“We don't expect any of the leading AI companies to go public [in 2026]. While talk of IPOs for OpenAI, xAI, Databricks, Cursor/Anysphere, and Anduril will likely increase, we don't anticipate any of them pursuing an IPO next year. This is a positive sign for the AI trade given it's unlikely the market peaks until these companies have gone public.”

None of the five named companies had listed directly as of late September 2026, though SpaceX's June 2026 IPO (post-xAI merger) and Anthropic's confidential S-1 complicate the scoring; final call at year-end.