In 2026, the possibility of becoming a super year for US stocks: From SpaceX to "US two homes", a wave of trillions of dollars in IPOs is coming!

In 2026, the United States' initial public offering (IPO) market is gearing up to welcome a wave of trading fervor, potentially on par with or even surpassing the record levels seen during the pandemic. This wave of listings includes some of the most talked-about private companies in the technology, financial, and cryptocurrency sectors, and could potentially become the largest IPO in history. Data shows that U.S. companies raised $47.6 billion through IPOs last year, excluding special purpose acquisition companies (SPACs) and financial instruments. While this was an increase from the previous year, it still fell far below the $195.2 billion raised in 2021. Following a strong momentum in the IPO market in 2025, many venture capital-backed companies are queuing up for listings. In the third quarter of 2025, venture capital-backed IPOs reached their highest levels since 2021. Bankers are hoping this trend continues to help venture capital companies deal with their long-standing asset backlogs. Moreover, the current market environment is unprecedentedly favorable, with the S&P 500 index expected to continue its 16% increase in 2025, and the so-called Wall Street fear index - the Cboe Global Markets Inc volatility index (VIX) - hovering near five-year lows. Notable upcoming deals: SpaceX, U.S. mortgage giants Insiders reveal that Elon Musk's rocket and satellite company SpaceX, valued at a target of around $1.5 trillion, is in a quiet period before going public, with a potential IPO financing amount surpassing $30 billion, making it potentially the largest IPO in history. Technology commentator Kara Swisher stated in an interview, "SpaceX did not grow as fast as OpenAI last year, but it will dominate the space field." Among several companies with potential for listing, including payment company Stripe and OpenAI, Swisher said SpaceX is "the most interesting." While SpaceX prepares to break the IPO record, another potential mega IPO case - U.S. mortgage giants Freddie Mac and Fannie Mae - remains uncertain. Despite both government-sponsored companies changing leadership last year, the target to complete a $30 billion IPO as early as 2025 has yet to be realized. U.S. Treasury Secretary Scott Bessent stated in mid-December that the government is proceeding "very cautiously" with the IPOs of these two companies, expected to be completed in 2026. Billionaire investor and long-term holder of Freddie Mac and Fannie Mae shares, hedge fund giant Bill Ackman, proposed a plan on social media to have Freddie Mac and Fannie Mae relist on the New York Stock Exchange. In addition, Ackman is seeking to proceed with his already publicized listing plans. His publicly traded closed-end funds in the U.S. are expected to raise about $5 billion through an IPO, which will be synchronized with the IPO of his hedge fund company, Pershing Square Capital Management. Furthermore, Michael Burry, the prototype of the character in the movie "The Big Short," stated that he holds a significant amount of common stock in Freddie Mac and Fannie Mae, and believes the relisting of these two U.S. housing finance giants "is imminent." According to Paul Abrahimzadeh, a partner at 1789 Capital (an investor in SpaceX), the market will have a very large pool of funds available for investing in large IPOs. "I think there are some companies with clear themes, substantial revenue, and revenue growth rates exceeding 50%, whose demand will explode," Abrahimzadeh said in an interview, mentioning that AI chip manufacturer Cerebras Systems Inc., software company Databricks, and enterprise spend management company Ramp (1789 holds shares in these three companies) will fall into this category after their eventual listing. Notable themes to watch Despite growing concerns about investments in the AI and cryptocurrency sectors, they remain among the most notable IPO themes. Fleet management software company Motive Technologies Inc., empowered by AI, received support from multiple companies including Google Ventures and Kleiner Perkins, becoming one of the last companies to submit a public listing application in 2025. Additionally, sources revealed that the Asian-based travel app developer Klook Technology Ltd., which uses AI technology on its platform, has delayed its U.S. listing plans until early this year. Following a mixed performance of cryptocurrency listings last year and a 24% drop in bitcoin in the fourth quarter, the IPO market for cryptocurrency-related stocks remains volatile. Investors are closely watching exchange operator Kraken, which was valued at around $20 billion in a funding round in November and has secretly submitted a U.S. IPO application. Other companies that have publicly submitted IPO applications and may participate include Grayscale Investments Inc. and BitGo Holdings Inc. Space and defense activities form another industry that showed mixed performances in 2025, with SpaceX being no exception. Contractor York Space Systems Inc. submitted a listing application in November. Industrial companies are also actively preparing for listings, with Blackstone Inc.-backed compressor manufacturer Copeland submitting confidential files, and air quality company Madison Air Solutions Corp. also submitting files, indicating renewed demand for cyclical industries as interest rates decline. Construction equipment rental company EquipmentShare.com Inc. has also publicly submitted an IPO application. Other industries will also kick off strong IPOs The healthcare industry's IPO is expected to kick off in 2026, as Aktis Oncology Inc.'s pricing on Thursday seems to pave the way for more transactions. Diabetes management company MiniMed Group Inc. is one of them, having submitted a listing application as part of its separation plan from Medtronic Plc. Brazilian mobile banking app PicPay is the first company to publicly apply for a U.S. listing this year, with a substantial size and potential to raise as much as $500 million post-listing. The third-quarter expansion of the U.S. economy in 2021, bolstered by strong growth in consumer and business spending, also hints at a promising pre-IPO outlook for the retail sector. Once Upon a Farm PBC, a maker of organic children's food co-founded by actress Jennifer Garner, is expected to resume its listing after postponing the IPO plans last December. Abrahimzadeh stated: "Rising tides lift all boats, the stronger the economy, the stronger the consumer demand, and by 2026, the operating environment for consumer and industrial companies will be better than in 2025."