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US IPO Pipeline 2026: Watchlist, filings and exits

By Shane Larkin
Upcoming IPOs

Unless otherwise specified, statements and figures cited in this article are derived from Forge’s January 2026 Private Market Update. Any additional sources are cited inline where they appear.

How we’re tracking the 2026 IPO pipeline

Not every headline equals a near-term IPO. To keep this list practical (and updateable), we organize companies into three categories: 

  1. Closest to the finish line: public filers who appear to be advancing toward pricing. 
  2. Confidential filers: companies that have reportedly submitted confidential drafts (a meaningful step, but not a guarantee of a 2026 listing). 
  3. Highly anticipated, timing still speculative: companies frequently discussed as IPO candidates, where the real inflection point will be the appearance of a confidential or public filing but timing remains uncertain. 

This post is designed as a living resource and will be updated as new S-1s (and public debuts) occur through 2026 for the companies that are tracked on Forge marketplace. 

Notable companies eyeing a 2026 IPO in the US market

Tier 1: Closest to the finish line

As of the latest pipeline assessment, the following companies have taken notable steps in the IPO process, such as filing S‑1s and or revealing pricing. 

Envoy

  • Last funding round: Series C 01/11/2022
  • Key investors: Andreessen Horowitz, Bam Elevate, Elad Gil, Haystack, Initialized Capital, Menlo Ventures, Seven Seven Six, Triple Point Capital
  • Post-Money Valuation: $1.4B
  • Potential IPO indicator: S-1 filed on 02/11/2025
  • Potential IPO date: No official IPO date announced
  • Ticker: EVOY
  • Exchange: NASDAQ

Forge Data as of 02/12/2026

Motive (formerly Keep Truckin)

  • Last funding round: Series F Senior 07/30/2025
  • Key investors: Alliance Bernstein, Kleiner Perkins
  • Post-Money Valuation: $3.8B
  • Potential IPO indicator: S-1 filed on 12/23/2025
  • Potential IPO date: No official IPO date announced
  • Ticker: MTVE
  • Exchange: NYSE

Forge Data as of 02/12/2026

 

See a more exhaustive list of all the potential upcoming IPOs on our Tech IPO Calendar 2026.

Tier 2: Confidential filers to watch

A broader (though less definitive) signal comes from confidential filings. The following companies have reportedly taken that step following sustained IPO speculation:

Discord

  • Last funding round: Series I 08/15/2021 
  • Key investors: Baillie Gifford, Dragoneer Partners, Fidelity, Franklin Templeton 
  • Post-Money Valuation: $15B 
  • Potential IPO indicator: Confidentially filed on 01/06/2026
  • Potential IPO date: No official IPO date announced 

Forge Data as of 02/13/2026

Kraken 

  • Last funding round: Series D 11/19/2025
  • Key investors: Arjun Sethi, Citadel Securities, Drw Venture Capital, HSG, Jane Street Capital, Oppenheimer & Company, Tribe Capital
  • Post-Money Valuation: $20B
  • Potential IPO indicator: Confidentially filed on 11/19/2025
  • Potential IPO date: 20261

Forge Data as of 02/13/2026 

Strava

Forge Data as of 02/13/2026 

Tier 3: Highly anticipated, timing still speculative

Finally, several of the most prominent private companies have been discussed as eventual public candidates, with 2026 cited as a possibility, though timing remains speculative until a confidential or public filing appears:

Anthropic

  • Last funding round: Series G-5 02/12/2026
  • Key investors: Accel, Baillie Gifford, Blackrock, Blackstone, Coatue Management, Dragoneer, Fidelity, Founders Fund, General Catalyst, Goldman Sachs, Greenoaks, Iconiq Capital, Insight Partners, Lightspeed Venture Partners, Menlo Ventures, Microsoft, Morgan Stanley Investment Management, Nvidia, Qatar Investment Authority, Sequoia Capital, Temasek, Whale Rock Capital
  • Post-Money Valuation: $380B
  • Potential IPO indicator: IPO mentioned on 12/02/2025
  • Potential IPO date: 20262

Forge Data as of 02/13/2026

Lambda

Forge Data as of 02/13/2026

OpenAI 

Forge Data as of 02/13/2026

SpaceX

Forge Data as of 02/13/2026

 

For deeper context, explore our “Upcoming IPOs” insights for detailed profiles on individual companies, including what may be driving their IPO plans and where they stand in the process.

IPOs and market performance in 2026

IPO outcomes matter because they shape the willingness of the next cohort to launch. In 2025, performance dispersion was extreme, first-day returns ranged from Figma’s 250% surge to Navan’s 20% decline, and by year-end results were similarly scattered (e.g., Circle up 156% while Gemini fell 65%). That variability reflects a market still recalibrating valuations and risk appetite, but also underscores that the reopening itself was broadly welcomed.

2026 completed IPOs

BitGo

  • Completed IPO date: 01/22/2026 
  • Exchange: NYSE
  • Ticker: BTGO
  • Implied valuation: $2.1B

Forge Data as of 01/23/2026

EquipmentShare

  • Completed IPO date: 01/22/2026
  • Exchange: NASDAQ
  • Ticker: EQPT
  • Implied valuation: $6.2B

Forge Data as of 01/23/2026

Ethos Life

  • Completed IPO date: 01/29/2026
  • Exchange: NASDAQ
  • Ticker: LIFE
  • Implied valuation: $1.2B

Forge Data as of 01/30/2026

See a more exhaustive list of completed IPO, M&A and SPAC from the previous years.

2026 withdrawn IPOs

As of current data, no specific 2026 IPO withdrawals have been identified. This section will be updated throughout the year.

2025 IPO landscape in review

The IPO market is the lifeblood of private-market liquidity, when the public window opens, it enables investors to recycle capital, return proceeds to LPs, and raise new funds. After several years of muted issuance, 2025 did just enough to signal a reopening: a total of 24 IPOs marked a modest but meaningful improvement and set a cautiously optimistic backdrop for 2026.

But the 2025 path to public markets wasn’t smooth. Momentum arrived in late March when CoreWeave raised $1.5 billion, resetting expectations for tech IPO scale, only for activity to stall after the announcement of U.S. tariffs on April 2. The market reopened in early May and saw multiple recognizable debuts through mid-year, before a late-year 43-day U.S. government shutdown effectively paused SEC review activity and slowed issuance again.

Despite the stops and starts, the 2025 IPO class was meaningfully diverse (AI infrastructure, fintech, digital health, cybersecurity) and performance dispersion was wide, exactly the kind of environment that can shape how quickly the next cohort follows.

Why the 2026 IPO pipeline matters

2026 has the makings of a potentially historic IPO year, with several marquee private companies viewed as potential “re-energizers” for public issuance if and when they move from speculation to filings. Notably, BitGo, a Forge-tracked company that filed in 2025 and has now moved into the public market as of January, 22nd 20266, is already helping set the tone for this cycle.

At the same time, Forge’s research indicates the private market ended 2025 in a position of relative strength, supported by private index outperformance versus public indices and improving buy-side participation.

In December, buy-side interests rose to 59% of total interest (from 54% in November 2025) on Forge marketplace, a useful signal that investor appetite remains engaged heading into 2026.

Track IPOs and explore potential private market investment opportunities

The period leading up to an IPO may allow eligible investors to explore potential investment opportunities in private companies, subject to availability and transfer restrictions.

At Forge, we've built a transparent marketplace for navigating the private market, combining: 

  • Marketplace access: a technology-driven platform that seeks to connect buyers and sellers of private company shares, facilitating transactions in over 1,000 private companies.7 (Subject to eligibility and transfer restrictions.)
  • Proprietary data: Forge Price provides daily indicative pricing for ~200 pre-IPO companies, leveraging secondary transactions, funding rounds, and interests.
  • Market intelligence: tools like the Forge Private Market Index (FPMI) and educational resources like the Forge Investment Outlook to help investors identify trends earlier.
  • Comprehensive solutions: multiple pathways to pre-IPO exposure, supported by private market specialists.

With 721,000+ registered users and deep relationships across the ecosystem, Forge aims to provide tools and information that seek to support investor evaluation of private market opportunities, access pricing transparency, and execute transactions efficiently (with average closing times of 42 days).8

Eligible investors may create a Forge account to explore available private market data and express interest in potential investment opportunities, subject to applicable requirements and availability.

FAQs about 2026 upcoming IPOs

collapsed expanded

What counts as an “upcoming IPO” in this post?

We track companies in three buckets:  

  1. Closest to the finish line: pricing and/or S-1 filings 
  2. Confidential filers: a meaningful step, but not a guarantee 
  3. Anticipated companies: timing remains speculative until a confidential or public filing appears 

This helps separate companies that are actively advancing from those that are simply reported to be considering it.

collapsed expanded

How did the IPO market perform in 2025, and why does it matter for 2026?

As mentioned in our January Private Market Update, 2025 saw 24 IPOs, the highest annual count since 2021, enough to signal a reopening after several subdued years. That backdrop matters because stronger early-2026 outcomes can encourage more issuers to follow (and help restart a broader cycle of liquidity).

collapsed expanded

How will this post stay updated throughout 2026?

We’ll update this post as companies show some new signals (news mentions, confidential submissions, S-1 SEC filings, pricing and ticker reveal, potential IPO dates etc… As well as add newly public companies to the “2026 completed IPOs” table as debuts occur.

collapsed expanded

Where can I track pre-IPO pricing and private market activity?

Forge seeks to provide private market insights by publishing monthly and quarterly reports as well as a tech IPO calendar to actively keep track of the IPO pipeline.  

Forge marketplace offers private market data such as the Forge Price and active market opportunities for registered users based on eligibility.

1 Forge Global, 11/19/2025

2 Financial Times, 12/02/2025

3 The Information, 01/08/2026

4 Yahoo Finance, 01/30/2026

5 TechCrunch, 12/09/2025

6 Forge Data, 01/23/2026

7 Forge 10K, 2025

8 Forge 10K, 2025

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About the Author

Shane Larkin is a private market investment leader with extensive experience in private and public markets, combining a strong analytical foundation with a background in engineering and business. He has conducted in-depth due diligence across a range of sectors, leveraging his expertise in financial modeling, data analysis and market research. Shane holds an MBA from Cornell Johnson Graduate School of Management. Read more from Shane.

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Investing in private company securities is not suitable for all investors. An investment in private company securities is highly speculative, involving a high degree of risk, and investors should be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid and there is no guarantee that a market will develop for such securities. Each investment also carries its own specific risks and investors should conduct their own, independent due diligence regarding the investment, including obtaining additional information about the company, opinions, financial projections and legal or investment advice. Accordingly, investing in private company securities is appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment. Past performance Is not indicative of future results.

Forge Price™ is calculated and disseminated by Forge Data LLC (“Forge Data”). All rights reserved. Forge Price is designed to reflect the up-to-date price performance of venture-backed, late-stage companies. Forge Price is determined based on a proprietary model incorporating the pricing inputs from primary founding round information and secondary market transactions, including indications of interest (IOIs). Secondary market transactions are sourced from Forge Securities LLC (an affiliate of Forge Data), a leading market platform, and data collected from other private market trading platforms. The Forge Price is a mark of Forge Data. The Forge Price is solely for informational purposes and is based upon information from sources believed to be reliable, however Forge Data makes no assurance as to the accuracy or reliability of this data. Forge Data is not an investment adviser and makes no representation regarding the advisability of investing in any asset or asset class. Private company securities are highly illiquid, and the Forge Price may rely on a very limited number of trade and/or IOI inputs in its calculation. Brokerage products and services are offered by Forge Securities LLC, a registered broker-dealer and member FINRA/SIPC. Neither reference to company names, nor calculation of Forge Price for a particular company(ies) implies any affiliation between Forge or its affiliates and any company, any endorsement or sponsorship of Forge or its affiliates by any company or vice versa, or any partnership, joint venture or other commercial relationship between Forge or its affiliates and any company. Rights with respect to any company marks referred to herein are, as between Forge and its affiliates and such company, owned by the company.

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