Pre-IPO Companies & Unicorn Tracker

Last Updated: January 2026

About This Pre-IPO Company Hub

This page tracks the most valuable and anticipated private companies—those likely to IPO in the coming years, those trading actively on secondary markets, and those that represent the cutting edge of innovation across technology, fintech, aerospace, and other high-growth sectors.

We focus on unicorns (private companies valued at $1 billion or more) and other significant private companies that accredited investors can potentially access through secondary markets, direct share purchases, or private placements.

For each featured company, we provide:

• Current valuation based on latest funding rounds or secondary market pricing
• Sector classification to help you understand market positioning
• Key products and business model explanations
• IPO timeline estimates based on public statements, industry analysis, and market conditions
• How to invest via secondary platforms and typical minimum investment amounts

Use this hub to discover investment opportunities, research companies before investing, and track when private giants might become publicly tradable.

Most Anticipated Pre-IPO Companies

These 15 companies represent the most valuable, most discussed, and most sought-after private investment opportunities heading into 2026-2027. They span artificial intelligence, fintech, enterprise software, aerospace, and consumer technology.

SpaceX

Sector: Aerospace | Valuation: $180 billion (2024) | Expected IPO: 2027+ (Starlink spinoff possible earlier)

Founded in 2002 by Elon Musk, SpaceX has revolutionized the space industry with reusable rockets, low-cost satellite launches, and Starlink satellite internet service. The company dominates commercial launch services with its Falcon 9 and Falcon Heavy rockets, operates the Dragon spacecraft for NASA missions, and is developing Starship—the largest rocket ever built—for Mars colonization and deep space exploration.

Key Products: Falcon 9/Heavy rockets (reusable launch systems), Starship (next-gen heavy-lift vehicle), Dragon spacecraft (crew and cargo), Starlink (satellite internet with 5+ million subscribers globally)

Investment Outlook: Elon Musk has repeatedly stated SpaceX will not go public until Mars missions are regular, but a Starlink spinoff IPO could happen 2025-2027. Available on secondary markets including Forge Global, EquityZen, and Hiive with typical minimums of $100,000-$250,000. Recent secondary pricing: $97-$112 per share.

Read the complete SpaceX investment guide →

Stripe

Sector: Fintech | Valuation: $65 billion (2023) | Expected IPO: 2026-2027

Founded in 2010 by brothers Patrick and John Collison, Stripe has become the leading payment processing infrastructure for internet businesses. The company processes over $1 trillion in payments annually for millions of businesses worldwide, from startups to Fortune 500 companies including Amazon, Google, and Shopify.

Key Products: Payment processing APIs, Stripe Connect (marketplace payments), Stripe Treasury (banking-as-a-service), Stripe Capital (business lending), Stripe Radar (fraud prevention), billing and subscription management

Investment Outlook: Widely expected to IPO in 2026-2027 after returning to strong growth following 2022-2023 slowdown. Down round in 2023 valued company at $65B (from $95B peak in 2021). Available on secondary platforms with minimums typically $25,000-$100,000. Recent secondary pricing implies $60-65B valuation range.

Read the complete Stripe investment guide →

Databricks

Sector: Enterprise SaaS / AI | Valuation: $43 billion (2023) | Expected IPO: 2026

Founded in 2013 by the creators of Apache Spark, Databricks provides a unified data and AI platform that helps enterprises manage, process, and analyze massive datasets. The company pioneered the "data lakehouse" concept, combining the flexibility of data lakes with the performance of data warehouses, and has become a critical infrastructure provider in the AI/ML boom.

Key Products: Databricks Lakehouse Platform, Delta Lake (open-source storage layer), MLflow (machine learning lifecycle management), Unity Catalog (data governance), SQL Analytics, AI/ML tools and notebooks

Investment Outlook: Strong likelihood of 2026 IPO. Company has reportedly filed confidentially. $1.6B annual recurring revenue (2023) growing 50%+ year-over-year. Available on secondary markets with minimums typically $50,000-$100,000. Active secondary market trading given IPO expectations.

Read the complete Databricks investment guide →

OpenAI

Sector: Artificial Intelligence | Valuation: $157 billion (2025) | Expected IPO: No plans announced

Founded in 2015 as an AI research laboratory, OpenAI shifted to a capped-profit model in 2019 and launched ChatGPT in November 2022, sparking the current AI revolution. The company develops cutting-edge AI models including GPT-4 (large language model), DALL-E (image generation), and enterprise AI solutions used by millions of consumers and thousands of businesses.

Key Products: ChatGPT (conversational AI), GPT-4 and GPT-4 Turbo (foundation models), DALL-E 3 (image generation), API platform for developers, ChatGPT Enterprise, OpenAI o1 (reasoning model)

Investment Outlook: No public IPO timeline. Complex governance structure involving nonprofit and capped-profit entities. Microsoft owns significant stake. Limited secondary market availability. When available, minimums typically $250,000+. Valuation has increased dramatically with ChatGPT's success and ongoing revenue growth.

Anthropic

Sector: Artificial Intelligence | Valuation: $40 billion (est. 2024) | Expected IPO: No plans announced

Founded in 2021 by former OpenAI research executives including Dario and Daniela Amodei, Anthropic develops AI safety-focused large language models. The company's Claude AI assistant competes directly with ChatGPT and emphasizes harmlessness, honesty, and helpfulness in AI systems. Major backers include Google, Salesforce, and Spark Capital.

Key Products: Claude 3 family of models (Opus, Sonnet, Haiku), Claude API for developers, Claude for enterprise, Constitutional AI research and methodology

Investment Outlook: No IPO timeline announced. Company focused on AI safety research and product development. Very limited secondary market availability. Company raised $7.3B across multiple rounds in 2023-2024. Google invested $2B+ and has cloud partnership.

Canva

Sector: Design SaaS | Valuation: $26 billion (2021) | Expected IPO: 2026+

Founded in 2012 in Australia, Canva democratized graphic design with an intuitive browser-based platform that allows non-designers to create professional graphics, presentations, social media posts, and marketing materials. The company has over 170 million users globally and generates significant revenue from premium subscriptions and enterprise plans.

Key Products: Canva design platform (web and mobile), Canva Pro (premium features), Canva for Teams (collaboration tools), Canva for Enterprise, Magic Studio (AI-powered design tools), print and delivery services

Investment Outlook: Potential IPO 2026 or later. Company is highly profitable and has delayed going public. Limited secondary market availability. Australian company planning dual listing. Strong product-market fit with sustained user growth and retention.

Discord

Sector: Consumer Tech | Valuation: $15 billion (2021) | Expected IPO: Timeline unclear

Founded in 2015, Discord started as a voice and text chat platform for gamers but has evolved into a general-purpose communication hub for communities of all kinds. The platform has over 200 million monthly active users organizing around gaming, education, hobbies, and professional interests. Rejected $12B Microsoft acquisition offer in 2021.

Key Products: Discord servers (community spaces), voice/video/text chat, screen sharing, Discord Nitro (premium subscription), server boosting, bot integrations and developer platform

Investment Outlook: No clear IPO timeline. Company declined acquisition offers to remain independent. Monetization primarily through Nitro subscriptions. Secondary availability varies. Strong user engagement but monetization challenges compared to other social platforms.

Chime

Sector: Fintech | Valuation: $25 billion (2021) | Expected IPO: 2026-2027

Founded in 2013, Chime pioneered the modern digital banking experience in the United States with no-fee checking and savings accounts, early direct deposit access, and an intuitive mobile-first experience. The company has grown to over 20 million account holders and generates revenue primarily through interchange fees when customers use Chime debit cards.

Key Products: Chime checking and savings accounts, SpotMe (overdraft protection), Credit Builder (secured credit card), early direct deposit (get paid up to 2 days early), automatic savings features

Investment Outlook: Expected IPO 2026-2027 after filing confidentially. Company delayed public debut during 2022-2023 market downturn. Available on secondary platforms with varying minimums. Strong customer growth but regulatory scrutiny increasing for neobanks.

Plaid

Sector: Fintech | Valuation: $13.4 billion (2021) | Expected IPO: 2026+

Founded in 2013, Plaid provides the API infrastructure that connects fintech applications to users' bank accounts. The company powers account linking, transaction data, identity verification, and payment initiation for thousands of financial apps including Venmo, Robinhood, Coinbase, and Acorns. Over 8,000 apps and services use Plaid's technology.

Key Products: Plaid Link (bank account connection), Transactions API, Auth (account verification), Identity (user identity verification), Balance, Assets (income and asset verification), Payment Initiation

Investment Outlook: IPO expected 2026 or later. Visa attempted $5.3B acquisition in 2020 but deal was blocked by DOJ. Company has since refocused on growth and expanded internationally. Secondary market availability limited. Critical infrastructure for fintech ecosystem with strong moat.

Revolut

Sector: Fintech | Valuation: $33 billion (2021) | Expected IPO: 2026

Founded in 2015 in the UK, Revolut has built a global digital banking platform offering currency exchange, stock trading, cryptocurrency, international money transfers, and traditional banking services. The company has over 40 million customers globally and is expanding aggressively in Europe, the US, and other markets with a super-app strategy.

Key Products: Multi-currency accounts, foreign exchange (FX), stock trading, cryptocurrency trading and holding, international transfers, Revolut Business (business accounts), insurance products, subscription tiers (Standard, Plus, Premium, Metal)

Investment Outlook: IPO expected in 2026, likely on London Stock Exchange. Company has received UK banking license and is expanding US operations. Secondary availability limited. Strong international growth but profitability varies by market. Regulatory compliance improving after earlier challenges.

Klarna

Sector: Fintech | Valuation: $6.7 billion (2022) | Expected IPO: 2026

Founded in 2005 in Sweden, Klarna pioneered the "buy now, pay later" (BNPL) payment model that allows consumers to split purchases into installments with no interest if paid on time. The company partners with over 500,000 retailers globally and has over 150 million active customers. Klarna also offers a shopping app, price comparison tools, and a rewards program.

Key Products: Pay in 4 (split purchase into 4 payments), Pay in 30 days, Financing (longer-term installment plans), Klarna Card (physical and virtual cards), shopping app and browser extension, merchant solutions and analytics

Investment Outlook: IPO expected 2026 after down round in 2022 (from $45.6B to $6.7B) amid BNPL sector challenges. Company has returned to profitability and is preparing for public listing. Secondary availability limited. Regulatory scrutiny on BNPL sector increasing. Competition from Affirm (public), Afterpay (acquired by Block), and Apple Pay Later.

Figma

Sector: Design SaaS | Valuation: $20 billion (Adobe acquisition attempt, 2022) | Expected IPO: 2027+

Founded in 2012, Figma revolutionized design collaboration with its browser-based interface design and prototyping platform. Unlike traditional desktop design software, Figma enables real-time multiplayer collaboration, version control, and design systems management. The platform is used by millions of designers at companies including Google, Microsoft, Uber, and Airbnb.

Key Products: Figma Design (interface design tool), FigJam (online whiteboarding), Figma Prototyping, Dev Mode (developer handoff), design systems and component libraries, Figma AI features

Investment Outlook: Adobe attempted $20B acquisition in 2022 but deal was terminated in 2023 due to regulatory concerns. Figma remains independent and IPO is possible 2027+. Company is highly profitable and growing. Secondary market availability limited. Dominant position in design tool market with strong network effects.

Ripple

Sector: Crypto / Fintech | Valuation: ~$11 billion (estimate) | Expected IPO: Post-SEC settlement possible

Founded in 2012, Ripple develops blockchain-based payment solutions for financial institutions, focusing on cross-border payments and remittances. The company created XRP cryptocurrency and RippleNet, a global payments network. Ripple has faced a lengthy SEC lawsuit over XRP sales, which reached partial resolution in 2023 with mixed rulings.

Key Products: RippleNet (payment network for banks and payment providers), On-Demand Liquidity (uses XRP for instant settlement), XRP Ledger (decentralized blockchain), cross-border payment solutions, central bank digital currency (CBDC) solutions

Investment Outlook: IPO possible after full SEC litigation resolution. CEO Brad Garlinghouse has mentioned IPO as option once regulatory clarity improves. Private valuation estimates around $11B but uncertain. Secondary availability very limited. Regulatory uncertainty remains key risk despite partial legal victories.

Checkout.com

Sector: Fintech | Valuation: $40 billion (2022) | Expected IPO: Timeline unclear

Founded in 2012 in London, Checkout.com provides payment processing infrastructure for global enterprises and high-growth startups. The company competes with Stripe and Adyen, offering unified payments platform, fraud detection, and optimization tools. Clients include Netflix, Pizza Hut, Farfetch, and Grab.

Key Products: Payment gateway and processing, unified payments API, fraud detection and risk management, payment optimization, alternative payment methods (digital wallets, local payment methods), issuing and acquiring services

Investment Outlook: No clear IPO timeline. Company raised at $40B valuation in 2022 but has remained private. Secondary availability limited. Strong growth in merchant services and expanding geographically. Competition intense in payments space.

Fanatics

Sector: E-commerce / Sports | Valuation: $31 billion (2023) | Expected IPO: 2026+

Founded in 1995 and revitalized under CEO Michael Rubin, Fanatics is building a sports platform empire spanning merchandise, trading cards, sports betting, and NFTs. The company operates the e-commerce platforms for major sports leagues including NFL, NBA, MLB, and NHL, and acquired Topps trading cards business in 2022. Fanatics Sportsbook and Fanatics Betting & Gaming launched 2023.

Key Products: Fanatics Commerce (licensed sports merchandise), Fanatics Collectibles (trading cards and memorabilia, includes Topps), Fanatics Betting & Gaming (sportsbook and iGaming), NFT and digital collectibles

Investment Outlook: Potential IPO 2026+ or separate IPOs for different business units. Strong partnerships with leagues and exclusive licensing deals. Secondary availability varies. Sports betting segment competitive and capital-intensive. Trading cards business cyclical but strategic.

Pre-IPO Companies by Sector

Understanding sector exposure helps investors diversify across industries and identify trends. Here's how our featured companies break down by primary sector:

Fintech (7 companies)

The fintech sector dominates our pre-IPO watchlist with seven major companies representing payments, banking, and financial infrastructure:

• Stripe ($65B) - Payment processing infrastructure
• Checkout.com ($40B) - Payment processing and optimization
• Revolut ($33B) - Digital banking and super-app
• Chime ($25B) - Consumer digital banking
• Plaid ($13.4B) - Financial data APIs and infrastructure
• Ripple (~$11B) - Blockchain payments and XRP
• Klarna ($6.7B) - Buy-now-pay-later and shopping

Fintech valuations compressed in 2022-2023 but several companies are preparing for 2026-2027 IPOs as markets stabilize. Key themes: embedded finance, crypto/blockchain payment rails, global expansion, and regulatory compliance.

Enterprise Software & SaaS (3 companies)

Enterprise SaaS remains a consistently strong sector with high margins, recurring revenue, and strong customer retention:

• Databricks ($43B) - Data lakehouse and AI platform
• Canva ($26B) - Visual design platform
• Figma ($20B implied) - Collaborative design tool

All three companies have achieved product-market fit, strong revenue growth, and category leadership. Databricks leads in IPO readiness (expected 2026), while Canva and Figma remain comfortably private with profitable business models.

Artificial Intelligence / Machine Learning (2 companies)

The hottest sector in private markets, AI companies command premium valuations amid explosive demand:

• OpenAI ($157B) - Foundation models and ChatGPT
• Anthropic ($40B) - Claude AI and safety research

Neither company has announced IPO plans. Both are focused on scaling AI capabilities and maintaining research leadership. Complex corporate structures and strategic partnerships may delay traditional IPOs.

Consumer Technology (1 company)

• Discord ($15B) - Community communication platform

Discord has massive user engagement but faces monetization challenges common to consumer social platforms. IPO timeline unclear as company focuses on sustainable growth and feature development.

Aerospace (1 company)

• SpaceX ($180B) - Rockets, spacecraft, and Starlink

SpaceX is the highest-valued private company globally. Elon Musk has stated no plans for full company IPO but Starlink subsidiary could go public separately to fund expansion.

E-commerce / Sports (1 company)

• Fanatics ($31B) - Sports merchandise, collectibles, betting

Fanatics is building a diversified sports platform. Potential for separate IPOs of different business units (commerce, collectibles, betting) rather than single combined offering.

Pre-IPO Companies by Expected IPO Timeline

IPO timing predictions are inherently uncertain and depend on market conditions, company readiness, and strategic priorities. Based on public statements, confidential filings, and market analysis, here's our timeline breakdown:

Potentially 2026 IPOs

These companies have the strongest indicators of potential 2026 public offerings:

• Databricks - Reportedly filed confidentially, $1.6B ARR with strong growth, market conditions improving for enterprise SaaS IPOs
• Stripe - Multiple liquidity windows for employees suggest preparation, market leadership in payments, 2026-2027 widely expected
• Revolut - CEO has indicated 2026 timeline, UK banking license secured, London listing expected
• Klarna - Returned to profitability, down round in rear-view mirror, 2026 IPO discussed publicly
• Chime - Filed confidentially, delayed during market downturn, may proceed in 2026 if conditions improve
• Canva - Strong profitability and growth, 2026+ possible though company is in no rush

2027 and Beyond

These companies may IPO in 2027 or later, or have long-term private strategies:

• SpaceX - Full company IPO unlikely until 2027+, but Starlink spinoff could happen sooner
• Discord - No clear IPO signals, company exploring sustainable monetization first
• Plaid - Infrastructure play with strong positioning, IPO possible 2026+ but no urgency
• Checkout.com - Recently raised at high valuation, may stay private longer
• Fanatics - Building out sports betting and collectibles, 2026+ potential or separate unit IPOs
• Figma - Post-Adobe deal collapse, company refocusing, 2027+ if they pursue IPO

No Clear Timeline / Unlikely Near-Term

These companies have not signaled IPO intent or have structural reasons to remain private:

• OpenAI - Complex nonprofit/capped-profit structure, no IPO announcements, focused on AI development
• Anthropic - Early-stage compared to valuation, focused on AI safety research and product development
• Ripple - Awaiting full resolution of SEC litigation before considering IPO

How We Track Pre-IPO Companies

Our research methodology combines multiple data sources to provide the most accurate and up-to-date information on private company valuations, availability, and IPO prospects:

Data Sources

• Funding round announcements: Press releases, SEC Form D filings, PitchBook, Crunchbase, and CB Insights data
• Secondary market pricing: Monitoring platforms like Forge Global, EquityZen, and Hiive for current trading ranges
• Company disclosures: Annual reports (when available), investor letters, employee communications that become public
• IPO filings: Tracking confidential IPO filings, S-1 amendments, and public IPO registration statements
• Media reports: Financial press coverage from Bloomberg, WSJ, Financial Times, The Information, and industry publications
• Executive statements: Public comments from CEOs, CFOs, and board members about IPO intentions and company strategy

Update Frequency

We review and update this page monthly, with immediate updates when:

• New funding rounds are announced with updated valuations
• Companies file for IPO or announce IPO timelines
• Significant M&A activity occurs (acquisitions, acquisition attempts, or rejections)
• Material business developments affect investment thesis (regulatory issues, major product launches, leadership changes)

What We Don't Know

It's important to acknowledge the limitations of private market data:

• Financial performance: Most companies do not disclose revenue, profitability, or growth rates publicly
• Exact IPO timing: Even when companies file confidentially, timing can shift based on market conditions
• Secondary market liquidity: Availability changes constantly based on sellers, company approval, and platform inventory
• Real-time valuations: Valuations may have changed since last funding round or secondary trades

Unicorn Tracker Summary

As of January 2026, there are over 1,200 private companies globally valued at $1 billion or more—the definition of a unicorn. The 15 companies featured above represent a selection of the most valuable, most accessible, and most likely to go public in the near term.

Global unicorn statistics:

• Total number of unicorns: 1,200+ worldwide
• Combined valuation: $4+ trillion
• Largest concentration: United States (650+), China (300+), Europe (180+), India (100+)
• Top sectors: Fintech, enterprise SaaS, e-commerce, health tech, AI/ML
• Average time to unicorn status: 7-8 years from founding
• Average time from unicorn to IPO: 3-5 years

Decacorns ($10B+ valuation): Approximately 60 companies have reached $10 billion+ valuations while private, including all the companies profiled on this page except Plaid, Ripple, and Discord.

Hectocorns ($100B+ valuation): Only two private companies have surpassed $100 billion valuations: SpaceX ($180B) and OpenAI ($157B). Both represent paradigm shifts in their respective industries (aerospace and artificial intelligence).

How to Invest in These Companies

Most featured companies are available through secondary market platforms, though availability varies significantly based on seller activity, company approval processes, and minimum investment requirements.

Secondary Market Platforms

The primary way accredited investors access pre-IPO shares:

• Forge Global: Largest selection, higher minimums ($100K+), institutional-grade due diligence
• EquityZen: Lower minimums ($10K-$25K), SPV structures, good for smaller investors
• Hiive: Employee-focused, flexible structures, growing company selection
• NPM Capital / Linqto: Alternative platforms with different company focuses

Read our complete guide to buying unlisted shares →

Typical Investment Minimums

Minimum investments vary by company and platform:

• Tier 1 unicorns (SpaceX, OpenAI, Anthropic): $100,000-$500,000 minimums
• Established pre-IPO companies (Stripe, Databricks, Revolut): $25,000-$100,000 minimums
• Smaller or more available companies: $10,000-$50,000 minimums

Transaction Timeline

Buying pre-IPO shares is not instant. Expect:

• 1-2 weeks: Accreditation verification and platform onboarding
• 2-4 weeks: Due diligence, document review, and investment commitment
• 4-8 weeks: Company approval (Right of First Refusal period)
• 2-4 weeks: Transaction settlement and share transfer

Total timeline: 2-4 months from initial interest to share ownership.

Key Considerations

Featured Company Deep Dives

We've created comprehensive investment guides for the most sought-after pre-IPO companies. Each guide includes detailed business analysis, valuation history, how to invest, risk factors, and IPO outlook:

Frequently Asked Questions

How accurate are these valuations?

Valuations are based on the most recent funding rounds or secondary market trading data available. However, private company valuations can be subjective and may not reflect current market sentiment. A company's "valuation" is only what someone last paid for shares—it doesn't guarantee that's what you can buy or sell at today.

Can I invest in all of these companies?

Not all companies are available at all times. Secondary market availability depends on:

• Whether current shareholders (employees, early investors) want to sell
• Whether the company approves secondary transactions (most have Right of First Refusal)
• Whether you meet accredited investor requirements
• Whether you meet minimum investment thresholds

Companies like SpaceX and Stripe tend to have more consistent availability. Others like OpenAI, Anthropic, and Figma have very limited secondary market activity.

Why do some companies delay IPOs?

Companies may stay private longer for several reasons:

• Sufficient private capital: Access to funding without public market scrutiny
• Avoiding quarterly earnings pressure: Freedom to invest in long-term projects
• Market conditions: Waiting for favorable IPO windows and valuations
• Business maturity: Wanting stronger financials before public debut
• Strategic flexibility: Ability to pivot without public shareholder approval

What happens to my shares when a company IPOs?

When a company goes public, your pre-IPO shares convert to publicly tradable shares. However:

• Lock-up period: You typically cannot sell for 90-180 days after IPO
• Share class conversion: Preferred shares usually convert to common stock
• Dilution: IPO often involves issuing new shares, diluting your percentage ownership
• Liquidity: After lock-up expires, you can sell on public markets

How do I stay updated on IPO developments?

We update this page monthly and immediately upon major developments. For real-time updates:

• Subscribe to our email briefing (see form at bottom of page)
• Follow financial news sources like Bloomberg, WSJ, The Information
• Monitor SEC EDGAR for confidential IPO filings becoming public
• Join secondary market platforms that notify you of availability

Conclusion

The pre-IPO market in 2026 offers unprecedented access to some of the world's most valuable and innovative private companies. From SpaceX's Mars ambitions to OpenAI's AI revolution, from Stripe's payment infrastructure to Databricks' data lakehouse platform, these companies represent the cutting edge of technology and business model innovation.

However, investing in private companies requires careful consideration, substantial capital, and patience. The companies profiled here represent the best-case scenarios—category leaders with proven business models and clear paths to liquidity. Even so, risks include illiquidity, information asymmetry, valuation uncertainty, and the possibility of total loss.

Use this page as a starting point for research, not as investment advice. Conduct thorough due diligence, consult with financial advisors, and only invest capital you can afford to lock up for years.

Ready to learn more?

• Read our complete guide to buying unlisted shares
• Compare secondary market platforms
• Understand how private companies are valued
• Explore detailed SpaceX investment guide