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Going public used to be a sign that a company had made it. In the last decade or so, however, IPOs started to become a little … cringe. That could change this year, as initial public offerings seem poised for a comeback — which in turn could provoke a long-overdue reckoning not only for tech optimism but also for private markets.
IPOs in 2026 could be big and splashy, such as SpaceX, OpenAI and Anthropic, as well as smaller and quieter, with many lesser-known technology firms also filing. In some ways this is an encouraging sign. More IPOs suggest confidence in the market and the tech sector, and it’s good for the economy when the best, fastest-growing companies are available to investors in the public markets. But there is also a less optimistic take.
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Allison Schrager is a senior fellow at the Manhattan Institute, a contributing editor of City Journal, and a Bloomberg Opinion columnist.