The 2026 AI IPO market is unlike anything public markets have ever seen.
SpaceX filed its confidential S-1 on April 1 targeting a $1.75 trillion valuation and a $75 billion raise that would be the largest IPO in history. OpenAI is generating $25 billion in annualised revenue and preparing bankers for a potential listing at $1 trillion. Anthropic is in active talks to raise $50 billion at a $900 billion valuation, surpassing OpenAI in private market pricing ahead of an IPO as early as October. Databricks crossed $5.4 billion in annualised revenue with positive free cash flow and is waiting for the right listing window. Cerebras raised its IPO price range to $150–$160 per share on 20x oversubscription and is set to begin trading on Nasdaq under the ticker CBRS on May 14.
The 12 most-watched companies in this pipeline represent a combined estimated value of over $3 trillion. AI and AI-adjacent companies account for roughly 92% of that figure, making 2026 the most AI-concentrated IPO year on record. Combined potential demand from the five largest listings alone exceeds the entire 2025 US IPO market.
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Key Takeaways
- SpaceX filed its confidential S-1 on April 1, 2026, targeting a valuation of $1.75 trillion to $2 trillion and a raise of up to $75 billion. Reuters reviewed the S-1 and reported $18.7 billion in 2025 consolidated revenue after xAI consolidation, though audited financials will not be available until the public S-1 is released. The June roadshow would make this the largest IPO in history.
- OpenAI is generating $25 billion in annualised revenue at an $852 billion private valuation but has no filed S-1 as of May 13, 2026. CFO Sarah Friar has flagged late 2026 or 2027 as the most likely listing window. The company is projected to lose $14 billion in 2026 and does not expect profitability until 2029–2030.
- Anthropic has crossed $30 billion in annualised revenue on 1,400% year-over-year growth and is in talks to raise $50 billion at a $900 billion valuation. An IPO as early as October 2026 is in active discussion with Goldman Sachs, JPMorgan, and Morgan Stanley, with the raise expected to exceed $60 billion.
- Databricks is the only profitable company in the AI IPO pipeline, with $5.4 billion in annualised revenue growing 65%, positive free cash flow, and a net retention rate above 140%. No S-1 has been filed as of May 2026. Analysts expect an H2 2026 filing.
- Cerebras is pricing its IPO today at $150–$160 per share, raising up to $4.8 billion at a $48.8 billion fully diluted valuation on a 20x oversubscribed order book. Nasdaq listing is expected May 14 under the ticker CBRS. This is the largest IPO globally in 2026 so far.
- The combined pipeline demand exceeds the entire 2025 US IPO market by up to 4x. SpaceX’s June listing is the linchpin. A clean first-day pop opens the window for every name that follows. A stumble resets 2026 expectations entirely.
The Full Pipeline at a Glance
| Company | Sector | Valuation Target | IPO Status | Estimated Timeline |
|---|---|---|---|---|
| SpaceX | Aerospace / AI | $1.75T–$2T | Confidential S-1 filed April 1, 2026 | June 2026 (roadshow) |
| OpenAI | AI Models | ~$1T | No S-1 filed; bankers in discussions | Late 2026 or 2027 |
| Anthropic | AI Models | ~$900B | Pre-IPO round closing; IPO in talks | Q4 2026 target |
| Databricks | AI / Data | $134B | IPO-ready; no S-1 filed as of May 2026 | H2 2026 or early 2027 |
| Cerebras | AI Chips | ~$48.8B fully diluted | S-1 filed; pricing May 13; listing May 14 | May 14, 2026 |
| Revolut | Fintech | $75B | Confidential S-1 filed | 2026 |
| Canva | Design SaaS | $42B | Goldman Sachs and Morgan Stanley engaged | 2026 |
| Discord | Social / Developer | $15B | Confidential S-1 filed | Q2 to Q3 2026 |
| Stripe | Fintech | $90B+ | Profitable; no rush; secondary liquidity available | 2026 or later |
| Anduril | Defense AI | $60B+ | No confirmed filing | 2026 to 2027 |
1. SpaceX: The Listing That Could Break Every Record
Valuation target: $1.75 trillion to $2 trillion
Filing status: Confidential S-1 filed April 1, 2026. Public S-1 expected before roadshow.
Raise target: Up to $75 billion (Saudi Aramco’s 2019 record: $29.4 billion)
2025 Revenue: ~$18.7 billion consolidated per Reuters S-1 review, unaudited until public filing
SpaceX filed its confidential draft registration statement with the SEC on April 1, 2026, confirmed independently by Bloomberg, Reuters, CNBC, and The Wall Street Journal. The filing carries the internal codename “Project Apex” and involves a 21-bank syndicate led by Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America, and Citigroup. The roadshow is targeting the week of June 8 with listing on Nasdaq to follow.
Reuters reviewed excerpts of the S-1 in April and reported $18.7 billion in 2025 consolidated revenue after folding in the xAI merger, alongside a $4.9 billion overall net loss. That loss is entirely driven by xAI, which posted a $6.4 billion operating loss in 2025. Starlink, the satellite internet division, generated $4.42 billion in operating income and remains the primary financial engine. SpaceX’s pre-merger business was profitable on an EBITDA basis in 2025 before xAI consolidation. Important caveat: these are unaudited figures from S-1 excerpts reviewed by Reuters. The public filing will contain the first audited consolidated income statement.
In February 2026, SpaceX completed an all-stock merger with Elon Musk’s xAI, combining the world’s leading orbital launch provider with a frontier AI lab and the social media platform X. A dual-class share structure will leave Musk with majority voting control.
The offering is targeting a 30% retail allocation, roughly three times the standard 5–10% for an offering of this size. On May 6, Anthropic announced a compute deal to use SpaceX’s Colossus supercomputer in Memphis, Tennessee, a 100,000+ NVIDIA H100 GPU facility, for AI model training. This opens a potential fourth revenue segment alongside launch services, Starlink broadband, and government contracts.
Nasdaq implemented a Fast Entry rule effective May 1, 2026 that allows mega-cap IPOs to be added to the Nasdaq-100 within 15 trading days if they land among the 40 largest components by market cap. SpaceX is expected to qualify immediately.
The number to watch: Bloomberg reported the valuation target has already been revised above $2 trillion since the initial April 1 filing. Polymarket prices the June listing at 65.5% probability. If SpaceX prices cleanly, it sets the floor for every AI listing that follows.
2. OpenAI: The $1 Trillion Question
Valuation target: ~$1 trillion
Filing status: No public S-1 on SEC EDGAR as of May 13, 2026. Goldman Sachs, JPMorgan, and Morgan Stanley in discussions as lead underwriters.
Revenue: $25 billion annualised as of end-February 2026
OpenAI has no public ticker and no filed S-1 as of this writing, but it has done almost everything else a company does before going public. In March 2026, it closed a $122 billion funding round at an $852 billion post-money valuation with anchor commitments from Amazon ($50 billion), NVIDIA ($30 billion), and SoftBank ($30 billion).
The company is generating $2 billion in revenue per month, with ChatGPT at 900 million weekly active users and over 50 million subscribers. Enterprise revenue makes up more than 40% of total revenue and is on track to reach parity with consumer revenue by end of 2026. OpenAI has told prospective investors it expects to generate $280 billion in annual revenue by 2030.
On the IPO preparation side, OpenAI has hired a chief accounting officer and an investor relations lead and held banker-selection meetings with JPMorgan, Morgan Stanley, and Goldman Sachs. CFO Sarah Friar has publicly said the company is preparing to act like a public company. The Wall Street Journal reported in January 2026 that OpenAI was exploring a possible late-2026 listing window.
The internal tension over timing is documented. Friar reportedly warned colleagues in late April that the company may not be ready for a 2026 listing if compute spending continues to outpace revenue. OpenAI generated $13.1 billion in revenue in 2025 and spent approximately $22 billion to do it. The company is projected to lose $14 billion in 2026 and does not expect to reach breakeven until 2029–2030. HSBC analysts estimate it may need over $207 billion in additional funding by 2030.
There are structural questions that will define the prospectus. OpenAI converted from a nonprofit to a public benefit corporation in 2025, creating governance complexity around mission obligations and shareholder rights. The Microsoft revenue-share agreement, reportedly granting Redmond 20% of revenue through 2030, is a structural overhang that the new $122 billion investor base will likely pressure to restructure before any listing.
The number to watch: ChatGPT’s market share in AI search dropped from 86.7% to 64.5% over the past 12 months as Google Gemini grew from 5.7% to 21.5%. Revenue is growing fast. Competitive position is narrowing.
3. Anthropic: The Fastest Revenue Growth in Enterprise Software History
Valuation target: ~$900 billion in active discussion; could exceed
Filing status: IPO targeted as early as October 2026; Goldman Sachs, JPMorgan, and Morgan Stanley in early talks
Revenue: $30 billion annualised as of early April 2026; FT sources indicate closer to $40–45 billion
Anthropic’s revenue trajectory is one of the most extraordinary in the history of enterprise software. The company ended 2024 at roughly $1 billion in annualised revenue. By end of 2025, $9 billion. By February 2026, $14 billion. By early April 2026, it crossed $30 billion in annualised revenue, representing approximately 1,400% year-over-year growth.
Bloomberg reported on May 12 that Anthropic is in talks to raise at least $30 billion at a valuation exceeding $900 billion, which would make it the most valuable AI startup in the world, surpassing OpenAI’s $852 billion mark. TechCrunch confirmed investor interest in a $50 billion round and reported the final valuation may exceed $900 billion given the demand. Dragoneer, General Catalyst, and Lightspeed Venture Partners are among the interested investors. Anthropic declined to comment. No term sheet has been signed.
The revenue growth is driven by two products. Claude Code hit $2.5 billion in annualised revenue in February 2026 alone, more than doubling since the start of the year. Cowork, a desktop automation tool for non-developers, is the second major driver. Anthropic also unveiled Claude Mythos through its Project Glasswing initiative in April, a model that autonomously discovered thousands of zero-day vulnerabilities across major operating systems and browsers, including a 27-year-old OpenBSD bug and a 17-year-old FreeBSD remote code execution flaw. Mythos has triggered high-profile meetings between the Trump administration, tech CEOs, and bank executives and is a primary reason Anthropic needs fresh compute capital now.
On infrastructure, Anthropic secured 5 gigawatts of computing capacity through a joint announcement with Google and Broadcom. Google separately confirmed plans to invest up to $40 billion in Anthropic. The company is also in early talks with Goldman Sachs, JPMorgan, and Morgan Stanley about an IPO that could come as early as October 2026, with an expected raise exceeding $60 billion. Early backers who invested in 2024 or before are reportedly skipping the current private round and waiting to cash out at IPO.
The number that defines the bull case: $30 billion in annualised revenue growing at roughly 1,400% year-over-year, with Claude now embedded in finance, legal, healthcare, and software development workflows. That is not a startup story. That is an infrastructure story.
4. Databricks: The Profitable AI Company Wall Street Actually Understands
Valuation target: $134 billion private; analysts project $150–$180 billion at
IPO Filing status: No public S-1 filed as of May 2026. S-1 expected in Q3 2026.
Revenue: $5.4 billion annualised run-rate confirmed by Databricks on February 9, 2026, growing 65% year-over-year, with positive free cash flow
Databricks is the most conventional IPO story in an unconventional pipeline. CEO Ali Ghodsi has said the company has been IPO-ready since 2020. It has 15,000+ global enterprise customers including Comcast, Shell, and HSBC. It recently hired Google and Salesforce veteran David Conte as CFO. It is growing at 65% year-over-year with positive free cash flow and a net retention rate exceeding 140%.
In December 2025, Databricks closed a $5 billion Series L at a $134 billion valuation, the largest private software funding round on record at the time, alongside $2 billion in debt capacity led by JPMorgan in January 2026. The company confirmed on February 9, 2026 that it had crossed a $5.4 billion annualised revenue run-rate, with AI-specific product revenue surpassing $1.4 billion, approximately 26% of total revenue.
As of May 2026, no public S-1 has been filed on EDGAR. Analysts broadly expect a filing in Q3 2026 with a public listing in late 2026 or early 2027.
What separates Databricks from every other name on this list is the unit economics. OpenAI and Anthropic are burning billions annually. Databricks is cash flow positive. Its main competitor Snowflake trades at roughly $58 billion in public markets. Databricks now generates more revenue than Snowflake at a valuation more than 2x higher. For public market investors who have grown cautious of loss-making unicorns, that distinction matters when pricing day-one.
The number to watch: $1.4 billion in AI-specific product revenue growing within a business that is already cash flow positive. For investors wary of AI companies that have never seen a profitable quarter, Databricks is the conservative position in the pipeline.
5. Cerebras: The First AI Chip IPO of 2026 — Pricing Today
Valuation: Up to $48.8 billion fully diluted at $150–$160 per share
Filing status: S-1 filed April 17, 2026; amended S-1 filed May 4; pricing May 13; Nasdaq listing May 14, ticker CBRS
Revenue: $510 million in 2025, up 76% year-over-year; $24.6 billion revenue backlog as of end-2025
Cerebras is the only company in this tracker whose IPO is happening today. The Sunnyvale-based AI chip maker filed its amended S-1 on May 4, 2026, offering 28 million Class A shares at $115–$125. Within a week, it raised the range to $150–$160 and increased the share count to 30 million in response to extraordinary demand. At the top of the new range, the offering raises approximately $4.8 billion and implies a fully diluted market cap of up to $48.8 billion. Reuters sources described the order book as more than 20 times oversubscribed.
The technical story centres on the Wafer-Scale Engine 3 (WSE-3), fabricated on TSMC’s 5nm process. At 46,225 square millimetres, it is 57 times larger than NVIDIA’s H100 GPU, with 4 trillion transistors, 900,000 AI-optimised cores, and 44GB of on-chip SRAM memory delivering 21 petabytes per second of bandwidth. The chip targets inference workloads requiring fast response times, which is where the AI hardware market has been rotating since 2025.
The centrepiece of the IPO case is a multi-year 750-megawatt compute supply agreement with OpenAI valued at over $10 billion. OpenAI separately loaned Cerebras $1 billion secured by warrants allowing OpenAI to buy over 33 million shares, creating structural alignment. Amazon Web Services has entered as a distribution channel through the AWS Bedrock platform.
This is Cerebras’ second attempt at going public. Its original 2024 filing was withdrawn after CFIUS opened a national security review of a minority stake held by UAE-based G42, which had accounted for more than 80% of Cerebras’ revenue in H1 2024. CFIUS cleared the deal in October 2025 after G42’s stake was restructured to non-voting shares. OpenAI and AWS are now the anchor customer relationships.
Morgan Stanley, Citigroup, Barclays, and UBS are the lead underwriters. The company reported $237.8 million in non-GAAP net income for 2025. On a GAAP basis, one-time items resulted in a net loss of $75.7 million. The $24.6 billion backlog as of end-2025, with management estimating 15% recognition across 2026 and 2027, implies roughly $1.85 billion in annualised revenue over those two years — more than triple the 2025 level.
What Happens When They All List in the Same Year
Combined potential demand from SpaceX, OpenAI, Anthropic, Databricks, and Cerebras is estimated at $100–$200 billion, exceeding the entire 2025 US IPO market by two to four times. Even with deep institutional capital pools, absorbing this volume in a single calendar year would test public-equity demand capacity in a way that has no modern precedent.
SpaceX prices in June. If it pops, the window opens for Anthropic and OpenAI in Q3–Q4. A stumble resets pricing expectations across the entire pipeline. Databricks, as the most financially conventional of the group, may find its own independent window regardless of how the AI model company IPOs perform.
Three structural factors are amplifying the stakes for every company in this pipeline.
Index inclusion: Nasdaq’s Fast Entry rule effective May 1, 2026 allows companies with a market cap within the top 40 of existing Nasdaq-100 components to be added within 15 trading days of listing. S&P Dow Jones Indices is separately considering fast-tracking mega-cap IPOs into the S&P 500 within six months, waiving both the 12-month seasoning and the profitability requirements. If SpaceX, OpenAI, and Anthropic all qualify, index funds become forced buyers within weeks of listing — creating structural demand that has no historical parallel.
Retail access: SpaceX’s planned 30% retail allocation is roughly three times the standard for an offering of this size. OpenAI’s CFO has described retail participation as “good hygiene” for a company of its size. These are set to be the most retail-accessible mega-IPOs in history.
Valuation anchor risk: SpaceX and OpenAI alone are expected to raise a combined $135 billion. At those sizes, every institutional portfolio manager in the world has to make an active allocation decision. The companies that execute cleanly on their first quarterly earnings report get the tailwind. The ones that slip on guidance or governance face a very different outcome.