Upcoming US IPOs in 2027: OpenAI, Anthropic & Other Popular Ones!
Key takeaways:
- US operating companies raised $146 billion in the first nine months of 2026, surpassing the previous full-year record of $141 billion set in 2021.
- OpenAI attracts investor attention. Its March 2026 funding round valued the company at $852 billion. Its IPO prospects will depend on revenue growth, computing costs and the valuation investors are willing to accept.
- Anthropic is another major AI candidate. Its May 2026 funding round valued the company at $965 billion. However, substantial AI development costs and operating losses remain important factors for investors to assess.
- Databricks reached a reported valuation of $190 billion, while Stripe was valued at $159 billion. Their eventual IPO prices will depend on business performance and market demand.
- Many potential 2027 IPO candidates have not announced firm dates. Indian investors should verify official filings, assess company fundamentals and consider currency conversion, brokerage fees and applicable taxes before investing.
Artificial intelligence, digital payments and data infrastructure are attracting attention, but higher interest rates and demanding valuations could affect listing plans.
According to Nasdaq October 8, 2026 outlook, US operating companies raised $34 billion through IPOs in Q3, taking nine-month proceeds to $146 billion. That exceeded the previous full-year record of $141 billion set in 2021. However, only 26 operating companies listed during the quarter.
In this article, we examine the latest US IPO market outlook and explore prominent private companies that investors should monitor.
Renewed disruptions slow IPO activity in the third quarter
The US IPO market faced renewed pressure during Q3 2026 as geopolitical tensions, higher energy prices and inflation concerns affected financial markets. Nasdaq reported that the collapse of the Iran ceasefire contributed to rising energy prices and uncertainty about the economic outlook.
The Federal Reserve raised interest rates by 25 basis points in September 2026. Meanwhile, the US 10-year Treasury yield rose from approximately 4.5% in June to 5.3% by the end of September.
Higher interest rates can reduce the valuations investors are willing to pay for businesses whose expected profits lie years in the future. This matters particularly for AI companies that require substantial computing infrastructure investment and may take years to generate sustainable profits.
Recent slowing in Nasdaq IPO Pulse too minor to signal downturn
Nasdaq's IPO Pulse, an indicator of conditions supporting IPO activity, fell to a six-month low in September. Operating-company IPO activity also slowed to 26 listings in Q3, matching the first quarter's total.
Chart 1: Nasdaq IPO Pulse fell to a six-month low in September 2026.
However, Nasdaq said the decline was considerably milder than previous downturns. Its assessment suggested that US IPO activity could remain relatively strong into early 2027 unless the IPO Pulse deteriorated further.
Chart 2: Third-quarter IPO fundraising reached $34 billion.
Despite fewer listings, operating companies raised $34 billion through IPOs in Q3. South Korean chipmaker SK Hynix accounted for $26.5 billion of that amount through its US-listed American depositary receipts. Total proceeds reached $146 billion during the first nine months of 2026, surpassing the previous full-year record of $141 billion set in 2021.
Which upcoming US IPOs could Indian investors watch in 2027?
The following companies are worth monitoring because of their business scale, private valuations and potential public-market listings. Their timelines are not equally certain, some could list before 2027, while others may remain private beyond it.
1. OpenAI: The company behind ChatGPT
Latest reported private valuation: $852 billion.
OpenAI develops ChatGPT and sells AI products to consumers, businesses and developers. Its March 2026 funding round brought in $122 billion in committed capital, according to the company's announcement.
Reuters reported on October 8 that OpenAI's September annualised revenue was nearly $50 billion, below a previously indicated $70 billion figure. Annualised revenue is a run-rate estimate, not the same as revenue recognised over a full financial year.
OpenAI has confidentially filed IPO paperwork, but its listing date and offering valuation are not confirmed. A 2027 debut remains a possibility as the company weighs its financial reporting requirements and public-market conditions.
2. Anthropic: The company behind Claude
Latest completed funding valuation: $965 billion.
Anthropic develops Claude, an AI platform used for coding, research and enterprise applications. Its growth has made it a major competitor to OpenAI, but its business also requires substantial spending on computing infrastructure.
Reuters reported that Anthropic's 2025 revenue was $4.6 billion and its operating loss was $8.06 billion. Media reports have discussed a potential IPO valuation above $2 trillion, but this is a reported expectation rather than a confirmed offering price.
Anthropic could list before 2027, so investors should monitor its actual timetable rather than assume it belongs exclusively to next year's IPO calendar.
3. Databricks: An AI and data infrastructure company
Latest reported valuation: $190 billion.
Databricks helps businesses manage data, analyse information and develop AI applications. Reuters reported that the company reached a $7 billion annualised revenue run-rate, with year-on-year growth above 80%, while reporting positive cash flow over the preceding year.
A 2027 listing is possible, but no confirmed IPO date has been announced.
4. Stripe: A major online payments company
Latest reported private valuation: $159 billion.
Stripe provides payment processing and financial infrastructure to online businesses. According to its 2025 annual update, businesses using its platform processed $1.9 trillion in payment volume during 2025, up 34% from 2024.
Stripe has not confirmed a 2027 IPO date. Its scale makes it a candidate to monitor, but its private valuation does not guarantee the price public investors will eventually pay.
5. Anduril Industries: Defence technology and autonomous systems
Latest reported valuation: $61 billion.
Anduril develops autonomous systems, drones, surveillance technology and software for defence customers. Reuters reported that its revenue doubled to $2.2 billion in 2025.
A public listing is possible, but no confirmed 2027 timetable has been announced. Its prospects depend partly on defence contracts, government spending and its ability to scale production.
6. Kalshi: A prediction market platform
Latest reported valuation: $22 billion.
Kalshi operates a prediction market where eligible users trade contracts linked to real-world events. Media reports have discussed a possible listing in late 2027 or 2028, but the timeline remains unconfirmed.
Regulation is a major risk. New Jersey asked the US Supreme Court in September 2026 to review the division of authority between federal and state regulators over sports-related prediction markets.
7. Canva: A design software company
Latest reported valuation US$31 billion, based on an employee share valuation, down approximately 20% from US$38.9 billion a year earlier. Early investors Blackbird and Airtree separately marked Canva down 17% to US$34.9 billion.
Canva provides online design tools for presentations and marketing materials. Its June 2026 quarterly revenue grew 25.2% year over year to US$921.9 million, and it ended the quarter with US$1.47 billion in cash.
Canva's potential 2027 IPO faces uncertainty after it cut its revenue-growth forecast from 30% to 20% to address rising AI costs. The valuation markdown could delay its public listing.
8. Revolut: A longer-term fintech candidate
Latest reported private valuation: $115 billion.
Revolut offers digital banking, international payments, currency exchange and other financial services. Reuters reported that its CEO preferred a US primary listing if the company went public, but a listing could be around 2028 rather than 2027.
What to watch: US banking expansion, regulatory approvals, profitability and a formal listing announcement. Revolut belongs on a longer-term watchlist, but its current reported timeline does not make it a confirmed 2027 candidate.
What should Indian investors do before investing in US IPOs?
Indian investors should monitor upcoming US IPOs through official company announcements and filings on the SEC's EDGAR database. Media reports about a potential listing do not guarantee that an IPO will take place.
Before investing, compare each company's valuation with its revenue growth, cash flow, profitability and competitors. A private funding valuation does not guarantee the price at which shares will be offered to the public.
Investors should also check whether their broker offers access to the IPO or only allows purchases after listing. Brokerage fees, currency conversion, Indian tax rules and overseas investment regulations should be considered before committing money. Avoid buying solely because of strong listing-day demand; read the prospectus and assess whether the valuation justifies the investment.
Conclusion
OpenAI, Anthropic, Databricks and Stripe are among the most notable private technology companies to monitor for potential US listings. Anduril, Kalshi and Canva broaden the watchlist across defence technology, prediction markets and design software, while Revolut is a longer-term candidate.
Nasdaq's outlook remains relatively supportive into early 2027, but interest rates, valuation concerns and company-specific risks could change individual listing plans. Investors should distinguish completed funding rounds from proposed valuations and reported IPO expectations from confirmed dates.
