Here are 7 AI IPOs set to happen in 2026! Could these companies be the giants of tomorrow?

Let’s take a look at AI IPOs set to happen in 2026. Unfortunately, it is unlikely Australia will see too many for a wide variety of reasons including certain market regulations that are unfavourable relative to other markets as well as Australia’s productivity slump. Even Australian AI companies may bypass Bridge St for Wall St, as Sharon AI (a provider of AI computer chip equipment) just did.

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7 AI IPOs set to happen in 2026

1. Firmus Technologies

Perhaps the most discussed pure “AI-related” IPO prospect on the ASX for 2026 is Firmus Technologies. Firmus isn’t an LLM developer; rather, it’s building what it calls “AI factories” — large-scale, renewable-energy-powered data centre infrastructure designed to host GPUs and other computing resources for training and running AI workloads.

It has attracted a lot of headlines because its management includes Oliver Curtis, the husband of Roxy Jacenko and the son of investment banker Nick Curtis. A decade ago, he served 12 months in prison for inside trading but his redemption could be complete if IPO happens – he invested $250,000 initially and this amount is now north of 10 figures. Also backed by Nvidia, Ellerston Capital and other major investors, Firmus has raised multiple funding rounds totalling well over A$1 billion, and its pre-IPO valuation has been >A$6bn, with a strong likelihood a market cap north of that figure could come once listed.

2. OpenAI

This one (the company behind ChatGPT) might be pulled into 2027, but just raised $100bn and is eyeing off a Q4 listing. Its technology is more than just that application rivalling Google – it spans natural language processing, multimodal AI models and tools aimed at enterprise integration. Revenues are driven by subscriptions, API usage and cloud partnerships with hyperscalers. Founded in 2015, OpenAI began as a research lab and transitioned to a capped-profit model to scale commercial offerings.

In late 2025 and into 2026, OpenAI has been actively building financial infrastructure and expanding data-center capacity, pushing for top-tier model development and integrations. It has negotiated massive investments from key partners — including potential commitments from tech giants — to support its expansion plans. With annualised revenues reportedly climbing past tens of billions, the company is positioning itself for one of the largest IPOs in history (i.e. potentially in the hundreds of billions or even above US$1tn).

3. Anthropic

Anthropic builds the Claude family of LLMs, focusing on safe, reliable and interpretable AI. The company targets enterprise customers with tools like Claude Code that assist in complex tasks from coding to decision support, all with safety and alignment emphasised at the core of its model training. Anthropic was co-founded in 2021 by former OpenAI researchers and operates as a public benefit corporation.

After rapid revenue growth and strong enterprise uptake, Anthropic secured a massive $30bn funding round valuing it near ~$380 billion, more than doubling its prior valuation and underscoring investor confidence. The company has expanded its client base, grown its workforce and added board expertise to prepare for public listing challenge. Even if it listed at the same value as its past funding round, it’d be one of the biggest IPOs ever.

4. Databricks

Databricks provides a unified lakehouse platform integrating large-scale data processing, analytics and generative AI tools. Its ecosystem supports AI model training, deployment and “AI agents” working with enterprise data, making it central to digital transformation initiatives in large companies. The firm was founded in 2013 by a team from academia, originally to commercialise the Apache Spark project.

Databricks has posted strong growth with annualised revenue surging and AI product lines representing a meaningful slice of total revenues. A major Series L funding round in late 2025 valued it around $134bn, and the company has secured partnerships with major cloud vendors. Databricks competes with established enterprise software and cloud data analytics products from Oracle, SAP and Snowflake; its AI-centric model and unified infrastructure could erode market share in large organisations increasingly focused on scalar AI deployment.

5. Cohere

Cohere builds large language models for enterprise usage, specialising in custom embeddings, search engines and semantic search-powered workflows. Founded by academic AI leaders, Cohere’s technology integrates into enterprise platforms to deliver AI-enhanced search, text generation and analytics.

Having raised significant funding from venture and strategic investors, Cohere is widely expected to test public markets in 2026, riding momentum from commercial deployments across sectors that demand scalable and private AI solutions. Its valuation in late funding rounds has been in the tens of billions, and an IPO later this year could position it as a mid-cap rival to incumbents focused on NLP services.

6. Dataiku

Dataiku provides an enterprise AI and data science platform aimed at helping companies build, deploy and manage AI applications without requiring deep coding expertise. Established in 2013, its automated machine learning workflows, governance tools and collaboration features have driven strong adoption in finance, healthcare and retail.

Dataiku is prepping for a first-half 2026 IPO, with private valuations near the low-single-digit billions. Reaching public markets could accelerate its expansion and enable broader competition with established analytics suites from Microsoft, Google and IBM, particularly where specialised AI workflows are critical.

7. Mistral AI

Let’s turn our attention to Europe now. Mistral AI is a French-founded startup building LLMs and AI services. It focuses on efficient, high-performance generative AI with GDPR-friendly privacy models and has released products like le Chat. The company’s core strength lies in cost-efficient model deployment and tools tailored to European enterprise customers seeking on-premise or compliant cloud AI. Founded in 2023 by former Google DeepMind and Meta personnel, Mistral has quickly gained buzz.

It raised €600m (~US $650m) in private funding, giving it a valuation around €5.8 billion prior to IPO consideration. Its growth has included European expansion (including a Singapore presence) and developer ecosystem building. While Mistral’s CEO has publicly signalled an intention to pursue an IPO at some point, the timeline has been fluid and may slip into 2027 depending on markets and product monetisation scaling. The competitive point of difference is that it could be used by European enterprises bound by stricter data regulations.