If you work in tech, chances are the last few years have tested your patience. Whether you hold stock options, RSUs or ESPP shares, the hope for a liquidity event has always felt just out of reach. Many companies were ready to go public in 2022, only for markets to freeze. Others spent years preparing, then quietly shelved their plans and told employees they had to wait for better conditions.
But something changed in 2025. For the first time in a long stretch, we saw real signs of life in the IPO market. We saw actual tech companies listing again, investors showing up, and share prices holding steady on the other side. Not every IPO made headlines, and not every sector participated equally, but the momentum was finally heading in the right direction. Is 2026 the year for tech IPOs come back?
What 2025 Told Us About the IPO Market’s Recovery
For nearly three years, the IPO market wasn’t just slow, it was effectively paused. Rising interest rates, stubborn inflation, geopolitical uncertainty, and a general reset of tech valuations meant companies stayed private longer than planned. Even strong, profitable startups didn’t want to test unpredictable public markets.
In 2025, companies finally started stepping forward again. Here are some notable ones:
CoreWeave
In March 2025, CoreWeave went public after months of speculation. As one of the most closely watched AI infrastructure companies, investors were eager to see how the market would respond. The company raised approximately $1.5 billion in its IPO, even after adjusting the offering size.
The listing wasn’t euphoric, but that’s exactly what made it meaningful. It was measured, grounded, and well-received, which is exactly the kind of outcome that encourages more companies to follow.
Netskope
In September, Netskope went public, raising around $908 million in one of the largest cybersecurity IPOs in years.
Cybersecurity has long been viewed as a highly stable, defensible sector, and its success helped reinforce the idea that the public markets were ready for more tech stories, not just AI, but cloud, security, and enterprise software.
The Broader IPO Numbers Support the Story
According to data from Renaissance Capital, the U.S. saw roughly 198 IPOs in 2025 compared to 150 in 2024, making 2025 the strongest showing since 2021.
Why 2026 Has a Real Chance to Be a Turning Point
Tech employees don’t need another year of “almost”. They need clarity:
Is the IPO market actually coming back? And will it benefit employees holding equity?
There are a few reasons 2026 could finally deliver that.
1. Investor Appetite Has Quietly Returned
The 2025 IPOs weren’t hype-driven. They weren’t priced at sky-high multiples. They were realistic and that’s what makes the momentum durable.
Strong investor participation in 2025 signals confidence in business models that produce steady, predictable revenue and show a path to profitability.
That’s good news for employees because the companies most likely to go public in 2026 are late-stage, revenue-generating businesses. That’s exactly the types that tend to offer meaningful equity compensation.
2. There’s a Significant Backlog of Mature Private Companies
Many companies that originally planned to go public in 2022 or 2023 simply never got the chance. Valuations were too volatile. Markets were unforgiving. Underwriters were cautious.
Now, after multiple years of stronger financials, cost discipline, and maturing unit economics, those companies are better positioned for a future IPO.
Think:
- AI infrastructure platforms
- Cloud and data companies
- Cybersecurity firms
- Vertical SaaS
- Fintechs with large, established user bases
If several of these companies decide to file in early 2026, it could create the first wave of tech IPOs we’ve seen in years.
3. Market Conditions Are Finally More Predictable
Analysts expect U.S. markets to remain steady through 2026, supported by earnings growth and a more stable interest-rate environment. When markets behave predictably, companies are far more willing to list.
Employees feel this too. Predictability is what helps IPOs happen on time, what stabilizes early trading, and what makes RSUs or options more likely to hold value.
4. Companies Want to Reward Employees and Investors
After years of delayed liquidity, companies face pressure from employees, early investors, and even their own leadership to create a path to liquidity.
Waiting indefinitely is no longer sustainable. 2026 gives many companies their first legitimate window to act.
What Employees Should Watch for in 2026
If you hold stock options or RSUs, here’s what really matters:
Pay attention to who files early in the year
Strong early IPOs often open the gates for everyone else. If the first few tech listings in 2026 trade well, more companies will feel confident filing.
Watch your own company’s internal signals
Companies preparing for a potential IPO often:
- complete multi-year audited financials
- update equity plans or introduce option refreshes
- adjust compensation structures,
- talk more openly about long-term financing strategies.
Even if leadership can’t announce anything publicly, these internal moves often hint at the direction.
Consider your equity type and timing
An IPO can create very different tax outcomes depending on whether you hold ISOs, NSOs, RSUs or ESPP shares.
And with lock-ups still common after listings, you should plan ahead for liquidity timing and not assume immediate access to cash.
Remember that 2026 is likely a “normal” market, not a boom
This is good as companies listed in a stable environment tend to have healthier long-term performance, not a single day of excitement followed by years of volatility. For employees, that matters more than the IPO headline itself.
So, Is the IPO Market Finally Back?
Not fully. Not yet. But it’s getting there, and 2026 has all the ingredients for the healthiest IPO environment tech employees have seen in years.
The return of meaningful tech IPOs in 2025 wasn’t a fluke. It was the beginning of a reset where companies list because their businesses are ready, not because the market is overheated.
If your company has been waiting for the right moment, 2026 might be the first year in a long while where “someday” becomes something more real.
Want to Understand What an IPO Means for Your Equity?
Your stock options or RSUs could be one of the most valuable parts of your financial life if you plan ahead. An IPO can affect your tax bill, exercise timing, AMT exposure, and long-term financial strategy.
At KB Financial Advisors, we help tech employees turn confusing equity packages into clear, confident plans so you can make the most of any liquidity event, whenever it arrives.
Book a call with us to understand what a 2026 IPO could mean for you.
