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- SpaceX raised $75 billion in June 2026, becoming the largest IPO in financial history. Cerebras delivered a 68% first-day surge, then sold off sharply after its first earnings report; a reminder of how quickly public market enthusiasm can turn.
- OpenAI and Anthropic have both filed confidentially for US listings, though neither has confirmed a date. OpenAI may delay to 2027 due to market conditions and profitability concerns.
- For UAE-based traders, Etihad Airways is the most relevant name in the regional IPO pipeline, though no listing timeline has been confirmed.
When SpaceX priced at $135 per share on June 11 and opened on Nasdaq the following morning, not only did it set a record, it changed the conversation about what a public listing could look like in 2026. ⁽¹⁾
The raise totalled $75 billion at a $1.77 trillion valuation, putting it above Tesla in US market capitalisation on its first day. Shares closed up 19% at $161. By June 16, the stock peaked at $225, briefly pushing SpaceX’s market cap toward $2.8 trillion before the price settled down. ⁽²⁾
Cerebras, the AI chip maker, also debuted this year, surging 68% on its first day, then sold off sharply after its first earnings report as investors reacted to weaker margin guidance. ⁽³⁾
The two stories define the current IPO climate. The market window is open, but public scrutiny is harder to manage than private enthusiasm. SpaceX may have been the headline listing, but several major companies could be preparing to follow.
Here are the companies traders should have on their IPO radar.
OpenAI
For many investors, OpenAI remains the defining name in the generative AI story. It is the company behind ChatGPT, and its IPO timeline has been tracked with an intensity that few technology listings ever attract.
The company filed a confidential S-1 in May 2026, with Goldman Sachs and Morgan Stanley leading the process. ⁽⁴⁾ Revenue is running at approximately $2 billion per month, and OpenAI has been targeting a valuation somewhere between $850 billion and $1 trillion, a number that would make it one of the largest listings in history by the time it arrives.
The timing, however, is becoming less certain. Recent reports suggest OpenAI may push its listing to 2027, with management weighing how public investors will approach a valuation of that scale against a cost structure that remains deeply challenging. ⁽⁵⁾
The company loses an estimated $1.22 for every dollar it earns, with a projected $14 billion operating loss in 2026. Reuters has reported that OpenAI does not expect to reach profitability until 2030. ⁽⁶⁾
The investment case is not hard to articulate. The brand recognition is unmatched in consumer AI, revenue is growing fast, and the company’s position in generative AI is well established.
The harder question, and the one public markets will press on, is whether any of that justifies a trillion-dollar valuation when sustained profitability is still the better part of a decade away.
Anthropic
Anthropic filed confidentially for a US IPO in June 2026. No listing date has been confirmed, and no final valuation for the public offering has been announced.
What the company has shown is a striking pace of commercial growth. Run-rate revenue rose from $9 billion at the end of 2025 to $47 billion by late May 2026 ⁽⁸⁾, driven largely by enterprise adoption of Claude. Anthropic is projecting its first quarter of positive operating income in Q2 2026, a milestone that distinguishes it, at least for now, from its closest rival.
The caveat is a significant one. The company has signalled that planned spending on AI computing infrastructure in late 2026 and into 2027 will likely push results back into the red.
The economics of staying competitive in frontier AI remain punishing, and investors considering a public position will need to weigh strong enterprise momentum against a capital expenditure profile that makes durable profitability far from guaranteed.
Timing remains an open question. The enterprise story is real. Whether public markets get to price it this year or next is still unclear.
Databricks
Databricks is a different kind of AI story. It is not a consumer-facing brand.
It is the infrastructure layer that sits beneath many AI applications; the platform that helps businesses organise, analyse, and use large amounts of data to build AI-driven products.
That makes it less of a household name, but potentially more appealing to investors looking for a clearer business model.
The company was valued at $134 billion in its December 2025 funding round. ⁽⁹⁾ Annualised revenue stands at $6.9 billion, growing over 80% year on year. Unlike OpenAI or Anthropic, Databricks is already cash-flow positive.
CEO Ali Ghodsi has confirmed a public listing is on track, with late 2026 or early 2027 the most likely window, but no formal date has been set. ⁽⁹⁾
If private markets continue to offer favourable terms, Databricks may see no urgency to rush to public markets.
When it does list, it may appeal to a different investor profile, one focused on enterprise software fundamentals and recurring revenue, rather than AI brand momentum.
Gulf IPOs
For UAE-based traders, the name that commands the most attention in the regional pipeline is Etihad Airways.
The airline has confirmed it is operationally ready for a listing. But its CEO, Antonoaldo Neves, has been deliberate in drawing the line between operational readiness and a decision that ultimately sits elsewhere.
“IPO is a shareholder decision; it is not for management to comment,” he said. No announcement has been made on the Abu Dhabi Securities Exchange, and no timeline is on the table. ⁽¹⁰⁾
The broader GCC picture reflects a structural shift that goes beyond any single listing. Saudi Arabia has dozens of applications in the pipeline, with the push underpinned by Vision 2030 and a deliberate effort to build domestic capital markets that are less dependent on oil revenues. ⁽¹¹⁾
Final Thoughts
SpaceX reopened the conversation about what a landmark public listing looks like. Cerebras showed that first-day enthusiasm can fade quickly once public investors start scrutinising the numbers.
What follows is a pipeline of companies at very different financial stages. Traders are keeping the following names on their radar.
- OpenAI: the biggest AI brand, but profitability is not expected until 2030 and the IPO may not arrive until 2027.
- Anthropic: strong enterprise momentum and rapid revenue growth, but no confirmed listing date and heavy infrastructure spending ahead.
- Databricks: enterprise AI infrastructure with positive cash flow and a clearer business model, but no confirmed IPO timeline.
- Etihad and Gulf listings: regionally significant, but timing depends on shareholder decisions and broader market conditions.
The question for each name is whether the business model holds up once public scrutiny begins.
