Nine IPOs Price This Week as New Listing Wave Builds
IPO activity accelerates with Public Policy Holding Company among notable debuts. 2026 pipeline signals potential AI-led mega wave ahead.
The IPO market is finding its rhythm.
Nine initial public offerings are scheduled to price this week, adding to a January that's already outpaced the same period in 2025. After years of subdued activity, the new listing pipeline is filling up—and the coming months could bring some of the largest tech debuts in history.
This Week's Slate
Public Policy Holding Company launched its roadshow last week and expects to price during the current window.
PPHC is a global communications and public affairs advisory group, providing government relations, corporate communications, and compliance services. The company trades on London's AIM market and is seeking a U.S. listing with a $56 million offering. It's not the flashiest debut of the week, but it reflects broadening IPO demand beyond pure-play tech.
The eight other pricings span sectors from healthcare to industrials. None are expected to move market indices, but together they signal investor appetite for new equity exposure after a drought that lasted from late 2021 through most of 2024.
The 2025 Rebound
Last year marked a turning point.
Global IPOs totaled 1,293 deals raising $171.8 billion—a 39% increase in proceeds year-over-year. Asia Pacific captured the largest share of proceeds, while Europe and the Middle East led by deal count. The U.S. market recovered more slowly, but activity picked up meaningfully in the second half.
The improvement reflected several factors: stabilizing interest rates, fading recession fears, and pent-up supply from companies that delayed listings during the 2022-2023 downturn. By Q4, deal flow had normalized enough that bankers started planning 2026 calendars with confidence.
That confidence is now translating to action. January's pace suggests full-year 2026 issuance could significantly exceed 2025, assuming markets cooperate.
The Mega-Wave Theory
The real excitement centers on potential AI-driven listings.
SpaceX confirmed plans to go public this year at an expected $1.5 trillion valuation, potentially the largest IPO ever. But that's just one candidate on a list that reads like a who's who of private-market unicorns.
OpenAI has reportedly explored a $1 trillion listing. Anthropic, backed by Google and Amazon, may debut this year. Databricks continues building toward an IPO. And the AI chip startup Cerebras has been IPO-ready for over a year.
If even half these names hit public markets in 2026, the year could feature more tech IPO proceeds than any since the dot-com era. The scale is unprecedented—and so is investor demand for AI exposure.
Challenges Remain
Not every IPO candidate will make it.
Valuations have compressed since peak private-market optimism in 2021. Companies that raised at sky-high multiples face the prospect of down rounds or flat-to-down IPOs that disappoint early investors. That dynamic has delayed several planned listings.
Market volatility adds another complication. The tariff-induced selloff last week demonstrated how quickly risk appetites can shift. Pricing windows can close fast, and underwriters have become cautious about pushing deals into turbulent conditions.
Regulatory scrutiny has also intensified. AI companies face questions about data privacy, competitive practices, and safety standards that could complicate public disclosures. The SEC has signaled heightened attention to AI-related risk factors in S-1 filings.
What This Means for Investors
The IPO market's health matters beyond new listings.
When companies can go public at reasonable valuations, it validates the broader market multiple structure. It allows venture capital to recycle into new investments. And it gives retail investors access to growth stories previously locked behind accredited investor walls.
For sector watchers, the mix of new listings tells you something about where capital is flowing. Right now, that flow favors AI infrastructure, healthcare, and companies with clear paths to profitability. Speculative growth stories with distant monetization timelines remain difficult to price.
The nine pricings this week won't individually move markets. But collectively, they're another sign that the new-listing machinery is working again. When SpaceX and its peers eventually hit the tape, investors will be ready. The pipeline is building, and 2026 looks increasingly like the year that private-market valuations finally get tested in public.