The Rise of the 'Hectocorn': Tech Giants Poised for Historic IPOs in 2026
Move over unicorns – 2026 is shaping up to be the year of the 'hectocorn', with several major technology companies potentially floating on stock markets at valuations exceeding $100 billion. This new breed of corporate giants, valued at over one hundred times the mythical $1 billion unicorn benchmark, could redefine the landscape of public offerings. According to Reuters, OpenAI stands at the forefront of this trend, with speculation that an initial public offering could see the artificial intelligence pioneer valued at a staggering $1 trillion.
Market Dynamics and Geopolitical Challenges
The success or failure of these anticipated flotations could significantly influence perceptions about the artificial intelligence race and whether current market enthusiasm represents sustainable growth or speculative bubble. Many companies had reportedly planned IPOs last year that were delayed or derailed by the US federal shutdown and sweeping government job cuts affecting market regulators. This year presents its own challenges, with geopolitical volatility including former President Trump's tariff threats against European allies creating uncertainty in financial markets.
Despite last year's turmoil, markets soared to near-record highs driven by the artificial intelligence boom, and investors continue to place substantial bets on transformative technology. The enthusiasm appears poised to support what could become the most significant wave of technology IPOs in recent memory.
Leading Contenders for 2026 IPOs
OpenAI
The San Francisco-based company has become synonymous with artificial intelligence since triggering global fascination with the November 2022 launch of ChatGPT. Despite operating at a loss, OpenAI has attracted substantial investment from Microsoft and SoftBank, with its valuation skyrocketing from $29 billion in 2023 to $500 billion last year. The company has committed to spending $1.4 trillion on infrastructure over the next eight years, creating both immense potential and significant investor scrutiny about its path to profitability.
Anthropic
Another San Francisco artificial intelligence startup behind the Claude chatbot, Anthropic recently signed a term sheet for a $10 billion funding round that values the company at $350 billion. Like OpenAI, it has yet to turn a profit. The company's connection to the effective altruism movement adds an interesting dimension, with speculation that successful employee cash-outs could channel substantial funds toward philanthropic causes aligned with this philosophy.
SpaceX
Elon Musk's aerospace company reportedly reached an $800 billion valuation in December and is preparing to go public, though timing and valuation remain uncertain according to company statements. The intersection of technology, aerospace, and defence could prove appealing to investors amid geopolitical volatility, though Musk's personal reputation and Tesla's performance create additional variables for market analysts to consider.
Stripe
The online payment processing company founded by Irish brothers Patrick and John Collison has long been a cornerstone of financial technology. After seeing its valuation rebound from $50 billion in 2023 to $107 billion last year, Stripe represents another potential heavyweight in the anticipated IPO wave.
Additional Notable Contenders
Kraken
One of the world's largest cryptocurrency exchanges submitted IPO paperwork in November with an approximate $20 billion valuation. The company faces potential regulatory uncertainty depending on the outcome of US midterm elections and possible shifts in cryptocurrency policy.
Databricks
Specialising in helping customers build AI agents using their own data, Databricks achieved a $134 billion valuation last month following revenue growth exceeding 55% in the previous year.
Canva
The Australian software design company, now domiciled in the US in preparation for a potential flotation, was valued at A$65 billion last year. With 240 million users and co-founders ranking among Australia's wealthiest individuals, Canva represents a significant player in design technology.
Anduril
The defence technology startup has confirmed plans to become publicly traded, though without providing a specific timeline. Analysts suggest that increased defence spending announcements could accelerate these plans.
Monzo
The London-based digital bank reported more than 12 million customers in 2025 and was reportedly working with Morgan Stanley on IPO preparations last summer, though leadership changes have complicated the timeline.
Bolt
The Estonian ride-hailing rival to Uber lined up IPO advisers last year despite reported losses exceeding €102 million in 2024. The company is reportedly considering whether to list in the European Union or United States.
As these companies navigate complex market conditions and investor expectations, their collective decisions will determine whether 2026 truly becomes remembered as the year when 'hectocorns' transformed from financial mythology to market reality.
