Analysis
Forge's tech IPO pipeline tracker reported a cumulative $2.1 trillion in valuation as of July 2026, spanning companies that have publicly announced IPO plans, filed confidentially with the SEC, or filed a public S-1. The pipeline includes SpaceX (now public), Discord, Revolut, and reportedly OpenAI and Anthropic, both of which are still using the confidential DRS process rather than a public S-1 filing.
The headline pipeline number sits in real tension with how recent debuts have actually traded. SpaceX shares fell below their own IPO price this week for the first time since the June listing, and Csquare -- the Brookfield-backed data-center operator that priced its IPO on July 15 below its marketed $23-$27 range at $21 -- has traded roughly flat in the days since, with no fresh catalysts expected until its next earnings report.
“Nasdaq reported a genuinely strong $129.3 billion raised from new listings across the first half of 2026, a real headline number for the exchange overall.”
Nasdaq reported a genuinely strong $129.3 billion raised from new listings across the first half of 2026, a real headline number for the exchange overall. But the gap between record pipeline value and mixed individual aftermarket performance suggests the current IPO boom is being driven more by private-market valuation momentum finally reaching public markets than by public investors uniformly rewarding every new issuer once they actually start trading.
For VCs and LPs with portfolio companies eyeing a 2026 or 2027 listing, the lesson from SpaceX and Csquare's aftermarket performance is that a large, well-oversubscribed IPO doesn't guarantee the stock holds its issue price, let alone climbs from it -- a distinction that matters enormously for employees and early investors planning to sell into lockup expiration rather than at the headline pricing moment.
Watch whether OpenAI or Anthropic's eventual public filings convert from confidential DRS to a public S-1 in the coming months, and whether their pricing discipline reflects the lessons of SpaceX's and Csquare's rockier post-IPO performance.
