The year of the ‘hectocorn’: the $100bn tech companies that could float in 2026 | Technology sector
toYou’ve probably heard of “unicorns” (tech startups valued at more than $1 billion), but 2026 is shaping up to be the year of the “unicorns”hectocorn”, with many US and European companies potentially listing on stock exchanges at valuations of over $100bn (£75bn).
OpenAI, Anthropic, SpaceX and Stripe are among the big names rumored to be considering an initial public offering (IPO) this year.
Whether the shares hold their value, rise or fall, the success of their IPOs could shape concerns about the AI race and whether the resulting market frenzy is a bubble.
Some may have had plans to float last year that were delayed or derailed by the federal shutdown in the United States and extensive government layoffs that affected the market watchdog. This year looks set to be similarly geopolitically volatile; Trump’s latest tariff threats to European allies over Greenland are casting a shadow over stocks this week.
But despite last year’s turmoil, markets have soared to near-record highs driven by the AI boom, and investors are expected to continue investing heavily in technology for now. Here are the 10 companies most likely to benefit from this enthusiasm by going public.
OpenAI
The San Francisco-based company is synonymous with artificial intelligence, with the launch of its ChatGPT chatbot in November 2022 triggering a frenzy of public interest in the topic. Despite being a loss-making business, it has received investment from big names such as Microsoft and Japanese group SoftBank, and its valuation has risen from $29 billion in 2023 to $500 billion last year. According to Reuters, OpenAI could be worth up to $1 trillion.
Behind these figures is the hope that the demand for AI and the transformative impact of its adoption by businesses and individuals is more than a payback for the multitrillion-dollar investment in the data centers and computer chips that support it. OpenAI is committing to spending $1.4 trillion on such infrastructure over the next eight years, but it needs to convince investors it can pay it back.
“OpenAI is clearly the biggest test for the whole AI economy, the bubble idea and whether everything is built on sand,” said analyst Neil Wilson of Saxo Capital Markets.
anthropic
Like OpenAI, the San Francisco-based startup behind chatbot Claude and the wildly popular Claude Code has yet to turn a profit. This month the company signed a term sheet. $10 billion financing round This brings its valuation to $350 billion.
If Anthropic swims, it could have consequences that go beyond the AI race. Most of their employees aligned effective altruistic gesture and energetic argument Internet forums suggest that if employees withdraw money, the money could be transferred to purposes compatible with the move.
SpaceX
Elon Musk’s company It was reported that it reached a valuation of $ 800 billion It is preparing to open to the public in December. But “whether it actually happens, when it will happen, and at what valuation is still highly uncertain,” chief financial officer Bret Johnsen said in comments in a letter obtained by Reuters.
On the one hand, geopolitical fluctuations will make the nexus between technology, aerospace and defense more attractive to investors, said Mike Bellin of PricewaterhouseCoopers. This could have consequences for SpaceX. On the other hand, Elon Musk and Tesla’s reputation makes it a bit difficult to predict the outcome of the IPO, said analyst Mark Moccia of research firm Forrester, although he expects “a very large mix of institutional and retail investors.”
“SpaceX in particular is an area where retail investors have been the center of attention this year because it is attracting a lot of attention and turning to Musk,” said analyst Neil Wilson of Saxo Capital Markets.
kraken
One of the world’s largest crypto exchanges – not to be confused with Kraken, a software spin-off from UK energy firm Octopus Submitted its documents for public offering It was worth about $20 billion in November. The crypto firm may face a race to take its shares public before this year’s US midterm elections. analysts sayAs there is a risk that political changes in the US could reverse Trump’s laissez-faire approach to crypto regulation.
data bricks
This company helps customers create AI agents (tools that execute tasks autonomously) using their own data. Its revenue rose more than 55% last year and last month Achieved a valuation of $134 billion.
Ali Ghodsi, chief executive of Databricks, says the company’s growth rate depends on businesses developing “data-intensive applications using artificial intelligence”.
Canvas
Canva, the bright light of the Australian tech sector, was valued at $A65 billion last year, but has moved its headquarters to the US in preparation for an IPO. The Sydney-based software design company, which calls its employees “Canvanauts”, has 240 million users and two of its co-founders (husband-and-wife team Melanie Perkins and Cliff Obrecht) rank sixth on the Australian rich list, with a combined fortune of $14 billion, according to the Financial Review.
A Canva spokesperson said it had “nothing to share in terms of an IPO timeline.”
Anduril
Palmer Luckey, CEO of the defense technology startup, said Anduril “will definitely become a public company” but did not give a timeline. Analysts point to the company’s close ties to the Trump administration and the Trump administration. decision to increase military spending as factors that could push it towards a bid this year.
“Trump’s announcement that he will increase defense spending by 50% should be a green light for this,” Wilson said.
A spokesperson for Anduril said “we do not have a timeline for an IPO” and called rumors about a 2026 IPO “pure speculation.”
Monzo
Monzo is an online bank that operates entirely through a mobile app. IT reported More than 12 million customers by 2025.
London-based fintech is jargon for technology firms that offer financial services such as banking or payments. Reportedly working with Morgan Stanley It met with investors last summer ahead of an IPO in 2026 – but this was later complicated by the departure of CEO TS Anil.
Slide
Uber’s Estonian rival Bolt lined up advisor to last year’s IPO. But the company has had a rough few years. Reported losses of more than 102 million euros In 2024. The company is reportedly considering whether to list in the EU or the US.
A Bolt spokesperson said: “Any listing date will depend on favorable market conditions and this remains a key factor in determining when Bolt goes public. Our teams are working to ensure the business is ready to go public should market conditions be favourable.”
Strip
The online payment processing company was founded in 2010 by Irish brothers Patrick and John Collison. It is headquartered in California and Dublin and has long been a cornerstone of fintech. Last year, Stripe was reported to have achieved a valuation of $107 billion; This was a recovery from when it was valued at $50 billion in 2023. A Stripe spokesman declined to comment.
Anthropic, Kraken, Monzo, SpaceX and Databricks did not respond to requests for comment.
