PARTNERSHIPS | COMMUNITY | PODCAST | FRIENDS
2026 Is About To Get The Biggest IPOs Ever
Financial rocket ship // Illustration by Kate Walker
Three of the biggest, most closely-followed companies in the US — SpaceX, OpenAI, and Anthropic — are preparing to go public this year in what could become three of the biggest IPOs ever.
Why It Hits: Wall Street, Silicon Valley, and retail traders alike are salivating over the prospect of these companies hitting the public markets, potentially ending years of IPO malaise and making a lot of people very rich. But the real upside — in our opinion, at least — is the transparency that comes with going public, providing a clearer view into how these companies actually function and how they make (or don’t make) their money.
Behind The Offerings: 2026’s IPOs could show that AI has officially hit the mainstream, per The NYT.
SpaceX, worth $800 billion, has been around for 24 years but is looking to supercharge fundraising through an IPO to support its Starship ambitions and build AI data centers in space. The company has already been interviewing banks and briefing shareholders about its plans.
OpenAI, worth $500 billion, has completed a complicated restructuring into a for-profit company in preparation for an IPO. While CEO Sam Altman isn’t thrilled about running a public company (all that scrutiny!), he knows the company needs to raise a lot more money to keep up with its growth expenditures.
Anthropic, in the midst of a funding round that would value it at $350 billion, is determined to keep pace with its main rival, OpenAI. The company has tapped law firm Wilson Sonsini to help prep for a potential IPO.
Last Trade: While the plan is for these companies to go public, any number of unpredictable events — which we don’t seem to be in short supply these days — could derail that path. Even so, just one of these mega-companies IPOing could have a trickle-down effect, encouraging smaller firms to tap the public markets and ride the financing wave. That may be especially true when they see their friends strike it rich: public listings of SpaceX, OpenAI, and Anthropic would mint an estimated 16,000 new millionaires, according to research firm Sacra.
The Future: If these companies go public — particularly OpenAI and Anthropic — it could finally settle the debate over whether there’s an AI bubble. That revelation could send money pouring into an ecosystem of startups or push capital to consolidate around tech giants like Google and Meta.
Together with Shortform
How Many Books Are You Missing Out On?
Want to read more, but just don’t have enough time?
You need Shortform. Known for its superpowered book summaries, Shortform helps you digest the best non-fiction books fast — from biographies and business to self-help and beyond.
Why fans love reading (and listening) to Shortform:
In-depth guides and smart analysis for deeper understanding
One-page overviews, chapter breakdowns, and thought-provoking exercises
Connections between ideas from other books and authors
The best part? It costs less than the price of a new book each month.
PARTNERSHIPS | COMMUNITY | PODCAST | FRIENDS
Today’s email was written by David Vendrell.
Edited, Polled, & Copy-edited by Kait Cunniff.
Published by Darline Salazar.