Investing pre-IPO: Major IPOs through to 2027 and how investors can get involved beforehand

You followed the SpaceX IPO in June and wondered how anyone gets a stake in a company like that before its shares trade for the first time? Plenty of investors are asking the same question in 2026. SpaceX has been listed on the Nasdaq since 12 June, and Anthropic is preparing its IPO. For 2027, OpenAI and Databricks are already the next big names in the frame. The period before the first day of trading is called pre-IPO, and retail investors now have regulated routes into it.

What happens before an IPO, from the confidential filing with the SEC to the lock-up for early investors, is something Robin and Hendrik discuss in episode #65 of our podcast Diversify (in German).

Pre-IPO at a glance

• Pre-IPO describes the phase before a company goes public.
• In this phase there is no market price. Shares change hands in funding rounds.
• Listed since June 2026: SpaceX.
• In preparation: Anthropic. Under discussion for 2027: OpenAI and Databricks. Kalshi is thinking of late 2027 or 2028.
• For retail investors, the route runs mainly through funds, for example an ELTIF.
• Risks: capital tied up, valuation risk, open timing of the IPO, losses up to a total loss.

What does pre-IPO mean?

IPO stands for initial public offering, the first sale of shares to the public on an exchange. Pre-IPO covers the time before that, in practice mostly the late funding rounds of a company that already generates revenue and is at least considering a listing. The company and its investors set the price for new shares afresh in each round, and there is no daily price as on an exchange.

For you as an investor, this phase has two sides. Part of a company's value growth can happen before the IPO, and only investors who got in earlier take part in it. At the same time the outcome is open: whether a company goes public at all, and at what valuation, is not settled in this phase. Pre-IPO therefore belongs to late-stage growth capital, a segment of venture capital. How this asset class works in general is covered in our venture capital guide.

IPOs in 2026 and 2027: Where the big candidates stand

Dates and valuations around IPOs often change within a few weeks. The figures below are as of 19 October 2026, each with its source.

SpaceX: listed since June

On 12 June 2026, SpaceX issued around 556 million shares at 135 US dollars and has traded on the Nasdaq under the ticker SPCX since then (SEC). The company has gone from the best-known pre-IPO candidate to a listed stock. How you can buy the shares today and what the IPO meant for early investors is covered in our article on SpaceX stock.

Anthropic: IPO in preparation

Anthropic, the company behind the AI assistant Claude, confidentially submitted a draft of its IPO prospectus to the US Securities and Exchange Commission (SEC) on 1 June 2026. According to Bloomberg, Anthropic could start marketing its shares to investors in the week of 9 November (Yahoo Finance, 1 October 2026). The company has not confirmed this timetable, and as of 19 October 2026 there was still no public prospectus on file with the SEC. You cannot currently invest in Anthropic through NAO, and the ARK Private Innovation ELTIF holds no stake in it. More in our article on Anthropic stock.

OpenAI: an IPO in 2027 is under discussion

OpenAI also filed confidentially with the SEC on 8 June 2026. In September, CEO Sam Altman ruled out an IPO in 2026 in an interview with Fortune and named no new date (Fortune, 12 September 2026). CFO Sarah Friar told employees in August that OpenAI will be a public company in 2027, possibly earlier (CNBC, 19 August 2026). Until then, a stake in OpenAI is only possible through a route that works before the IPO. Our article on OpenAI stock covers the details.

Databricks: ruled out for 2026, planned for later

Databricks builds a platform on which companies analyse their data and build AI applications. As of 19 October 2026, the company had not publicly filed a prospectus with the SEC (SEC EDGAR). Founder and CEO Ali Ghodsi said in June that 2026 is a bad year to go public and that Databricks will list at a later date (Bloomberg, 4 June 2026). We cover Databricks stock in a separate article.

Kalshi: talks about 2027 or later

Kalshi runs a regulated marketplace in the US on which participants trade on the outcome of events. According to The Information, the company is holding early talks about an IPO that could take place in late 2027 or early 2028 (June 2026). What Kalshi does and how it is regulated is covered in our article on Kalshi stock.

Outlook 2027: Who could come next

The next big IPOs are taking shape for 2027: OpenAI, Databricks and Kalshi, although Kalshi may not list until 2028. None of the three has named a fixed date, and all three are held in the ARK Private Innovation ELTIF (as of 31 August 2026). For you, that means: if you want a stake in these names before a possible IPO, the route runs through a fund, and you will need patience, because the timing remains open.

How retail investors can invest before an IPO

As a retail investor, you generally cannot buy individual shares of private companies directly. Shares change hands in funding rounds between the company and large investors, and the company has a say in who gets them.

The most important regulated route runs through funds. The ELTIF is a European fund structure that gives retail investors access to private markets. Since the ELTIF 2.0 reform, in force since 10 January 2024, the hurdles to entry for retail investors have fallen considerably. How an ELTIF is built and when redemptions are possible is explained in our ELTIF overview.

There are also offers that aim to make individual pre-IPO shares accessible through tokens or special purpose vehicles. Check the documents carefully to see whether you acquire a stake in the company or a claim against the provider. What lies behind tokenised securities is explained in our article What is tokenisation?

An example: the ARK Private Innovation ELTIF

Through NAO, you can invest in the ARK Private Innovation ELTIF, hand-picked by our investment team like every fund in the NAO app. ARK Invest launched the fund in January 2026. It takes stakes in private technology companies in late growth stages, including OpenAI and SpaceX as well as Databricks and Kalshi (ARK factsheet, as of 31 August 2026).

The fund already held SpaceX before the IPO and continues to hold the stake afterwards. With your investment, you hold a stake in a portfolio of private technology companies whose composition can change at any time. You can invest as a one-off or with a savings plan. The lock-up period runs until 26 February 2027, and until then you cannot return your units. All private equity funds in the app are on our private equity page, and the fund documents and the key information document are in the NAO app.

Risks before an IPO

Investing before an IPO mainly involves these risks:

• Capital tied up: Your money is tied up for several years. The ARK Private Innovation ELTIF has a lock-up period until 26 February 2027, after which redemptions are possible only on certain dates and may be limited.
• Valuation: Private companies have no market price. The fund values its holdings using funding rounds and models, and the price at an IPO can differ considerably.
• Timing: IPOs get postponed, as OpenAI shows in 2026, and some companies never list.
• Concentration: A few large positions can shape the performance of such a fund, and their weights shift constantly.
• Loss: Losses up to a total loss of the invested capital are possible.

Our articles on individual pre-IPO companies

• OpenAI stock: the IPO and investing before it
• Anthropic stock: what the IPO means for investors
• SpaceX stock: everything on the IPO

What does this mean for you?

For many investors, an IPO is the first moment they can buy a company. Investors who got in earlier often see it as an interim step. Before you invest ahead of an IPO, you can clarify for yourself:

• Which part of your wealth will you certainly not need in the next few years?
• If you want to back a single company, the route usually only opens at the IPO. A fund is an option if you want a stake in several candidates.
• How are lock-up and redemptions set out for the fund you choose? The answers and the costs are in the key information document.

If you have questions about pre-IPO investments, our customer service team is there for you personally on working days. Just write to us.

FAQ

What does pre-IPO mean?

Pre-IPO describes the phase before a company goes public. Investors buy shares in funding rounds during this time, and there is no market price yet.

Can retail investors buy pre-IPO shares?

Directly, generally not, because shares of private companies do not trade on an exchange. Indirectly, you can hold a stake in private companies through funds such as the ARK Private Innovation ELTIF, available in the NAO app as a one-off investment or with a savings plan.

Which big IPOs are coming in 2026 and 2027?

SpaceX has been listed on the Nasdaq since 12 June 2026. According to Bloomberg, Anthropic is preparing an IPO from mid-November. For 2027, OpenAI's CFO Sarah Friar has held out the prospect of an IPO, according to CNBC, and Databricks has ruled out 2026 (as of 19 October 2026).

What happens to a fund's stake when a company goes public?

The fund management decides. The ARK Private Innovation ELTIF already held SpaceX before the IPO and continues to hold the stake.

How risky is it to invest before an IPO?

Pre-IPO investments carry high risks. Capital is tied up for years, valuations are hard to measure, the timing of an IPO is open, and losses up to a total loss are possible.

This article is for information only and does not constitute investment advice. Investments in private markets are long term, capital is tied up for the duration, and losses up to a total loss are possible. You can find the fund documents and the key information document in the NAO app.

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