After a lackluster 2024, initial public offerings roared back to life in 2025. IPO research and investment manager Renaissance Capital says 202 companies priced IPOs in 2025, a 35% increase from 2024, raising some $44 billion, up almost 50% from 2024. And that came in the face of tariff-related volatility and a government shutdown.
IPO watchers see even better times in 2026. “Now, with more stable ground underfoot and a backlog brimming with the next wave of innovators, we’re optimistic that the IPO market will resume its long-awaited pickup in 2026,” Renaissance analysts say. The firm estimates that 200 to 230 companies could go public this year, potentially raising $40 billion to $60 billion.
To that end, a pack of large private start-ups—so-called unicorns—hungry for capital may line up to go public. Elon Musk’s SpaceX could be the largest IPO ever, seeking to raise $30 billion, topping Saudi Aramco’s $29 billion IPO in 2019.
Then there’s artificial-intelligence start-ups such as Anthropic, OpenAI, Databricks, and Musk’s xAI. EquityZen, which runs a platform to trade shares of private companies, notes that AI firms Cerebras, Cohesity, and Lambda Labs may seek IPOs, as could crypto firms BitGo, Consensys, and Kraken.
Of course, the health of the IPO market is tied to the broader stock market. As long as the bulls run, expect more unicorns to join the parade. If stocks stumble, all bets are off.
