The global initial public offering (IPO) market saw a resurgence in 2025. Proceeds increased 39% to US$171.8 billion across 1,293 listings, the sharpest annual rebound since the post-pandemic boom. 

That momentum is now building into 2026 for what some financial analysts speculate could be the biggest IPO year in history.

A handful of mega-cap private companies, including SpaceX, OpenAI, and Anthropic, are exploring going public this year, with combined valuations that could exceed US$3 trillion.

2025 IPO market data

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Top IPO candidates in 2026

1. SpaceX - US$1.5T valuation

SpaceX revenue reportedly hit US$15 billion in 2025, with analysts projecting an increase to US$22-24 billion in 2026. The company has been cash-flow positive for years, driven largely by its Starlink satellite broadband network.

Following its February 2026 all-stock acquisition of Elon Musk's AI company xAI, the combined entity also encompasses Grok AI and the social media platform X (Twitter).

Leading financial analysts have reported SpaceX is targeting a mid-2026 listing. Its next funding round is estimated to raise around US$50 billion, putting its initial market cap at US$1.5 trillion, which would make it the second-highest IPO valuation of all time. 

This valuation would mean SpaceX would trade at 62–68 times projected 2026 sales. A steep premium that requires massive growth assumptions around Starlink and longer-term space-based AI ambitions.

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2. OpenAI - US$850B valuation

OpenAI, the company behind ChatGPT, now reports more than 800 million weekly active users of its groundbreaking AI product. 

Originally a nonprofit research lab, it has restructured into a for-profit entity developing large language models for consumer, enterprise, and developer applications.

OpenAI is reportedly targeting a Q4 2026 IPO, finalising a US$100 billion-plus funding round (its largest ever), which would put its valuation at US$850 billion. 

However, OpenAI still needs to overcome some near-term hurdles to achieve the potential associated with such a high valuation. 

It projects US$14 billion in losses in 2026 and does not expect profitability before 2029. It is facing intensified competition from Google Gemini and other AI startups cutting into its market share, and Elon Musk has filed a lawsuit against the company seeking up to US$134 billion in damages. 

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3. Anthropic - US$350B valuation

While OpenAI has leaned into consumer products, Anthropic has built its business around enterprise adoption. Roughly 80% of its revenue comes from business customers, and eight of the Fortune 10 are now Claude users.

Anthropic closed a US$30 billion funding round in February 2026 at a US$350 billion valuation, more than double its US$183 billion valuation from five months earlier. 

Anthropic’s annualised revenue has been growing at 10x per year since 2024, well outpacing OpenAI’s growth of 3.4x per year. If this trend continues, Anthropic revenue could pass OpenAI by mid-2026. However, since July 2025, Anthropic’s growth rate has slowed down to 7x per year.

Anthropic has engaged law firm Wilson Sonsini to begin IPO preparations, and the recent appointment of former Microsoft CFO Chris Liddell to its board signals a governance push ahead of a potential late-2026 listing.

The company is not yet profitable, but its enterprise-heavy revenue mix and rapid growth trajectory make it one of the most closely watched IPO candidates this year.

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4. Stripe - US$140B valuation

Stripe processed US$1.4 trillion in total payment volume in 2024, roughly 1.3% of global GDP. Half the Fortune 100 now use Stripe, and recent moves into stablecoins and AI-to-AI "agentic commerce" payments are expanding its addressable market.

Stripe remains one of the most anticipated fintech IPOs globally, but the company has shown a lack of urgency to list in the past. Co-founder John Collison said at Davos in January 2026 that Stripe was "still not in any rush." 

Rather than pursuing an IPO, Stripe has conducted tender offers every six months at rising valuations, providing employee liquidity without surrendering control. 

These frequent tenders effectively function as a private-market alternative to going public. However, a traditional IPO is still on the cards in 2026, with the company's February tender offer valuing it at US$140 billion or more, and profitability since 2024 removing one of the key barriers to listing.

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5. Databricks - US$134B valuation

Databricks completed a US$5 billion funding round in February 2026 at a US$134 billion valuation. 

The company's annualised revenue exceeded US$5.4 billion in January 2026, growing a massive 65% year-on-year, with AI products generating US$1.4 billion. 

CEO Ali Ghodsi has said the company is prepared to go public "when the time is right," with most analysts expecting a H2 2026 listing. At US$134 billion, Databricks is valued at more than twice publicly traded rival Snowflake (~US$58 billion).

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Bottom line

2026 has the potential to be the biggest IPO year by valuation in history. With the most likely candidates, SpaceX and Databricks, matching the total valuation of all 2025 IPOs on their own.

If major AI players like OpenAI and Anthropic, as well as world-leading payment fintech Stripe, also list before the end of the year, 2026 could see over US$3 trillion in total value added to global markets through IPOs alone.

Markets move into the week ahead with inflation data across Australia and Japan, alongside elevated geopolitical tensions that continue to influence energy prices and broader risk sentiment.  

• Australia Consumer Price Index (CPI): Inflation data may influence the Reserve Bank of Australia (RBA) policy path, with the Australian dollar (AUD) and local yields sensitive to any surprise. 

• Japan data cluster: Tokyo CPI (preliminary) plus industrial production and retail sales provide an inflation-and-activity pulse that could shape Bank of Japan (BoJ) normalisation expectations. 

• Eurozone & Germany CPI: Flash inflation readings will test the disinflation narrative and influence ECB rate-cut timing expectations. 

• Oil and geopolitics: Brent crude has posted its highest close since 8 August 2025 amid renewed Middle East tensions, reinforcing energy-driven inflation risk. 

Australia CPI: RBA expectations to change? 

Australia’s upcoming CPI release will be closely watched for signals on whether inflation is stabilising or proving more persistent than expected. 

A stronger-than-expected print could be associated with higher yields and a firmer AUD as rate expectations adjust. A softer outcome could support expectations for a steadier policy stance. 

Key dates 

• Inflation Rate (MoM): 11:30 am Wednesday, 25 February (AEDT) 

• CPI: 11:30 am Wednesday, 25 February (AEDT) 

Monitor 

• AUD volatility around the release. 

• Local bond yield reactions. 

• Interest rate pricing shifts. 

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Japan inflation and growth data 

Japan’s late-week releases combine Tokyo CPI (preliminary) with industrial production and retail sales, offering a broader read on price pressures and domestic demand. 

Tokyo CPI is often watched as a timely signal for national inflation dynamics and BoJ debate. Industrial output and retail spending add context on activity.  

Surprises across this cluster can drive sharp moves in the JPY, particularly if results shift perceptions around the pace and persistence of BoJ normalisation. 

Key dates 

• Tokyo CPI: 10:30 am Friday, 27 February (AEDT) 

• Industrial Production: 10:50 am Friday, 27 February (AEDT) 

• Retail Sales: 10:50 am Friday, 27 February (AEDT) 

Monitor 

• JPY sensitivity to inflation surprises 

• Bond yield moves in response to activity data 

• Equity reactions if growth momentum expectations shift 

Energy and safe-haven flows 

Oil prices have climbed to their highest close since 8 August 2025 amid renewed Middle East tensions.  

Recent reporting on heightened regional military activity and shipping-risk headlines near the Strait of Hormuz has reinforced energy security as a market focus. The Strait of Hormuz remains a widely watched chokepoint for global energy flows. 

Higher oil prices can feed into inflation expectations and influence bond yields. At the same time, geopolitical uncertainty can support the USD through safe-haven demand and relative rate positioning. 

Monitor 

• Brent crude price levels 

• USD strength versus major currencies 

• Yield movements as inflation risk premiums adjust 

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Eurozone and Germany inflation 

Flash inflation readings from Germany and the broader eurozone (HICP) will test whether the region’s disinflation trend remains intact. 

Germany’s release can influence expectations ahead of the aggregated eurozone figure. If core inflation proves sticky, expectations around the timing and pace of potential European Central Bank easing could shift. 

Key dates 

• Germany Inflation Rate: 12:00 am Saturday, 28 February (AEDT) 

Monitor 

• EUR volatility around inflation releases 

• European sovereign bond yields 

• Rate-cut probability adjustments 

Key economic events 

2026 is not giving investors much breathing room. It seems markets may have largely moved past the idea that rate cuts are just around the corner and into a year where inflation may prove harder to control than many expected.

Goods inflation has picked up, while services inflation remains relatively sticky due to ongoing labour cost pressures. Housing costs, particularly rents, also remain a key source of inflation pressure. 

The RBA is trying to stay credible on inflation without pushing the economy too far the other way.

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Key data

CPI is still around 3.8 per cent (above target), wages are still rising at about 0.8 per cent over the quarter, and unemployment is around 4.1 per cent.

Based on market-implied pricing, rate hikes are not expected soon, so the way the RBA explains its decision can matter almost as much as the decision itself. If the tone shifts expectations, those expectations can move markets.

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What this playbook covers

This is a playbook for RBA-heavy weeks in 2026. It covers what to watch across sectors, lists the key triggers, and explains which indicators may shift sentiment.

1. Banks and financials: how RBA decisions flow through to lending and borrowers

Banks are where the RBA shows up fastest in the Australian economy. Rates can hit borrowers quickly and feed into funding costs and sentiment.

In tighter phases, margins can improve at first, but that can flip if funding costs rise faster, or if credit quality starts to weaken. The balance between those forces is what matters most.

If banks rally into an RBA decision week, it may mean the market thinks higher for longer supports earnings. If they sell off, it may mean the market thinks higher for longer hurts borrowers. You can get two different readings from the same headline.

What to watch

• The yield curve shape: A steeper curve can help margins, while an inverted curve can signal growth stress.
• Deposit competition: It can quietly squeeze margins even when headline rates look supportive.
• RBA wording on financial stability, household buffers, and resilience. Small phrases can shift the risk story.

Potential trigger

If the RBA sounds more hawkish than expected, banks may react early as markets reassess growth and credit risk expectations. The first move can sometimes set the tone for the session.

Key risks

• Funding costs rising faster than loan yields: May point to margin pressure.
• Clear tightening in credit conditions: Rising arrears or refinancing stress can change the narrative quickly.
  
  

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2. Consumer discretionary and retail: where higher rates hit household spending

When policy is tight, consumer discretionary becomes a live test of household resilience. This is where higher everyday costs often show up fastest.

Big calls about the consumer can look obvious until the data stops backing them up. When that happens, the narrative can shift quickly.

What to watch

• Wages versus inflation: The real income push or drag.
• Early labour signals: Hours worked can soften before unemployment rises.
• Reporting season clues: Discounting, cost pass-through, and margin pressure can indicate how stretched demand really is.

Potential trigger

If the tone from the RBA  is more hawkish than expected, the sector may be sensitive to rate expectations. Any initial move may not persist, and subsequent price action can depend on incoming data and positioning

Key risks

• A fast turn in the labour market.
• New cost-of-living shocks, especially energy or housing, that hit spending quickly.

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3. Resources: what to watch when tariffs, geopolitics, and policy shift

Resources can act as a read on global growth, but currency moves and central bank tone can change how that story lands in Australia.

In 2026, tariffs and geopolitics could also create sharper headline moves than usual, so gap risk can sit on top of the normal cycle.

The RBA still matters through two channels: the Australian dollar and overall risk appetite. Both can reprice the sector quickly, even when commodity prices have not moved much.

What to watch

• The global growth pulse: Industrial demand expectations and China-linked signals.
• The Australian dollar: The post-decision move can become a second driver for the sector.
• Sector leadership: How resources trade versus the broader market can signal the current regime.

Potential trigger

If the RBA tone turns more restrictive while global growth stays stable, resources may hold up better than other parts of the market. Strong cash flows can matter more, and the real asset angle can attract buyers.

Key risks

• In a real stress event, correlations can jump, and defensive positioning can fail.
• If policy tightens into a growth scare, the cycle can take over, and the sector can fade quickly.

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4. Defensives, staples, and quality healthcare

Defensives are meant to be the calmer corner of the market when everything else feels messy. In 2026, they still have one big weakness: discount rates.

Quality defensives can draw inflows when growth looks shaky, but some defensive growth stocks still trade like long-duration assets. They can be hit when yields rise, even if the business looks solid. That means earnings may be steady while valuations still move around.

What to watch

• Relative strength: How defensives perform during RBA weeks versus the broader market.
• Guidance language: Comments on cost pressure, pricing power, and whether volumes are holding up.
• Yield behaviour: Rising yields can overpower the quality bid and push multiples down.

Potential trigger

If the RBA sounds hawkish and cyclicals start to wobble, defensives can attract relative inflows, but that can depend on yields staying contained. If yields rise sharply, long-duration defensives can still de-rate.

Key risks

• Cost inflation that squeezes margins and weakens the defensive story.

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5. Hard assets, gold, and gold equities

In 2026, hard assets may be less about the simple inflation-hedge story and more about tail risk and policy uncertainty.

When confidence weakens, hard assets often receive more attention. They are not driven by one factor, and gold can still fall if the main drivers run against it.

What to watch

• Real yield direction: Shapes the opportunity cost of holding gold.
• US dollar direction: A major pricing channel for gold.
• Gold equities versus spot gold: Miners add operating leverage, and they also add cost risk.

Potential trigger

If the market starts to question inflation control or policy credibility, the hard-asset narrative can strengthen. If the RBA stays restrictive while disinflation continues, gold can lose urgency, and money can rotate into other trades.

Key risks

• Real yields rising significantly, which can pressure gold.
• Crowding and positioning unwinds that can cause sharp pullbacks.
  
  

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6. Market plumbing, FX, rates volatility, and dispersion

In some RBA weeks, the first move shows up in rates and the Australian dollar, and equities follow later through sector rotation rather than a clean index move.

When guidance shifts, the RBA can change how markets move together. You can end up with a flat index while sectors swing hard in opposite directions.

What to watch

• Front-end rates: Repricing speed right after the decision can reveal the real surprise.
• AUD reaction: Direction and follow-through often shape the next move in equities and resources.
• Implied versus realised volatility: Can show whether the market paid too much or too little for the event.
• Options skew: Can reflect demand for downside protection versus upside chasing.
• Early tape behaviour: The first 5 to 15 minutes can be messy and can mean-revert.

Potential trigger

If the decision is expected but the statement leans hawkish, the front end may reprice first, and the AUD can move with it. Realised volatility can still jump even if the index barely moves, as the market rewrites the path and rotates positions under the surface.

Key risks

• A true surprise that overwhelms what options implied and creates gap moves.
• Competing macro headlines that dominate the tape and drown out the RBA signal.
• Thin liquidity that creates false signals, whipsaw, and worse execution than models assume.

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7. Theme baskets

Theme baskets may let traders express a macro regime while reducing single-name risk. They also introduce their own risks, especially around events.

What to watch

• What the basket holds: Methodology, rebalance rules, hidden concentration.
• Liquidity and spreads: Especially around event windows.
• Tracking versus the narrative: Whether the “theme” behaves like the macro driver.

Potential trigger

If RBA language reinforces a “restrictive and uncertain” regime, theme baskets tied to value, quality, or hard assets may attract attention, particularly if broad indices get choppy.

Key risks

• Theme reversal when macro expectations shift.
• Liquidity risk around event windows, where spreads can widen materially.
  
  

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The point of this playbook is not to predict the exact headline; it is to know where the second-order effects usually land, and to have a short checklist ready before the decision hits.

Keeping these triggers and risks in view may help some traders structure their monitoring around RBA decisions throughout 2026.

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FAQs

Why does “tone” matter so much in 2026?

Because markets often pre-price the decision. The incremental information is guidance on whether the RBA sounds comfortable, concerned, or open to moving again.

What are the fastest tells right after a decision?

Some traders look to front-end rates, the AUD, and sector leadership as early indicators, but these signals can be noisy and influenced by positioning and liquidity.

Why are REITs called duration trades?

Because a large part of their valuation can be sensitive to discount rates and funding costs. When yields move, valuations can reprice quickly.

Are defensives always safer around the RBA?

Not always. If yields jump, long-duration defensives can still be repriced lower even with stable earnings.

Why do hard assets keep showing up in 2026 narratives?

Because they can act as a hedge when trust in policy credibility wobbles, but they also carry crowding and real-yield risks.