Market participants and investment banks are positioning for a possible boom in U.S. initial public offerings, driven by strong demand for new listings and a lineup of prominent private companies that could come to market. One major investment bank has suggested that, if headline names proceed with IPOs this year, aggregate proceeds from U.S. offerings could reach an unprecedented $160 billion in 2026.
At the center of expectations are several household-name technology firms that remain privately held. SpaceX is among the most prominent, with plans for an IPO that market observers say could value the company at more than $1.5 trillion and potentially occur as early as June. The aerospace firm also announced last week the acquisition of an artificial-intelligence start-up, a move that brings together its space and AI interests. Analysts note that if SpaceX were to raise in excess of $25.6 billion in its offering, it would surpass existing records to become the largest IPO on record, topping the largest prior listing by an oil major in 2019.
Another widely watched potential listing is OpenAI. Preparations reportedly were under way that could support an IPO valuing the maker of ChatGPT at up to $1 trillion, with filings considered as early as the second half of 2026. At the same time, company leadership had previously indicated that an initial public offering was not part of near-term plans, illustrating internal uncertainty over timing.
Claude developer Anthropic is also in the conversation. The company enlisted a well-known law firm to prepare for a potential IPO that could occur as early as 2026. Company representatives have said they had not made a final decision on if or when to go public, reflecting the tentative nature of plans even amid active preparation.
Despite optimism about a larger year for billion-dollar-plus IPOs, risks remain. A recent pullback in software stocks threatens to reduce issuance activity from the sector, which in turn represents a large share of the current late-stage pipeline. That sector sensitivity could dampen or delay offerings should market conditions remain unsettled.
Overall, the combination of pent-up issuance demand and a deep roster of late-stage private companies creates the potential for a breakout year in U.S. equity listings, contingent on whether the most prominent companies elect to proceed and whether market conditions remain supportive.