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.

Oil prices tend to rise when demand is strong, supply is constrained or geopolitical events disrupt normal trade flows. In this case, the US and Israel appeared to act pre-emptively in what they saw as a defensive move. The broader market impact has been felt more widely.

When oil prices move, they rarely move in isolation. Higher crude prices can affect inflation, central bank expectations, shipping costs and corporate margins across the global economy.

What is happening

There are three broad ways companies can benefit from higher 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 stocks below represents one of those exposure types, with a different risk profile when crude climbs.

1. Exxon Mobil (NYSE: XOM)

Exxon Mobil is one of the world’s largest integrated oil companies, involved in everything from exploring for and producing oil to refining it into fuel and producing chemicals. When oil prices rise, its upstream business may benefit from wider margins, while its size and diversification can help cushion weaker spots in the cycle.

Exxon has major positions in growth regions such as the US Permian Basin and large offshore projects, which are designed to deliver relatively low-cost barrels over many years. When prices are high, low-cost production may support free cash flow and the company’s capacity for dividends, buybacks or further investment.

Exxon Mobil (XOM) vs. Brent Crude 6-month performance

Consensus: Buy

According to TradingView, analyst sentiment towards Exxon is broadly positive, with a consensus Buy rating. Of the 31 analysts tracked, 15 rate the stock as Strong Buy or Buy, while 13 rate it Hold.

The positive view is linked to Exxon’s balance sheet strength and higher-margin production, with the most optimistic analysts projecting a 1-year price target as high as US$183.00. However, a small minority of 3 analysts has issued a Sell or Strong Sell rating, contributing to an average price target of 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, although the earnings impact remains subject to integration, project execution and commodity-price risks.

In an environment where oil and gas prices can be volatile, that diversification may help smooth earnings while still providing leverage to stronger energy prices.

Exxon Mobil vs Chevron performance, 6-month chart

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 its diversified portfolio and the potential contribution from Hess, although commodity-price volatility and execution risks may keep some more cautious.

3. SLB (NYSE: SLB)

Higher oil prices do not only affect producers. In this case, SLB (formerly Schlumberger) is one of the world’s largest oilfield services companies, providing technology, equipment and services that help producers find and extract hydrocarbons more efficiently. When crude trends higher, producers may increase drilling and completion activity, which can lift demand for SLB’s services and software. Recent commentary has also pointed to the company’s growing digital business and global exposure, which may support earnings growth if the upcycle continues.

Consensus: Buy

According to TradingView, analyst consensus on SLB is Buy, indicating broadly positive sentiment. Of the 33 analysts tracked, 27 rate the stock Strong Buy or Buy, while 4 rate it Hold and 2 rate it Sell or Strong Sell.

Analyst sentiment appears to reflect expectations around SLB’s position as a broader technology partner. The average price target of US$55.71 implies 15.8% upside from current levels, while the highest target stands at US$74.00. These forecasts appear to be linked to expectations of increased international drilling activity and a recovery in offshore deepwater markets.

4. Baker Hughes (NYSE: 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 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.

Consensus: Strong Buy

Broker sentiment towards Baker Hughes is broadly positive, similar to SLB. More than 75% of covering analysts rate the stock as a Buy or Strong Buy, with the remainder generally at Hold. Analysts have pointed to its exposure to both traditional oilfield services and energy and industrial technology, including LNG infrastructure.

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Transport and shipping exposure

5. Global oil tanker operators

Oil tanker companies can benefit when higher prices, OPEC+ policy shifts and geopolitical tensions increase long-distance shipments and disrupt usual routes.

Recent reports have pointed to stronger freight rates and high volumes of oil in transit, as increased production from the Middle East and supply growth from the US, Brazil, Guyana and Canada flow towards Asian markets. That ‘tonne-mile’ demand may support tanker day rates and profitability even when the broader energy market is volatile.

Consensus: N/A

This is a broader industry category rather than a single publicly traded stock, so there is no single broker consensus for it. 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 often viewed as cyclical, although current conditions may support freight rates when geopolitical disruptions lengthen shipping routes.

6. Woodside Energy (ASX: WDS)

Woodside adds an Australia-based name with global LNG and oil exposure. Its 2024 full-year results showed underlying profit down 13%, primarily because of lower realised oil and gas prices, according to the company’s full-year results announcement. That highlights how sensitive earnings can be to commodity price realisation.

If crude and related energy prices strengthen, Woodside’s earnings outlook may improve, although the extent of that change will still depend on company-specific factors and realised pricing.

Consensus: Hold

In contrast to the larger US majors, broker sentiment towards this Australian-based producer is more cautious, with consensus generally at Hold. Most analysts favour maintaining existing positions rather than increasing exposure. That more measured view is often linked to its LNG pricing exposure, softer realised commodity prices and longer-term regulatory and decarbonisation pressures.

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Risks and constraints

Higher oil prices are not a free ride for these stocks.

• If prices spike too far, too fast, they may trigger demand destruction and policy responses that weigh on future profits.  
• Political decisions from OPEC+ or major producers mau reverse a rally by increasing supply.  
• Services and tanker companies are highly cyclical. When the cycle turns, pricing power can fade quickly.

In other words, these names may benefit from higher oil prices, but they also carry sector-specific, geopolitical and company-level risks that deserve close attention.

Key market observations

• Higher oil prices often support integrated majors such as Exxon and Chevron through stronger upstream margins and diversified cash flows.
• Oilfield services stocks such as SLB and Baker Hughes may see stronger demand when producers increase drilling and completion activity.
• Tanker operators may benefit from higher freight rates when geopolitics and supply shifts increase long-haul shipments.  
• These stocks can be volatile, so diversification and time horizon remain important during commodity upcycles.

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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.

Biggest single day crude oil spike since 2022 | TradingView

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.

S&P/ASX 200 vs S&P/ASX 200 Energy Index | TradingView

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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.

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