The yr of the ‘hectocorn’: the $100bn tech corporations that would float in 2026

[ad_1] Y ou’ve most likely heard of “unicorns” – expertise startups valued at greater than $1bn – however 2026 is shaping as much as be the yr of the “hectocorn”, with a number of US and European corporations probably floating on inventory markets at valuations over $100bn (£75bn).

OpenAI, Anthropic, SpaceX and Stripe are among the many large names mentioned to be contemplating an preliminary public providing (IPO) this yr.

The success of their flotations – whether or not the shares keep their worth, rise or fall – may form issues concerning the AI race and whether or not the ensuing market mania is a bubble.

Some could have had plans to drift final yr that had been delayed or derailed by the US federal shutdown and sweeping authorities job cuts hitting the market watchdog. This yr is shaping as much as be equally geopolitically uneven, with Trump’s newest tariff threats towards European allies over Greenland casting a shadow over shares this week.

Nevertheless, regardless of final yr’s turmoil markets soared to near-record highs on the again of the AI growth, and buyers are anticipated to maintain betting large on the expertise for now. Listed below are 10 of the businesses more than likely to reap the benefits of that enthusiasm with an IPO.

OpenAI The San Francisco-based firm is synonymous with AI, having triggered a frenzy of public curiosity within the topic with the launch of the ChatGPT chatbot in November 2022. It's a loss-making enterprise however has attracted funding from large names together with Microsoft and the Japanese group SoftBank, and its valuation has boomed from $29bn in 2023 to $500bn final yr. If OpenAI floats it could possibly be valued at as a lot as $1tn, in keeping with Reuters.

Underpinning these numbers is a hope that demand for AI, and the transformative influence of its adoption by workplaces and people, greater than pays again the multitrillion-dollar funding within the datacentres and laptop chips that assist it. OpenAI is dedicated to spending $1.4tn on such infrastructure over the subsequent eight years, however should persuade buyers it might pay that again.

“OpenAI is clearly the only largest take a look at for the whole AI financial system, the bubble thought and whether or not it’s all constructed on sand,” mentioned Neil Wilson, an analyst at Saxo Capital Markets.

Anthropic Like OpenAI, the San Francisco-headquartered startup behind the chatbot Claude and the now wildly widespread Claude Code can also be but to show a revenue. This month, the corporate signed a time period sheet for a $10bn funding spherical that places its valuation at $350bn.

If Anthropic floats, it could have ramifications that transcend the AI race. A lot of its staff are aligned with the efficient altruism motion, and energetic dialogue on web boards suggests that cash may pour into causes aligned with this motion if its staff money out.

The status of the proprietor of SpaceX, Elon Musk, may complicate a possible itemizing. {Photograph}: John Raoux/AP SpaceX Elon Musk’s firm reportedly reached a $800bn valuation in December and is making ready to go public. Nevertheless, “whether or not it really occurs, when it occurs, and at what valuation are nonetheless extremely unsure”, in keeping with feedback from its chief monetary officer, Bret Johnsen, in a letter obtained by Reuters.

On the one hand, geopolitical volatility is prone to make the nexus between tech, aerospace and defence extra interesting to buyers, mentioned Mike Bellin at PricewaterhouseCoopers. This may occasionally have ramifications for SpaceX. On the opposite, Elon Musk’s status, and that of Tesla, make the result of the IPO considerably tougher to foretell, mentioned Mark Moccia, an analyst at analysis agency Forrester, though he expects “an enormous mixture of institutional and retail buyers”.

“SpaceX particularly is what retail buyers are homing in on this yr because it’s bought the thrill and it’s Musk,” mentioned Neil Wilson, an analyst at Saxo Capital Markets.

Kraken One of many world’s largest crypto exchanges – to not be confused with the software program spin-off of the UK vitality agency Octopus – Kraken submitted its paperwork for an IPO in November, and was valued roughly at $20bn. The crypto agency may face a race to drift its inventory earlier than this yr’s US midterm elections, say analysts, as there's a danger political adjustments within the US reverse Trump’s laissez-faire method to crypto regulation.

Databricks This firm helps prospects to construct AI brokers – instruments that perform duties autonomously – utilizing their very own knowledge. Its income grew greater than 55% final yr and final month it achieved a valuation of $134bn.

Ali Ghodsi, Databricks’ chief govt, says the corporate’s progress charge is because of companies constructing “data-intensive functions that use AI”.

Canva A vibrant mild of Australia’s tech business, Canva was valued final yr at $A65bn, though it has moved its father or mother firm domicile to the US to be able to put together for a flotation. The Sydney-based software program design firm, which calls its staff “Canvanauts”, has 240 million customers and two of its co-founders – the spouse and husband group Melanie Perkins and Cliff Obrecht – are sixth on the Australian wealthy listing, in keeping with the Monetary Overview, with a mixed fortune of $14bn.

A Canva spokesperson mentioned it had “nothing to share by way of an IPO timeline”.

Anduril Palmer Luckey, the chief govt of the defence-tech startup, has mentioned Anduril is “undoubtedly going to be a publicly traded firm”, however has not given a timeline. Analysts cite the corporate’s shut ties with the Trump administration and Trump’s resolution to hike navy spending as elements which will push it in the direction of an providing this yr.

“Trump’s 50% enhance in defence spending announcement must be the inexperienced mild to go for it,” mentioned Wilson.

An Anduril spokesperson mentioned “we don’t have a timeline for IPO” and referred to as rumours a few 2026 flotation “pure hypothesis”.

The digital financial institution Monzo had greater than 12 million prospects final yr. {Photograph}: Monzo/PA Monzo Monzo is a web-based financial institution that operates totally by means of a cell app. It reported greater than 12 million prospects in 2025.

The London-based fintech – the jargon for tech companies that provide monetary companies like banking or funds – was reportedly working with Morgan Stanley final summer season to satisfy buyers earlier than a 2026 IPO – however this was later sophisticated by the exit of its chief govt, TS Anil.

Bolt The Estonian rival to Uber, Bolt lined up an adviser for an IPO final yr. The corporate has had a tough few years, nonetheless, with reported losses of greater than €102m in 2024. The corporate is reportedly contemplating whether or not to listing within the EU or the US.

A Bolt spokesperson mentioned: “Any date for itemizing will depend upon beneficial market situations, which stays a major consider figuring out when Bolt goes public. Our groups are working to make sure the enterprise is able to IPO, ought to market situations be proper.”

Stripe The web fee processing firm was based by the Irish brothers Patrick and John Collison in 2010. It has headquarters in California and Dublin and has lengthy been a cornerstone of fintech. Final yr it was reported that Stripe had attained a valuation of $107bn, a bounceback from when it was valued at $50bn in 2023. A Stripe spokesperson declined to remark.