Mega wave of AI IPOs predicted to happen in 2026
Market analysts are predicting a ‘mega wave’ of AI IPOs this year as leading GenAI companies actively consider listings.
The forecast was contained in the latest EY Global IPO Trends report, which showed there were 1,293 initial public offerings around the world last year, worth a combined $171.8bn.
A total of 1,293 IPOs raised US$171.8bn during 2025, representing a 39% year-on-year increase in proceeds despite broadly unchanged deal volumes.
The report noted Ireland ended the year with a milestone for its domestic listings landscape, as Senus PLC, an environmental and natural capital software provider, became the first company to list on Euronext Dublin’s Access/Access+ market.
The market is the exchange’s “springboard” platform for SMEs and scale-ups.
Senus began trading in December, "marking a positive step for Ireland’s ambitions to rebuild local listing, EY said.
Fergal McAleavey, EY Ireland Corporate Finance Partner, described the listing of Senus as "particularly important".
"After years without domestic IPO activity, the combination of targeted Government measures, including the stamp‑duty exemption for smaller Irish‑listed companies, and Euronext Dublin’s work to establish a simplified ‘springboard’ market, has created a more practical pathway for early‑stage and scaling businesses to consider going public.
"While the Irish pipeline remains modest for now, the underlying fundamentals are encouraging.
"With recognised strengths in fintech, medtech and AI‑enabled innovation, Irish companies that prioritise readiness will be well placed to step forward as confidence continues to build in 2026.”
On AI, it has been reported OpenAI is reportedly considering a $1 trillion IPO this year.
Mr McAleavey said: “Last year we saw a global market that had begun to stabilise after a prolonged period of volatility.
"Investor sentiment improved, monetary conditions eased, and high‑quality issuers were rewarded with constructive pricing and stronger aftermarket performance.
"As we look ahead, 2026 is shaping up to be a potentially pivotal year for global capital markets. With companies like SpaceX, OpenAI and Anthropic actively exploring possible IPOs – each with the scale to command tens if not hundreds of billions of dollars – the market could see one of the most significant cycles of large‑cap technology listings in over a decade.
"This wave of activity could create opportunities for other businesses considering an IPO, but standing out will require more than ambition.
"Companies need to ensure they maintain strategic flexibility, tell a clear story about their business and make sure their foundations are strong.
"In a market that opens and closes quickly, those that prepare early will be best placed to act when opportunities appear."
The EY data shows that the bulk of the IPO activity in 2025 was in the US, Hong Kong, and India, with China and Japan also accounting for a large number of deals.
European deals paled in comparison to the rest of the world.
"There's probably a lot of older, industrial-type companies in Europe, a lot of them kind of bigger, owned, family-owned businesses," Mr McAleavey told RTE.
"Where I think you probably see it in the US, it's been a lot of technology companies, particularly in India as well, where that has driven the volume there.
"I think Europe is a little bit behind, definitely, but I think it's driven by the technology, particularly out of the US."
He also said measures were being taken to respond to the exodus of companies from the Irish stock exchange.
Last year, Dalata left Euronext Dublin, along with big names like CRH, Paddy Power owner Flutter Entertainment and Smurfit Kappa (now Smurfit Westrock), with PTSB likely to follow.
"They've launched a new programme, the Access Market, where we saw one company list pre-Christmas, Seenas, a software company," he said.
OpenAI is reportedly considering a $1 trillion IPO this year
"So I think that is giving companies an alternative channel to private equity or to debt that you can raise, even if you're not a large cap.
"In the US, you take a view that you probably need to be north of a $1bn valuation before you can take a US listing, whereas this is designed specifically for smaller companies who need capital to grow and scale," he added.
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