Initial public offerings (IPOs) in the U.S. continued to increase in 2025 after the market slowed in 2024. 371[1] companies have gone public so far in 2025 through traditional IPOs, direct listings, and completed SPAC mergers, compared to 266[2] in 2024 through December 4, 2024. CoreWeave, Figma, Chime, Circle, and Navan were some of the bigger names that conducted their IPOs this year, but with 2026 quickly approaching, let’s look at what companies are watching the IPO market to see what the new year could bring.
Anticipated IPOs for 2026
Below are a handful of companies that have indicated they may pursue or have filed paperwork for a future IPO.
(MicroVentures’ portfolio companies are noted with an asterisk in the list below.)
SpaceX*
Industry: Space Tech
Last Round: Undisclosed Tender Offer (July 2025)
Valuation at Last Round: $400B
SpaceX, Elon Musk’s Space Tech company, reported in December 2025 that it is aiming for an IPO in the second half of 2026. Previously, SpaceX had talked about spinning off Starlink, its satellite branch, with an IPO into a separate entity, but current plans include the entire company as one public entity.[3]
Anthropic*
Industry: Artificial Intelligence
Last Round: $13B (September 2025)
Valuation at Last Round: $183B
Anthropic, the AI research and development company behind the popular chatbot Claude, started talking in December 2025 about a potential IPO which could reportedly come as early as 2026. While talks are still preliminary and informal, Anthropic has tapped law firm Wilson Sonsini to begin work on a potential public debut.[4]
OpenAI*
Industry: Artificial Intelligence
Last Round: $40B (March 2025)
Valuation at Last Round: $300B
OpenAI has been a new entrant to the IPO conversation. Originally formed as a non-profit, OpenAI completed a restructure in October 2025. This opened the door for the AI company behind ChatGPT to potentially make a future public debut. Chief Financial Officer Sarah Friar told some that the company is targeted 2027, but some advisers say the public listing could come in late 2026. Reportedly, OpenAI is targeting a $1 trillion valuation, raising $60 billion on the low end.[5]
Kraken*
Industry: Cryptocurrency
Filed: November 2025
Last Round: $800M (November 2025)
Valuation at Last Round: $20B
Kraken stated in March 2025 that it was in no rush to go public. However, in November 2025, it confidentially filed for an IPO, potentially looking to conduct a public offering before the 2026 midterm elections. This announcement came just a day after Kraken raised new funding, achieving a $20 billion valuation, a 33% increase in valuation in just two months.[6]
Xanadu*
Industry: Quantum Computing
Last Round: $100M (November 2022)
Valuation at Last Round: $1B
Xanadu announced in November 2025 that it plans to go public on NASDAQ in a $3.6 billion SPAC deal with blank-check firm Crane Harbor Acquisition. The Canadian quantum computing company anticipates raising nearly $500 million through the deal, which also includes a $275 million private investment in public equity.[7]
Dataiku*
Industry: AI Data Platform
Last Round: $200M (November 2022)
Valuation at Last Round: $3.7B
A new addition to the IPO outlook, Dataiku, an AI data analytics startup, has hired investment bankers to pursue a potential initial public offering. The company tapped Morgan Stanley and Citigroup as underwriters and a public debut could come as soon as the first half of 2026.[8]
Motive*
Industry: AI Data Platform
Last Round: $150M (May 2022)
Valuation at Last Round: $2.85B
Motive, the driver safety and fleet management startup, has made progress towards a potential IPO, hiring banks in August 2025 to lead the public offering. JPMorgan Chase has been tapped to lead the offering with support from Citigroup, Barclays, and Jefferies Financial Group. At the time of announcement, a person familiar with the matter said the public debut could come as soon as the end of 2025.[9]
Discord*
Industry: AI Data Platform
Last Round: $500M (August 2022)
Valuation at Last Round: $14.7B
A Discord IPO has been in the conversations since the real-time messaging app targeted towards gamers walked away from a $10 billion acquisition by Microsoft in 2021. As of March 2025, the New York Times reported that Discord was in early talks with investment bankers to discuss preparations for a potential IPO. Since then, no further updates have been reported.[10]
Bolt*
Industry: AI Data Platform
Last Round: $714M (January 2022)
Valuation at Last Round: $8.4B
The Estonian ridesharing platform is reportedly considering exit options as of February 2025, with an IPO being one of them. Sources familiar with the matter say that the company could pursue a public listing as soon as 2026 and was weighing going public in the U.S. or Europe, along with other capital raising and exit paths.[11]
On Hold/Cancelled IPOs
Ripple*
Industry: Cryptocurrency
Last Round: $500M (November 2025)
Valuation at Last Round: $40B
Ripple is a long discussed potential IPO that will most likely not be occurring in 2026. In November 2025 it raised $500 million in new funding at a $40 billion valuation. Then, President Monica Long told Bloomberg “We do not have an IPO timeline. No plan, no timeline.” She went on to explain that the company’s focus lies in making acquisitions and fostering other big strategic partnerships, and that the company has the balance sheet and liquidity to make those moves without a public debut.[12]
Databricks*
Industry: Data Analytics
Last Round: $10B (January 2025)
Valuation at Last Round: $62B
Databricks is another highly anticipated IPO that may not be coming in 2026. After raising $10B in January 2025, its Chief Financial Officer stated in October 2025 that Databricks is ready to go public whenever it decides. There is no timeline attached to the IPO and it will come when the company is ready.[13]
Cerebras*
Industry: AI Hardware
Last Round: $1.1B (September 2025)
Valuation at Last Round: $8.1B
Cerebras is another highly anticipated public offering, but the AI processor developer withdrew its IPO registration in October 2025. It originally filed for its public debut in September 2024 but withdrew the filing just days after announcing its $1.1 billion Series G funding round at an $8.1 billion post-money valuation. Its Chief Executive Officer, Andrew Feldman, went on to explain that the decision to withdraw its registration came from a place of significant company changes since the original filing. “Given that the business has improved in meaningful ways we decided to withdraw so that we can re-file with updated financials, strategy information including our approach to this the [sic] rapidly changing AI landscape,” Feldman stated.[14] [15]
Going Public
There may be a chance that we can see some of these companies filing and completing IPOs within the next year. Keep an eye out for news about these companies pursuing IPOs as we head into 2026.
Want to learn more about IPOs? Check out the following MicroVentures blogs to learn more:
- From Private to Public: Understanding the IPO Process
- 2025 IPOs: Is the IPO Market Thawing?
- What Happens When a Startup is Acquired Before an IPO?
- IPO Lock-Up Period: What is it, and Why Does it Matter?
Are you looking to invest in startups? Sign up for a MicroVentures account to start investing!
[1] MicroVenture Marketplace Inc. using data retrieved 12/3/25 from https://www.listingtrack.io/listing/core-datasets
[2] MicroVenture Marketplace Inc. using data retrieved 12/4/24 from https://spactrack.io/despacs/ & https://www.iposcoop.com/current-year-pricings/.
[3] https://www.theinformation.com/articles/spacex-tells-investors-aiming-late-2026-ipo
[4] https://www.ft.com/content/3254fa30-5bdb-4c30-8560-7cd7ebbefc5f
[5] https://www.reuters.com/business/openai-lays-groundwork-juggernaut-ipo-up-1-trillion-valuation-2025-10-29/
[6] https://www.reuters.com/business/crypto-exchange-kraken-confidentially-files-us-ipo-2025-11-19/
[7] https://www.cnbc.com/2025/11/03/xanadu-to-list-on-nasdaq-3point6-billion-spac-deal.html
[8] https://www.reuters.com/business/finance/ai-data-analytics-startup-dataiku-picked-banks-us-ipo-sources-say-2025-10-01/
[9] https://www.ttnews.com/articles/motive-picks-jpmorgan-ipo
[10] https://www.nytimes.com/2025/03/05/technology/discord-ipo.html
[11] https://www.pymnts.com/news/ridesharing/2025/bolt-technology-reportedly-exploring-ipo-for-ride-hailing-operation/
[12] https://finance.yahoo.com/news/ripple-rules-ipo-plans-despite-124128377.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAA-7rxBdpPvycbR2ntewx7tMPCGzTUe4r5MV9-RQbmMElIobCeTsx7ev9mY9QXiP3u_ShMOVXMt77pQY6Dcdp4WvF49M-wYkURi5CaeYHUdY5k3R5RzKKvsSiFomzq6sbsxzUFCsPNnryZRkZC-Z6-f2XO4EVADEvnPWFOoREw3b
[13] https://www.axios.com/pro/enterprise-software-deals/2025/10/09/databricks-ipo-ready-sf-tech-week
[14] https://news.crunchbase.com/public/ipo/cerebras-systems-halts-ipo-ai-semiconductors/
[15] https://www.cnbc.com/2025/10/06/cerebras-ceo-says-company-still-intends-to-go-public.html
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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.
