2026 Is Expected To Deliver A 'Supercycle' Of IPOs. The First To Kick It Off Will Be Crypto.

• BitGo's IPO implies a market capitalization of around $2 billion and follows 2024 public debuts from crypto companies Circle and Gemini
• The aggregate value of U.S. unicorns (companies valued at $1 billion+) reached $4.3 trillion by end of December, driven largely by AI company valuations
• NYSE President Lynn Martin expects IPO activity to accelerate in the second half of Q1 into Q2 2026, with major companies being selective about timing their market debuts

Market Summary: 2026 IPO "Supercycle" Led by Crypto Sector

Key Developments

Crypto custodian BitGo launched its IPO today, pricing shares at $18 and achieving a market capitalization of approximately $2 billion. This marks the beginning of what NYSE President Lynn Martin calls a "supercycle" for IPO activity in 2026, with momentum expected to accelerate in late Q1 through Q2.

Major Players and Pipeline

BitGo follows recent crypto public debuts including stablecoin issuer Circle (CRCL) and the Winklevoss brothers' Gemini exchange. The 2026 pipeline includes potential mega-IPOs from:

• Anthropic (AI)
• SpaceX
• OpenAI
• Stripe
• Impossible Foods

Several of these companies could achieve valuations placing them among major public companies.

Market Context

The aggregate value of U.S. unicorns (private companies valued at $1+ billion) reached $4.3 trillion by end of December, driven primarily by surging AI company valuations. According to PitchBook, high-profile unicorns including OpenAI, Stripe, and Impossible Foods have strong probabilities of going public this year.

However, companies pursuing large offerings will be "selective" about timing, waiting for optimal market conditions.

Sector Tensions

BitGo's IPO comes despite headwinds in the crypto market, which has stagnated since October. Recent setbacks include a key digital asset regulatory framework bill stalling in Washington, negatively impacting stocks like Coinbase (COIN) and Circle. Future crypto listings, including early U.S. exchange Kraken, may provide sector uplift.

Investment Implications

The return of robust IPO activity signals renewed investor appetite and improved capital market conditions after a prolonged slowdown, offering potential opportunities for first-day gains and portfolio diversification.