The 2026 IPO pipeline is unlike anything public markets have seen in a decade. Anthropic filed confidentially with the SEC in June, targeting an October listing near $1 trillion. OpenAI is preparing bankers for a potential listing later this year. Canva — profitable for eight consecutive years, 260 million users, $3.5B+ ARR — has a major backer publicly saying it’s ready for a second-half 2026 listing.
The combined value of companies moving toward public markets in 2026 exceeds $3 trillion, per AI Funding Tracker. This guide covers the most important pre-IPO companies to watch — what they’re worth, when they might list, and how you can get exposure before they do.
Key takeaways
What are the best pre-IPO stocks to watch in 2026?
The most watched pre-IPO companies in 2026 are Anthropic (confidential S-1 filed, October target), OpenAI (late 2026 or 2027), Stripe (no confirmed timeline, profitable and in no rush), Canva (H2 2026 widely anticipated), and Databricks (waiting for the right window). Together they represent over $2 trillion in private market value.
Which pre-IPO company has the highest valuation in 2026?
Among still-private companies, Anthropic ($965B post-money Series H, May 2026) and OpenAI ($852B March 2026 round) are the two largest. Anthropic’s Series H marked the highest private company valuation in history at the time of the round, per CNBC.
What is the difference between pre-IPO equity and synthetic exposure?
Pre-IPO equity means buying actual shares in a private company — with legal ownership, lock-ups, accreditation requirements, and ROFR clauses that can block your transaction. Synthetic exposure means taking a market position on a private company’s valuation outcomes via prediction market contracts — no equity, no lock-up, no accreditation required, and positions can be entered or exited continuously. SOAR offers synthetic exposure to Anthropic, OpenAI, Stripe, and others.
How long before an IPO can you buy pre-IPO stock?
There is no fixed window. Secondary market transactions can happen years before an IPO if shares are available and the company permits them. SPV investments typically close 6–24 months before a listing. For companies like Anthropic with an active confidential S-1, the window between now and a public listing is likely months, not years — making timing more urgent than for companies with no filing.
What are pre-IPO companies?
Pre-IPO companies are private businesses that have not yet listed shares on a public stock exchange, meaning their equity is held by founders, employees, and private investors rather than traded openly on markets like the NYSE or Nasdaq.
Unlike public companies, pre-IPO companies are not required to file quarterly earnings, disclose detailed financials, or maintain a continuously quoted share price. Valuation is instead set periodically — through funding rounds, tender offers, and secondary transactions — rather than through continuous market trading. The U.S. Securities and Exchange Commission regulates the eventual public offering process, and companies planning to list must eventually file a Form S-1 registration statement — either publicly or, for many recent large private companies, confidentially first under the JOBS Act's confidential filing provisions.
Access to pre-IPO shares has historically been restricted to accredited investors — a status defined by the SEC as an individual with annual income above $200,000 ($300,000 jointly) or net worth above $1 million excluding a primary residence. This restriction exists because private companies are exempt from the same disclosure requirements as public companies, and regulators have historically treated accreditation as a proxy for an investor’s ability to evaluate and absorb that additional risk.
Why do companies stay private longer than they used to? The median time from founding to IPO has more than doubled since the 1990s, per PitchBook data — driven by the availability of large late-stage private funding rounds that let companies raise the capital they need without going public. Anthropic, OpenAI, Stripe, and Canva have all raised tens of billions in private capital, reducing the pressure to list for capital access alone. Companies now often go public for strategic reasons — employee liquidity, brand credibility, or acquisition currency — rather than out of financial necessity.
How to read this watchlist
Pre-IPO investing means different things at different stages. A company that has filed a confidential S-1 with the SEC is weeks to months from a public listing — a very different risk profile from one that is “expected to IPO in 2026” based on analyst speculation. This watchlist separates confirmed filings from anticipated listings, and it distinguishes between the access routes available to accredited investors and those open to everyone.
For each company we cover: current valuation, revenue run rate where known, IPO filing status, anticipated timeline, and how to get exposure before the listing.
One important note: this is not investment advice. Pre-IPO investing carries meaningful risks — illiquidity, valuation risk, ROFR clauses, dilution, and the real possibility that an IPO is delayed or never happens. Treat pre-IPO exposure as a high-risk, high-conviction allocation, not a guaranteed return.
Anthropic
Anthropic filed a confidential draft S-1 with the SEC on June 1, 2026, targeting a listing as early as October, per the Financial Times. The company raised $65 billion in its Series H in May 2026 at a $965 billion post-money valuation — the highest private company valuation in history at the time of the round, per CNBC.
Anthropic’s revenue trajectory is one of the most extraordinary in enterprise software history. The company had an $87 million revenue run rate in January 2024. By early April 2026, it had crossed $30 billion in annualised revenue — a 1,400% year-over-year growth rate, per AI Funding Tracker. At the time of the Series H, revenue was running at approximately $40–45 billion annualised, per FT sources.
Goldman Sachs, JPMorgan, and Morgan Stanley are in early IPO preparation talks, per AI Funding Tracker. The listing, if it proceeds on the October timeline, would test whether public markets are willing to support valuations approaching $1 trillion for a company in an early-stage, capital-intensive AI arms race with no clear winner yet.
What is Anthropic’s IPO price likely to be? No share count or price range has been set — the S-1 is still confidential. Any IPO price will depend on market conditions, the public S-1 disclosure, and investor appetite at the time of the roadshow. A near-trillion-dollar valuation leaves limited room for error relative to expectations baked in at the Series H.
OpenAI
OpenAI is generating approximately $25 billion in annualised revenue as of mid-2026 and is working with investment banks on a potential public listing, per AI Funding Tracker. CFO Sarah Friar has flagged late 2026 or 2027 as the most likely window, per The Information.
The company completed a $122 billion funding round in March 2026 at an $852 billion post-money valuation, per Bloomberg. Despite the revenue growth, OpenAI is projected to lose $14 billion in 2026 and does not expect profitability until 2029–2030, per AI Funding Tracker.
Key structural complications: the company converted from a nonprofit to a public benefit corporation in 2025, creating governance complexity around mission obligations. A Microsoft revenue-share agreement reportedly grants Microsoft 20% of revenue through 2030 — a structural overhang that large investors will pressure to restructure before any listing.
Polymarket traders are placing 73% odds on an OpenAI IPO by December 2026, with only 3% believing it will happen before July 31, per US News. OpenAI is the most-watched IPO name that hasn’t moved yet — and if it comes to market, it may be the first direct public benchmark for pure-play AI model company economics.
How does OpenAI’s valuation compare to Anthropic’s? OpenAI’s March 2026 round valued it at $852 billion; Anthropic’s May 2026 Series H valued it at $965 billion — making Anthropic the higher-valued company at the moment of writing, a reversal from their relative positions 12 months earlier. Anthropic is growing faster in revenue terms; OpenAI has higher absolute ARR.
Stripe
Stripe was valued at $159 billion in a February 2026 tender offer. The company processed $1.9 trillion in total payment volume in 2025 — up 34% year-over-year — and returned to profitability in 2024, generating approximately $2.2 billion in free cash flow, per Allocations.
Despite those numbers, Stripe’s co-founders Patrick and John Collison have repeatedly stated they are in no rush to go public. Patrick Collison told CNBC in February 2026 that “an IPO would be a solution in search of a problem” for a company that is self-funding and profitable. No S-1 has been filed. A 2026–2027 listing remains widely anticipated but has no confirmed timeline.
Stripe is the contrarian play on this list. It is profitable, growing, and in no hurry — which means any IPO, when it comes, is more likely to be on the company’s terms than driven by capital need. The flip side: without a capital need, there is no urgency, and Stripe may remain private longer than any other company on this watchlist.
Can retail investors buy Stripe shares before its IPO? Stripe shares circulate on secondary platforms like Forge Global and EquityZen, but availability is limited, ROFR provisions can block transactions, and accreditation is required. SOAR offers a non-accredited route to Stripe exposure via prediction market contracts on Stripe valuation outcomes — continuously priced, no minimum, no lock-up.
Canva
Canva is the most fundamentally sound company on this watchlist by conventional metrics. The Australian design platform has been profitable for eight consecutive years, reports $3.5 billion in annualised revenue growing approximately 35% year-over-year, and serves 260 million monthly active users across 190 countries, per company data and Stacked Review.
The company was valued at $42 billion in an August 2025 employee tender offer, implying a 12× ARR multiple — well below where Figma traded after its 2025 IPO. Blackbird Ventures, Canva’s largest backer, publicly told its LPs that Canva is “ready” for a second-half 2026 IPO, per Access IPOs. COO Cliff Obrecht told Bloomberg in November 2025 that an IPO is “imminent in the next couple of years.” No S-1 has been filed as of June 2026.
Canva hired Kelly Steckelberg — who guided Zoom through its IPO — as CFO in late 2024. The company has conducted three secondary transactions since April 2024, most recently in August 2025. The AI angle: Canva’s Magic Studio AI tools have generated over 800 million monthly interactions and the company acquired Leonardo AI for $370 million to build proprietary AI models, per Stacked Review.
What would Canva’s IPO valuation be? Analysts estimate a public market valuation of $75–150 billion depending on the revenue multiple assigned at listing. At Figma’s post-IPO multiple (approximately 35×+ ARR), Canva could list at well above $100 billion. At a more conservative 20× ARR, the valuation would be approximately $70 billion. The 2021 peak valuation was $40 billion, since recovered to $42 billion in secondary transactions.
Databricks
Databricks crossed $5.4 billion in annualised revenue in early 2026, with positive free cash flow — a rarity among high-growth private tech companies, per AI Funding Tracker. The company has no S-1 filed and has described itself as “waiting for the right window.”
At its last disclosed valuation of $62 billion (June 2024 fundraise), Databricks trades at approximately 11× ARR — a premium multiple reflecting strong growth and the tailwind of enterprise AI adoption. Databricks is the most conventionally valued company on this list — profitable, high ARR, strong NRR from enterprise customers — which makes it potentially the most accessible risk profile for investors who want AI without the near-trillion-dollar valuation attached to Anthropic and OpenAI.
Anduril
Anduril Industries is an autonomous weapons systems and AI-fuelled defence technology company backed by Andreessen Horowitz, which announced intent to raise an additional $4 billion for the company, per US News. The US Department of Defense is projected to spend $855.7 billion in 2026, providing a substantial government spending tailwind.
Anduril is expected to pursue an IPO in 2026 but has not filed. The company sits at the intersection of two of the most capital-intensive government priorities of the moment: AI and defence. It is the highest-uncertainty entry on this watchlist in terms of IPO timeline — but also the clearest beneficiary of a structural shift in government spending toward autonomous systems.
Discord
Discord confidentially filed with the SEC in early 2026, per Bloomberg. The company was last valued at $15 billion in 2021 and has approximately 200 million registered users. Discord generates revenue through its Nitro subscription and server boost products.
Discord is the most conventional consumer internet company on this watchlist — no AI thesis required, no near-trillion-dollar multiple to justify — which makes it the lowest-risk entry if it lists at a valuation close to or below its 2021 mark. A discount-to-2021-valuation IPO would be a rare opportunity in a year dominated by near-trillion-dollar AI listings.
How to get pre-IPO exposure without accreditation
Every company on this watchlist has restricted pre-IPO equity access to accredited investors. Secondary market platforms like Forge Global and EquityZen require accreditation and typically $10,000–$100,000 minimums. SPV structures require accreditation and typically $25,000+. Direct secondary purchases require accreditation and are subject to ROFR clauses the company can use to block any transaction.
SOAR offers a different route. Rather than buying equity, you trade synthetic positions via prediction market contracts on specific private company valuation outcomes — will Anthropic’s IPO price above $1 trillion? Will OpenAI list before the end of 2026? Will Stripe’s next valuation exceed $200 billion? Each contract is continuously priced by collective trader conviction, with no accreditation requirement, no minimum position size, and no lock-up.
This is not equity ownership — it is market exposure. You don’t receive shares, dividends, or voting rights. But for anyone who wants to actively trade around private company valuation events — IPO filings, funding rounds, revenue disclosures — without meeting accreditation thresholds or locking up capital for years, SOAR is the only mechanism that currently exists.
In May 2026, Polymarket’s implied valuation for Anthropic was $1.0765 trillion two days before its Series H printed at $965 billion — capturing 84% of the true repricing before the official announcement. The market knew. SOAR makes that knowable in real time.
Frequently asked questions
What is a pre-IPO stock?
A pre-IPO stock refers to shares in a private company that has not yet gone public. In the traditional sense, these are shares held by founders, employees, and early investors. In the broader sense used by retail investors, “pre-IPO stock” also covers secondary market transactions, SPV interests, and derivative instruments that provide economic exposure to private companies before they list.
How do you invest in pre-IPO companies?
The traditional routes — secondary markets, SPVs, angel syndicates — require accredited investor status and typically $10,000–$100,000 minimums. Prediction market contracts via SOAR require neither accreditation nor a minimum and provide continuous liquidity — but give market exposure rather than equity ownership.
What is the risk of pre-IPO investing?
Key risks include illiquidity (capital is locked until an exit event), valuation risk (the IPO price may be lower than your entry), ROFR risk (the company can block secondary transactions), dilution from future funding rounds, and timeline risk (the IPO may be delayed or never happen).
When will Anthropic IPO?
Anthropic filed confidentially with the SEC on June 1, 2026, and is targeting a listing as early as October 2026, per the Financial Times. No share count, price range, or confirmed listing date has been announced.
Is Canva going public in 2026?
Canva’s largest backer Blackbird Ventures has publicly said the company is “ready” for a second-half 2026 IPO. COO Cliff Obrecht called it “imminent in the next couple of years” in November 2025. No S-1 has been filed as of June 2026. The company is profitable and self-funding, meaning the timing is entirely at its discretion.
Trade the pre-IPO wave on SOAR
SOAR is the only platform where you can take positions on Anthropic, OpenAI, Stripe, and Databricks without accreditation, without lock-ups, and without waiting for an IPO. Prediction market contracts on valuation outcomes, funding rounds, and IPO timing — continuously priced, real-time, accessible to anyone.
Trading event contracts involves risk and may not be suitable for everyone. You could lose the funds used to enter any transaction. This article is for informational and educational purposes only and does not constitute investment, legal, or financial advice.