As 2025 draws to a close, it’s just about time to set a roadmap for 2026. The coming year is expected to be marked by significant market activity, particularly on the IPO front. The IPO calendar is already filling up with high-profile filings. At the same time, the economic calendar will play a crucial role in shaping market sentiment and investor confidence.
After a relatively muted issuance environment between 2022 and 2024, factors such as improving risk appetite, lower rate volatility, and a stabilising macroeconomic backdrop have set the stage for what could become the strongest IPO year since 2021. A wave of large private companies — many in the AI, fintech, and space infrastructure sectors — are positioning themselves for 2026 listings.
However, momentum in the IPO market slowed heading into the final quarter of 2025, as a record-long US government shutdown temporarily halted public offerings. October saw just 22 new listings, with that number halving in November.
Looking ahead, the forecast suggests a potential rebound in market confidence for new flotations as both companies and investors look past recent market volatility caused by trade policy and economic uncertainty.
Among the blockbuster IPOs expected in 2026 are Elon Musk’s SpaceX, the AI powerhouse OpenAI, and the cryptocurrency exchange Kraken.
Expectations are especially high for SpaceX, a leader in space and satellite technology. Rumors suggest a potential valuation of $1.5 trillion, which would make it the largest public offering in history.
While such an event is understandably exciting for space-focused companies like Rocket Lab and Planet Lab PBC, which saw upward momentum on the news, it could prove even more significant for Alphabet.
As one of SpaceX’s earliest and most significant outside investors, Alphabet stands to unlock one of the most extraordinary unrealized gains ever recorded on a public company’s balance sheet if SpaceX goes public anywhere near the rumored valuation.
Meanwhile, OpenAI, the creator of ChatGPT, is eyeing an IPO as soon as late 2026. The move could double the AI giant’s valuation to $1 trillion and enable the company to raise capital to support its massive expansion of AI infrastructure.
Preliminary discussions suggest a potential increase of $60 billion at the low end, with the figure likely to rise further depending on business growth and market conditions.
In the cryptocurrency space, Kraken has taken a concrete step toward going public by submitting a confidential draft registration statement to the SEC. This development aligns with earlier predictions from Ark Invest that the current administration would open a gateway for firms like Kraken to go public.
Other crypto platforms are also making their mark: Bullish and Gemini Space Station listed shares on major exchanges in August and September, respectively, while stablecoin issuer Circle raised just over $1 billion in its blockbuster IPO in June.
Kraken itself raised $800 million at a $20 billion valuation, including $200 million from Citadel Securities, with the intention of expanding internationally and building out its payment services.
Although the number of shares and pricing are yet to be finalized, Kraken’s IPO is expected to proceed once the SEC completes its review. This move marks a significant step in the company’s growth and underscores the growing convergence between cryptocurrency and traditional finance. Once Kraken officially goes public, its stock would join Coinbase's COIN on the open market.
Overall, 2026 promises to be a landmark year for the IPO market, with high-profile listings poised to reshape industries from space and AI to cryptocurrency.
