The technology sector is poised for a seismic shift in 2026, with the emergence of 'hectocorns' – companies valued at over $100 billion – potentially floating on stock markets. This follows the era of unicorns, startups worth more than $1 billion, and could redefine investor enthusiasm and market dynamics globally.
The Hectocorn Phenomenon Takes Shape
According to industry analysts and reports, several US and European tech giants are rumoured to be considering initial public offerings (IPOs) this year. Among the most prominent names are OpenAI, Anthropic, SpaceX, and Stripe, with as many as ten major companies in the pipeline. The success or failure of these flotations will be a critical test for the artificial intelligence race and broader market sentiment, indicating whether the current tech mania represents a sustainable boom or a speculative bubble.
OpenAI: The $1 Trillion Question
OpenAI, based in San Francisco, has become synonymous with the AI revolution since launching ChatGPT in November 2022. Despite operating at a loss, the company has attracted significant investment from Microsoft and SoftBank, seeing its valuation skyrocket from $29 billion in 2023 to $500 billion last year. Reuters suggests that if OpenAI proceeds with an IPO, it could be valued at up to $1 trillion.
This staggering figure hinges on the belief that AI adoption will generate sufficient returns to justify massive investments in data centres and computer chips. OpenAI has committed to spending $1.4 trillion on infrastructure over the next eight years, a bet that must convince investors of its long-term profitability. As Neil Wilson, an analyst at Saxo Capital Markets, notes, "OpenAI is clearly the single biggest test for the entire AI economy, the bubble idea, and whether it's all built on sand."
Anthropic and the Effective Altruism Influence
Another San Francisco startup, Anthropic, creator of the Claude chatbot, is also in the spotlight. Recently securing a $10 billion funding round that values the company at $350 billion, Anthropic remains unprofitable. Its potential IPO carries unique implications, as many employees are aligned with the effective altruism movement. A successful float could channel substantial funds into causes supported by this philosophy, amplifying its impact beyond mere financial metrics.
SpaceX: Musk's Ambitions and Market Buzz
Elon Musk's SpaceX, reportedly valued at $800 billion in December, is preparing for a public offering, though timing and valuation remain uncertain. The company's CFO, Bret Johnsen, has highlighted these ambiguities in internal communications. Analysts point to geopolitical factors, such as increased defence spending, as potential catalysts, but Musk's controversial reputation and Tesla's performance could influence investor sentiment. "SpaceX in particular is what retail investors are homing in on this year as it's got the buzz and it's Musk," Wilson adds.
Other Key Players in the IPO Pipeline
The list of potential hectocorns extends beyond AI and aerospace:
- Kraken: One of the world's largest cryptocurrency exchanges, valued around $20 billion, faces a race to IPO before US midterm elections that might alter crypto regulations.
- Databricks: Specialising in AI agents, this company saw revenue grow over 55% last year, achieving a $134 billion valuation.
- Canva: The Australian design software firm, now domiciled in the US, was valued at A$65 billion last year and boasts 240 million users.
- Anduril: A defence-tech startup with ties to the Trump administration, it may benefit from increased military spending announcements.
- Monzo: The London-based digital bank, with over 12 million customers, is navigating leadership changes as it eyes a 2026 IPO.
- Bolt: Estonia's rival to Uber, despite recent losses, is considering listings in the EU or US.
- Stripe: The fintech cornerstone, headquartered in California and Dublin, rebounded to a $107 billion valuation last year.
Market Context and Challenges
The path to these IPOs is not without obstacles. Last year, plans were delayed by the US federal shutdown and job cuts affecting market watchdogs. 2026 presents its own geopolitical hurdles, including tariff threats and economic volatility. However, markets have soared to near-record highs driven by the AI boom, and investors continue to bet heavily on technology. As these companies navigate regulatory landscapes and market conditions, their flotations will serve as a barometer for the tech sector's resilience and future growth.
In summary, 2026 could mark a historic moment for global finance, as hectocorns emerge from the shadows of unicorns. With valuations in the hundreds of billions, these IPOs will not only test investor appetite but also shape the trajectory of innovation and economic policy for years to come.
