What the 2024 IPO class tells us about 2026

The US IPO market reopened cautiously in 2024. After two effectively closed years, Reddit (March 2024), Astera Labs (March 2024), and Rubrik (April 2024) walked the market back into a working state.

2025 added breadth without yet adding the megadeals investors had been expecting. Now, with Klarna on file and Stripe, Discord, and Canva all on the rumored list, the 2026 cohort is beginning to look meaningfully larger and broader.

What is different about this cycle

• Profitability is back as the price of entry. Each of the 2024 IPOs that priced cleanly was either profitable or visibly close.
• Bookrunner concentration remains high. Goldman Sachs, Morgan Stanley, and J.P. Morgan led an outsized share of large 2024 deals. The pattern is repeating in 2026 filings.
• Discounts are narrower. Average first-day pops have been more measured than in the 2020–2021 cohort.

For pre-IPO comparable analysis, see our private fintech and AI infrastructure industry pages.