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The 2026 IPO Comeback Is Built On One Main Theme
2026-05-22 · via All Articles on Seeking Alpha

Summary

  • I feel bullish on this year’s IPO market, with one caveat: SpaceX has to prove that AI can carry the comeback by itself.
  • In my view, if investors absorb a $75 billion IPO well, OpenAI and Anthropic may become much easier to underwrite later this year.
  • This year, Cerebras, Fervo, Madison, and Forgent worked out because they are directly exposed to AI spending (meaning hyperscaler CapEx).
  • OpenAI, SpaceX, and Anthropic spend on AI rather than sell into hyperscaler CapEx. That's not particularly exciting to me.
  • Overall, I remain optimistic about this year’s IPO market, but I need SpaceX to prove risk appetite is high enough for AI spenders too.
IPO Ahead Financial Growth

narvo vexar/iStock via Getty Images

On the surface, I look at 2026 like a year in which the IPO window is finally showing some signs of reopening after the late 2021 / early 2022 bust.

StockAnalysis shows more than 140 IPOs on the U.S. market so

13.15K Followers

Analyst’s Disclosure: I/we have a beneficial long position in the shares of SPY, FPS, NVDA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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