From AI infrastructure to pet care, semiconductors, and gold exploration, here are the five top candidates most likely to list on the ASX in 2026.

What is an Initial public offering (IPO)?

1. Firmus Technologies

Firmus Technologies is building AI-powered data centre infrastructure in Tasmania, and it may be one of the most strategically positioned tech companies in Australia right now.

Firmus is an Nvidia Cloud Partner and has joined the GPU maker's Lepton marketplace. The company has designed its modular, liquid-everywhere AI Factory platform to evolve with Nvidia's latest architectures, including Nvidia Spectrum-X Ethernet networking.

A September 2025 raise of A$330m closed at a post-money valuation of A$1.85 billion for the company. By November 2025, after a further A$500m raise, that valuation had trebled to approximately A$6 billion. 

A subsequent A$100m investment from Maas Group in early 2026 confirmed the November valuation. Firmus is reported to be contemplating an ASX IPO within the next 12 months and, given the A$6 billion private valuation, any public raise is expected to be well above A$1 billion.

With Australia's growing demand for sovereign AI compute capacity and Tasmania's cool climate and renewable energy advantage for large-scale data centre operations, Firmus stands as one of the largest-scale ASX IPO candidates in 2026.

However, although market interest in Firmus appears to be growing, timing is everything when it comes to IPOs. Watch for confirmation of exact IPO timing, AI data centres sentiment, and whether Nvidia signals deepening its involvement as a strategic anchor investor post-listing.

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2. Rokt

Sydney-founded Rokt has quietly become one of Australia's most valuable private tech companies. The e-commerce adtech platform aimed at helping brands monetise the “transaction moment” is now valued at ~US$7.9 billion.

A term sheet prepared by MA Financial projected an exit share price of US$72 under base-case scenarios, when shares are freed from escrow in November 2027. 

Rokt is expected to potentially dual-list in the US and on the ASX in 2026, possibly as soon as the first half of the year. IG The most widely discussed structure is a primary Nasdaq listing with an ASX CDI (CHESS Depositary Interest) structure for Australian investors, rather than a full dual listing.

Rokt’s revenue for the year ending August 2025 is projected at US$743m (up 48% year-over-year), with EBITDA forecast at US$100m and a gross profit margin of approximately 43%. It is currently projected to cross the $US1 billion annual revenue milestone by August 2026.

Amazon, Live Nation, and Uber are all reported to be Rokt customers, and the company has expanded rapidly across North America and Europe.

Whether Rokt opts for a primary Nasdaq listing with an ASX CDI structure, or a full dual listing, could significantly affect liquidity and local investor access.

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3. Greencross

Greencross, the business behind Petbarn, City Farmers, and Greencross Vets, is preparing to relist on the ASX after being taken private by US private equity firm TPG in 2019. 

TPG currently owns 55% of Greencross, while AustralianSuper and the Healthcare of Ontario Pension Plan (HOOPP) hold the remaining 45%. 

The company reported revenue of A$2 billion for the 2025 financial year, a modest increase from A$1.95 billion in 2024. TPG paid A$675 million in equity value for the business in 2019; it sold a 45% stake in 2022 at a valuation of more than A$3.5 billion. The proposed IPO implies a valuation of more than A$4 billion.

TPG is targeting an initial public offering of at least A$700 million. The IPO will mark Greencross's return to the ASX after an eight-year absence. TPG's relatively small raise size suggests the firm is banking on strong aftermarket performance before fully exiting.

TPG's exit timeline announcement is still a watch for whether a 2026 IPO is on the cards. And whether the company pursues a traditional IPO or a trade sale, which remains an alternative path.

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4. Morse Micro

Morse Micro is a Sydney-based semiconductor company developing Wi-Fi HaLow chips designed for IoT applications across agriculture, logistics, smart cities, and industrial monitoring.

Morse Micro held a Series C round in September 2025, raising US$88 million, followed in November 2025 by a US$32 million pre-IPO raise, taking total funding to over A$300 million. 

It is targeting an ASX listing in the next 12–18 months. The Series C was led by Japanese chip giant MegaChips and the National Reconstruction Fund Corporation.

Global IoT device connections forecast to exceed 30 billion by 2030, and Morse Micro would be a rare ASX-listed pure-play semiconductor company, which could attract significant interest from tech-focused fund managers.

Morse Micro’s Revenue traction with tier-one hardware partners ahead of listing is a watch, and whether the company seeks a concurrent US listing given the depth of US semiconductor investor appetite.

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5. Bison Resources

Bison Resources is a newly incorporated US-focused gold and precious metals explorer currently in the middle of its ASX IPO. 

The offer closes on 20 March 2026, with an ASX listing targeted for mid-April 2026. At an indicative market capitalisation of A$13.25 million on full subscription, Bison is the most speculative name on this list by a significant margin.

The company holds four exploration projects in north-east Nevada, within the Carlin Trend (one of the world's most prolific gold-producing belts), responsible for approximately 75% of US gold output. 

The IPO seeks to raise A$4.5 to A$5.5 million (22.5 to 27.5 million shares at A$0.20 per share). The team has prior experience at Sun Silver (ASX: SS1) and Black Bear Minerals, giving it a track record in ASX junior mining listings out of Nevada.

Global IPOs: What are the biggest IPOs happening globally in 2026?

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Bottom line

Australia's 2026 IPO calendar spans the full risk spectrum. A Nvidia-backed AI infrastructure play, a billion-dollar e-commerce platform, and a junior gold explorer with its IPO already underway. 

Each candidate reflects a different stage of maturity and a different investor profile. Together, they suggest the ASX could see a meaningful injection of new listings across sectors that have been largely absent from the local market in recent years.

The latest move in oil has put energy names back in focus. Over the past six months, Exxon Mobil and Baker Hughes have outperformed Brent crude on a normalised basis, Chevron has remained broadly constructive, SLB has lagged the commodity and Woodside's broker consensus has been more measured.

When crude moves, the impact rarely stays contained to the commodity itself. Higher oil prices can affect inflation expectations, shipping costs and corporate margins across the global economy.

What the latest move is showing

There are three broad ways companies can benefit from firmer oil prices:

1. Producing oil and gas, by selling the commodity at a higher price

2. Providing services and equipment to producers

3. Transporting oil around the world

Each of the names below represents one of those exposure types, with a different risk profile when crude rises.

1. Exxon Mobil (NYSE: XOM)

Over the past six months, Exxon Mobil has outperformed Brent crude, with its share price up nearly 35% compared with about 30% for Brent. As of 11 March 2026, both were trading just over 3% below their all-time highs, while Exxon remained closer to its 52-week high.

Exxon Mobil is one of the world's largest integrated oil companies, with exposure spanning exploration, production, refining and chemicals. When oil prices rise, its upstream business may benefit from wider margins, while its scale and diversification can help cushion weaker parts of the cycle.

Exxon Mobil (XOM) vs. Brent Crude 3-month performance

Analyst consensus: Buy

According to TradingView data, analyst sentiment towards Exxon is broadly positive. Of the 31 analysts tracked, 15 rate the stock Strong Buy or Buy, 13 rate it Hold, 1 rates it Sell and 2 rate it Strong Sell.

That positive view is linked to Exxon's balance sheet strength and higher-margin production. The most optimistic analysts project a 1-year price target as high as US$183.00. The average price target is US$145.00, which sits about 3.6% below the current trading price.

2. Chevron (NYSE: CVX)

Chevron is another global integrated major that has benefited from the recent move higher in crude, with its shares trading near 52-week highs. Like Exxon, Chevron operates across the value chain, including upstream production, refining and marketing.

Chevron's completed acquisition of Hess adds Guyana and other upstream assets, which some analysts see as supportive over time. That said, the earnings impact remains subject to integration, project execution and commodity price risks.

Exxon Mobil vs Chevron performance, 6-month chart

Analyst consensus: Buy

Chevron is viewed similarly to Exxon, with broker sentiment remaining broadly constructive. Recent TradingView aggregates show 30 analysts covering the stock over the past three months, with 17 rating it Strong Buy or Buy, 11 at Hold, 1 at Sell and 1 at Strong Sell.

Analysts have highlighted Chevron's diversified portfolio and the potential contribution from Hess, although commodity price volatility and execution risk may keep some more cautious.

3. SLB (NYSE: SLB)

SLB, previously known as Schlumberger, is one of the world's largest oilfield services and technology providers. It supplies tools, equipment and software that help producers find, drill and complete wells more efficiently.

Over the past six months, SLB has lagged Brent crude, with the share price trading in a choppier range and remaining below its recent peak. That suggests the stronger oil backdrop has not been fully reflected in the share price.

That pattern is not unusual for oilfield services companies, where customer spending decisions often follow moves in the underlying commodity rather than move in lockstep with them. Any future re-rating would depend on factors including producer capital spending, contract timing, service pricing, offshore activity and broader market conditions. A firmer oil price should not be assumed to translate automatically into a firmer SLB share price.

SLB vs Brent crude, 1-month normalised performance

Consensus: Buy

According to TradingView data, third-party analyst consensus on SLB is Buy. Of the 33 analysts covering the stock, 27 rate it Strong Buy or Buy, 4 rate it Hold and 2 rate it Sell or Strong Sell.

That indicates constructive broker sentiment, although the gap between oil prices and SLB's recent share-price performance suggests investors may still want clearer evidence of improving service demand and pricing before the stock fully reflects the stronger commodity backdrop.

4. Baker Hughes (NASDAQ: BKR)

Baker Hughes is another major oilfield services and equipment provider, with additional exposure to industrial segments such as LNG and power infrastructure. Even when oil prices are not at extreme highs, advances in drilling technology and lower break-even costs have helped keep many shale plays profitable, supporting demand for its services.

The company has also been described as well positioned because of its balance sheet and its exposure to ongoing exploration and production activity. In a period of higher, or even stable-to-firm, oil prices, that mix of services and energy technology may create several revenue drivers.

Over the past six months, Baker Hughes has materially outperformed Brent crude on a normalised basis. Brent traded in a much tighter range for most of the period before moving higher late, while BKR climbed more steadily and reached a significantly stronger cumulative gain. That suggests BKR's share price benefited not only from the backdrop in oil, but also from company-specific optimism and broader support for oilfield services and energy technology names.

BKR vs Brent crude, 6-month normalised performance

Analyst consensus: Buy

According to TradingView data, Baker Hughes is categorised as Strong Buy. Based on 25 analysts who provided ratings over the past three months, 16 rated the stock Strong Buy, 3 rated it Buy, 4 rated it Hold, 1 rated it Sell and 1 rated it Strong Sell.

Overall, broker sentiment towards Baker Hughes is broadly positive, with more than three quarters of covering analysts rating the stock either Strong Buy or Buy, while most of the remainder were at Hold. That supportive analyst view appears to reflect BKR's exposure to both traditional oilfield services and broader energy and industrial technology markets, including LNG infrastructure.

5. Woodside Energy (ASX: WDS)

Woodside Energy gives the list an Australia-based producer with significant exposure to LNG and oil markets. Its earnings are closely tied to realised commodity prices, which makes the stock sensitive to shifts in crude and gas pricing, as well as broader global energy demand.

Compared with some of the larger US energy names, broker sentiment towards Woodside appears more measured. Investors are balancing the company's global LNG exposure and leverage to stronger energy prices against softer recent realised prices, project and execution risks, and longer-term regulatory and decarbonisation pressures.

Analyst consensus: Hold

According to TradingView data, Woodside is rated Neutral/Hold. Of 15 analysts, 2 rate it Strong Buy, 4 rate it Buy, 7 rate it Hold, 1 rates it Sell and 1 rates it Strong Sell.

The average 12-month price target is A$29.20 versus a current price of about A$30.28, implying downside of roughly 3.6%. Relative to the larger US energy names in this list, that points to a more cautious broker view.

6. Global oil tanker operators

Oil tanker companies can benefit when firmer oil prices, OPEC+ policy shifts and geopolitical tension increase long-distance shipments and disrupt usual trade routes. When oil volumes travel further, 'tonne-mile' demand can support tanker day rates and profitability even when the broader energy market is volatile.

Analyst consensus: N/A

This is a broader industry category rather than a single publicly traded stock, so there is no single broker consensus to cite. Analyst views would need to be assessed at the company level, such as Frontline plc (FRO), Euronav (EURN) or Scorpio Tankers (STNG).

More broadly, the sector is cyclical. Any benefit from tighter shipping markets can reverse if routes normalise, freight rates fall or supply increases.

Risks and constraints

Higher oil prices do not remove risk for these names.

• If prices rise too far, too fast, demand destruction and policy responses can weigh on future earnings.

• Political decisions from OPEC+ or other major producers can reverse a rally by increasing supply.

• Services and tanker companies are highly cyclical. When the cycle turns, pricing power can fade quickly.

• Company-specific issues, including project execution, realised pricing and capital spending, still matter.

Taken together, these names may benefit from firmer oil prices, but they also carry sector-specific, geopolitical and company-level risks that deserve close attention.

Key market observations

• Woodside provides LNG and oil exposure, although current broker sentiment is more neutral than for the larger US names.
• Tanker operators may benefit when freight markets tighten, though that trade remains highly cyclical and route-dependent.
• SLB and Baker Hughes may benefit if firmer oil prices translate into more drilling and completion activity, but the share-price response has been mixed.
• Exxon Mobil and Chevron offer direct exposure to stronger upstream margins, supported by diversified operations.

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^{References in this article to Exxon Mobil, Chevron, SLB, Baker Hughes, Woodside, tanker operators, analyst consensus ratings and price targets are included for general market commentary only and do not constitute a recommendation or offer in relation to any financial product or security. Third-party data, including consensus ratings and target prices, may change without notice and should not be relied on in isolation. Energy and shipping exposures are cyclical and can be materially affected by commodity price volatility, realised pricing, production changes, project execution, geopolitical disruptions, freight market conditions, regulatory developments and shifts in investor sentiment. Any views about potential beneficiaries of higher oil prices are subject to significant uncertainty.}

Oil smashed US$100 a barrel as US-Israeli strikes on Iran shut down the Strait of Hormuz, triggering the biggest single-day crude spike since the Russian invasion of Ukraine. 

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Quick facts

• Brent Crude intraday peak: US$119.50/bbl (up ~50% in 10 days)
• Reported vessel traffic through the Strait of Hormuz fell to <20% of average
• Analysts estimate up to ~20% of global seaborne oil flows could be affected if disruption persists (largest since the 1956 Suez Crisis)

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Why have oil prices spiked?

Oil markets woke up on 9 March 2026 to joint U.S.-Israeli strikes on Iranian oil depots that sent Brent crude to an intraday peak of US$119.50 a barrel (its highest level since the start of the Russia-Ukraine war) before settling back near US$90.

Iran's Revolutionary Guard has threatened to target any tanker transiting the Strait of Hormuz, collapsing vessel traffic to near-zero. 

The strait carries roughly 20% of the world's daily seaborne oil supply, and analysts are describing the disruption as the largest since the Suez Crisis of 1956–57. Crude had already risen around 16% in the week before the strikes as markets priced in escalating tensions.

Middle East escalation: oil, VIX and volatility scenarios

ExxonMobil's chief economist, Tyler Goodspeed, has said the distribution of probable outcomes skews heavily toward the Strait remaining effectively closed for longer than markets currently expect. 

Meanwhile, Donald Trump has played down the need to release strategic petroleum reserves, calling any short-term price pain a small cost for global safety. The G7 is discussing a coordinated SPR release, which briefly pulled prices back toward US$110 before late-session trading moved them lower on fresh Trump commentary about a potentially “swift end” to the conflict.

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Market Reaction

The ASX response has been sharply split. The broader ASX 200 fell as investors priced in inflation and potential demand destruction, with materials stocks like BHP sinking close to 6%. Energy was the only sector in the green. The IMF estimates that every sustained 10% rise in oil prices adds 0.4% to global inflation and reduces global growth by 0.15%.

If oil holds above US$100 for an extended period, recession risk in major importing economies could rise materially. ASX energy investors are navigating a world where the same tailwind for producers could become a headwind for global demand.

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Top 5 ASX energy stocks to watch

1. Woodside Energy Group (ASX: WDS)

Woodside is Australia’s largest listed oil and gas producer and is often closely watched when energy prices rise. Woodside operates Pluto LNG in the Pilbara with a 90% stake, the North West Shelf LNG project, and a growing international portfolio. Shares hit a fresh 52-week high and have risen 33% since January.

Fully franked dividends add yield support; the company recently paid an 83.4-cent-per-share final dividend. For cautious investors, Woodside is a potential entry point in the sector right now.

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2. Santos Ltd (ASX: STO)

Santos is the ASX's second-largest oil and gas producer with a market cap of nearly A$23 billion, and it offers a compelling production growth story on top of the price tailwind. 

The Barossa gas project shipped its first LNG cargo in January 2026, and production is expected to grow around 30% by 2027 as Barossa and the Pikka project in Alaska ramp up together. 

CEO Kevin Gallagher sold A$5.6 million in stock in late February to cover personal tax obligations, which some investors have flagged as a caution signal, but the growth fundamentals remain intact.

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3. Karoon Energy (ASX: KAR)

A mid-cap pure-play oil producer with 100% interests in the Bauna and Patola offshore oil fields in Brazil's Santos Basin, plus the Who Dat assets in the Gulf of Mexico, it was the biggest mover on the entire ASX 200 in recent sessions.

With a market cap near A$1.25 billion and a Price to Earnings (P/E) ratio of 7, the stock is extraordinarily sensitive to oil price movements. Karoon generated a free cash flow margin of approximately 45% against a base case of US$65 per barrel. At current prices, the cash flow profile could improve dramatically. 

A new dividend of A$0.031 per share has been declared alongside 2026 production guidance. The risk is symmetrical: if the war premium fades and oil drifts back toward the mid-US$60s, the pullback could be as sharp as the rally. 

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4. Ampol Ltd (ASX: ALD)

Ampol is Australia's largest integrated fuel company, operating the Lytton oil refinery in Brisbane alongside a national fuel retail and distribution network and Z Energy in New Zealand. 

Higher oil prices are a double-edged sword for Ampol. They improve crude inventory value and refining margins, but can compress consumer demand over time. 

A planned A$1.1 billion acquisition of EG Australia's fuel and convenience network adds a structural growth catalyst independent of the oil price. A 100%-franked trailing yield of 3.2% could also provide income support.

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5. Beach Energy (ASX: BPT)

Beach Energy has underperformed the broader ASX energy sector over the past year, weighed down by reserve replacement challenges and a difficult recent earnings period. 

However, the company beat half-year FY2026 estimates by 13.5%, and management maintained full-year production guidance of 19.7–22.0 million barrels of oil equivalent. 

Beach's asset base spans the Cooper and Eromanga Basins, the Otway Basin, the Perth Basin's Waitsia LNG export project, and New Zealand. 

A 6.1% dividend yield with a payment due in March 2026, and the stock's low beta of 0.20 means it could offer materially less volatility than peers. 

CEO Brett Woods has flagged M&A interest in East Coast gas assets and a target of 35% emissions intensity reduction by 2030. A sustained high-oil environment could arrest Beach's production decline trend.

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What to watch next

Energy markets are moving on fear and geopolitics rather than fundamentals, which means the trade can reverse as fast as it started. The key question is whether this is a brief war premium or the start of a sustained structural disruption.

A prolonged Hormuz closure could push Brent even higher and keep ASX energy stocks elevated. A swift diplomatic resolution or coordinated G7 SPR release could snap oil back downwards and reverse much of the recent move. 

Sitting over both scenarios is the question of recession: if oil holds above US$100 for six to eight weeks, markets may begin pricing in central bank responses and demand destruction, which could ultimately weigh on the Energy sector that is outperforming today.