In 2026, the U.S. initial public offering market is gearing up for a wave of activity that could rival, or even surpass, the record levels seen during the pandemic. This upcoming surge includes some of the most closely watched private companies from the technology, finance, and cryptocurrency sectors, potentially culminating in the largest listings ever recorded. Data shows that last year, U.S. companies raised $47.6 billion through IPOs, excluding Special Purpose Acquisition Companies (SPACs) and financial instruments. While this represented an increase from the previous year, it remained significantly below the $195.2 billion raised in 2021. Following a strong momentum in the IPO market during 2025, a substantial queue of private equity-backed companies is now lining up to go public. In 2025, private equity-backed IPOs reached their highest level since 2021 in the third quarter. Investment bankers are hopeful this trend will persist, aiding private equity firms in managing their long-standing backlog of assets. Furthermore, the current market environment is exceptionally favorable, with the S&P 500 index projected to continue its 16% gains into 2025, while Wall Street's so-called fear gauge—the Cboe Volatility Index (VIX)—hovers near five-year lows.
The most notable mega-deals include SpaceX and the U.S. "Fannie and Freddie." According to informed sources, the rocket and satellite company SpaceX, owned by billionaire Elon Musk, is in a pre-IPO quiet period and could debut as early as this year, targeting a valuation of approximately $1.5 trillion. The capital raised from this IPO could far exceed $30 billion, potentially making it the largest IPO in history. Technology commentator Kara Swisher remarked in an interview, "SpaceX's growth rate last year wasn't as high as OpenAI's, but it is destined to dominate the space sector." Among several companies she identified as having listing potential, including payment firm Stripe and OpenAI, Swisher called SpaceX "the most compelling." As SpaceX prepares to shatter IPO records, another potential blockbuster listing—that of U.S. mortgage giants Fannie Mae and Freddie Mac—remains uncertain. Although both government-controlled entities replaced their leaders last year, the previously anticipated goal of completing a $30 billion listing as early as 2025 has not yet materialized. U.S. Treasury Secretary Scott Bessent stated in a mid-December interview that the government is proceeding "very cautiously" with the IPOs of these two companies, expecting completion in 2026.
Simultaneously, billionaire investor Bill Ackman, a long-term shareholder of Fannie Mae and Freddie Mac, publicly outlined a proposal on social media suggesting their re-listing on the New York Stock Exchange. Ackman is also seeking to advance his own long-publicized listing plans. His U.S.-listed closed-end fund is expected to raise approximately $5 billion through an IPO, which would coincide with the listing of his hedge fund firm, Pershing Square Capital Management. Additionally, Michael Burry, the inspiration for the film "The Big Short," disclosed significant holdings of common stock in Fannie Mae and Freddie Mac, believing the re-listing of these U.S. housing finance giants is "imminent."
According to Paul Abrahimzadeh, a partner at 1789 Capital and an investor in SpaceX, the market will possess a very substantial pool of capital ready for investment in large IPOs. Abrahimzadeh, formerly Co-Head of North American Equity Capital Markets at Citigroup, stated in an interview, "I believe there will be explosive demand for companies with strong themes, considerable revenue scale, and revenue growth rates exceeding 50%." He noted that AI chipmaker Cerebras Systems Inc., software company Databricks, and corporate spend management firm Ramp—all companies in which 1789 holds stakes—would fall into this category upon their eventual listings.
Despite growing concerns about investments in artificial intelligence and cryptocurrency, these areas remain among the most-watched IPO themes. AI-powered fleet management software company Motive Technologies Inc., backed by firms including Alphabet's (GOOGL.US) Google Ventures and Kleiner Perkins, was one of the last companies to file for a public listing in 2025. Separately, sources indicate that Asia-based travel app developer Klook Technology Ltd., which utilizes AI on its platform, has postponed its U.S. listing plans to early this year. Following mixed performances from crypto listings last year and a 24% plunge in Bitcoin during the fourth quarter, the market for cryptocurrency-related stock listings remains volatile. Investors are currently closely watching exchange operator Kraken, which achieved a valuation of around $20 billion in a funding round last November and has confidentially filed for a U.S. IPO. Other companies that have publicly filed for IPOs and could participate include Grayscale Investments Inc. and BitGo Holdings Inc.
Space and defense is another sector that showed mixed activity in 2025, with SpaceX not being the only player. Contractor York Space Systems Inc. filed for an IPO in November. Industrial companies are also actively preparing for listings, with Blackstone-backed compressor manufacturer Copeland having filed confidential paperwork, and air quality company Madison Air Solutions Corp. also submitting filings, signaling renewed demand for cyclical industries as interest rates decline. Construction equipment rental company EquipmentShare.com Inc. has also publicly filed for an IPO.
Other sectors are expected to kick off IPOs strongly in 2026. The healthcare sector's IPOs are anticipated to start the year, with the pricing of Aktis Oncology Inc. on Thursday seemingly paving the way for more deals. Diabetes management company MiniMed Group Inc. is one such candidate, having filed for an IPO as part of its planned spin-off from Medtronic Plc. Brazilian mobile banking app PicPay became the first company to publicly file for a U.S. listing this year, with a potentially significant offering that could raise up to $500 million. The U.S. economy's expansion in the third quarter, fueled by robust consumer and business spending, also bodes well for retail sector listings. Once Upon a Farm PBC, an organic children's food maker co-founded by actress Jennifer Garner, is expected to resume its listing plans after postponing them in December last year. Abrahimzadeh concluded, "A rising tide lifts all boats; the stronger the economy, the stronger consumer demand, and by 2026, the operating environment for consumer and industrial companies will be better than in 2025."
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