But Wait, There’s More: IPOs Notch Standout Quarter as Giant Debuts Loom

The hype of 2021 markets — when companies from Rivian to Roblox went public — could be coming back after a multi-year lull. Several iconic upstarts will remember 2026 as the summer they turned public. 

Already, IPOs have marked their best first quarter in terms of volume since 2021’s post-pandemic banner year. It might have been even better, but public listings faltered as the Iran War prompted Clear Street Group and LiftOff Mobile to delay plans, and the number of US-listed IPOs hit a nearly yearlong low in March. However, Wall Street execs think the market is about to stage a comeback bigger than Justin Bieber’s Coachella show. 

Goldman Sachs CEO/DJ David Solomon said this week that he expects IPO activity to accelerate after its short spring break, while Morgan Stanley CEO (not /DJ) Ted Pick said some of the biggest companies are likely to lead the charge. 

Hot IPO Summer

SpaceX’s IPO, which is gearing up to be one of the largest-ever public listings, could go down as soon as June and ignite an explosion of other listings in its plume. AI giants OpenAI and Anthropic are reportedly targeting IPOs later this year.

This week, a slew of other companies made progress toward 2026 IPOs of their own: 

• Yesway, a convenience store chain focused on the center states of the US, shared its IPO plans Monday after delaying its listing in 2022. Additionally, biotech and pharma startups including Alama Biosciences, Kailera Therapeutics and REIT National Healthcare Properties launched IPO roadshows. Billionaire Bill Ackman also began marketing the public listing of his hedge fund, Pershing Square, which could raise up to $10 billion. 
• Kraken co-CEO Arjun Sethi confirmed at an event on Tuesday that the crypto exchange, last valued at more than $13 billion, had confidentially filed to go public. The company reportedly froze its IPO plans last month as market conditions put a chill on crypto prices, but now seems to think it’s the moment to strike. Last year, crypto companies including Gemini, Circle and BitGo went public, paving the IPO path for Kraken and, potentially, for other rumored crypto listings, including wallet-focused companies like MetaMask parent ConsenSys and Ledger.

Expensive Ambitions: Companies have stayed private for extended periods as they’ve grown their businesses with alternative funding, but with animal spirits buoying markets, massive startups are ready to dive in for fresh funds. The biggest companies eyeing IPOs could use the funds to fuel their grand plans, from meeting OpenAI’s massive AI compute needs to supporting SpaceX’s hopes of reaching the moon and Mars. And as multi-billion-dollar listings hit markets, they once again become a popular venue for smaller startups to tap into investors’ pro-IPO sentiment.