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Following years of inactivity, the US IPO market is surging with 127 filings in Q1 2026, the third-highest quarter in three years, driven by easing interest rates and a massive backlog of private unicorns.
SpaceX has reportedly filed confidentially for a June 2026 IPO at a $1.75 trillion valuation; fueled by Starlink's 10 million subscribers, it could surpass Saudi Aramco as the largest public debut in history.
While mid-cap infrastructure firms like QumulusAI are already filing, AI industry giants OpenAI and Anthropic are eyeing late 2026 debuts.

The US IPO market in 2026 is shaping up to be a historic bottleneck break. After years of companies staying private longer, a combination of easing interest rates and a massive backlog of AI unicorns has created a highly anticipated, albeit selective, window for public debuts.

SpaceX Ready to Launch

Just last week news broke that SpaceX had confidentially filed to go public, meaning the financials of the company are not disclosed until later. SpaceX is reportedly eyeing a June 2026 listing, and is targeting a staggering $1.75 trillion valuation, seeking to raise between $50 billion and $75 billion. If successful, this would comfortably unseat Saudi Aramco as the largest IPO in history. What's driving this valuation? While the rocket business is steady, the valuation is heavily anchored by Starlink. In a post on X, the satellite internet provider confirmed they surpassed 10 million subscribers in February 2026 and are seeing revenues projected as high as $24 billion for this year.

The IPO Race Amongst AI Unicorns

OpenAI and Anthropic are also rumored to be eyeing public debuts in 2026. According to a recent report from The Information, however, there is reported tension at Open AI between CEO Sam Altman, who wants a Q4 2026 IPO, and CFO Sarah Friar. Friar has expressed concerns that the company isn't operationally ready and that slowing revenue growth might not yet support their $600 billion five-year spending plan. The company was recently valued at $852 billion after a $122 billion funding round. To shore up its "path to profit," OpenAI began running ads for non-premium users in February.

Fellow AI darling, Anthropic, is said to be considering an IPO as early as October 2026, potentially aiming to beat OpenAI to the public markets. It was valued at $380 billion in February. Bankers suggest they could raise over $60 billion, capitalizing on their perceived lead in enterprise-grade AI and coding models.

The 2026 IPO Bottleneck Breaks: From SpaceX to AI Unicorns