2026’s IPO candidates could achieve record-setting valuations
As the IPO market continues its reopening in 2026, it appears investor attention is shifting toward a small group of late-stage, private companies that could redefine the scale of public offerings. Several likely candidates for a public listing this new year could achieve some of the largest IPOs on record, with valuations exceeding $1 trillion at the time of listing. If realized, 2026’s offerings would mark a new era for public markets, eclipsing prior tech IPO benchmarks.
Five companies listed on Forge are widely expected to pursue public listings in 2026, based on a combination of media reports, legal and bank engagements and regulatory filings. Notably, three of the companies featured below are highlighted as one of Forge’s Private Magnificent 7 companies due to their growth potential and innovation.
Here are five companies laying the groundwork for a possible 2026 public offering:
1. SpaceX, an aerospace innovator
SpaceX has long dominated the aerospace sector, driven by its global Starlink broadband services and its rocket launch vehicles. Having surpassed more than 600 successful rocket launches, the company is now focused on its next phase of ambition: deep-space exploration.1 SpaceX has stated that it aims to send a spacecraft to the planet Mars as early as 2026.2
Long-time investor speculation that the company was aiming toward a public listing was affirmed when media reports surfaced last month that founder Elon Musk was looking to raise more than $30 billion in an IPO as soon as mid-to-late 2026. According to a report in Bloomberg, the valuation could be as high as $1.5 trillion, which would put the listing at a new record.3 The company is nearing the close of a tender offer for insiders at an $800 billion valuation.4
Hawthorne, California-based SpaceX’s Forge Price™ is $421.00 as of December 22, 2025, implying a valuation of $800 billion. Founded in 2002, the private company’s notable investors include Coatue, Founders Fund, Sequoia Capital and Valor Equity Partners.
2. Anthropic, an enterprise AI leader
San Francisco-based Anthropic has rapidly scaled in generative AI and safe AI research. Known for its Claude suite of AI-enabled products, Anthropic now reaches 32% of the LLM market share in terms of enterprise usage, more than its rival OpenAI, which holds 25% of the market share.5
Anthropic has reportedly hired lawyers and is engaged with investment banks to kick off the process of going public this year.6 Most recently, Anthropic secured an investment deal with software producer Microsoft and chipmaker NVIDIA that will bring its valuation above $300 billion once finalized.7
Founded in 2021, Anthropic’s Forge Price™ is $270.00 as of December 22, 2025, implying a valuation of $350.51 billion. The private company’s investor list includes ICONIQ, Coatue, Blackstone and Lightspeed Venture Partners.
3. OpenAI, a generative AI provider
Founded in 2015, OpenAI provides foundational AI technologies for over 800 million individuals and businesses through its popular ChatGPT and creative engine DALL-E.8 OpenAI is widely considered one of the most valuable companies in the world, having achieved a valuation milestone of $500 billion when it closed an employee share sale in October.9
Late last year, Reuters reported that OpenAI was looking into filing for an IPO in the second half of 2026 at a value as high as $1 trillion.10 In December, it was reported that CEO Sam Altman was in talks with investors to raise up to $100 billion at a $750 billion valuation, a 50% jump from its October price tag, further signaling its public ambitions.11
San Francisco-based OpenAI’s Forge Price™ is $723.00 as of December 22, 2025, implying a valuation $499.92 billion. The tech company’s notable investors include Khosla Ventures, Y Combinator, Sequoia Capital and K2 Global.
4. Deel, an HR technology platform
Headquartered in San Francisco, Deel is a global HR services platform that helps businesses hire contractors and full-time employees from anywhere. In addition to hiring, Deel’s self-service tools enable its clients to process payroll, administer benefits, and people-manage on an international scale.
Early in 2025, it was widely reported that Deel was preparing for an IPO in 2026 when CEO Alex Bouaziz told CNBC, “We are getting ready to go out, potentially this year or a bit later.”12 The private company announced in November the hiring of a new CFO, former Intuit executive Joe Kauffman. Kauffman is known for leading two public offerings, further fueling speculation that Deel will make its listing by this year’s end.13
Founded in 2018, Deel’s latest price per share is $38.92 as of its Series E fundraise in October of 2025, putting its post-money valuation at $17.3 billion. The HR software firm’s investors include Andreessen Horowitz, Coatue, Y Combinator and Spark Capital.
5. Kraken, a cryptocurrency exchange
Cryptocurrency exchange firm Kraken allows users to store, buy and sell digital assets. Based in San Francisco, Kraken offers its clients the ability to trade in more than 100 digital assets across eight different fiat currencies. Kraken was one of the first U.S. crypto firms to receive a state-chartered banking license.14
Kraken signaled its intent to go public when it confidentially filed its S-1 registration with the SEC in November.15 The news came shortly after its financials showed revenues of $648 million for Q3 2025, an increase of nearly 50% from the prior quarter. At this pace, the company is projected to exceed $2.5 billion in total revenue for 2025.16
Founded in 2011, Kraken’s Forge Price™ is $41.26 as of December 22, 2025, with a post-money valuation at $13.42 billion. The fintech firm’s investors include Tribe Capital, Citadel Securities, Investbridge Capital and Blockchain Capital.
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