Greetings,

After a period of relative quiet, the IPO market is finally showing signs of a blockbuster recovery. We are seeing a significant shift as generational assets and older startups alike begin making concrete moves toward the public markets. At least eight U.S. venture-backed startups have already filed prospectuses or started the recruitment of bankers, signaling that the "wait and see" approach of the last few years is coming to an end.

In a bonus pick from last week, Valida Pau breaks down the companies leading this charge. What makes this upcoming cycle so interesting isn't just the sheer volume of deals, but the diversity of the players—ranging from fitness apps like Strava to massive AI infrastructure plays and even Elon Musk's SpaceX. Investors are clearly gearing up for what could be a historic year for technology listings.

Why it caught my eye:

• The AI Heavyweights are Moving: While many are watching the usual suspects, the focus is shifting to OpenAI and Anthropic. Both are expected to pick bankers soon, with Anthropic potentially leading the way to a public listing.
• Confidential Filings are Accelerating: Several household names have already moved quietly behind the scenes. Discord, Strava, and Kraken have all filed confidentially, with Discord and Kraken eyeing listings as early as the first half of 2026.
• The "SpaceX" Factor: SpaceX has signaled a listing target for the second half of the year. With a private valuation recently pegged at $800 billion, a public debut would be a massive liquidity event that could redefine market expectations for late-stage tech.

This report is an essential guide for anyone trying to map out where the tech economy is headed over the next eighteen months.

Best,

Jessica Lessin
Founder & Editor-in-Chief

Nine Tech IPO Contenders to Watch This Year

Initial public offering listings rebounded last year, though their performance—and a government shutdown—held back some startups' plans. Now investors are gearing up for a blockbuster IPO year, thanks to an expected listing of SpaceX as well as a smattering of older startups, such as Discord and Strava, that are finally making concrete steps to go public.

At least eight U.S. venture-backed startups have filed prospectuses, begun talking to bankers about a listing or told their staff they are planning for an IPO as early as this year. In addition, private equity firms are looking to offload some of the companies they have held for at least five years, such as Permira, Hellman & Friedman–backed Genesys, and Thoma Bravo–backed Proofpoint.

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