After a strong 2025, many are wondering whether the S&P 500 and Nasdaq can maintain their momentum this year. One way to check is by looking at company earnings — and the early results look good. So far, about a third of companies have reported, and 75% have beaten EPS expectations. That’s a promising sign.
Another way to read the market is by looking at IPO activity.
Companies usually go public when they feel the market will value them fairly, so a busy IPO market often shows investor confidence. On that front, the news is encouraging — according to a recent EY report, 216 IPOs were completed in 2025, up from 176 in 2024 and far above the post-slump low of 90 in 2022.
Most importantly, expectations for 2026 are looking optimistic. Investors are hoping for higher-quality IPOs, and a few big names are already drawing attention — particularly OpenAI and SpaceX.
OpenAI is reportedly planning an IPO in Q4 2026. At the same time, it’s aiming to raise over $100 billion in a private deal with investors such as Nvidia, Microsoft, and Amazon, which could value the company at around $830 billion. The capital would help OpenAI solidify its lead in generative AI. By the way, Anthropic, the company behind the Claude AI agent, has also suggested it could go public by the end of the year.
As for Elon Musk’s company, if SpaceX goes public, it could become the largest IPO in history. Following its merger with xAI, SpaceX is valued at roughly $1.25 trillion. Proceeds from an IPO would likely support xAI’s efforts to catch up with — and possibly surpass — OpenAI.
Beyond these megacaps, other notable companies are also preparing to go public. In early January, Discord filed IPO paperwork, with some speculation that it could happen as early as March, paving the way for Discord stock to begin trading, assuming market conditions remain favorable. For instance, the company had considered an IPO back in 2021 but pulled back due to market volatility.
Strava, the fitness-focused app for serious athletes, is another name planning an IPO in 2026.
Overall, there seems to be no shortage of interesting opportunities — as long as market sentiment doesn’t suddenly shift. The recent pullback in the “Magnificent Seven” after Microsoft’s weaker-than-expected earnings, along with ongoing geopolitical risks, shows that reversals are always possible.
Still, if the rally continues and valuations stay reasonable, IPO investors could be in for some pleasant surprises.
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