Tracker · IPO Watch

Upcoming IPOs: Every Major Debut on the Calendar

Q: What are the biggest upcoming IPOs?

OpenAI is the largest deal with a filing in, with valuation talk from roughly $730 billion to $1 trillion, followed by Databricks at a reported ~$134 billion target. Anthropic, Revolut, Anduril, Shein, Chime, Discord, and Figma are among the most anticipated names.

Q: Do IPOs make good investments?

Research on past decades of large, richly valued IPOs shows they have rarely beaten the market over the long run. Individual outcomes vary enormously, so understanding each deal matters more than buying the excitement.

The biggest IPO pipeline since 2021 is in motion — SpaceX already rewrote the record books, OpenAI has filed, and a queue of AI, fintech, and consumer giants is lining up behind them. This tracker follows every major deal by status: who’s listed, who’s filed, who’s expected, and who’s stuck. Updated as filings and pricing news break.

IPO Pipeline — Snapshot

Pipeline Value: ~$3.1T
Largest Done: SpaceX$75B raise
Largest Filed: OpenAI
AI Share of Pipeline: ~92%
Deals Tracked: 15+

Disclosure: This article contains referral and affiliate links. If you open an account or make a purchase through them, Wall Street Wit may receive compensation at no extra cost to you. IPO timelines, valuations, and terms change constantly and deals frequently slip or cancel — treat everything below as reported expectations, not commitments. This is educational content, not financial advice. See the full disclaimer at the bottom of this page.

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Join the free Wall Street Wit IPO Watch list — a plain-English breakdown of every major IPO before the first trade: what the company does, how the deal is structured, and the risks the roadshow won’t mention.

The IPO Tracker

Company	Status	Reported Valuation	What to know
SpaceX (SPCX)	Completed	~$1.78T	Priced at $135, raised a record $75B — the largest IPO in history. Full breakdown in our SPCX buying guide.
OpenAI	Filed	$730B–$1T talk	Confidentially filed; Wall Street expects a listing before year-end. The most-watched deal in the pipeline.
Databricks	Expected	~$134B	Targeting Q3 with Goldman and Morgan Stanley as joint leads; $5.4B revenue growing ~65% and free-cash-flow positive — the largest enterprise-software listing in years if it lands.
Anthropic	Rumored	Undisclosed	Widely reported to be weighing an IPO alongside its AI-lab rival; no filing yet.
Klarna	Filed	~$15B	NYSE filing submitted; the world’s largest BNPL provider with 150M consumers, back to profitability.
Revolut	Expected	Undisclosed	45M+ customers, $2.2B+ revenue, profitable; expected to list in London with a possible US secondary listing.
Anduril	Expected	Undisclosed	Defense-tech disruptor with a $5B+ contract backlog across the DoD and allies.
Chime	Expected	~$25B	The neobank heavyweight, long in the pipeline.
Shein	Expected	Undisclosed	The fast-fashion giant; listing venue and regulatory questions have followed this deal for years.
Discord	Expected	~$15B	The communications platform, frequently named in the H2 pipeline.
Figma	Expected	~$12B	Back on the IPO path after its blocked acquisition by Adobe.
ŌURA	Filed	Undisclosed	The smart-ring maker filed confidentially and plans to list later in the year.
Jersey Mike’s	Filed	Undisclosed	The sandwich chain filed confidentially — proof the window isn’t just for tech.
Cerebras	Delayed	Undisclosed	The AI chipmaker’s deal has been held up by a federal CFIUS review since its original timeline.
Clear Street	Withdrawn	Multi-billion target	Pulled its filing after trimming its price range — a reminder that pipelines slip.

Worth keeping in perspective: even in a strong year, fewer than half the companies in a pipeline like this typically list before year-end. Deals slip, valuations get cut, and filings get pulled — which is exactly why following status changes beats following hype.

The Theme of the Year: AI Everything

This isn’t a normal pipeline. Counting AI labs, AI infrastructure, and AI-compute providers, AI-adjacent companies represent the overwhelming majority of pipeline value — the most AI-concentrated IPO year on record. That concentration cuts both ways: it means historic deals when sentiment is strong, and it means the whole pipeline is exposed to a single narrative if AI enthusiasm cools. SpaceX’s debut — pitched partly as an AI-infrastructure story via xAI and orbital data centers — set the tone; how SPCX trades from here will influence every deal behind it, which is why our SPCX scenario analysis doubles as a read on the whole pipeline.

How to Actually Get Shares in an IPO

Three routes, in order of accessibility. First, buy after the debut like any other stock — simplest, but you pay the market price, pop included. Second, request shares at the offering price through a broker with an IPO access program; SpaceX normalized large retail allocations, and the deals behind it are likely to court retail the same way. Third, buy before the IPO entirely through private-market funds and secondary platforms — higher minimums, real restrictions, covered fully in our guide to how to buy pre-IPO stock.

Be Ready Before the Next Debut

Robinhood’s IPO Access lets eligible customers request shares in participating IPOs at the offering price — and the account takes five minutes to set up now, not the morning a deal prices. Sign up through a referral and get a free stock bonus.

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Frequently Asked Questions

What are the biggest upcoming IPOs?

OpenAI is the largest deal with a filing in — valuation talk has ranged from roughly $730 billion to $1 trillion — followed by Databricks at a reported ~$134 billion target. Anthropic, Revolut, Anduril, Shein, Chime, Discord, and Figma round out the most anticipated names, with SpaceX having already completed the largest IPO in history.

When is the OpenAI IPO?

OpenAI has confidentially filed, and Wall Street broadly expects a listing before the end of the year — but confidential filings don’t include dates, and timelines in this market slip routinely. Joining an IPO alert list is the practical way to catch the pricing news when it lands.

How do I buy IPO stock at the offering price?

Through a brokerage with an IPO access program, which lets retail customers request shares in participating deals at the offer price before public trading begins. Allocation is never guaranteed — demand for hot deals far exceeds supply — but it’s the only retail route to the institutional entry price.

Can I invest in these companies before they go public?

Sometimes. Accredited investors can buy many pipeline names on secondary marketplaces, and anyone can get indirect exposure through publicly traded funds that hold private companies — several hold OpenAI and Anthropic stakes today. Minimums, restrictions, and serious risks apply; see our full pre-IPO guide for the details.

Do IPOs make good investments?

The record is mixed at best: academic research on past decades of large, richly valued IPOs shows they have rarely beaten the market over the long run, even when first-day pops grabbed headlines. Individual outcomes vary enormously, which is why understanding each deal beats buying the excitement. Consider consulting a licensed financial advisor before investing.