Biggest Expected IPOs of 2027: OpenAI Leads 7 Companies With Reported Listing Plans

Seven companies have reported plans to go public in 2027 as of October 15, 2026, and the biggest by far is OpenAI, last valued at $852 billion in a private round. None of the seven has a confirmed listing date.

The 2027 list took shape in September and October 2026 as several listings that had been pencilled in for this fall moved out a year. OpenAI's IPO slid to early 2027, Lambda raised what it calls a final private round ahead of a 2027 listing, Moonshot AI set a first-quarter Hong Kong target, and General Atlantic hired banks for a first-half float. This page tracks what each company or its reporters have actually said, with the source for every date, and the signals that will show whether each plan holds. For listings still expected this year, see our 2026 IPO pipeline tracker.

Biggest expected IPOs of 2027: the list so far

The biggest expected IPOs of 2027 are OpenAI, DeepSeek, Moonshot AI, Axiom, Kraken, Lambda and General Atlantic, ranked here by their latest reported valuation as of October 15, 2026. Each has either stated a 2027 target itself or been reported to be working toward one, and none has publicly filed a prospectus with a price range.

How we counted: companies with a 2027 listing target stated by the company or reported by a named outlet; ranked by latest reported valuation (OpenAI by its last priced round); 7 companies; as of October 15, 2026. Sources are linked in each section below.

When will OpenAI go public?

OpenAI's IPO "has been pushed off until early 2027," TechCrunch reported on October 8, 2026, in a story about the company telling investors its annualized revenue is "approaching $50 billion," per the Financial Times. That is about $20 billion below a roughly $70 billion figure circulated in September, which came from investors trying to match Anthropic's method of counting revenue from cloud partners.

Sam Altman has twice pushed back on near-term timing. He told Fortune an IPO would be "not 2026" and that "right now would be an ill-advised moment to go public," Fortune reported on September 12, 2026. At DevDay he went further, saying OpenAI has "got to be able to make confident safety claims" before listing, according to Gizmodo, without restating 2027.

In the meantime OpenAI is reportedly in talks to raise at least $30 billion at about a $1.4 trillion valuation, a bridge round first reported by Bloomberg and covered by TechCrunch on September 29, 2026. Its March 2026 round raised $122 billion at an $852 billion valuation and had been expected to be its last before going public. Our OpenAI IPO page tracks each timing statement in order.

Which Chinese AI labs plan to list in 2027?

Moonshot AI, maker of the Kimi models, is targeting a Hong Kong IPO in the first quarter of 2027 that could raise up to $5 billion, after a private round at a $50 billion valuation, up from $31.5 billion this summer, Yahoo Finance reported on October 6, 2026. Bank of America is coordinating, with China International Capital Corp, Deutsche Bank and Goldman Sachs as sponsors, and the report notes the timing could still change. Our Moonshot AI IPO page covers the filing and the shareholder dispute that could delay it.

DeepSeek is raising more than 80 billion yuan ($11.93 billion) at a targeted valuation of 500 billion yuan ($74 billion), with Tencent and CATL among the largest investors, per Bloomberg News as carried by WNCY on October 6, 2026. It has hired CITIC Securities for a potential STAR Market listing, "though the timing, valuation and fundraising size remain undecided." Fortune reported in July 2026 that a listing could come as early as the second quarter of 2027. Our DeepSeek IPO plan explainer has the earlier rounds.

AI infrastructure: Lambda and Axiom

Lambda, the Nvidia-backed GPU cloud, is raising up to $4 billion at a $14.5 billion pre-money valuation, led by Coatue Management and Blackstone, in what could be its last private round before a planned 2027 IPO, TechCrunch reported on October 6, 2026, following the Wall Street Journal. Lambda's backlog grew to $50 billion in September from $15 billion in June, much of it from a $35 billion commitment by Anthropic. The Lambda IPO post breaks down that backlog.

Axiom, the power-infrastructure unit of manufacturer Flex, took a $2 billion convertible preferred investment at a $37.5 billion enterprise value from General Catalyst and Koch Equity Development, and "is expected to be separated into an independent publicly traded company during the first quarter of 2027," Pulse 2.0 reported on October 5, 2026. That is a spin-off rather than an IPO: Flex shareholders would receive the stock, so no new shares need to be sold to the public, and the $37.5 billion is an enterprise value, not an equity valuation.

When is Kraken going public?

Kraken parent Payward is "not planning to go public until the second quarter of 2027 at the earliest," CoinDesk reported on September 2, 2026. The exchange confidentially filed a draft S-1 in November 2025, put the plan on hold in March 2026 on market conditions, and was last valued at $20 billion. CoinDesk lists Grayscale, Consensys and Ledger among other crypto companies that have also postponed listings. The Kraken IPO post covers the valuation history.

Is General Atlantic going public?

General Atlantic is advancing plans for an IPO in the first half of 2027 that could value the growth-equity firm at up to $10 billion, and has engaged JPMorgan Chase, Morgan Stanley and Goldman Sachs, Bloomberg reported via Yahoo Finance on October 14, 2026, after an initial Financial Times report. The firm oversees about $130 billion in assets. It is the only investment manager on this list.

Which 2026 IPOs could slip into 2027?

Three large listings still expected in 2026 could join the 2027 list if they slip again. Anthropic is targeting trading before Thanksgiving on November 26, "with year-end as the fallback," Yahoo Finance reported on October 13, 2026; see our Anthropic IPO date page.

Nscale filed to list on the NYSE under the ticker NSCL targeting roughly $35 billion, but only 6.4 megawatts of a planned 30-megawatt site in Narvik, Norway is live, Bloomberg reported on October 15, as summarized by Startup Fortune.

Oura pulled a $2.2 billion IPO hours before pricing on September 29, 2026, citing "uncertainty in the IPO market," and its CEO said the company has "the luxury of choosing our moment," TechCrunch reported. Oura has not given a new date.

What the headline misses

A 2027 target is a plan, not a commitment, and this list has already been rewritten once. OpenAI's own executives have moved between 2026, 2027 and no stated date in under two months. Kraken has paused once already. Oura showed in September that a deal can be pulled hours before pricing even with strong demand. Treat every row above as a reported intention.

Not every famous private company is on it, either. Revolut's chief executive has said any IPO "would not take place prior to 2028," Yahoo Finance reported on October 9, 2026, though he favors a US primary listing when it happens. Databricks has not set a date either, as our Databricks valuation post tracks. Companies can also join the list quickly: Moonshot filed confidentially in September 2026, about six weeks after Fortune reported in July that it was preparing a Hong Kong listing.

What to watch, and when

• Late October 2026: Anthropic's public S-1. If marketing starts the week of November 9, the public prospectus is due around October 25 under the 15-day rule (Yahoo Finance). A miss makes a 2027 Anthropic listing more likely.
• October 2026: DeepSeek's round closes. The raise was expected to wrap up in October (WNCY/Bloomberg); a STAR Market filing would be the next step.
• From October 2026: Moonshot investor meetings. Moonshot has started sounding out investors "as early as this month" (Yahoo Finance/MT Newswires). A Hong Kong exchange hearing would confirm a Q1 date.
• Q1 2027: Axiom separation. Flex expects the spin-off in the first quarter (Pulse 2.0).
• First half of 2027: General Atlantic's filing. Banks are engaged for an H1 listing (Yahoo Finance/Bloomberg).
• Q2 2027: Kraken's earliest window (CoinDesk).
• Any time: OpenAI's $1.4 trillion round. A close would show where private investors price OpenAI before a listing (TechCrunch).

We will update this page as filings land. For the mechanics of how a confidential filing becomes a public S-1 and then a first trade, see the IPO process explained, and for every live AI listing, the AI IPO pipeline.