Global IPO Market Poised for a Record Year in 2026

Global equity markets may be approaching a new phase of IPO expansion, as the world’s largest private companies represent a combined potential public market valuation of approximately $3.6 trillion, according to compiled market estimates.

Largest potential IPO candidates

At the top of the list is SpaceX, with an estimated valuation of around $1.5 trillion, making it the largest potential IPO candidate globally. OpenAI follows with a projected valuation of roughly $830 billion, reflecting sustained investor demand for artificial intelligence leaders.

Other notable companies in the potential IPO pipeline include ByteDance at approximately $480 billion, Anthropic at $230 billion, and data analytics firm Databricks valued near $160 billion.

Fintech and consumer platforms

The list also highlights strong representation from fintech and consumer-focused platforms. Stripe is estimated at $120 billion, while digital banking group Revolut stands near $90 billion. Fast-fashion retailer Shein appears with an estimated valuation of $55 billion.

Crypto-related and design software companies round out the group, with Ripple and Canva each estimated at approximately $50 billion.

Implications for equity markets

The scale of this potential IPO pipeline underscores renewed confidence in public equity markets, particularly for technology, AI and platform-based business models. While timelines and listing venues remain uncertain, the concentration of high-value private firms suggests that future IPO waves could materially increase market capitalisation and trading activity.

From a broader perspective, the presence of multi-hundred-billion-dollar IPO candidates supports the view that equity markets continue to attract long-term capital, even after recent cycles of volatility.

While valuations remain indicative and subject to market conditions, the size of the pipeline alone highlights the strategic importance of IPOs as a growth and liquidity mechanism for global capital markets.