Headline: 2026 — the year of the “hectocorn”? Ten private tech giants that could IPO at $100bn+ (and why crypto traders should care)
If “unicorn” meant private startups worth $1bn, 2026 may be the year of the “hectocorn” — a rarer class of private companies that could list with valuations north of $100bn. A wave of US and European heavyweights, including AI flagships, space and defence ventures, fintech stalwarts and a major crypto exchange, are reportedly eyeing initial public offerings next year. How their listings perform could reshape investor sentiment around the AI boom, influence capital flows (including into crypto), and test whether the market is riding a bubble.
Why it matters for crypto audiences
- Kraken, one of the world’s largest crypto exchanges, is on the IPO watchlist and faces added regulatory timing risk tied to US politics. A major crypto exchange listing would be a bellwether for mainstream investor appetite for crypto-native businesses.
- The broader AI frenzy — and big-ticket IPOs like OpenAI and Anthropic — have driven risk-on market behavior that often spills into crypto markets. How these flotations fare could tighten or loosen liquidity for risky assets.
What’s shaping 2026 IPO hopes
Markets ended last year near record highs largely on an AI-driven rally, and investor demand for tech exposure remains strong. But geopolitical volatility (tariff threats and trade tensions have already rattled markets), last year’s US federal shutdown and government job cuts that delayed capital markets activity, and looming US elections all add uncertainty. Some companies allegedly postponed IPO plans because of earlier market disruptions; others might accelerate to beat political changes that could alter regulation, especially in crypto.
Ten hectocorn hopefuls likely to dominate 2026 IPO talk
Below are the companies most often mentioned as potential float candidates in 2026, with the key facts investors should know.
1) OpenAI
- Why it’s headline news: The company synonymous with mainstream AI interest after ChatGPT’s 2022 debut.
- Financials & scale: Still loss-making but has attracted major investors including Microsoft and SoftBank. Reported valuation jumped from $29bn in 2023 to roughly $500bn last year. Reuters has suggested a possible IPO valuation as high as $1tn.
- The pitch & the risk: OpenAI plans massive infrastructure spending — reportedly $1.4tn over the next eight years — and must convince markets that AI adoption will pay those costs back. Analysts call OpenAI the decisive test for whether the AI boom is sustainable or a bubble.
2) Anthropic
- What it does: San Francisco-based AI developer behind the Claude family of models and Claude Code.
- Valuation & funding: Recently signed a term sheet for a $10bn funding round that implied a $350bn valuation.
- People and politics: Many employees are tied to the effective altruism movement; a public listing could channel employee stock sales into philanthropic or political causes, with broader social implications.
3) SpaceX
- Why it’s watched: Elon Musk’s aerospace company reportedly reached an $800bn valuation in December and has been preparing for a public listing.
- Uncertainties: SpaceX’s CFO has cautioned that timing and valuation remain uncertain. Analysts note that geopolitical tensions and renewed interest in defence-linked tech could buoy investor demand, while Musk’s polarizing public profile adds unpredictability.
4) Kraken
- Crypto relevance: One of the world’s largest crypto exchanges (not to be confused with the UK energy firm spin-off).
- IPO status: Submitted paperwork for an IPO in November and was valued at roughly $20bn in private markets.
- Regulatory timing risk: Analysts warn Kraken may push to list before potential political shifts after the US midterms that could tighten crypto regulation.
5) Databricks
- What it sells: Enterprise tools for building AI agents and data-intensive applications.
- Growth & valuation: Revenue grew more than 55% last year and the company has been valued around $134bn. CEO Ali Ghodsi credits growth to businesses building AI on top of data platforms.
6) Canva
- The story: Australia’s SaaS design giant moved its parent domicile to the US to prep for a possible US listing.
- Scale: Valued at about A$65bn last year, Canva reports roughly 240 million users. Co-founders Melanie Perkins and Cliff Obrecht are among Australia’s wealthiest entrepreneurs.
- IPO status: The company says it has no IPO timeline to share.
7) Anduril
- Defence focus: A US defence-tech startup led by Palmer Luckey that supplies autonomous systems and sensors.
- IPO signals: Luckey has said a public listing is “definitely” in the cards, though the company gives no timeline. Analysts point to increased US defence spending as a potential catalyst for an offering.
8) Monzo
- Fintech angle: London-based challenger bank operating through a mobile app, with more than 12 million customers reported in 2025.
- IPO path: The bank reportedly worked with Morgan Stanley in 2025 to court investors for a potential 2026 IPO, though leadership changes (including CEO exit) complicated plans.
9) Bolt
- Mobility & payments: An Estonian ride-hailing and delivery rival to Uber, which has considered both EU and US listings.
- Financials: The company reported losses of more than €102m in 2024 and says any listing will depend on favourable market conditions.
10) Stripe
- Payment infrastructure: Founded by Patrick and John Collison, the payments giant has long been a fintech cornerstone.
- Valuation: Reported to have climbed back to about $107bn after a lower 2023 valuation. The company declined to comment on listing prospects.
What to watch next
- Market reception: If several of these names list at hundred-billion-dollar-plus valuations and sustain or grow their prices, it could validate the AI-driven rally and keep capital flowing into both tech and crypto. If they stumble, risk appetite could cool quickly.
- Regulation & politics: US elections and trade tensions could shift regulatory frameworks for crypto and tech — affecting timing and appetite for IPOs, particularly for crypto firms like Kraken.
- Liquidity & allocation: Large tech IPOs can absorb vast amounts of institutional and retail capital; where that capital flows (equities vs crypto vs private funding) will be a key theme for traders and investors.
Companies mentioned — Anthropic, Kraken, Monzo, SpaceX and Databricks — did not respond to requests for comment in the original reporting. Several firms, including Canva and Anduril, have said they have no IPO timelines to share.
Bottom line for crypto readers: 2026 could bring marquee listings that either reinforce or dampen the risk-on environment that has benefitted crypto. Kraken’s path to market, regulatory developments ahead of US elections, and the wider fate of AI “hectocorns” will be front‑row indicators to watch.
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