Biggest IPOs of 2026: SpaceX, Klarna, Chime, and the Full Pipeline

The biggest IPOs of 2026 — Klarna at $15–20B, Chime at ~$25B, Databricks at $62B last private round, CoreWeave already priced at $23B — are finally companies that have earned the right to go public.

That's the most important contrast with 2021. The 2021 vintage IPO'd on narrative. The 2026 class is arriving with real revenue, real margins, and in several cases, actual profitability. For a full comparison of how this wave stacks up against 1999 and 2021, see our analysis of the AI-era IPO wave. The market window is open. The question is how many actually close before it shuts again.

The Biggest IPOs of 2026: Full Scorecard

Track the live pipeline on the Value Add VC IPO Tracker. Here is the current status of the most significant listings:

Why 2026 Is Different From 2021

The 2021 IPO window was driven by zero interest rates, SPAC mania, and the belief that growth at any cost could sustain any valuation. The result was predictable: DoorDash, Robinhood, Coinbase, and dozens of others saw 60–80% drawdowns within 18 months of listing. For the full historical data, see our complete tech IPO count from 1980 to 2025. The 2026 class is arriving under completely different conditions.

Klarna: The Poster Child for Valuation Realism

Klarna is arguably the defining IPO story of this cycle — not because of the upside, but because of what it represents about valuation discipline. We covered the full breakdown in our deep dive on the Klarna IPO. At $46B in 2021, Klarna was priced as a global payments infrastructure company that would displace Visa. At $15–20B in 2026, it is being priced as what it actually is: a profitable European BNPL and consumer shopping platform with strong US growth ambitions.

The company has leaned hard into AI. Klarna claims its AI customer service agent handles the equivalent of 700 full-time agents, contributing to a 22% reduction in operating expenses in 2023. Whether those cost savings are durable or just a one-time restructuring benefit is the key question for public market investors.

What Happens to the VC Investors Who Backed These Companies

For the VCs and growth investors who backed these companies at 2021 prices, many of these IPOs represent partial exits at a loss on paper — or at dramatically reduced multiples. Sequoia, SoftBank, and Tiger Global all have positions in Klarna that are underwater relative to the 2021 round. The lockup expiration math is brutal: if you invested at $46B and the IPO prices at $17B, you need nearly a 3x return from the public offering just to break even.

This is the real story behind the 2026 IPO wave. These are not wins for the 2021 vintage investors — they are liquidity events for earlier-stage investors and opportunities for public market buyers to buy businesses at reset multiples. The VC Performance Dashboard tracks how these liquidity events flow back to fund DPI.

The One to Watch: Databricks

Every other listing on this list is a footnote compared to what Databricks would represent if it actually goes public in 2026. At $62B from its last private round, Databricks would be the largest tech IPO since Snowflake's $33B listing in 2020 — and it is twice the size. The company has $1.6B in annualized revenue growing north of 50%, real AI infrastructure depth through its acquisition of MosaicML, and sticky enterprise contracts that make the revenue quality genuinely high.

The risk is timing. Databricks CEO Ali Ghodsi has been deliberate about not rushing an IPO, and there is no guarantee the market window in H2 2026 will be favorable enough to absorb a $60B+ offering. If rates move, if AI sentiment shifts, or if Snowflake — the closest public comp — continues to compress on multiples, the calculus changes fast. Watch the SaaS Valuations Dashboard for the multiple environment that will determine whether a Databricks IPO makes sense.

How Many of These Will Actually List in 2026?

My honest read: three to four of the major names will close by year-end. CoreWeave is already done. Klarna is most likely next given the S-1 is filed. StubHub has a clear path. Chime is well-positioned for a Q3 window if markets hold. Databricks is possible but not certain. Discord is a question mark — the monetization story is still not clean enough for institutional buyers at $15B.

Cerebras is the biggest wildcard. A CFIUS approval or negotiated restructuring would immediately accelerate the process; an outright rejection would kill the IPO and raise serious questions about the company's customer concentration. That resolution is not in management's control, which is exactly what makes it so interesting to watch.