Upcoming IPOs to Watch: High-Potential Companies Going Public

Think the IPO wave is over?
The 2025-26 pipeline says no.
AI, fintech, telecom and enterprise tech are driving most of the action.
Year-to-date filings are up 10.7 percent, with 57 deals priced and $20.7 billion raised, an 86 percent jump versus last year.
This post guides you through the high-potential listings likely to hit the market next (SpaceX, Anthropic, Databricks, Stripe, Chime and more).
You’ll get what moved each name, the key risks, and the next catalysts to watch.

Top Upcoming IPOs You Can Invest In Now

The 2025 IPO pipeline is starting to move. Artificial intelligence, fintech, telecommunications, and enterprise tech are where most of the action is happening. As of May 2026, year-to-date filings jumped 10.7 percent compared to last year. 93 companies submitted paperwork and 57 actually priced their offerings, raising $20.7 billion total. That’s an 86 percent increase year over year. Several billion-dollar listings are either in prep or filed confidentially, giving investors a range of opportunities if they’re willing to deal with early volatility and sector risk.

IPOs that are either confirmed or expected on the market calendar:

• SpaceX – Filed confidentially with the SEC in early April 2026. Expected to list in June 2026. Valuation projections run from $1.75 trillion to $2.0 trillion, which would make it the largest IPO ever. Revenue hit $15.8 billion in 2025, projected at $19.9 billion for 2026. Business: launch services, commercial and government payloads, Starlink satellite broadband. What to think about: it’s a capital-intensive business with long payback timelines. Scaling Starlink carries execution risk. Valuation leans heavily on revenue forecasts stretching to 2040.

• Anthropic – Preliminary IPO planning. No S-1 yet. Reported valuation at $350 billion after Microsoft dropped in $5 billion and Nvidia committed up to $10 billion. A potential new funding round of $30 to $50 billion could push valuations toward $950 billion. Revenue: $9 billion in 2025, with management saying the annual run rate passed $30 billion by April 2026. Business: AI model development (Claude). What to think about: revenue is accelerating fast. Valuation multiples are extreme. Sector concentration risk is high.

• Databricks – No S-1 filed. Raised $5.0 billion in February 2026 at a $134 billion valuation. Serves over 10,000 organizations with a data and AI platform built on Apache Spark. Notable customers: AT&T, UPS, Block. What to think about: strong enterprise adoption. The “lakehouse” architecture is different from competitors. No clear profitability timeline has been disclosed. Management says the IPO will happen “when the time is right.”

• Stripe – Estimated valuation around $91.5 billion based on a recent tender offer. Expected to list in 2025. Business: payment processing and financial infrastructure for internet commerce. What to think about: large addressable market. Intense competition from established processors. Regulatory scrutiny in multiple jurisdictions. Pricing range hasn’t been disclosed yet.

• Chime – Filed confidentially in December 2024, preparing for a 2025 IPO. Business: digital banking and consumer fintech. What to think about: rapid user growth. Regulatory oversight is increasing. Profitability path and unit economics will be key S-1 disclosures.

• Avalara – Confidential Form S-1 submitted in July 2025 (preparing to re-list after going private in an $8.4 billion transaction). Serves more than 41,000 customers. Platform has processed and filed over 6 million tax returns. Estimated U.S. tax compliance addressable market: around $15 billion, with the SMB segment representing more than 50 percent and less penetrated. What to think about: proven business model (initial IPO in 2018 raised $180 million). Regulatory tailwinds from tax-code complexity. Competitive pressure from entrenched providers.

• Grayscale Investments – Filed IPO paperwork with the SEC mid-November. No set offering date. Reported $35 billion in assets under management. Business: digital asset manager. Flagship product is Grayscale Bitcoin Trust (GBTC), plus ETH-themed vehicles, bitcoin miner exposure, option-based income ETFs. What to think about: crypto volatility. Regulatory uncertainty. Intense fee competition from large asset managers entering the ETF market.

• Reliance Jio – Estimated valuation around $120 billion. Expected to be one of India’s largest IPOs in 2025. Business: telecommunications and digital services with a massive subscriber base. What to think about: scale advantages. Platform expansion potential. Regulatory and competitive dynamics in local markets.

• Medline Industries – Private equity backed. Estimated valuation around $50 billion for a planned 2025 IPO. Business: medical supplies and healthcare services. What to think about: defensive sector characteristics. Growth tied to healthcare utilization trends. Leverage levels post-private equity ownership will be scrutinized.

These timelines and valuations can change based on market conditions, interest rates, and sector sentiment. Investors should monitor SEC EDGAR filings for S-1 updates and prospectus disclosures as companies get closer to pricing.

In‑Depth Profiles of Key Upcoming IPO Candidates

The highest-profile IPO candidates combine massive scale, rapid growth, and sector leadership. But each one carries distinct execution and valuation risks that deserve detailed analysis before you allocate capital.

SpaceX

SpaceX is set to execute the largest IPO in capital markets history, with a projected valuation range of $1.75 trillion to $2.0 trillion. The company submitted a confidential SEC filing in early April 2026 and is expected to list in June 2026. Revenue reached $15.8 billion in 2025, with projections of $19.9 billion for 2026 and long-term estimates climbing to $149.4 billion by 2040, according to Morningstar and PitchBook.

Key financial metrics and market details:

• Revenue drivers: launch services for commercial and government payloads, Starlink satellite broadband subscriptions, and potential defense contracts.

• Capital intensity: aerospace manufacturing and satellite constellation deployment require continuous capital investment. Public markets would provide liquidity for scaling Starlink infrastructure.

• Competitive position: dominant player in commercial launch. Starlink is the largest satellite broadband constellation in operation.

• Risk factors: long payback horizons, sensitivity to regulatory approvals, dependency on government contracts, execution risk in scaling Starlink subscriber economics.

Investors will scrutinize whether Starlink’s subscriber growth and ARPU justify the implied long-term revenue trajectory, and whether the valuation adequately discounts capital expenditure needs and competitive entry risk.

Anthropic

Anthropic has become one of the fastest-growing AI model developers, with reported revenue of $9 billion in 2025 and an annual run rate exceeding $30 billion as of April 2026. The company has received strategic investments from Microsoft ($5 billion) and Nvidia (up to $10 billion), which were reported to imply a $350 billion valuation at the time. A potential new funding round of $30 to $50 billion could push valuations toward $950 billion at the high end, though no S-1 has been filed and IPO plans remain preliminary.

Key financial metrics and market details:

• Product: Claude AI models, competing with OpenAI, Google, and other large language model providers.

• Revenue acceleration: the jump from $9 billion annual revenue to a >$30 billion run rate in roughly four months signals strong enterprise adoption and pricing power.

• Valuation context: at $350 billion, Anthropic trades at roughly 11.7x trailing revenue. At $950 billion and a $30 billion run rate, the multiple would be around 31.7x. Both multiples are high relative to traditional software but reflect AI sector premiums.

• Risk factors: model commoditization risk, regulatory scrutiny on AI safety and data use, dependency on cloud infrastructure partnerships, extreme valuation sensitivity to growth deceleration.

The company’s path to profitability, gross margins on inference workloads, and customer retention will be critical S-1 disclosures if an IPO proceeds in 2026.

Databricks

Databricks is a data and AI platform company founded from Berkeley research around Apache Spark. The company powers data and AI workflows for more than 10,000 organizations, including AT&T, UPS, and Block. Databricks raised $5.0 billion in its latest funding round in February 2026, valuing the company at $134 billion. No S-1 has been filed. Executives have stated the IPO will occur “when the time is right.”

Key financial metrics and market details:

• Platform architecture: “lakehouse” model combines data warehouse and data lake capabilities, addressing a large enterprise need for unified analytics and machine learning infrastructure.

• Customer base: diverse across industries. 10,000+ organizations suggest strong product market fit and land-and-expand motion.

• Valuation: $134 billion implies Databricks is valued comparably to established enterprise software leaders. Exact revenue and growth rate haven’t been publicly disclosed, making multiple analysis difficult.

• Risk factors: intense competition from cloud-native analytics platforms (Snowflake, Google BigQuery, AWS Redshift), profitability timeline unclear, dependency on continued enterprise AI spending.

Investors should watch for S-1 disclosures on revenue growth rate, net revenue retention, gross margin, and sales efficiency metrics, which will determine whether the $134 billion valuation reflects sustainable unit economics or elevated AI sector sentiment.

Industry Trends Shaping the Upcoming IPO Market

The 2025 to 2026 IPO pipeline is the most AI-concentrated on record. Artificial intelligence and AI-adjacent companies represent the majority of total pipeline value. This concentration reflects sustained enterprise and consumer demand for machine learning infrastructure, large language models, and data platforms. But it also introduces systemic risk if sentiment shifts or regulatory frameworks tighten. Fintech listings are rebounding after a multi-year slowdown, driven by digital banking, payment infrastructure, and crypto asset managers seeking public market capital. Telecommunications and infrastructure plays, particularly in emerging markets, are also scaling up, using large subscriber bases and platform expansion strategies.

Macro drivers are exerting real influence on IPO timing and pricing. Interest rates, equity market strength, and sector sentiment all affect go/no-go decisions and valuation multiples. Companies that maintained disciplined audits, clean governance, and organized diligence materials (often termed “IPO readiness”) are advancing through the 12-to-24-month process more successfully than those scrambling to prepare financials and controls. Geopolitical shocks and tariff actions have already delayed or repriced several high-profile IPOs. Klarna halted its 2025 IPO plans following tariff-related market disruption. Shein’s valuation was reduced from around $66 billion to about $30 billion as regulatory and reputational risks intensified.

Major trends influencing the IPO market in 2025 to 2026:

• AI sector dominance: SpaceX, Anthropic, Databricks, and other AI-adjacent firms collectively represent hundreds of billions in projected market capitalization. Investor appetite remains strong but valuation multiples are elevated and vulnerable to growth disappointments.

• Fintech recovery: Stripe, Chime, Zopa, Revolut, and Grayscale are all preparing listings after a multi-year pause. Regulatory clarity (or lack thereof) and fee competition will determine post-IPO performance.

• Regulatory and market structure changes: proposed private share trading platforms (like PISCES-like structures) aim to ease disclosure friction and boost listing pipelines. Major exchanges have broadened index inclusion rules to accept dollar/euro-denominated shares and lowered market cap thresholds.

• Valuation volatility: extremely large headline valuations (hundreds of billions to >$1 trillion) increase sensitivity to execution, customer concentration, and macro funding conditions. Investors are scrutinizing S-1 risk factors more closely.

• Capital intensity and profitability timelines: aerospace, AI R&D, and telecom infrastructure plays require sustained capital investment. Public markets provide access to growth capital but investors are demanding clearer paths to positive cash flow.

• Sector-specific risk clusters: crypto listings face regulatory uncertainty and fee compression. Consumer tech (Shein, Canva) faces margin pressure and competitive dynamics. Enterprise software faces customer concentration and sales efficiency scrutiny.

• IPO pricing discipline: CoreWeave reduced its target from $55 to $47 and ultimately priced at $40 per share, reflecting investor skepticism around execution and customer commitments. This pattern signals a shift toward more conservative pricing after several years of frothy valuations.

How to Evaluate Whether an Upcoming IPO Is Worth Investing In

A disciplined evaluation framework helps investors separate high-quality IPO candidates from speculative listings that carry disproportionate risk relative to their potential returns. The most reliable signals come from verifiable financials, transparent S-1 disclosures, and realistic valuations benchmarked against public comparables.

Financial Signals That Matter

Revenue growth rate and trajectory are the first filters. Sustainable IPO candidates typically show consistent quarter-over-quarter growth, diversified customer bases, and improving unit economics. Anthropic’s reported jump from $9 billion annual revenue to a >$30 billion run rate in four months signals strong enterprise adoption, but investors should verify whether that pace is sustainable or driven by one-time contracts or discounting. Gross margin trends indicate pricing power and operational leverage. Software companies with margins below 70 percent often face competitive or cost structure headwinds. Profitability status and cash burn matter, especially in capital-intensive sectors like aerospace (SpaceX) or AI R&D (Anthropic, Databricks). Companies burning cash at high rates need credible paths to positive operating income within 18 to 24 months post-IPO, or they risk dilutive follow-on offerings.

Customer concentration is a critical risk metric. CoreWeave’s reliance on Microsoft for around 62 percent of revenue raised investor skepticism and contributed to first-day underperformance. Diversified revenue streams reduce single customer dependency and improve resilience during contract renegotiations or economic downturns. Net revenue retention (for SaaS and platform businesses) should exceed 100 percent, indicating existing customers are expanding usage. Rates above 120 percent are strong signals of product stickiness. Sales efficiency, often measured as the ratio of new revenue to sales and marketing spend, shows whether growth is scalable or requires unsustainable customer acquisition costs.

Understanding the S‑1 Filing

The S-1 registration statement is the most important document for IPO due diligence. Key sections to read include the prospectus summary (business overview, use of proceeds), risk factors (company-specific and sector-specific disclosures), financial statements (audited revenue, expenses, cash flow), and governance structure (founder control, board composition, insider ownership). The “Use of Proceeds” section clarifies whether capital will fund growth, repay debt, or cash out early investors. Proceeds that primarily benefit insiders rather than the business are a yellow flag. Dilution schedules show how much existing shareholders’ stakes will shrink. High dilution suggests previous funding rounds were expensive or the company over-relied on equity rather than debt or revenue growth.

Lock-up periods define when insiders and early investors can sell shares post-IPO, typically 90 to 180 days after listing. Large lock-up expirations can create selling pressure and depress share prices. Monitoring lock-up calendars is essential for timing entry and exit. Management discussion and analysis (MD&A) sections provide context on revenue drivers, seasonality, and forward-looking assumptions. Compare management’s narrative to historical performance and third-party industry data. Risk factor disclosures are legally required and often buried in dense language, but they reveal material uncertainties around regulation, competition, key person dependency, intellectual property, and litigation.

Red Flags to Watch For

Frequent changes in auditors or restatements of financials suggest weak internal controls or aggressive accounting practices. Companies that have switched auditors multiple times in the years leading up to an IPO carry elevated fraud or misstatement risk. Unrealistic valuation multiples relative to public peers are another warning sign. If a pre-IPO company is valued at 50x revenue while comparable public companies trade at 10x, either the IPO candidate has a materially superior growth profile or the valuation is inflated by private market sentiment and will correct post-listing.

Heavy reliance on a single product, customer, or geography increases business risk. Grayscale’s dependence on GBTC and crypto market cycles introduces extreme volatility. Avalara’s reliance on U.S. tax compliance creates regulatory and competitive concentration. Management teams with limited public company experience may struggle with quarterly reporting, investor relations, and regulatory compliance. Look for CFOs and boards with prior IPO or public company leadership. Watch for last-minute delays, pricing reductions, or confidential filing withdrawals, which often signal deteriorating market conditions or internal diligence issues. CoreWeave’s pricing journey (from $55 down to $40) illustrates how investor skepticism can force material adjustments even days before listing.

Risk Factors Associated With Upcoming IPOs

IPO investing combines growth potential with structural volatility and execution uncertainty. First-day price swings are common and unpredictable. Talabat, the largest global tech IPO of 2024, declined 6.9 percent on its first trading day despite raising around $2 billion. CoreWeave reduced its price target from $55 to $47, ultimately pricing at $40, and faced post-listing skepticism over delivery issues and reduced customer commitments. These examples show that even well-capitalized, high-profile IPOs can trade below offering price when investor sentiment shifts or execution concerns emerge. Lock-up expirations typically occur 90 to 180 days post-IPO and can flood the market with insider selling, depressing share prices regardless of underlying business performance.

Many IPO candidates are unprofitable and burning cash, relying on public market capital to fund growth. If revenue growth decelerates or capital expenditure needs exceed projections, these companies may require dilutive follow-on offerings or face balance sheet stress. Sector-specific risks are pronounced in the 2025 to 2026 pipeline: AI companies face model commoditization, regulatory scrutiny, and dependency on cloud infrastructure partnerships. Crypto asset managers (like Grayscale) face extreme price volatility, regulatory uncertainty, and fee compression from institutional ETF entrants. Consumer tech (Shein, Canva) faces margin pressure, reputational risk, and competitive dynamics in crowded markets.

Key risk categories for upcoming IPOs:

• Valuation risk: Extremely large headline valuations (hundreds of billions to >$1 trillion) increase sensitivity to execution and market sentiment. Even small growth misses can trigger sharp repricing.

• Customer concentration: Single customer dependency (like CoreWeave’s 62 percent revenue from Microsoft) raises contract renegotiation and renewal risk.

• Regulatory and geopolitical risk: Tariff actions, data privacy regulation, AI safety frameworks, and crypto oversight can delay or derail listings.

• Capital intensity and profitability timelines: Aerospace, AI R&D, and telecom infrastructure require sustained capital investment. Public markets demand clearer paths to positive cash flow.

• Market timing: IPO windows can close quickly if macro conditions deteriorate. Interest rate volatility, equity market corrections, or geopolitical shocks can force postponements or valuation cuts.

Comparison Table of High‑Profile Upcoming IPOs

Historical Patterns in IPO Performance

Historical IPO data reveals that first-day gains are volatile and sector-dependent. Technology IPOs between 2010 and 2021 averaged first-day returns of around 15 to 25 percent, while non-tech IPOs (consumer, industrial, healthcare) averaged 5 to 12 percent. These averages mask significant dispersion, though. Some high-profile tech IPOs doubled on day one, while others closed below their offering price. Lyft is a cautionary example. The company priced at $72 in March 2019 after an expected range of $62 to $68, closed the first trading day at $78, and subsequently failed to sustain that level, showing how early enthusiasm can give way to valuation discipline.

Lock-up expiration effects are consistent across sectors. Around 60 to 70 percent of IPOs experience downward price pressure in the 30 days following lock-up expiration, as insiders and early investors sell shares. The magnitude of decline correlates with insider ownership percentage and stock performance during the lock-up period. Stocks that rallied strongly post-IPO tend to see larger sell-offs when insiders liquidate. Investors who plan to hold through lock-up expirations should model potential dilution and set stop-loss levels accordingly.

Win rates for tech versus non-tech IPOs have diverged since 2020. AI and cloud infrastructure companies that demonstrated revenue growth above 40 percent and gross margins above 70 percent posted median one-year returns of around 30 to 50 percent, while consumer tech and e-commerce IPOs with slower growth and lower margins underperformed, with median one-year returns near flat or negative. This pattern underscores the importance of sector selection and financial quality when building an IPO allocation strategy.

Final Words

Deals are lining up: this post lists the top upcoming IPOs, digs into three detailed company profiles, outlines industry trends, gives a practical evaluation checklist, flags key risks, and compares high‑profile entries side-by-side.

Use the checklist—revenue growth, S‑1 details, lock‑ups and red flags—to separate plausible long‑term plays from short‑term hype. Track dates, valuations, and sector momentum.

Keep this set of upcoming ipos to watch handy as filings and dates firm up; the pipeline looks healthier than many expect, so disciplined picks can pay off.

FAQ

Q: Which upcoming IPO is best? What are the best IPOs to invest in right now?

A: The best upcoming IPO depends on your goals; prioritize companies with strong revenue growth, a clear path to profitability, defensible market share, and reasonable valuation. Review the S‑1 and lock‑up terms before buying.

Q: What is Elon Musk’s upcoming IPO?

A: There is no confirmed Elon Musk upcoming IPO publicly filed; watch filings for X, xAI, or other ventures—if he files, the S‑1 will reveal valuation, revenue, and key risks.

Q: What are the 10 hottest stocks right now?

A: The 10 hottest stocks right now change daily; “hottest” depends on volume, percent gain, or earnings beats. Use a market screener, track tech/AI leaders, and follow recent catalysts.