The year 2026 is shaping up to be one of the most active periods for global equity markets, with several high-profile companies preparing for listings that could rank among the largest in history.
From US artificial intelligence leaders accelerating their path to public markets to India’s most anticipated domestic offerings, investor appetite is building ahead of what could be a landmark year for initial public offerings.
Equirus Capital projects that India alone could see IPO fundraising reach $20 billion in 2026, supported by strong market fundamentals and a stable macroeconomic outlook.
Globally, the AI boom is also driving companies such as OpenAI and Anthropic toward potential listings as capital requirements escalate.
Below is a look at the major IPOs expected in 2026.
OpenAI
OpenAI is laying early groundwork for an IPO that could value the company at up to $1 trillion.
The ChatGPT maker is considering filing with regulators as early as the second half of 2026, with CFO Sarah Friar indicating to associates that the company is targeting a 2027 listing, though advisers say it could come sooner.
The potential offering follows a significant restructuring completed this week, creating a new corporate structure under the OpenAI Foundation, which now holds a 26% stake.
OpenAI’s rapid revenue growth—expected to reach an annualized run rate of $20 billion by year-end—is matched by mounting losses and rising capital needs, particularly as CEO Sam Altman pursues multi-trillion-dollar investments in AI infrastructure.
SpaceX
SpaceX is exploring an IPO as soon as late 2026, driven by the accelerating performance of its Starlink satellite-internet business and progress on its Starship rocket program.
The company is expected to generate $15 billion in revenue in 2025, rising to $22–24 billion in 2026, with Starlink accounting for the majority of sales.
A recent secondary offering set SpaceX’s valuation above $800 billion, with employees allowed to sell around $2 billion in stock.
Analysts say the valuation reset also positions the company for a smoother path to a public market debut.
If SpaceX were to sell 5% of its equity at current values, the IPO could exceed $40 billion, making it the largest in history.
Anthropic
Anthropic, the developer behind the Claude AI model, has hired law firm Wilson Sonsini in early December to prepare for one of the biggest IPOs ever, with a possible listing in 2026.
The company is also in talks for a private funding round valuing it between $300 billion and $350 billion.
According to reports, the round includes a combined commitment of $15 billion from Microsoft and Nvidia, underscoring the intense capital requirements driving the generative AI sector.
While discussions with investment banks remain preliminary, its investors view a public offering as a strategic opportunity for Anthropic to move ahead of its larger rival OpenAI.
Reliance Jio
Reliance Jio’s IPO is expected in the first half of 2026, according to Chairman Mukesh Ambani.
Speaking at Reliance Industries’ 48th AGM on August 29, 2025, Ambani said Reliance Jio is preparing to file for its IPO and is targeting a market listing in the first half of 2026, pending approvals.
Ambani told shareholders that the offering will showcase Jio’s ability to create value on par with global peers and present an attractive opportunity for investors.
With a proposed valuation of up to $170 billion, it would be one of the biggest offerings in India’s history.
Jio’s strong financial performance—ARPU at Rs 209 and a subscriber base exceeding 506 million—supports growing investor interest.
The company last listed a major business unit in 2006.
NSE
The National Stock Exchange (NSE) is also expected to complete its long-delayed IPO in FY26, pending a crucial no-objection certificate from Sebi.
Investors have been eagerly awaiting the IPO of India’s National Stock Exchange, the world’s largest multi-asset exchange and the second-biggest equity market globally.
NSE is also the top derivatives exchange and ranked sixth worldwide in market value among unlisted exchanges at the end of 2024, according to the WFE.
According to Motilal Oswal, applications for the IPO could open around March 2026, with a potential market debut by Q4 FY26, provided regulatory issues are resolved.
The exchange has seen soaring investor interest, with its public shareholder count rising to 157,000 by mid-2025.
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