The American stock market is on fire… and the flames are about to get hotter.
As I write this in November 2025, the S&P 500 has surged more than 16% year-to-date. The Nasdaq Composite has rocketed ahead by over 22%. The Dow Jones Industrial Average has climbed 12%. These aren’t just numbers on a screen – they’re proof that American capitalism is alive, thriving, and creating wealth at a pace we haven’t seen since the early 2020s.
Here’s what most investors don’t understand: This rally isn’t ending. It’s just getting started.
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November is historically the best month of the year for the S&P 500, averaging a 1.8% rise in data going back to 1950. In post-presidential election years, it’s the third-best month, with a typical gain of 1.6%. With the Federal Reserve cutting rates, artificial intelligence adoption accelerating, and corporate earnings exceeding expectations at an 86% rate, we’re looking at a market environment that could push valuations even higher through 2026.
The S&P 500 has rallied 36% over the past six months, boosted by strong corporate earnings and optimism about Fed rate cuts. Yet despite this remarkable run, investors remain hungry for growth. Fear of missing out – what market strategists call “FOMO” – is keeping fresh capital flowing into equities. And we’re seeing major indexes like the S&P 500 closing above 6,800 for the first time ever, with the Nasdaq and Dow simultaneously hitting record highs alongside the Russell 2000 small-cap benchmark.
The stage is set for 2026 to be one of the most profitable years in recent memory. And smart investors who position themselves now in the right initial public offerings could see gains that dwarf the broader market’s returns.
The IPO Gold Rush: Recent Winners That Made Investors Rich
Before I show you the companies preparing to go public in 2026, let me prove to you just how lucrative IPO investing can be when you get it right.
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In 2024 alone, the IPO market showed signs of life we hadn’t seen in years. The number of IPOs increased by 38%, with proceeds rising by 48%. In the Americas, 176 public offerings raised $33 billion throughout the year.
The winners weren’t just profitable – they were spectacular.
Reddit (RDDT) made its debut in March 2024 at $34 per share. The stock opened 38% higher at $47 per share and closed its first day at $50.31 – a 48% spike. But that was just the beginning. By Monday following the IPO, Reddit shares had jumped another 30%, closing at $59.80. As I write this in November 2025, Reddit’s stock performance stands at an astounding +309.2% from its IPO price, with a current valuation of $32.98 billion.
That means early investors who bought Reddit at its IPO price more than tripled their money in less than two years. A $10,000 investment became $40,920. A $50,000 stake turned into $204,600.
Astera Labs (ALAB), a semiconductor connectivity company riding the AI infrastructure wave, went public on March 20, 2024 at $36 per share. The stock exploded on day one, jumping 72% to close at $62.03. As of February 2025, Astera Labs showed a stock performance of +27.49% from its IPO price, with a current valuation of $14 billion. But the real story is even more impressive – the stock has more than tripled since its IPO, surging over 200%.
Early investors turned $25,000 into $75,000. Those who held on saw six-figure returns from modest five-figure investments.
Viking Holdings (VIK), the parent company of Viking Cruises, launched the largest IPO of 2024, raising approximately $1.77 billion on May 1, 2024. The stock has delivered a +77.454% return, bringing its current valuation to $22.21 billion.
Amer Sports (AS), owner of premium brands like Arc’teryx and Salomon, priced its IPO at $13 per share on February 1, 2024. The stock has surged +101.81%, reaching $31.22 – its all-time high – as of February 2025, with a current valuation of $15.25 billion.
These aren’t cherry-picked examples. Rubrik, a cybersecurity firm, went public on April 25, 2024 and has gained +96.97%. Even companies in traditional sectors like aerospace have delivered impressive returns – Loar Holdings, which manufactures aerospace components, jumped 74% on its first day and has gained +41.18% overall.
The pattern is clear: Investors who identify the right IPOs at the right time can generate returns that make the overall market look pedestrian.
Now, I’m about to show you the companies positioned to be 2026’s biggest IPO winners.
The Top IPOs to Watch in 2026
I’ve analyzed dozens of companies preparing to go public. I’ve studied their financials, their market positions, their growth trajectories, and their competitive advantages. What follows are the names that could deliver life-changing returns to investors who get in early.
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1. Databricks: The $43 Billion AI Data Giant
Estimated Valuation: $43 billion
Expected IPO Timeline: 2025-2026
Industry: Enterprise Software / Artificial Intelligence
Databricks isn’t just another tech company hoping to cash in on the AI boom. This is a legitimate juggernaut that’s transforming how enterprises manage and analyze data.
The company grew its revenue by an impressive 60% last year, with net revenue retention exceeding 140% in fiscal 2024. Let me translate that: Not only is Databricks acquiring new customers at breakneck speed, but existing customers are spending 40% more year-over-year. That’s the hallmark of a product that delivers genuine value.
In 2023, Databricks raised an additional $500 million in capital, pushing its valuation up, and has made strategic acquisitions including MosaicML, Tabular, and Arcion to strengthen its AI capabilities and data optimization technologies.
The company processes over $1 trillion in payment volume and maintains positive cash flow. While there’s speculation about timing due to market volatility, the company’s strong fundamentals suggest an IPO could happen in late 2025 or 2026.
The artificial intelligence revolution requires massive data infrastructure. Databricks provides the plumbing. As AI adoption accelerates – and it will – Databricks stands to capture billions in new revenue.
2. Stripe: The Fintech Colossus That Keeps Growing
Estimated Valuation: $65 billion
Expected IPO Timeline: 2025
Industry: Financial Technology
Stripe has been dangling the prospect of an IPO like a carrot for years. The company’s valuation hit nearly $100 billion in 2021, but rather than go public, it has continued to seek private funding.
Here’s why 2026 could finally be the year: In February 2024, Stripe conducted a tender offer allowing employees to sell shares at a valuation of about $65 billion. The company generates over $1 trillion in payment volume and continues to enjoy positive cash flow.
While Stripe’s CEO stated in June 2024 that they aren’t in a rush to go public, the company has made it clear that private funding is not needed to run its business but is instead meant to provide employees with liquidity.
The opportunity is obvious: Stripe still has room to capture market share from its biggest competitor, PayPal. An IPO would provide the capital and public market visibility to accelerate that conquest.
The company that powers online payments for millions of businesses worldwide is preparing for its public debut. When it happens, early investors could see substantial gains.
3. Plaid: The Hidden Power Behind Digital Banking
Estimated Valuation: $13 billion
Expected IPO Timeline: 2026
Industry: Financial Technology
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If you’ve ever connected your bank account to Venmo, Robinhood, or any modern financial app, you’ve used Plaid’s technology. Over half of all Americans now use Plaid’s services in some capacity.
The numbers tell an exciting story: Plaid experienced consistent revenue growth with more than a 25% increase in 2024, reaching nearly $67 million by year’s end. In 2024, usage of the company’s identity verification product surged by 400%, while its payment product saw more than a threefold increase.
The company brought in its first CFO in 2023 and hired its first-ever president, Jen Taylor, who previously helped shepherd Cloudflare to its IPO. Those aren’t random hires – they’re the moves of a company preparing for a public listing.
Despite CEO Zach Perret announcing in March 2024 that the company had “no immediate plans to IPO,” and a $575 million funding round in 2025 at a $6.1 billion valuation indicating they won’t go public this year, market observers believe a Plaid IPO is likely in 2026 or later.
The digital banking revolution is accelerating. Plaid sits at the center of it. When this company goes public, investors should pay close attention.
4. Discord: The Communication Platform with 200 Million Users
Estimated Valuation: $15 billion
Expected IPO Timeline: 2025
Industry: Technology / Social Media
Discord started as a platform for gamers. It evolved into something far more valuable: a general-purpose communication tool used by over 200 million active users with an impressive market value of roughly $15 billion.
What makes Discord fascinating is its business model. The company operates without traditional advertisements. Instead, it generates income through premium subscriptions, notably “Discord Nitro,” which offers enhanced features such as higher-quality streaming and increased upload limits. Additionally, Discord earns from server boosting services and game distribution fees.
This creates a sustainable, scalable revenue stream that doesn’t depend on the whims of advertisers or the deteriorating effectiveness of digital ads.
Discord’s CFO, Tomasz Marcinkowski, previously led Pinterest to its $13 billion IPO in 2019. The groundwork seems to be set for a public offering soon.
The company has the user base, the revenue model, and the leadership team to execute a successful IPO. Smart investors will be watching closely.
5. Klarna: The Buy-Now-Pay-Later Pioneer
Estimated Valuation: $15 billion
Expected IPO Timeline: 2025 (delayed)
Industry: Financial Technology
Klarna has had a turbulent journey. Following a 2021 fundraising effort that valued the Stockholm-based company at $46 billion – making it Europe’s most valuable startup – its value crashed to $6.7 billion just a year later.
But here’s what matters: Klarna is staging a remarkable comeback. The company has been cutting costs and streamlining its balance sheet, positioning itself for a potential IPO valued at up to $15 billion. With over 37 million users in the U.S., its largest market, Klarna filed for an IPO with the US Securities and Exchange Commission in November 2024.
Like several other companies, Klarna postponed its plans amid market volatility triggered by U.S. tariffs on global trading partners. While the IPO could still happen in 2025, it’s now expected to take place later in the year or potentially in 2026.
The buy-now-pay-later sector has faced challenges, but Klarna remains the category leader. A successful turnaround story often creates the best investment opportunities.
6. Chime: Digital Banking for the Masses
Estimated Valuation: $25 billion
Expected IPO Timeline: 2025 (delayed)
Industry: Financial Technology
Chime represents the new generation of banking – no fees, no branches, no nonsense. The neo-bank has attracted over 22 million customers and was valued at nearly $25 billion in 2021 following its Series G funding round.
After a valuation decline during the tech market cooldown, Chime got back on track in 2023 with more than 38 million customers and $1.3 billion in revenue, a 30% increase from 2022.
Chime confidentially filed for an IPO at the end of 2024, but postponed the process following the U.S. administration’s announcement of sweeping tariffs, which triggered a downturn in global private equity markets.
The fundamentals remain strong. At the time of writing, Chime has not announced a revised IPO date. But when market conditions stabilize, expect this fintech leader to make its move.
7. Skims: Kim Kardashian’s Billion-Dollar Shapewear Empire
Estimated Valuation: $4 billion
Expected IPO Timeline: 2026
Industry: Retail / Fashion
Don’t dismiss Skims because of the celebrity connection. This is a legitimate retail powerhouse that’s redefining intimate apparel.
Since its inception, Skims has expanded from shapewear to include loungewear, underwear, and menswear, emphasizing body positivity and inclusivity. The brand’s commitment to offering a diverse range of sizes and skin tones has resonated with a broad consumer base.
In July 2023, Skims reached a valuation of $4 billion following a Series C funding round led by Wellington Management, which raised $270 million. This marked a significant increase from $3.2 billion in 2022, reflecting the company’s robust financial performance and market presence.
Co-founder and CEO Jens Grede addressed IPO rumors in December 2024, stating that plans are not a current priority. However, he noted that Skims “deserves to be a public company” at some point in the future.
Translation: They’re building value before going public. When they do, early investors could see substantial returns from a brand that’s already achieved cult status.
8. Impossible Foods: Plant-Based Protein at Scale
Estimated Valuation: $7 billion
Expected IPO Timeline: 2025
Industry: Food Technology
The plant-based meat revolution faced headwinds as consumer preferences shifted. But Impossible Foods – the creator of the Impossible Burger – remains the category leader with real distribution power.
In April 2024, CEO Peter McGuinness indicated that the company is considering a “liquidity event” within the next two to three years, which could involve a public offering, a sale, or additional private fundraising.
After a $500 million funding round in November 2021, Impossible Foods was valued at approximately $7 billion. Despite challenges in the plant-based meat sector, including increased competition and shifting consumer preferences, the company continues to expand its product line and retail presence.
With distribution across thousands of grocery stores and partnerships with major chains like Burger King and McDonald’s, plus a focus on innovation and accessibility, Impossible Foods positions itself as a strong candidate for a public offering in the near future.
The long-term trend toward sustainable protein sources remains intact. Impossible Foods could emerge as the dominant winner.
9. Panera Bread: The Fast-Casual Chain’s Second Act
Estimated Valuation: $7.5 billion
Expected IPO Timeline: 2025
Industry: Food Service
After JAB Holding Company took Panera private in 2017 and called off an SPAC deal in 2022, the fast-casual chain is showing signs of preparing for another run at the public markets.
After expanding into new markets and posting increased foot traffic over the past year, Panera’s financial outlook is promising. The chain announced it would be laying off 18% of its corporate staffers – a slimming down often common before an IPO.
In addition, Panera has been actively revamping its menu to compete against other fast-casual concepts. And the fact that JAB has been holding onto the company for nearly seven years may mean it is ready to unload it to the public.
The restaurant industry faces challenges, but established brands with loyal customer bases and efficient operations can thrive. Panera fits that profile.
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The Sobering Truth About IPO Investing
I need to be direct with you about something the mainstream financial media won’t tell you: Not every IPO is a winner.
Renaissance Capital expects between 155 and 195 IPO issuances in 2025, an increase from 150 deals in 2024. Some will soar. Many will disappoint. A few will crash.
That’s why I don’t recommend buying every IPO that comes along. You need to be selective, strategic, and willing to do the research.
The companies I’ve outlined above represent my best analysis of the IPOs most likely to deliver substantial returns. But even among these names, not all will perform equally. Market conditions change. Management teams make mistakes. Competitors emerge.
The key is to identify companies with:
- Genuine competitive advantages – Patents, network effects, brand power, or technology that competitors can’t easily replicate
- Strong revenue growth – Not just promises, but proven ability to grow sales at 30%+ annually
- Clear path to profitability – Or better yet, companies already generating positive cash flow
- Large addressable markets – Billion-dollar opportunities, not niche products
- Experienced management – Teams that have built and scaled companies before
The companies on my list check most or all of these boxes.
A Personal Note
I’ve spent my career studying markets, analyzing companies, and helping investors separate signal from noise. I’ve seen fortunes made and lost in public offerings. I’ve watched legendary companies emerge from IPOs and spectacular failures crater within months.
What I’ve learned is this: The IPO market offers some of the most asymmetric return opportunities in all of investing. When you’re right, you can make 300%, 500%, even 1,000% returns in a few years. When you’re wrong, you can lose 50% or more.
That’s why I wake up every day committed to doing the research, running the numbers, and providing my readers with the truth about what’s really happening in the markets. Not the sanitized press releases. Not the promotional hype. The unvarnished reality.
The companies I’ve profiled today represent the best opportunities I see for 2026. Some will go public earlier than expected. Others will delay. Market conditions will shift. But the fundamental investment thesis remains: Find companies with real businesses, real revenue, and real competitive advantages… then get in early before Wall Street’s institutional investors have driven up the price.
The IPO market is showing renewed signs of life, with strong starts to recent quarters and major companies filing for public offerings. The window is opening. The opportunities are emerging.
The question is: Will you be positioned to profit when these companies make their debuts?
To your wealth,
Tom Anderson
Wall Street Watchdogs
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Wall Street Watchdogs is committed to uncovering the truth about financial markets and helping individual investors prepare for systemic risks that mainstream media won’t discuss. We receive no compensation from the companies or assets we analyze. This article is for educational purposes only and should not be construed as investment advice.
