The Most Anticipated IPOs in 2026: What Halal Investors Need to Know

2026 is already being called a historic year for the stock market, and for good reason. Some of the world's biggest and most talked-about private companies are finally opening their doors to everyday investors. From rocket ships to artificial intelligence, this year's IPO lineup is unlike anything the market has ever seen.

But as a Muslim investor, the question isn't just "Should I invest?" It's "Is this Halal?"

In this guide, we break down the biggest IPOs of 2026. We cover what has happened so far. We also cover what is still coming. We explain what it means through an Islamic finance lens.

IPO Market Set to Quadruple

2026 is shaping up to be a record-setting year. According to Goldman Sachs analysts, US IPO proceeds could reach a record $160 billion in 2026. This is about four times a typical recent year. It may be driven by some of the biggest private company listings in history. 

Goldman also expects IPOs to double to 120 this year as the economy improves and investors return.

IPOs That Already Happened in 2026

Before we cover the big names everyone is talking about, let’s look at a few notable companies. They have already debuted this year.

Cerberus (CBRS), an AI chipmaker and Nvidia competitor, was dubbed 2026's biggest IPO when it priced shares at $185. It raised $5.6 billion in an upsized offering, and the stock jumped 68% on its first day of trading. That kind of excitement shows just how hungry investors are for AI-related stocks.

Fervo Energy (FRVO), a Texas-based geothermal company, earned the title of the biggest renewable energy IPO ever. It raised $1.89 billion in proceeds. This signals that investors aren't just chasing AI, clean energy is also generating serious demand.

Blackstone Digital Infrastructure Trust (BXDC) also debuted, raising $1.75 billion by focusing on acquiring AI data center assets that it can lease to major tech companies.

Earlier this year, AI equipment maker Forgent Power and biopharma company Eikon Therapeutics went public. By early February 2026, twelve firms had raised about $5 billion through IPOs. This adds to what looks like a banner year.

The Leading Three: SpaceX, Anthropic, and OpenAI

If the early 2026 IPOs were the warm-up act, these are the main event.

SpaceX, Already Happened: June 12, 2026

SpaceX has officially gone public. Elon Musk’s rocket and satellite internet company priced its IPO at $135 per share on June 11, 2026. It began trading on Nasdaq on June 12, 2026.

At $135 per share, SpaceX’s valuation will rise to about $1.75 trillion. This will place it among the world’s ten largest public companies.

The company’s SEC prospectus confirms a record $75 billion capital raise. It beats Saudi Aramco’s 2019 record of $29 billion. This makes it the largest IPO in history.

What makes SpaceX different from a typical IPO is how it handled the process. The price was set at $135 before investor meetings, breaking from Wall Street norms. Around $150 billion worth of demand for the $75 billion raise, meaning investors tried to buy twice as many shares as were even available. A portion of the offering was also made available to retail investors, which is unusual for a listing this size.

Is SpaceX Halal? Based on AAOIFI Shariah Standard No. 21, SpaceX appears to pass Shariah screening.

Its core business, space technology, rocket launches, and satellite internet, is permissible under Islamic law. Its financial ratios also appear within the allowed limits. You can read our full analysis here.

Anthropic, Anticipated: Q4 2026

Anthropic is the company behind Claude, one of the most advanced AI assistants in the world. Anthropic is targeting a public listing as soon as October 2026. In May 2026, Bloomberg reported that Anthropic was in talks to raise at least $30 billion at a valuation exceeding $900 billion, which would make it the most valuable AI startup in the world, surpassing OpenAI.

Halal Perspective: Anthropic's core business is AI research and safety, an area with no direct involvement in prohibited industries. A full Shariah compliance assessment will require reviewing its financial ratios once it files publicly with the SEC. We'll publish a dedicated analysis closer to its IPO date.

OpenAI, Anticipated: Q4 2026

OpenAI may join the wave of public listings later this year. It recently filed confidential IPO papers with the SEC. However, the exact timeline remains uncertain.

Reports indicate the ChatGPT maker has missed internal revenue targets, and its CFO has signaled that the company may require more time to prepare for a public debut. This push toward Wall Street follows a massive $122 billion funding round that recently valued OpenAI at $852 billion.

Halal Perspective: While OpenAI’s core business of AI research and technology is fundamentally permissible under Islamic law, its financial health requires a closer look. Given the company's significant losses, heavy debt load, and intricate financial structure, passing the AAOIFI Standard No. 21 financial ratio screens will be the real test. We will publish a full Shariah compliance analysis soon. OpenAI must first disclose audited figures in its public S-1 filing.

Other Major Names to Watch

Beyond the three major automakers, several other significant companies are on the horizon.

Databricks, a cloud data infrastructure company valued at $134 billion, is also a potential 2026 IPO candidate. It received 7% of investor enthusiasm in the Benzinga poll, as reported by Yahoo Finance.

Canva is a popular graphic design platform valued at $42 billion. It is another name on the list. It received 6% of investor interest in the same poll.

Inspire Brands, parent company of Dunkin' and Buffalo Wild Wings, filed confidentially to go public. It aims to raise up to $2 billion. It targets a $20 billion valuation.

Discord is a social media and gaming chat platform. It also confidentially filed with the SEC in early 2026. It last had a valuation of $15 billion.

What the 2026 IPO Wave Tells Us About the Market

This year's IPO class tells a clear story. Matthew Kennedy, a senior strategist at Renaissance Capital, described these companies as "early-stage companies taking big swings at large markets”. Artificial intelligence is driving the most excitement.

AI companies could be the strongest source of IPO proceeds in 2026. Companies that can’t show resilience to AI disruption are struggling to attract investors.

The Halal Lens: How Should Muslim Investors Think About IPOs?

For Muslim investors, every new investment, including IPOs, must meet Shariah rules before you invest. Here's what to keep in mind.

1. What does the company actually do? The primary business must be Halal. Companies involved in alcohol, gambling, interest-based financial services, weapons, or adult content would fail this test outright. SpaceX (rockets and internet), Anthropic and OpenAI (AI research), and Databricks (data infrastructure) seem to be in allowed industries.

2. Check the financial ratios. Under AAOIFI Shariah Standard No. 21, a company with a Halal core business can still fail screening.

It may fail if its debt-to-value ratio exceeds 30%. It may also fail if prohibited income exceeds 5% of total revenue. Many pre-IPO companies carry high levels of venture debt, so this is a critical check.

3. Be cautious about hype. The Quran and Islamic tradition consistently emphasize caution, avoiding excessive speculation (gharar), and not following the crowd blindly. IPO stocks can be very unpredictable in their first days and months of trading. Most IPO shares are bought by large institutional investors. This often means retail investors end up paying more. 

4. Wait for verified screening. At Tabadulat, we screen every stock against AAOIFI Standard No. 21 before it's available on our platform. For IPOs, we will review each company as its financial data becomes public. We will publish a Shariah compliance assessment for each one.

The Bottom Line

2026 is a historic year for the stock market. SpaceX just made history with its $75 billion debut, and giants like OpenAI and Anthropic might soon follow. While these mega-IPOs are exciting, Muslim investors should look past the hype. It is vital to slow down, do research, and ensure each investment is financially smart and Shariah-compliant.

At Tabadulat, we will keep screening each company. We will publish our full Halal analysis as IPO dates are confirmed. Stay tuned, and invest in Halal.

FAQS

What does IPOs mean?

IPO stands for Initial Public Offering. It is the process where a private company offers its shares to the public for the first time. It then becomes publicly traded on a stock exchange.

What is the world's largest IPO?

SpaceX's 2026 public offering is reported to be among the largest IPOs in market history, which raised $75 billion and surpassed Saudi Aramco's previous record of $29.4 billion set in 2019.

Is IPO risk free?

No. IPOs can be highly volatile. Share prices may rise sharply, fall below the offering price, or fluctuate significantly as the market assesses the company's value and future prospects.

How do IPOs work?

A company hires investment banks to underwrite the offering. It files regulatory documents. It sets a share price range. It markets the deal to investors. It allocates shares. Then it begins trading on a public stock exchange.

Do most IPOs make money?

Not necessarily. While many IPOs deliver strong first-day gains, long-term performance varies widely. Some outperform the market, while others decline after listing. Success depends on factors such as valuation, business fundamentals, market conditions, and execution.

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Disclaimer: This content is for educational and informational purposes only and does not constitute financial, investment, or legal advice. The Shariah assessments referenced are based on AAOIFI Shariah Standard No. 21 and may differ from other scholarly opinions. Investing involves risk. Past performance is not a reliable indicator of future results.

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