Trading on the New York Stock Exchange turned modestly higher in the latest session, with major U.S. stock averages posting gains after the sharp sell-off seen a day earlier. The Dow Jones Industrial Average rose about 0.4%, while the Nasdaq and the S&P 500 also moved higher, suggesting a tentative improvement in investor sentiment.
Markets were also digesting comments from President Donald Trump, who addressed the World Economic Forum in Davos and stated that the United States would not use force to acquire Greenland. While geopolitical headlines can introduce uncertainty, investors continue to weigh how such developments may influence global markets, finance, and entrepreneurial activity.
The backdrop for equities includes renewed momentum in the U.S. IPO market. In 2025, initial public offerings reached their most active quarter since 2021, with 65 companies raising nearly $16 billion. That marked a sharp increase from the prior year, which saw 40 IPOs totaling $8.6 billion. Much of the growth was driven by 23 large offerings, including five deals that each raised more than $1 billion. Looking ahead, companies such as Anthropic and OpenAI have signaled interest in going public, while SpaceX, led by Elon Musk, is reportedly in early discussions with banks about a potential listing.
Valuations tied to these prospective offerings are substantial, with estimates placing Anthropic near $350 billion, OpenAI around $500 billion, and SpaceX approaching $800 billion. Despite the size of those numbers, optimism remains strong. That sentiment was echoed by Jim Neesen, Founding Executive at the Connor Group, who spoke live from the New York Stock Exchange.
Neesen noted that 2025 delivered a record 345 IPOs, representing a 54% increase from the previous year. He described 2026 as potentially a “silver medal year,” forecasting between 375 and 400 IPOs, or roughly 20% growth. The pipeline is being fueled by a growing number of unicorns, private companies valued at more than $1 billion. That group now totals about 1,600 globally, with roughly half based in the United States. Fintech, artificial intelligence, consumer products, software, and industrials are leading the expansion.
A defining feature of the next phase of the IPO cycle could be the return of mega offerings. Neesen said as many as five IPOs valued above $100 billion could come to market in 2026. These large listings are seen as critical for restoring liquidity in venture capital and private equity, which have experienced limited exit opportunities in recent years. The impact would extend beyond Wall Street, affecting Silicon Valley and even Main Street as capital flows back into the broader economy.
Investor interest is also building around a potential crypto focused IPO from a company known for strong revenue growth and profitability, with services spanning asset custody and trading. Neesen described it as a potential “bellwether 2026 crypto IPO” that could set more disciplined valuation standards and offer an attractive entry point for retail investors.
Still, Neesen cautioned that risks remain. Valuations are elevated, with the S&P 500 trading near 22 times forward earnings, a level last seen during the COVID-19 period and the dot-com era. Geopolitical uncertainty, including global discussions in Davos, adds another layer of risk. U.S. midterm elections also tend to create headwinds for equities, historically placing pressure on the S&P 500.
Even with those challenges, Neesen sees 2026 as a potentially constructive year. Favorable macroeconomic conditions could ease market pressures and support healthier, more measured growth. Rather than a return to excess, the combination of solid fundamentals and more realistic expectations may create a supportive environment for entrepreneurship, particularly across blockchain, cryptocurrency, and sustainable investing. For investors, the opportunity is significant, but staying informed and disciplined will be key as the next chapter of the IPO cycle unfolds.
