An investor managing over $386 billion in assets says investors should be on the lookout for this year’s mega initial public offering (IPO) wave, led by SpaceX and Anthropic.
In a new video update, Fisher Investments’ Ken Fisher says one of the biggest risks that he’s seeing for 2026 is the fairly large inventory of private companies looking to go public this year.
According to Fisher, each company expected to get listed this year is worth tens of billions of dollars, with some valued at $200 billion or higher.
“I like to refer to SpaceX as the poster child for this. This would be hundreds of billions of dollars in an IPO. There’s all of these other ones, however. Databricks is another, Kraken’s another, Anthropic’s another, and there’s another 10 behind that that would be in the $200 billion range and up. We’ve never seen mega-IPOs like that.”
Fisher says the mega IPOs themselves are not necessarily a sign that the market has crossed into euphoria. He says that investors should keep a close watch on how the mega IPOs perform after listing.
“Now, a hero of mine, always, long since deceased, Sir John Templeton famously said, ‘bull markets are born on pessimism, grow on skepticism, mature on optimism, die on euphoria,’ and I say that often, and people suffer mightily distinguishing between a fair amount of optimism and euphoria, which is a different thing. The fact is, how mega IPOs would be received in the marketplace is apt to be a good telltale indication of us crossing over into euphoria.
Now, I didn’t say those mega IPOs occurring is that. That’s not what I’m about to say. What I’m about to say is that how they are received by the public is a good indication of whether we are in a euphoric world or not. And again, I’m not talking about one or two of them. I’m talking about a group of them. If then they go up in price as a group nicely, that’s a pretty good sign of euphoria.”
SpaceX is currently valued at about $1.5 trillion, while Anthropic is worth $350 billion.
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