2026 could be the year of the 'hectocorn' as several tech firms eye $100bn-plus IPOs

Several US and European technology companies are being linked with initial public offerings in 2026 that could value them at more than $100bn, a shift commentators have dubbed the year of the "hectocorn". OpenAI, Anthropic, SpaceX and Stripe are among the names said to be considering listings.

Markets have surged on the back of the AI boom, and investors are expected to keep backing technology, even after last year’s turmoil. Some planned flotations were delayed or derailed by a US federal shutdown and job cuts at the market watchdog, and this year remains geopolitically choppy, with recent tariff threats over Greenland said to cast a shadow over shares.

Details vary by company: OpenAI is loss-making but has drawn investment from Microsoft and SoftBank and its valuation has jumped from $29bn in 2023 to $500bn last year; Reuters has said a float could value it as much as $1tn, and the company has committed to spending $1.4tn on infrastructure over the next eight years.

Anthropic has signed a term sheet for $10bn that puts its valuation at $350bn and has many employees aligned with the effective altruism movement. SpaceX was reported at an $800bn valuation in December, though its CFO told Reuters that timing and valuation remain uncertain. Databricks reported revenue growth of more than 55% last year and a recent valuation of $134bn.

Key Topics

Business, Openai, Anthropic, Spacex, Stripe, Databricks