5 Top IPOs to Watch for the Rest of 2026: Anthropic, Oura Health, and More

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It has been a very strong market for initial public offerings (“IPOs”), with several high-profile debuts in 2026. SpaceX (SPCX) hit the market with a $1.8 trillion market capitalization as part of the largest IPO in history. Artificial intelligence (“AI”) startup Cerebras Systems (CBRS) became the largest-ever semiconductor IPO. More highly anticipated IPOs are on the way during the rest of the year.

The IPO market has been propelled by a strong positive outlook for stocks, particularly names related to AI. The S&P 500 Index has recorded three straight years of gains. With the index near an all-time high, it looks set for a fourth consecutive year of gains, with just four months remaining in 2026.

A surging market and intense interest in AI have pushed SpaceX onto the list of the world’s most valuable companies. Another AI company, Anthropic, may soon join the ranks as well, as it plans for one of the largest IPOs of all time with a targeted $2 trillion offering.

The red-hot IPO market has finally started to boil, after a pair of dismal years in 2022 and 2023, when offerings were just 202 and 169, respectively. With investors’ interest high, firms are taking advantage of the “IPO window” to market their offerings, especially AI stocks, while they can.

Here are some of the hottest IPOs that could hit the market before 2026 closes out.

1. Anthropic

Let’s kick it all off with Anthropic, the most anticipated IPO in the back half of the year. It doesn’t get bigger than this, and that’s not just a cliché in the AI lab’s case. Anthropic insiders have been tossing out a market capitalization of $2 trillion for the company, a figure that would make it the largest IPO by valuation ever, topping even the recent SpaceX debut. Anthropic is the company behind the Claude chatbot and Claude code, and it has surged to become the leading American AI lab, more than doubling second-quarter sales to $11.6 billion and surpassing rival OpenAI.

But be careful. Anthropic is likely to push outlandish claims as part of its IPO marketing, according to insiders speaking to the Wall Street Journal. The AI lab may say that its total addressable market, the full value of its sales opportunities, is $30 trillion.

For context, that figure is roughly equivalent to 90% of the current United States gross domestic product. While insiders have touted a $2 trillion market cap, investors should be careful not to get stuck on a number before they see the firm’s financial statements, which may come out any day, in preparation for a potential September or October IPO. The company last raised funding in May at a $965 billion valuation.

Estimated raise: Up to $100 billion

Estimated market cap: $2 trillion, according to insiders

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2. Oura Health

Oura Health makes smart rings and other fitness- and health-tracking devices. Products such as its namesake ring help users measure various health metrics. They’ve grown in popularity in recent years as consumers look for something less obtrusive than a watch or phone for fitness tracking.

Oura has seen strong growth over the past year, selling 5.5 million rings through September 2025, up from 2.5 million sold in the year to June 2024. Management says sales should hit $1.5 billion, up from $500 million in 2024, tripling its performance in two years.

Founded in 2013, Oura was last valued at $11 billion in September 2025 during an $875 million fundraising round. Reports suggest that the firm could fetch $16 billion in an IPO and is likely to come to market in September or October.

Wearables have become more important in recent years as established hardware players look for additional growth avenues, but smart rings make up a small portion of the wearables market. Bigger players such as Apple (AAPL), Samsung, and Meta Platforms (META) have made inroads into wearables, and it may take their deep pockets to afford Oura’s estimated 10 times sales multiple for the IPO.

Estimated raise: $3 billion

Estimated market cap: $16 billion

3. Switch

Switch is also likely to take the plunge into public markets this year, at an opportune moment for the data-center company. Switch’s massive data-center campuses are located in at least four states, providing power, cooling, and connectivity so companies can train and run AI models. Key customers include Nvidia (NVDA), Dell Technologies (DELL), and FedEx (FDX). The company is majority-owned by DigitalBridge (DBRG).

Estimated to raise about $10 billion in capital at an $80 billion valuation, including debt – Switch’s IPO is a big one. However, this year it’s dwarfed by some of the largest IPOs ever. Still, it’s a good time for Switch to capitalize on the surging interest in AI infrastructure, as at least three other data-center companies have recently decided to go public or are actively exploring the possibility. Switch has powered its data centers with renewable energy since 2016, which may help it against a common complaint in data-center construction projects.

Estimated raise: $10 billion

Estimated market cap: $80 billion, including debt

4. SB Energy

SB Energy is another AI infrastructure play eyeing a public debut in 2026, as investor interest stays high. Backed by investment powerhouse SoftBank (SFTBY), SB Energy develops and powers AI data centers. It recently put together one of its most high-profile deals, signing a $250 billion deal for a jaw-droppingly huge 10-gigawatt data-center development plan in Ohio with Nvidia and future tenant OpenAI, which has signed a 20-year lease. Nvidia is helping backstop the deal, allowing developer SB Energy to access debt financing on better terms and taking a $1.5 billion equity stake in the company as part of the deal.

The Nvidia-OpenAI-SB Energy tie-up is the largest AI data center ever announced, helping whet the investors’ appetites in the weeks before a potential IPO. Of course, it’s one of the key parts of the entire smorgasbord of AI offerings that are racing to market before the year ends.

Estimated raise: $5 billion to $7 billion

Estimated market cap: More than $50 billion

5. Inspire Brands

You probably don’t recognize Inspire Brands from its lackluster corporate name. However, you’re probably familiar with its stable of well-known restaurant brands: Dunkin’, Arby’s, Buffalo Wild Wings, Baskin-Robbins, Sonic Drive-In, and Jimmy John’s. This mish-mash of fast-food players was rolled up over the past decade or so, resulting in today’s 33,000-outlet business and annual sales of more than $33 billion. Funds raised from the IPO (estimated at around $2 billion) will be used to pay down outstanding loans, due in part to the long-term restaurant-buying binge. If the IPO doesn’t happen before the end of the year, expect it early next year.

While many of these restaurants are household names, some have struggled to grow in recent years.

Dunkin’ is the heavy hitter in terms of store count, seeing significant growth of late, adding more than 8% to its net store count over the past three years. Store growth at Jimmy John’s has also been accelerating during that same timeframe.

Meanwhile, store counts have been down at Arby’s, Sonic, and Baskin-Robbins. So, it’s a mixed bag even if a sharp operator might be able to revitalize these well-known names.

Estimated raise: $2 billion

Estimated market cap: $20 billion

Regards,

James Royal, PhD

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