This Week in Pre-IPO Stocks

Investors should prioritize Anthropic over OpenAI for AI exposure, as its path to profitability is faster with training costs projected to hit zero by 2029. In the fintech sector, Revolut is a high-conviction pre-IPO play targeting $3.5 billion in profit for 2026, with a likely U.S. IPO coming within 2–3 years. For high-growth software, Anysphere (Cursor) is a dominant leader in AI coding, currently seeking funding at a $50B–$60B valuation while generating 10x the industry average revenue per employee. Anduril remains the top pick in defense tech with a $92.9 billion valuation, driven by its new "Golden Dome" missile defense partnership. Finally, Stripe and Ramp are the essential "picks and shovels" plays for the AI economy, as they build the payment infrastructure for autonomous AI agents.

Monitor for the upcoming SpaceX IPO, which targets a $2 trillion valuation and represents a landmark opportunity to invest in global telecommunications and space infrastructure. Investors seeking exposure to the AI hardware boom should watch for the Rebellions IPO later this year, as the company positions itself as a specialized alternative to NVIDIA for AI inference chips. There is a narrow two-week window to participate in a $500 billion valuation round for Tether (USDT), which now rivals major global banks in profitability. For long-term energy plays, Valar Atomics offers high-conviction exposure to small modular nuclear reactors designed specifically to solve the power shortages facing AI data centers. Fitness wearable maker Whoop is now cash-flow positive following a $10.1 billion valuation round, signaling its final private funding stage before a likely public debut.

Investors should prepare for a potential Anthropic IPO as early as October 2026, which is positioned as a fiscally responsible alternative to OpenAI due to its lower cash burn and surging enterprise revenue. For exposure to the "National Security" AI theme, watch Reflection AI, a Western open-source alternative to Chinese models that is closely integrated with the NVIDIA hardware ecosystem. In the defense sector, Shield AI remains a high-conviction play at a $12.7 billion valuation following its selection for U.S. Air Force drone prototypes. Specialized "Vertical AI" is outperforming general tools, evidenced by Harvey scaling to 25,000 custom agents for the legal industry and Granola rapidly expanding into enterprise workflow automation. While robotics remains a high-conviction long-term bet through Physical Intelligence, investors should note that secondary market valuations for Figure AI have recently cooled by over 24%.

Investors should prioritize exposure to AMD as it secures a massive multi-year partnership with OpenAI, potentially involving a 10% equity stake in exchange for AI chips. Monitor the secondary market for Canva ahead of its projected 2027 IPO, as the company maintains a strong $47 billion valuation backed by eight years of positive free cash flow. Look for opportunities in "NeoCloud" providers like CoreWeave and Lambda, which are seeing explosive demand for AI infrastructure that traditional cloud giants cannot currently meet. Consider the industrial robotics sector, specifically Gecko Robotics, as they secure high-value government contracts like their $54 million U.S. Navy deal for digital twin technology. Watch for a potential shift in the payments landscape following Mastercard’s $1.8 billion acquisition of BVNK, signaling a major institutional move into stablecoin and tokenized deposit infrastructure.

Investors should monitor Google (GOOGL) as it integrates its record $32 billion acquisition of Wiz, a move designed to dominate the cloud security and AI-risk mitigation markets. In the private sector, Anduril Industries and Cursor are showing extreme momentum, with secondary market shares trading at premiums of 62% and 10% respectively over their current funding rounds. Nscale represents a high-conviction play on AI infrastructure, with a planned U.S. IPO and projected revenue growth from $1.5 billion to $9 billion by 2027. Anthropic is pivoting into a high-moat enterprise powerhouse through a strategic partnership with Blackstone, making it a primary competitor to OpenAI in the corporate sector. For those tracking the "Vibe Coding" trend, Replit and Cursor are the leading targets as they capitalize on the rapid democratization of software development.

Investors should prepare for a potential SpaceX IPO in June 2026, as the company targets a record-breaking $1.75 trillion valuation to fund its Starship and lunar initiatives. In the defense sector, Anduril presents a unique secondary market arbitrage opportunity, with its private shares trading at a 52% premium over its current $60 billion primary funding round. High-growth AI infrastructure is a major theme, with Together AI scaling to $1 billion in revenue and OpenAI projecting a massive $30 billion revenue run rate following the launch of GPT 5.4. For those seeking exposure to AI software adoption, Cursor (Anysphere) has reached hyper-growth with $2 billion in annualized revenue and a dominant 25% market share in AI coding assistants. Finally, Kraken is a top fintech watch as it nears a public debut following a landmark regulatory win granting it direct access to the Federal Reserve’s payment system.

Investors should monitor PayPal ($PYPL) for potential upside as acquisition rumors involving Stripe signal major consolidation and a thawing "fintech winter." Keep a close watch for the Cerebras Systems IPO expected as early as April 2026, as it represents the primary public "pick and shovel" alternative to NVIDIA ($NVDA). Anthropic’s expansion into COBOL modernization makes it a high-conviction play for disrupting legacy infrastructure, a move that has already pressured incumbents like IBM ($IBM). AMD ($AMD) is aggressively gaining market share through creative cloud financing, making it a key tactical holding alongside OpenAI backers Amazon ($AMZN) and NVIDIA ($NVDA). For long-term growth, look toward private secondary markets for SpaceX, which is seeing its valuation climb toward $1.47 trillion on the back of Starlink’s rapid global subscriber expansion.

Prepare for a potential OpenAI initial public offering as early as the fourth quarter of 2026, which is poised to be a landmark market event. To invest in the critical "picks and shovels" theme of AI observability now, consider established players like Datadog (DDOG), a public competitor to the fast-growing private company Grafana Labs. The AI infrastructure build-out is creating huge demand for hardware, with public giants like NVIDIA (NVDA) and AMD (AMD) investing heavily in cutting-edge private companies. Fintech leader Stripe is making a significant move into regulated digital assets and stablecoins with a new federal bank charter, positioning it for a future at the intersection of finance and crypto. Finally, keep an eye on enterprise-focused AI leaders like Anthropic and Cohere, whose rapid revenue growth signals a strong pipeline of future investment opportunities.

The most direct way to invest in the AI boom is through the "picks and shovels" that provide its essential infrastructure. Consider Nvidia (NVDA), the critical supplier of GPUs to nearly every major AI company, including XAI and backers of Runway. Keep an eye on highly anticipated future IPOs from profitable, high-growth private companies like payments giant Stripe and data infrastructure leader Databricks. The explosive growth of companies like Harvey in the legal sector also highlights a powerful trend in vertical AI, where specialized applications are creating significant value. Finally, Stripe's move to integrate stablecoins into its platform signals a major validation for the adoption of digital currencies in mainstream finance.

Consider investing in Alphabet (GOOGL) as a proxy for its autonomous driving subsidiary Waymo, which just saw its valuation surge 2.4x to $110 billion and is rapidly growing revenue. Prepare for the potential SpaceX IPO later this year, which could be the largest to date and may see fast inclusion into the NASDAQ 100 (QQQ). Key AI infrastructure company Cerebras validated its technology with a $10 billion contract from OpenAI, making it a top company to watch for a future public offering. Dominant AI model providers like OpenAI and Anthropic continue to secure massive valuations and major enterprise partnerships, signaling significant future IPO potential. The primary strategy is to gain exposure to the private AI boom, either through future IPOs or indirectly via public parent companies and key suppliers.

Investors should prepare for two massive IPOs, with SpaceX targeting June 2026 and OpenAI aiming for Q4 2026. A successful Starship V3 test flight in March 2026 is a key catalyst that could positively impact the valuation and timeline of the SpaceX IPO. Tesla's (TSLA) $2 billion investment in XAI signals a strategic move to integrate advanced AI beyond just cars, creating potential new value for shareholders. For a special situation, watch C3.ai (AI) as it is in talks to be acquired, which could provide an exit from the struggling stock. Finally, monitor private company Redwood Materials as it becomes a critical supplier for the energy-intensive AI data center and battery supply chain.

The massive funding in private AI infrastructure validates the "picks and shovels" investment thesis for public companies like NVIDIA (NVDA) and Dell (DELL). Consider Shopify (SHOP) as it pioneers "conversational commerce" by enabling sales directly through AI chatbots, creating a significant new revenue channel. The geopolitical push to onshore critical mineral supply chains presents a long-term opportunity in companies like MP Materials (MP), which benefit from direct government support. Yelp's (YELP) strategic acquisition of an AI startup to automate customer interactions could enhance its platform and drive future subscription revenue. Finally, monitor the private markets, as the rapid growth of companies like ClickHouse signals increasing competition for public data firms like Snowflake (SNOW) and points to major future IPOs.

Monitor pre-IPO opportunities in Cerebras Systems, which is preparing for a 2026 IPO following a game-changing $10 billion supply deal with OpenAI. Eleven Labs shows exceptional pre-IPO demand, with its valuation on secondary markets trading over 30% higher than its last round amidst hyper-growth to $330 million in annual revenue. Consider the AI video platform Pickfield, which is experiencing explosive growth after doubling its annual revenue run rate to $200 million in just two months. For a key infrastructure play, watch Erebor, a new digital bank that has secured preliminary FDIC and OCC approval to serve the crypto industry. Finally, gain exposure to the humanoid robotics trend through 1X, which is valued at $10 billion and targets shipping its NEO robot in 2026.

Monitor AI cloud provider Lambda for its planned IPO in the second half of this year, as it represents a key "picks and shovels" play heavily endorsed by NVIDIA (NVDA). Add top-tier AI model developer Anthropic to your watchlist, as it is widely expected to pursue an IPO in 2026 with a break-even target for 2028. For broader exposure to the AI infrastructure boom, consider established leaders like NVIDIA (NVDA) and Microsoft (MSFT), who are key strategic investors in the leading private AI labs. Consider Mobileye (MBLY) as it strategically expands into the humanoid robotics space through its recent acquisition, validating a new long-term growth market. Finally, keep an eye on Open Evidence, an AI platform for doctors with strong margins and market adoption, as a prime candidate for a future IPO in the specialized vertical AI space.

Broadcom (AVGO) is a key beneficiary of the AI boom, securing over $21 billion in custom chip orders from AI company Anthropic. This massive spending on AI infrastructure also presents a strong bullish case for Anthropic's key cloud partners, Alphabet (GOOGL) and Amazon (AMZN). In media, The Walt Disney Company (DIS) has a new potential growth catalyst after partnering with OpenAI to monetize its vast library of characters. Investors should also watch Match Group (MTCH), as its Hinge app is successfully using AI to boost user engagement, which could offset weakness in its Tinder brand. Finally, while private, investors should monitor news around SpaceX for a potential landmark IPO as soon as 2026.

Consider the upcoming IPO for digital wealth manager Wealthfront (WLTH), which is targeting a price of $12-$14 per share and has strong backing from cornerstone investors like BlackRock. Marvell Technology (MRVL) is strengthening its position in AI infrastructure by acquiring optical interconnect firm Celestial AI, making it a key supplier for building high-speed data centers. The explosive growth of AI is creating massive energy demand, with companies like Amazon turning to small modular reactor startups like X-Energy for reliable, carbon-free power. Keep an eye on the robotics AI space, where startups like Physical Intelligence (PI), backed by Alphabet and Jeff Bezos, are developing foundational software to power next-generation robots. Finally, add high-profile private companies like design platform Canva and AI leader Anthropic to your watchlist, as both are strong candidates for major IPOs in the coming years.

NVIDIA (NVDA) and Microsoft (MSFT) remain the core "pick and shovel" investments of the AI boom, using their balance sheets to fund AI labs and lock in future revenue. With strong growth and profitability, data platform Databricks is a prime near-term IPO candidate for investors to watch closely. Another key upcoming public offering is crypto exchange Kraken, which is preparing for an IPO in early 2026 after securing a major investment from Citadel. For a non-tech AI play, consider Target (TGT), which is proactively using AI to boost sales and operational efficiency. Finally, view Tesla (TSLA) as a long-term AI and robotics investment, given its potential vertical integration into chip manufacturing and synergies with xAI.

Consider investing in the foundational "picks and shovels" of the AI boom, such as data infrastructure companies like Cerebus Systems or established chip giant NVIDIA, to gain broad exposure to the sector's growth. For direct exposure to leading AI models, explore secondary market opportunities for shares in OpenAI and Anthropic, which are experiencing massive pre-IPO demand at high valuations. Look into high-growth AI application leaders like Cursor, an AI coding tool with over $1 billion in annualized revenue and backing from top-tier investors. Diversify into high-growth consumer brands by exploring pre-IPO opportunities in Skims, which is rapidly expanding into retail before a potential public offering. Finally, the burgeoning space economy presents an opportunity through Blue Origin, which recently achieved a key rocket landing milestone, positioning it as a major competitor to SpaceX.

The AI infrastructure boom remains a primary investment theme, with accelerating demand solidifying NVIDIA (NVDA) as the essential "picks and shovels" provider. Investors can gain exposure through major cloud players, as Amazon (AMZN)'s stock was boosted by a landmark $38 billion AWS deal with OpenAI. Similarly, Google (GOOGL) is a compelling play after its $32 billion acquisition of cybersecurity firm Wiz was cleared, significantly enhancing its cloud security capabilities. This deal also validates the high strategic value of the cybersecurity sector, providing a positive outlook for other leading firms. While many high-growth AI companies remain private, their massive infrastructure needs directly fuel the growth of these publicly traded partners.

Figma is strengthening its competitive position against Adobe by acquiring AI media startup Weavey, making it a compelling public stock to watch in the design software space. In the private markets, monitor Poolside, an AI coding startup whose upcoming $2 billion funding round includes a major investment from NVIDIA. Another key pre-IPO name is Canva, which is directly challenging Adobe by integrating its own AI and making its professional Affinity Suite free. For exposure to the emerging humanoid robotics market, watch 1X Technologies, which has begun accepting pre-orders for its $20,000 Neo robot. Finally, Mercor is a high-conviction name to follow for a future IPO, as it is already profitable and rapidly growing in the critical AI data and training sector.