The performance and volume of initial public offerings (IPOs) provide a valuable barometer for the health of the equity markets. An uptick in IPO activity typically signals growing confidence among companies to raise capital through public markets, aiming to fuel their expansion strategies. The year 2025 demonstrated robust momentum, with IPOs exceeding 200 according to data from Renaissance Capital, a notable increase from approximately 150 recorded in the prior year.
Looking ahead, provided there are no major economic or stock market disruptions, 2026 appears positioned to maintain this positive trajectory. Noteworthy among forthcoming public listings are two high-profile companies expected to attract significant investor attention: SpaceX and Kraken. Below is a detailed exploration of these companies' prospects and their anticipated entrance into public markets.
SpaceX: Expanding the Frontiers of Space Business
In recent decades, the emergence of commercial space enterprises has substantially diversified the aerospace sector. Among these, SpaceX stands out for both its entrepreneurial leadership and pioneering initiatives. Founded and helmed by Elon Musk, known for his role at Tesla, SpaceX has rapidly ascended to become the leading space-launch enterprise worldwide.
Musk has announced plans for SpaceX to execute an IPO in 2026. Financially, while the company remains private, estimates indicate considerable revenue generation stemming from various business segments. These include the deployment of human and cargo payloads into orbit, as well as telecommunications and internet provision via the Starlink subsidiary.
Elon Musk projected in June that SpaceX will generate approximately $15.5 billion in revenue for 2025. Subsequent analysis reported by Bloomberg cites unnamed sources estimating the 2026 revenue could reach between $22 billion and $24 billion, signaling a potential growth rate exceeding 40%. This growth trajectory underscores the company's expanding commercial scale and diversified income streams.
Beyond these revenue figures, SpaceX is pursuing ambitious endeavors that could markedly enhance its earnings potential. One such initiative involves constructing artificial intelligence (AI)-focused data centers positioned in space. Operating such centers in the space environment offers unique advantages, including the natural cooling properties of the vacuum, which could optimize AI infrastructure performance.
Regarding valuation, SpaceX reportedly commands a staggering private market valuation near $800 billion. Industry speculation, as noted by Bloomberg, anticipates that the forthcoming IPO might be priced at $30 billion or higher, potentially establishing it as the largest IPO ever. If realized, SpaceX’s public market capitalization would rank among the world’s highest, aptly reflecting its ambitions and scale beyond terrestrial business operations.
Kraken: Bridging Crypto and Traditional Trading Floors
The emerging public offering of Kraken adds an intriguing dynamic to the intersection of digital cryptocurrency exchanges and more traditional equity markets. In November, Kraken submitted an S-1 registration statement, a critical procedural document denoting the company's intent to offer shares publicly, signaling its preparations for a 2026 IPO.
Kraken distinguishes itself in the crypto exchange space largely through its emphasis on security protocols. Notably, it has avoided any platform-wide breaches, a unique trait among major crypto exchanges. This focus on safeguarding client assets serves as a competitive advantage, especially for institutional and advanced traders who utilize the platform’s sophisticated trading capabilities.
Unlike some crypto-exclusive exchanges, Kraken has diversified its service offerings. In April, it inaugurated Kraken Securities, a trading platform facilitating transactions across over 11,000 U.S.-listed stocks and exchange-traded funds (ETFs). This expansion broadens Kraken’s market appeal by integrating traditional investment products alongside digital currencies.
Although privately held, Kraken has recently provided financial disclosures in conjunction with its IPO process. Third-quarter results reveal non-GAAP revenue of $648 million, more than doubling the comparable $304 million reported in the same quarter of 2024. Platform transaction volumes similarly surged to roughly $577 billion from $273 billion over the prior year, signaling robust user engagement and trading activity.
Kraken has not publicly separated its net income figures but asserts consistent profitability. This financial performance, combined with strategic business diversification, suggests management’s effective alignment with evolving market demands and investor preferences.
Further broadening its financial base, Kraken closed a funding round in late November, securing $800 million with an additional $200 million commitment from a single institutional investor. This financing round pegged the company’s valuation at approximately $20 billion, underpinning optimism ahead of its public market debut.
Conclusion
The anticipated IPOs of SpaceX and Kraken in 2026 represent significant moments for the markets. SpaceX, through its commanding presence in aerospace and its bold technological initiatives, coupled with Kraken’s secure, diversified platform straddling digital and traditional securities, highlight a dynamic evolution in their respective sectors. Investors and market participants will likely observe these offerings closely as indicators of both innovation and growth in public equities.