What Were the Biggest IPOs of 2026, and What Comes Next?
Erik James Roberts — Founder & CIO, Infinitus Wealth Management. Purple Heart recipient, Wharton MBA.
Updated October 8, 2026
The biggest IPOs of 2026 are SpaceX, which raised $75 billion in June at a $1.77 trillion valuation in the largest initial public offering ever completed, SK hynix, which raised $26.5 billion in July in the largest U.S. listing by a foreign company in history, and Cerebras Systems, which raised $5.5 billion in May and saw its shares more than double on the first day of trading. Those three deals alone account for more than $107 billion of the roughly $147.5 billion raised by U.S. IPOs this year through early October, according to Renaissance Capital, a firm that tracks and researches the IPO market.
What comes next is just as notable. Anthropic, the developer of the Claude AI models, has confidentially filed and is reported to be targeting a Nasdaq listing in November. OpenAI has said it will wait until 2027. Databricks, Stripe, Anduril and Kraken are all candidates for 2027. The rest of this article lays out the verified numbers behind each 2026 deal, the current status of every major company in the pipeline, and the way we think about newly public companies when building custom portfolios for clients.
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The 2026 IPO market in numbers
2026 is the year the IPO market came back, and it came back in an unusual shape. Through early October, 112 IPOs have priced in the United States, raising $147.5 billion, according to Renaissance Capital. That is roughly 32% fewer deals than the same period in 2025, but more than four times the dollars. For context, all of 2025 produced 202 IPOs of at least $50 million in market capitalization that raised a combined $44.0 billion. Three quarters into 2026, the market has raised more than three times that figure.
The story by quarter is a story of a few very large companies:
First quarter: 34 IPOs raised $15.3 billion. A steady start.
Second quarter: 48 IPOs raised $104.8 billion, the largest quarter for U.S. listings ever recorded. SpaceX accounted for $75 billion of that total.
Third quarter: 30 listings raised $32.8 billion, with SK hynix contributing $26.5 billion. Eighteen deals raised $100 million or more, a wider range of businesses than in the first half.
Two things are happening at once. Investors have shown deep appetite for scaled, category-defining businesses, and they have become more selective about everything else. Renaissance Capital counted seven companies that postponed or withdrew offerings in the third quarter, up from four in the second quarter and three in the first. The 10-year Treasury yield closed at its highest level since July 2007 on September 24, and the Federal Reserve resumed rate increases. Higher long-term rates make future earnings worth less today, which matters most for growth companies that are still years from profitability. That is why the fall calendar has been quieter than the summer suggested, and why the companies that do list now tend to arrive with real revenue, real margins, and a clear use for the capital.
For a long-term investor, this is a healthy environment. Selectivity in the IPO market tends to produce better-prepared companies and more reasonable entry points over time.
The three biggest IPOs of 2026
SpaceX: $75 billion, the largest IPO in history
SpaceX priced its IPO on June 11, 2026 at a fixed $135 per share, selling 555.6 million Class A shares to raise $75 billion. The deal valued the company at $1.77 trillion and nearly tripled the previous record, the $25.6 billion Saudi Aramco raised in 2019. Shares began trading on the Nasdaq on June 12 under the ticker SPCX, opened at $150, and closed the first session at $160.95, up 19% from the offer price.
A few structural details matter more than the headline number. Demand was reported at roughly $150 billion in orders against a $75 billion raise, about two times oversubscribed, and SpaceX allocated up to 30% of the offering to individual investors, an unusually large retail share. Only a small fraction of the company's shares, roughly 4% to 5%, actually trade publicly, with the remainder held by insiders under a tiered lockup structure. Elon Musk controls about 42% of the shares and about 82% of the voting power through super-voting stock.
On the business side, SpaceX reported roughly $15 billion of revenue in 2025 and a net loss of $4.94 billion for the year, driven largely by xAI, the artificial intelligence company it acquired in an all-stock transaction in February 2026. Starlink, the satellite internet business, is the profit engine: it generated $11.4 billion of 2025 revenue at a 63% EBITDA margin and posted $1.7 billion of operating income in the second quarter of 2026. At the IPO price, the company was valued at roughly 58 to 65 times the $22 to $24 billion of revenue Wall Street expects for 2026.
The stock reached an intraday high of $225.64 within days of listing, then pulled back. In early October, SPCX was trading in the high $140s, above its $135 offer price and below its June peak. Past performance does not guarantee future results, and a stock's first four months of trading say very little about its next ten years.
SK hynix: $26.5 billion, the largest foreign listing in U.S. history
SK hynix, the South Korean memory chip maker and one of the three dominant producers of DRAM and high-bandwidth memory used in AI servers, completed its U.S. offering on July 10, 2026. The company sold 177.9 million American depositary shares at $149 each, raising $26.5 billion. An American depositary share, or ADS, is a U.S.-traded security that represents a fraction of a foreign company's ordinary shares, which lets U.S. investors buy a slice of a company listed abroad in dollars on a U.S. exchange. The deal topped Alibaba's $25 billion listing in 2014 as the largest ever by a non-U.S. company, was reported to be more than seven times oversubscribed, and closed its first day on the Nasdaq (ticker SKHY) about 13% above the offer price.
Unlike many 2026 listings, SK hynix came to market with substantial profits. The company reported 2025 revenue of about $85 billion and net income of roughly $26.6 billion in the first quarter of 2026 alone, on the strength of memory demand from AI data centers. The proceeds are earmarked for a new fabrication plant and a new packaging facility in South Korea, plus the extreme ultraviolet lithography equipment used to make next-generation chips.
Cerebras Systems: $5.5 billion and a 108% first-day move
Cerebras, which designs wafer-scale AI processors that compete with Nvidia in training and inference, raised $5.5 billion on May 14, 2026 in the first large technology IPO of the year. The company first marketed shares at $115 to $125, raised the range to $150 to $160, then priced at $185 while increasing the offering to 30 million shares. Shares opened at $385, up 108%, before settling at $311 by the close, a market value of about $66 billion against a fully diluted valuation of $56.4 billion at the offer price.
Cerebras had waited more than a year for a national security review by the Committee on Foreign Investment in the United States, which cleared in 2026. In the meantime the business improved materially: 2025 revenue reached $510 million, up 76% from 2024, and the company swung to $237.8 million of net income from a loss of nearly half a billion dollars the year before. The deal is a good reminder that the most dramatic first-day moves usually belong to companies with a scarce product and a small float, and that those two conditions can cut both ways once the float expands.
Other notable 2026 listings
Quantinuum (QNT): The Honeywell-affiliated quantum computing company listed on June 4 at an initial valuation of roughly $17.6 billion.
Pershing Square: Bill Ackman's investment firm completed its long-planned public debut in April after several prior attempts.
Lime: The Uber-backed scooter and bike company listed on June 30, raising $167 million.
Oura: The smart-ring maker filed in September to raise $2.1 billion at a roughly $14.9 billion valuation, then postponed on September 29 as rates rose. The company has reported it expects close to $2 billion of revenue this year, so this is a deal to watch for 2027.
What comes next: the pipeline for late 2026 and 2027
Anthropic
Anthropic, the AI company behind the Claude models, confidentially submitted a draft registration statement to the SEC on June 1, 2026, days after closing a $65 billion Series H funding round at a $965 billion post-money valuation. The company has selected the Nasdaq for its listing. The Wall Street Journal reported on September 18 that Anthropic moved its target listing window from October to November so it could present third-quarter results to investors first, and Bloomberg has reported formal marketing could begin the week of November 9. Press reports have cited a potential valuation as high as $2 trillion and annualized revenue in the range of $47 billion as of May.
As of early October the public S-1 had not yet appeared on EDGAR, the SEC's filing database. That is the milestone to watch: a prospectus must be public for at least 15 days before a roadshow begins, so a public filing in the second half of October would be consistent with a November debut. Until that document is public, the share count, price range, and offering size are unknown, and the company itself has said timing depends on SEC review and market conditions.
OpenAI
OpenAI confidentially filed its own draft S-1 on June 8, 2026, a week after Anthropic. In September, CEO Sam Altman told Fortune the company would not go public in 2026 and that a listing would wait until at least 2027, citing the safety work he wants completed before facing public-market pressures. In the meantime, Bloomberg has reported OpenAI is in early talks to raise $30 billion or more at a valuation of roughly $1.4 trillion as bridge financing, and the company clarified in late September that its revenue run rate is approaching $50 billion, lower than an earlier $70 billion figure that used a different accounting method.
Databricks
Databricks, the data and AI platform company, is the rare profitable name in the AI pipeline, with annualized revenue above $5.4 billion growing about 65% a year as of early 2026. The company raised capital at a $134 billion valuation in December 2025 and was later reported at $188 billion in a round led by Coatue. CEO Ali Ghodsi said in June that 2026 was a difficult year to go public given how much capital was flowing to a handful of mega-deals, while reiterating that Databricks will eventually list. Most reporting now points to 2027.
Stripe, Anduril, and Kraken
Stripe, the payments company, was valued at $159 billion in a February 2026 employee tender offer and has repeatedly said it has no need to list. Anduril, the defense technology company, was last valued near $60 billion and has not filed. Kraken, the cryptocurrency exchange, confidentially filed in November 2025, paused its process in March 2026, and is now reported for 2027. DayOne Data Centers, a global data center developer, filed on October 5 for an estimated $3 billion U.S. offering, which would be one of the larger deals of the fourth quarter if it proceeds.
How we think about IPOs in a custom portfolio
Infinitus builds portfolios from individual stocks and bonds, which means every company we own was selected on its own merits and sized deliberately. Newly public companies get the same treatment as any other security, with three additional questions layered on top.
First, what does the business look like with the IPO excitement removed? Cerebras and SK hynix came to market with audited profits. SpaceX came to market with a profitable core business inside a larger entity that is investing heavily and losing money overall. Neither profile is disqualifying, but they call for different research and different position sizes.
Second, what happens to supply? Most IPOs sell a small slice of the company. SpaceX floated roughly 4% to 5% of its shares. As lockup agreements expire, typically 90 to 180 days after listing, far more shares can come to market than were sold in the offering itself. The volume of that potential selling tends to be the most important thing to understand about a stock's first year, and it is knowable in advance from the prospectus.
Third, is there a price at which the business is attractive, and is the current price near it? The question is never whether a company is exciting. It is whether the expected cash flows justify the valuation with a margin of safety. For a company valued at 60 times forward revenue, the required growth is already written into the price. For a company valued at a mid-teens multiple of earnings with a visible expansion plan, there may be more room.
Our clients did not need an IPO allocation to participate in 2026's biggest themes. Many of the most direct beneficiaries of the AI build-out, from semiconductors to data center infrastructure to electrical equipment, were already public companies that could be researched, bought, and held in a custom portfolio long before SpaceX or SK hynix rang the opening bell. That is the advantage of a research-driven process: it does not depend on getting an allocation in the hottest deal of the year.
What this means for 2027
The setup for next year is constructive. The private companies still waiting to list are, as a group, larger, more mature, and better capitalized than the typical IPO class of the past decade. Renaissance Capital's private company watchlist contained more than 240 candidates entering 2026, and the names that chose to wait, Databricks, OpenAI, Stripe, Oura, Kraken, are mostly waiting for better conditions rather than fixing broken businesses. If long-term rates stabilize and the AI leaders that have already listed continue to execute, 2027 could rival or exceed 2026 by dollar volume.
If you hold concentrated pre-IPO or recently public stock, or you want to understand how the companies in this article fit into a portfolio built around your own goals, we would welcome a conversation.
Frequently Asked Questions
What was the biggest IPO of 2026?
SpaceX. The company raised $75 billion on June 11, 2026 by selling 555.6 million shares at $135 each, valuing the company at $1.77 trillion. It is the largest IPO ever completed, nearly three times the previous record set by Saudi Aramco in 2019. Shares trade on the Nasdaq under the ticker SPCX.
How much money has been raised in U.S. IPOs in 2026?
Through early October 2026, 112 IPOs priced in the United States and raised $147.5 billion, according to Renaissance Capital. That is about 32% fewer deals than the same period in 2025 but more than four times the dollar volume, reflecting a year driven by a small number of very large offerings.
When is the Anthropic IPO expected?
Anthropic confidentially filed a draft S-1 on June 1, 2026 and has selected the Nasdaq. The Wall Street Journal reported in September that the company is targeting a November 2026 listing after presenting third-quarter results. No date, price range, or share count has been confirmed, and the public prospectus had not been filed as of early October.
Is OpenAI going public in 2026?
No. CEO Sam Altman said in September 2026 that OpenAI will not list this year and that an IPO would wait until at least 2027. The company confidentially filed a draft S-1 on June 8, 2026 and is reported to be raising additional private capital in the meantime.
Which large companies could IPO in 2027?
Based on current reporting, the candidates include OpenAI, Databricks, Kraken, Oura, Anduril, and possibly Stripe, along with Canva, Revolut, and Shein internationally. None has announced a confirmed date, and timing depends on each company's financial results and market conditions.
How does a lockup period affect a newly public stock?
A lockup is an agreement that prevents insiders and early investors from selling their shares for a set period after the IPO, commonly 90 to 180 days. When it expires, the number of shares available to trade can increase sharply. Investors researching a recent IPO should read the prospectus to understand how many shares are locked up and when those restrictions end.
Infinitus Wealth Management is a fee-only, independent registered investment adviser. This article is provided for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer or solicitation to buy or sell any security, including any security mentioned in this article. The companies discussed are referenced to illustrate developments in the initial public offering market and not as recommendations. Infinitus Wealth Management, its principals, and its clients may or may not hold positions in securities mentioned. Nothing in this article should be construed as a guarantee that any particular company will complete an initial public offering, or as a prediction of the price, timing, or outcome of any offering.
All figures are drawn from company filings, exchange data, and published reports as of October 8, 2026 and are subject to change. Information regarding companies that have not completed an offering is based on press reporting of confidential filings and company statements and has not been verified by Infinitus Wealth Management. Past performance, including first-day trading results and returns since an initial public offering, is not indicative of future results. Investing in newly public companies involves significant risk, including limited operating history as a public company, concentrated ownership, limited public float, lockup expirations, and price volatility. All investments involve risk, including possible loss of principal. Charts and graphics in this article are illustrative. Investors should consider their own financial situation, objectives, and risk tolerance, and consult with a qualified financial, tax, and legal professional before making any investment decision.
