US IPO Watch: 5 Upcoming Listings with Big Potential for 2025–26

US IPO Watch: 5 Upcoming Listings with Big Potential for 2025–26 What qualifies as “upcoming”? An IPO is considered upcoming when the company has publicly indicated plans to list but has not yet issued shares. Before including any company here, I checked recent articles from reputable finance outlets such as Forbes, Reuters, and The Motley Fool to confirm that the company remains private (i.e., it has not completed an IPO). For example, Stripe’s co‑founder John Collison said there was no immediate plan to list, and its employee share sale signalled that an IPO is not imminent forbes.com ; Motley Fool notes that Discord is not publicly traded and has not registered shares fool.com , and a private‑equity backed Medline only filed its S‑1 and has not yet listed reuters.com . I also checked This is Money but found no up‑to‑date articles beyond mid‑2024. 1. Stripe, Inc. – The Fintech Titan Still Waiting Sector: Fintech payments Status & expected date: Stripe remains privately owned and has not filed for an IPO; Forbes notes a mid‑2025 employee share sale indicates that an IPO is not imminent, and speculation points to 2026 forbes.com . Valuation & opening price expectation: Recent private valuations place Stripe at around $91 billion forbes.com . If the company issues roughly 1 billion shares, an indicative opening price could be in the $70–$100 range. First 3‑month projection: Assuming a relatively buoyant market and strong fintech appetite, the stock could see a 10–25 % gain in the first three months. However, if rates rise or tech sentiment sours, shares could slip below the IPO price. Pros: Stripe processes trillions of dollars in payments worldwide and has diversified into banking‑as‑a‑service and corporate finance, forbes.com . Its large client base and recurring revenue model offer stability and scale. Cons: At a $90 billion+ valuation, growth expectations are high; any slowdown could lead to a correction. Competition from giants like PayPal, Adyen, and traditional banks may compress margins. A good buy? For investors comfortable with high‑growth fintech exposure, Stripe could offer solid long‑term prospects. But the lofty valuation means there’s little margin for error. Verdict: promising but pricey. 2. Databricks, Inc. – Riding the AI Data Wave Sector: Cloud and artificial‑intelligence data analytics Status & expected date: Databricks raised a $10 billion Series K round in December 2024 at a $62 billion valuation and remains private; its CEO suggested an IPO might happen in late 2025 or 2026 forbes.com . Valuation & opening price expectation: Analysts speculate a public valuation close to $90–100 billion. If Databricks floats at this level with ~500 million shares, the opening price could be $150–$200 per share. First 3‑month projection: With AI enthusiasm high, shares could initially surge 20–40 % but may settle back if growth moderates. Pros: Databricks sits at the intersection of data, AI, and cloud—areas with robust growth forbes.com . High customer retention and expanding enterprise adoption provide a recurring revenue base. Cons: A post‑IPO valuation near $100 billion implies premium multiples. Heavy dependence on AI hype may leave the stock exposed to cyclical swings. A Good buy? A speculative opportunity: investors who believe AI and data infrastructure will remain core to enterprise spending might find Databricks attractive. Yet the risk of overpaying at the IPO is significant. Verdict: potentially rewarding but volatile. 3. Medline Industries, LP – Health‑Care Giant Making Its Debut Sector: Healthcare supplies and distribution Status & expected date: Medline publicly filed its S‑1 in October 2025; Reuters reported the filing could value the company at up to $50 billion and noted the listing hadn’t yet occurred . reuters.com . An IPO is likely in late 2025 or 2026. Valuation & opening price expectation: At a $50 billion valuation and an assumed share count of ~1 billion, the opening price could be around $40–$60. First 3‑month projection: As a mature business with stable cash flows, the share may move 10–15 % either way, depending on healthcare market sentiment. Pros: Medline is the largest privately owned medical‑supply manufacturer and distributor in the U.S. It benefits from long‑term contracts with hospitals, nursing homes and clinics. Less tied to consumer discretionary cycles compared with tech IPOs. Cons: Slower growth compared with high‑flying tech names; upside may be capped. Private‑equity owners (Blackstone, Carlyle, and others) may sell substantial shares post‑lock‑up, potentially pressuring the price. Good buy? For conservative investors seeking exposure to the healthcare supply chain, Medline could be appealing. However, don’t expect explosive gains. Verdict: steady but modest growth. 4. Discord Inc. – The Community Platform Eyeing Public Markets Sector: Online communications and social networking Status & expected date: The Motley Fool notes that Discord is not publicly traded and there’s no official timeline for its IPO . fool.com . Speculation suggests a listing could come as soon as 2025–26. Valuation & opening price expectation: Recent funding rounds valued Discord at about $15 billion. If it issues ~600 million shares, the opening price might fall in the $20–$30 range. First 3‑month projection: Due to its massive user base and brand loyalty, shares could gain 20–30 % in early trading if the company demonstrates a clear monetisation strategy. Pros: Highly engaged community—millions of daily users across gaming, education, and work. Potential to expand revenue streams through subscriptions, advertising, and developer tools. Cons: Currently, monetisation is relatively small compared with the user base; growth may require aggressive advertising or premium plans. Competes with entrenched players like Microsoft Teams, Slack, and social media giants. Discord offers high upside if it can transition its vast user base into paying customers. Investors need to weigh execution risk. Verdict: high‑potential yet unproven. 5. Rokt – The E‑Commerce Optimisation Engine Sector: Marketing technology/e-commerce Status & expected date: Rokt remains a privately held company; a pre‑IPO marketplace notes that it does not trade publicly, and only accredited investors can purchase shares. notice.co . A secondary share sale in November 2025 valued the company at about $7.9 billion and indicated an IPO was back on the table, theaussiecorporate.com . Valuation & opening price expectation: At a $7.9 billion valuation and a projected 300 million shares, an opening price could be $20–$30. First 3‑month projection: Given its smaller size and profitability (estimated EBITDA margins of ~40 %) theaussiecorporate.com The stock could climb 25–40 % in the initial quarter if market sentiment is favourable. Pros: Provides technology that optimises “last‑mile” offers on checkout pages for clients such as Expedia and Uber. Displays strong revenue growth (~48 % year‑on‑year) and profitability, unusual for a tech IPO theaussiecorporate.com Less “hype‑overhang” than mega‑IPOs, potentially offering more reasonable pricing. Cons: E‑commerce advertising is cyclical; economic downturns may hit revenue. As a smaller company, liquidity could be limited and volatility high. A Good buy? Rokt’s combination of growth and profitability stands out. However, as a lesser‑known brand, investors must be prepared for volatility. Verdict: underrated but speculative. Honourable Mentions Liquid Death: This canned‑water brand has hired Goldman Sachs to handle its IPO and is reportedly planning to go public, but has not set a date . fool.com . It continues to raise funds privately and could be one of the next consumer‑oriented listings. Cerebras Systems: The AI chip company filed confidentially and remains private; regulatory delays have postponed its listing, techcrunch.com . Final Takeaway Investing in IPOs can be both exciting and risky. Use this list as a starting point, but always perform your own due diligence. You can find in‑depth valuation models, sector comparisons, and market sentiment analysis in our $47 US Market Report at www.usmarketradar.com . This report explores how upcoming listings could reshape the S&P 500 and includes detailed scenario analyses for each of the companies listed above. Disclaimer: The information in this article is for educational purposes only and does not constitute financial advice. Always consult a licensed financial advisor before investing.