Several large private technology companies have taken visible steps indicating their readiness for potential public listings. SpaceX, OpenAI, Anthropic and Databricks have each engaged in preparatory actions or public commentary suggesting that initial public offerings remain under consideration. While no formal filings have been submitted and timelines remain uncertain, the collective scale of these businesses signals renewed investor appetite for large, frontier technology platforms.
Together, the four companies represent combined private valuations exceeding $2.0Tn. This level of aggregate value reflects both the maturation of AI infrastructure and enterprise data platforms and a broader reopening of equity capital markets following several years of constrained issuance. From 2022 through 2024, elevated interest rates, compressed public valuations and cautious investor sentiment delayed listings across the technology sector. Recent market conditions suggest that some of the largest private issuers are reassessing public market access as a strategic option.
SpaceX Signals 2026 IPO Plans
Public commentary from SpaceX leadership and internal communications have indicated that a public listing remains under consideration. On December 10, 2025, CEO Elon Musk replied “accurate” to a social media post by Ars Technica Senior Space Editor Eric Berger discussing the likelihood of a SpaceX IPO. In a December 12, 2025 internal memo, the company’s chief financial officer confirmed to employees that a public offering could occur at some point in 2026, while emphasizing that both timing and execution remained highly uncertain.
According to Bloomberg, SpaceX has discussed valuations approaching $1.5Tn, which would place it among the most valuable publicly traded companies globally. Recent internal share buybacks were executed at $421.00 per share, implying an equity valuation of approximately $800Bn. This compares with an implied valuation of approximately $420Bn earlier in 2025.
SpaceX generated approximately $15Bn in revenue during 2025. Analysts at Payload Space have projected revenue growth exceeding 50%, with estimates ranging from $22Bn to $24Bn in 2026. Starlink now accounts for roughly 70% of total revenue and serves more than 8 million subscribers globally. Management has indicated that proceeds from any public offering would support continued infrastructure investment, including satellite-based data capacity supporting AI computing workloads.
OpenAI Restructures for Public Markets
OpenAI completed a significant corporate restructuring in late 2025, converting its operating entity into a public benefit corporation while retaining oversight from its nonprofit foundation. The reorganization established a governance structure compatible with public market requirements while preserving the company’s stated mission framework.
According to Reuters, advisors have been engaged to prepare for a potential IPO that could value the company at up to $1.0Tn. Regulatory filings could occur as early as the second half of 2026, with a public listing potentially following thereafter.
OpenAI’s most recent secondary share transaction in October 2025 implied a private valuation of approximately $500Bn, positioning the company as the most valuable private technology enterprise globally. Management has indicated that revenue could approach $30Bn in 2026, though operating losses remain material and profitability is not expected until 2029 or later.
Anthropic Engages IPO Advisors
Anthropic has hired Wilson Sonsini to prepare for a potential IPO, according to the Financial Times, and has held preliminary discussions with major investment banks. A company spokesperson confirmed that no final decision has been made regarding timing or whether a public offering will proceed.
In January 2026, Anthropic was reported to be raising $10Bn at a $350Bn valuation, nearly doubling the $183Bn valuation achieved in September 2025. The funding round has been associated with strategic commitments totaling up to $15Bn from Microsoft and NVIDIA. Anthropic has also entered into agreements to purchase approximately $30Bn of compute capacity from Microsoft Azure.
The Company projects annualized revenue to more than double in 2026, with estimates ranging from $20Bn to $26Bn. Enterprise customers represent approximately 80% of revenue across more than 300,000 business accounts. Management has indicated that cash flow breakeven could occur by 2028, potentially earlier than certain peers.
Databricks Positioned for 2026 Debut
Databricks closed a $4Bn Series L financing round in December 2025 at a $134Bn valuation. CEO Ali Ghodsi has stated publicly that an IPO remains under consideration, noting that internal governance, audit readiness and financial controls are aligned with public market standards.
In January 2026, the Company secured an additional $1.8Bn in debt financing, bringing total debt capacity above $7Bn. Databricks reported an annualized revenue run rate of approximately $4.8Bn in Q3 2025, representing year-over-year growth exceeding 55.0%. The company has achieved positive free cash flow over the trailing twelve months and maintains net revenue retention above 140%.
IPO Market Recovery Creates Favorable Window
These potential offerings emerge as global IPO activity recovered meaningfully during 2025. According to Ernst & Young, 1,259 companies completed IPOs globally during the year, with issuance volume increasing 32% to $163.3Bn. U.S. IPO proceeds reached $33.6Bn, representing the strongest annual total since 2021.
Technology, media and telecommunications led sector activity, with AI-focused issuers receiving strong investor interest. CoreWeave’s March 2025 IPO, which raised $1.5Bn and subsequently appreciated more than 100%, demonstrated renewed public market demand for AI infrastructure businesses.
The scale of potential offerings from SpaceX, OpenAI, Anthropic and Databricks raises questions regarding market absorption. Combined proceeds could exceed total U.S. IPO issuance from 2025. Historically, periods of large, concentrated IPO activity have coincided with shifts in capital allocation across asset classes. Market reception to these transactions may provide insight into broader sentiment toward growth equities and technology valuations.
How This Could Affect the Broader Market and the Technology Sector
Public listings by these companies could create ripple effects across their respective competitive landscapes. For the first time, detailed financial disclosures required by public company reporting standards would reveal the underlying economics of frontier AI development, satellite internet operations and enterprise data platforms. Competitors, partners and customers who have previously relied on estimates would gain access to audited financials, segment breakdowns and forward guidance. Additionally, existing public companies in adjacent spaces may experience valuation effects – Snowflake, for example, could face direct comparison once Databricks begins trading.
The scale of these potential offerings also raises questions about market absorption. Combined proceeds could exceed the total raised by all U.S. IPOs in 2025. Historically, large IPO waves have coincided with shifts in capital flows across asset classes. The reception these listings receive – whether strong, weak or mixed – may serve as an indicator of broader market sentiment toward growth equities and technology valuations heading into the latter half of the decade.
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