스는 어떻게 진행되나요?

세부 사항은 관할권에 따라 다르지만 비상장 기업에서 상장으로 전환하려면 일반적으로 다음 단계가 포함됩니다.

1.준비

회사는 먼저 오퍼링을 관리할 보험업자 (일반적으로 투자 은행) 를 선택합니다.이들은 함께 회사의 재무, 기업 구조 및 시장 포지셔닝을 평가하여 상장을 위한 최상의 접근 방식을 결정합니다.회사가 실제로 상장할 준비가 되었는지 확인하는 것은 매우 중요한 계획 단계입니다.

2.등록

모든 준비가 완료되면 보험업자는 철저한 실사 점검을 실시한 다음 관련 규제 기관에 필요한 공개 문서를 제출합니다.이러한 문서는 규제 기관에 회사, 경영진 및 제안된 오퍼링에 대한 상세한 정보를 제공합니다.호주에서는 일반적으로 ASIC에 제출하는 안내서이고 미국의 경우 SEC에 제출한 등록 명세서입니다.

3.로드쇼

그런 다음 회사 경영진과 보험업자는 “로드쇼”를 통해 기관 투자자와 시장 분석가들에게 투자 사례를 발표할 예정입니다.이 쇼케이스는 주식에 대한 수요를 측정하고 관심을 유도하기 위해 고안되었습니다.기관 투자자는 IPO에 대한 관심 및 가치 평가를 등록할 수 있으며, 이는 초기 가격을 결정하는 데 도움이 됩니다.

4.가격 책정

로드쇼의 피드백과 현재 시장 상황을 바탕으로 보험사는 최종 주가를 설정하고 발행할 주식 수를 결정합니다.주식은 오퍼에 참여하는 투자자에게 '1차 시장'에서 배분됩니다 (해당 주식이 2차 시장에 상장되기 전).이 프로세스는 시판 전 가격을 설정하며, 이에 따라 회사의 초기 공개 가치 평가가 효과적으로 결정됩니다.

5.리스팅

상장일에 회사의 주식은 선택된 증권 거래소에서 거래를 시작하여 공식적으로 2차 시장을 엽니다.대부분의 트레이더는 이 시점이 직접 또는 다음과 같은 파생상품을 통해 주식을 거래할 수 있는 첫 번째 시점입니다. CFD 공유.

6.포스트 IPO

일단 상장되면 회사는 엄격한 보고 및 공개 요건의 적용을 받게 됩니다.주주와 정기적으로 소통하고, 재무 결과를 발표하고, 상장 거래소의 거버넌스 기준을 준수해야 합니다.

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IPO 리스크와 트레이더를 위한 혜택

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트레이더는 어떻게 IPO에 참여하나요?

대부분의 트레이더는 주식이 상장되고 2차 시장에서 거래를 시작하면 IPO에 참여합니다.

주식이 거래소에 상장되면 투자자는 브로커 또는 온라인 거래소를 통해 직접 실물 주식을 매수하거나 다음과 같은 파생 상품을 사용할 수 있습니다. CFD 공유 기초 자산을 소유하지 않고 가격에 대한 포지션을 취하는 것.

IPO 거래의 처음 며칠은 변동성이 큰 경향이 있습니다.트레이더는 잠재적인 급격한 가격 변동에 대비하기 위해 적절한 위험 관리 조치를 취했는지 확인해야 합니다.

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결론은

IPO는 기업이 일반인에게 투자할 수 있는 시점을 표시합니다.이를 통해 고성장 기업에 조기 투자할 수 있고 변동성과 시장 관심 증가에 따른 독특한 거래 환경을 조성할 수 있습니다.

트레이더는 포지션을 취하기 전에 프로세스의 작동 방식, 가격 책정 및 IPO 이후 성과를 이끄는 요인, 신규 상장 주식 거래의 위험과 잠재적 보상을 비교하는 방법을 이해하는 것이 필수적입니다.

The global initial public offering (IPO) market saw a resurgence in 2025. Proceeds increased 39% to US$171.8 billion across 1,293 listings, the sharpest annual rebound since the post-pandemic boom. 

That momentum is now building into 2026 for what some financial analysts speculate could be the biggest IPO year in history.

A handful of mega-cap private companies, including SpaceX, OpenAI, and Anthropic, are exploring going public this year, with combined valuations that could exceed US$3 trillion.

2025 IPO market data

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Top IPO candidates in 2026

1. SpaceX - US$1.5T valuation

SpaceX revenue reportedly hit US$15 billion in 2025, with analysts projecting an increase to US$22-24 billion in 2026. The company has been cash-flow positive for years, driven largely by its Starlink satellite broadband network.

Following its February 2026 all-stock acquisition of Elon Musk's AI company xAI, the combined entity also encompasses Grok AI and the social media platform X (Twitter).

Leading financial analysts have reported SpaceX is targeting a mid-2026 listing. Its next funding round is estimated to raise around US$50 billion, putting its initial market cap at US$1.5 trillion, which would make it the second-highest IPO valuation of all time. 

This valuation would mean SpaceX would trade at 62–68 times projected 2026 sales. A steep premium that requires massive growth assumptions around Starlink and longer-term space-based AI ambitions.

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2. OpenAI - US$850B valuation

OpenAI, the company behind ChatGPT, now reports more than 800 million weekly active users of its groundbreaking AI product. 

Originally a nonprofit research lab, it has restructured into a for-profit entity developing large language models for consumer, enterprise, and developer applications.

OpenAI is reportedly targeting a Q4 2026 IPO, finalising a US$100 billion-plus funding round (its largest ever), which would put its valuation at US$850 billion. 

However, OpenAI still needs to overcome some near-term hurdles to achieve the potential associated with such a high valuation. 

It projects US$14 billion in losses in 2026 and does not expect profitability before 2029. It is facing intensified competition from Google Gemini and other AI startups cutting into its market share, and Elon Musk has filed a lawsuit against the company seeking up to US$134 billion in damages. 

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3. Anthropic - US$350B valuation

While OpenAI has leaned into consumer products, Anthropic has built its business around enterprise adoption. Roughly 80% of its revenue comes from business customers, and eight of the Fortune 10 are now Claude users.

Anthropic closed a US$30 billion funding round in February 2026 at a US$350 billion valuation, more than double its US$183 billion valuation from five months earlier. 

Anthropic’s annualised revenue has been growing at 10x per year since 2024, well outpacing OpenAI’s growth of 3.4x per year. If this trend continues, Anthropic revenue could pass OpenAI by mid-2026. However, since July 2025, Anthropic’s growth rate has slowed down to 7x per year.

Anthropic has engaged law firm Wilson Sonsini to begin IPO preparations, and the recent appointment of former Microsoft CFO Chris Liddell to its board signals a governance push ahead of a potential late-2026 listing.

The company is not yet profitable, but its enterprise-heavy revenue mix and rapid growth trajectory make it one of the most closely watched IPO candidates this year.

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4. Stripe - US$140B valuation

Stripe processed US$1.4 trillion in total payment volume in 2024, roughly 1.3% of global GDP. Half the Fortune 100 now use Stripe, and recent moves into stablecoins and AI-to-AI "agentic commerce" payments are expanding its addressable market.

Stripe remains one of the most anticipated fintech IPOs globally, but the company has shown a lack of urgency to list in the past. Co-founder John Collison said at Davos in January 2026 that Stripe was "still not in any rush." 

Rather than pursuing an IPO, Stripe has conducted tender offers every six months at rising valuations, providing employee liquidity without surrendering control. 

These frequent tenders effectively function as a private-market alternative to going public. However, a traditional IPO is still on the cards in 2026, with the company's February tender offer valuing it at US$140 billion or more, and profitability since 2024 removing one of the key barriers to listing.

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5. Databricks - US$134B valuation

Databricks completed a US$5 billion funding round in February 2026 at a US$134 billion valuation. 

The company's annualised revenue exceeded US$5.4 billion in January 2026, growing a massive 65% year-on-year, with AI products generating US$1.4 billion. 

CEO Ali Ghodsi has said the company is prepared to go public "when the time is right," with most analysts expecting a H2 2026 listing. At US$134 billion, Databricks is valued at more than twice publicly traded rival Snowflake (~US$58 billion).

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Bottom line

2026 has the potential to be the biggest IPO year by valuation in history. With the most likely candidates, SpaceX and Databricks, matching the total valuation of all 2025 IPOs on their own.

If major AI players like OpenAI and Anthropic, as well as world-leading payment fintech Stripe, also list before the end of the year, 2026 could see over US$3 trillion in total value added to global markets through IPOs alone.