As we are now halfway through 2026, it is time to check in on the status of the 2026 IPO Outlook and see which companies have successfully completed an IPO, new companies that have filed, and who else to keep an eye on as the year progresses. Without further ado, let’s check in on 2026 initial public offerings.

Current 2026 IPO Outlook

2026 is shaping up to be one of the most historic years for initial public offerings in recent memory. Headlined by SpaceX’s record-breaking debut and Cerebras’ AI chip listing, the IPO market has only continued its recovery from the previous freeze. And with Anthropic and OpenAI both filing confidentially for potential upcoming IPOs, analysts at Wedbush have described this as “the opening of the floodgates” for the IPO market.

So far in 2026, we have seen 194 companies go public via traditional initial public offerings, direct listings, and completed SPAC mergers, with the pipeline showing no signs of slowing. For context, 371 companies went public in all of 2025, itself a strong rebound from 266 in 2024.[1] The question for the second half of 2026 is whether public market investors are hungry for more.

Companies that have gone public in 2026

(MicroVentures’ portfolio companies are noted with an asterisk.)

Current prices are reflected below as of market close on 6/25/2026.

*SpaceX – IPO

Industry: SpaceTech / AI Infrastructure

Date: June 12, 2026

IPO Price: $135.00

Most Recent Close:

The headline IPO of 2026, and the largest in stock market history, SpaceX (NASDAQ: SPCX) went public on June 12, 2026, raising $75 billion by selling 555.6 million shares at $135 each. The offering surpassed Saudi Aramco’s 2019 record by more than 2.5x and valued the company at roughly $1.75 trillion. On its first day of trading, SPCX opened at $150 and closed up 19% at $160.95, briefly pushing SpaceX’s market capitalization above $2 trillion. A notable feature of this IPO was that approximately 30% of shares were allocated to retail investors, which is three times the typical industry standard. Shares most recently closed at _____ the IPO price.

*Cerebras – IPO

Industry: AI Semiconductors

Date: May 14, 2026

IPO Price: $185.00

Most Recent Close:

After initially filing to go public in September 2024 and withdrawing that registration in late 2025 to update its financials, Cerebras refiled and priced its IPO at $185 per share on May 13. The stock was priced well above its initial guidance range of $115–$125, which had then increased to $150–$160, after the offering was reportedly 20 times oversubscribed.

The company raised $5.55 billion, the largest U.S. tech IPO since Uber in 2019. Shares opened at $350 on May 14, an 89% increase, and closed up 68% at $311.07 on its first day. The stock has since pulled back as investors have weighed Cerebras’ customer concentration and margin outlook heading into its first earnings report as a public company. Shares most recently closed at _____ the IPO price.

*Xanadu – SPAC

Industry: Quantum Computing

Date: March 27, 2026

Most Recent Close:

Xanadu Quantum Technologies (Nasdaq/TSX: XNDU) became the first publicly listed pure-play photonic quantum computing company when its business combination with Crane Harbor Acquisition Corp. closed on March 26, 2026, with shares beginning trading on March 27 on both the Nasdaq and Toronto Stock Exchange.

The SPAC delivered approximately $302 million in gross proceeds, comprising funds from Crane Harbor’s trust account and a fully committed PIPE financing at $10 per share, with additional Canadian government funding of up to CAD $390 million still under negotiation at the time of closing. The combined company also secured strategic partnerships with AMD, Lockheed Martin, Mitsubishi Chemical, and TELUS post-listing. Shares have traded well below their SPAC reference price since closing, reflecting broader pressure on quantum computing stocks.

Lime – IPO (Upcoming)

Industry: Micromobility

Expected Pricing: Week of June 29, 2026

Anticipated Price Range: $24-26 per share

The Uber-backed electric bike and scooter company, Neutron Holdings (dba Lime), launched its IPO roadshow on June 22 with a price range of $24-26 per share, targeting a valuation of up to $1.8 billion. The company plans to sell approximately 6.7 million shares and raise up to $181 million, with Goldman Sachs and JPMorgan serving as lead underwriters. The IPO is expected to price the week of June 29 and list on the NASDAQ under the ticker LIME.

Potential Public Listings

With the amount of public offerings we’ve seen so far in 2026, who else is on the table to complete their public debuts this year?

*Anthropic

Industry: Artificial Intelligence

Filed: June 1, 2026 (confidential S-1)

Last Round: $65B (May 2026)

Valuation at Last Round: $965B

Anthropic, the AI research company and maker of Claude, became the first major AI lab to file for a public offering when it confidentially submitted its S-1 to the SEC on June 1, 2026. Goldman Sachs, JPMorgan, and Morgan Stanley are serving as lead underwriters, with Wilson Sonsini as legal counsel. Anthropic closed its most recent funding round in May 2026, raising $65 billion at a $965 billion valuation.

The company is targeting an October 2026 listing on the Nasdaq, though no share count, price range, or firm date has been set.

*OpenAI

Industry: Artificial Intelligence

Filed: ~June 8, 2026 (confidential S-1)

Last Round: $40B (March 2025)

Valuation at Last Round: $300B

OpenAI, the maker of ChatGPT, filed its own confidential S-1 approximately one week after Anthropic, setting up what analysts are calling a race to the public markets between the two leading AI companies. The company completed a major restructuring in October 2025, converting its non-profit structure in a way that opened the door to a potential IPO. Goldman Sachs and Morgan Stanley are also serving as bookrunners. OpenAI is reportedly targeting a valuation of $1 trillion or more and a late-2026 debut, though its CFO Sarah Friar has indicated the company may prefer a 2027 timeline. No firm pricing, share count, or listing date has been confirmed.

Strava

Industry: Fitness Technology
Filed: February 2, 2026 (confidential S-1)
Last Round: $2.2B (May 2025)
Valuation at Last Round: $2.2B

Strava, the popular fitness tracking and social platform used by more than 180 million athletes worldwide, confidentially submitted its draft registration statement on Form S-1 with the SEC on February 2, 2026, formalizing a process that began when CEO Michael Martin announced plans to take Strava public in October 2025. Goldman Sachs is the lead underwriter, with JPMorgan and Morgan Stanley also involved, and proceeds are earmarked for acquisitions and strategies to engage Gen Z users. Ahead of the IPO, Strava has introduced a monthly API fee for developers and banned AI and ML usage of its data, signaling the company is actively protecting its data moat ahead of a public listing. No pricing date, share count, or ticker has been announced as of mid-2026.

*Kraken

Industry: Cryptocurrency

Filed: November 2025 (confidential S-1)

Last Round: $800M (November 2025)

Valuation at Last Round: $20B

After confidentially filing its S-1 in November 2025 and initially targeting a Q1 2026 listing, the crypto exchange paused its IPO plans in March 2026 as crypto markets weakened. In February 2026, the company also dismissed its CFO, adding to investor uncertainty. However, in April 2026, co-CEO Arjun Sethi publicly confirmed the confidential filing remains on track, and in May told attendees at Consensus Miami that the company is “about 80% ready” to go public. However, recent reports suggest the listing may now slip into 2027. A 2026 debut remains possible, with some observers noting the company’s interest in listing before the November midterm elections.

*Motive

Industry: AI Fleet Management

Filed: December 23, 2025 (public S-1)

Last Round: $150M (May 2022)

Valuation at Last Round: $2.85B

Motive Technologies (NYSE: MTVE), the AI-powered fleet management software company formerly known as KeepTruckin, publicly filed its S-1 on December 23, 2025, and has been working toward a listing since. The company reported revenue of $327.3 million for the nine months ended September 30, 2025, up 22% year over year, though net losses widened to $138.5 million over the same period. JPMorgan Chase, Citigroup, Barclays, and Jefferies are leading the offering. As of mid-2026, Motive has not yet priced its offering.

*Discord

Industry: Social Communications

Filed: January 2026 (confidential S-1)

Last Round: $500M (August 2022)

Valuation at Last Round: $14.7B

Discord, the real-time messaging platform popular with gamers and developers, confidentially filed for a U.S. IPO in January 2026, originally targeting a Q2 2026 public offering. The company has more than 200 million monthly active users and has been a frequently discussed IPO candidate since it walked away from a $12 billion acquisition offer from Microsoft in 2021. Secondary market trades have implied a current valuation in the $7-$8 billion range, well below the $14.7 billion from its last private round. Leadership also recently shifted, with Humam Sakhnini, formerly of Activision Blizzard, joining as CEO in place of co-founder Jason Citron. As of mid-2026, no pricing date or ticker has been announced.

*Lambda

Industry: AI Cloud Infrastructure / GPU Computing
Last Round: ~$1.5B (November 2025)
Valuation at Last Round: $5.9B

Lambda (formerly Lambda Labs), the AI cloud and GPU infrastructure company has been actively preparing for a public offering. The company hired Morgan Stanley, JPMorgan, and Citi to prepare for a U.S. IPO, which could come in the second half of 2026. In January 2026, Lambda was closing in on raising $350 million in convertible notes as pre-IPO funding, led by Mubadala Capital, with terms that would include financial penalties if Lambda doesn’t conduct an IPO within one year.

Deel

Industry: HR / Payroll Technology
Last Round: $300M (October 2025)
Valuation at Last Round: $17.3B

Deel, the global HR and payroll platform, has been signaling IPO readiness for some time. CEO Alex Bouaziz told CNBC in February 2025 the company is “getting ready to go out, potentially next year or a bit later,” adding “We believe we have the right reasons to go public.” A late-2025 funding round of about $300 million raised its valuation to $17.3 billion, and the company reports roughly $1.4 billion in annual recurring revenue with healthy margins. However, the road to a public listing has been complicated by a high-profile legal battle with rival Rippling, which filed a lawsuit in March 2025 alleging corporate espionage, with Deel filing counterclaims. A U.S. Department of Justice criminal investigation launched in January 2026 into the allegations, coupled with ongoing civil RICO litigation, has likely stalled IPO progress amid regulatory scrutiny. As of mid-2026, no S-1 has been filed and no underwriters, price range, or timeline have been confirmed.

*Dataiku

Industry: AI Data Platform

Last Round: $200M (November 2022)

Valuation at Last Round: $3.7B

Dataiku, an AI data analytics startup, hired Morgan Stanley and Citigroup as underwriters in late 2025 and originally targeted a public debut in the first half of 2026. As of mid-2026, the company has not yet filed a public S-1 or announced a specific listing date, though it remains an active IPO candidate.

*Bolt

Industry: Ridesharing & Delivery

Last Round: €628M / ~$714M (January 2022)

Valuation at Last Round: $8.4B

The Estonian ridesharing and delivery platform has been exploring exit options since early 2025, with a U.S. or European IPO among the paths being considered. Sources have indicated Bolt could pursue a public listing as early as 2026, though no formal filings or banking appointments have been announced. The company is weighing the benefits of listing in the U.S. versus European markets as part of its planning.

Cancelled/On Hold IPOs

While there are companies continuing their IPO plans and new companies making plans, there are also some companies that have stated their IPOs are on hold for the near future, or even scrapped their plans completely.

*Ripple

Ripple, the blockchain and cross-border payments company and creator of XRP, has definitively moved away from IPO plans. After raising $500 million in November 2025 at a $40 billion valuation, President Monica Long confirmed to Bloomberg, “We do not have an IPO timeline. No plan, no timeline.” Long explained the company’s focus is on acquisitions and strategic partnerships, and that Ripple has the liquidity to pursue those goals without a public listing. As of mid-2026, reports confirm Ripple plans to remain private.

*Databricks

Databricks, the data analytics company valued at $62 billion after its $10 billion January 2025 fundraise, remains one of the most anticipated but perpetually deferred IPO candidates. Its CFO stated in October 2025 that the company is ready to go public “whenever it decides,” but no timeline has been attached to the offering. As of mid-2026, no updated plans have been announced, and the company continues to rely on private capital markets for growth funding.

*Stripe

Stripe, the payments processing giant, has continued to skirt direct questions about an IPO. Executives have been evasive when asked, and the company has favored employee share sales and secondary capital-raising as alternatives to a full public offering. As of mid-2026, no definitive IPO plans have been announced, and analysts do not expect a near-term public debut.

Going Public

2026 has already delivered some of the most consequential IPOs in market history, with SpaceX’s record debut and Cerebras’ AI chip listing signaling that public market appetite may be back. The back half of the year could see even more big IPOs, with Anthropic and OpenAI both having filed confidentially and targeting listings that could each surpass most prior records in their own right. Meanwhile, Kraken, Motive, Discord, Dataiku, and Bolt continue to work through their paths to the public markets. It will be fascinating to see how 2026 concludes and which companies are able to successfully debut on the public markets.

Want to learn more about initial public offerings and current market conditions? Check out the following MicroVentures blogs to learn more:

• SpaceX IPO: What Investors Need to Know
• 2026 IPO Outlook
• 2025 IPOs: Is the IPO Market Thawing?
• From Private to Public: Understanding the IPO Process
• What Happens When a Startup is Acquired Before an IPO?
• IPO Lock-Up Period: What is it, and Why Does it Matter?

Ready to invest pre-IPO? Sign up for a MicroVentures account to start investing!

 

[1] https://www.listingtrack.io/ipos/lists

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The information presented here is for general informational purposes only and is not intended to be, nor should it be construed or used as, comprehensive offering documentation for any security, investment, tax or legal advice, a recommendation, or an offer to sell, or a solicitation of an offer to buy, an interest, directly or indirectly, in any company. Investing in both early-stage and later-stage companies carries a high degree of risk. A loss of an investor’s entire investment is possible, and no profit may be realized. Investors should be aware that these types of investments are illiquid and should anticipate holding until an exit occurs.