The IPO by 2027 board is a per-company field, not a single race. Each of the 23 names carries its own Yes line on whether that company officially announces an initial public offering before the window closes, so the prices do not sum to 100. The board runs from Shein, which published a Hong Kong listing prospectus in July 2026, down to defense and AI names that have filed nothing at all, across $1.8M in cumulative volume. The live board above ranks every company by current price; the market resolves January 1, 2027.
The IPO by 2027 market is the cleanest read available on which private companies actually reach the public market, and its price structure is not a ranking of company quality. It is a ranking of paperwork. The 23 names on the board sort almost exactly by how public their filing is: a company with a published prospectus trades near certainty, a company with a confirmed confidential S-1 trades in the middle, and a company that has never filed anything trades in single digits. Every line is an independent Yes contract, so a trader can hold several at once and the field does not add up to 100.
Shein now leads the IPO by 2027 board. The fast-fashion group won China Securities Regulatory Commission approval for a Hong Kong listing on July 10, 2026 and published its IPO prospectus on the Hong Kong Stock Exchange website on July 26, 2026, covering a maximum of 341.6 million shares. That is a public, documented announcement, which is exactly what this contract asks for, and it is why Shein passed the name that led this board through the spring. The financials underneath it are less flattering: revenue rose to $41.8B in 2025 from $38.7B in 2024, net income fell 38.7% to $2.06B, and the company posted a $99M net loss in the first quarter of 2026 against a $395M profit a year earlier. The listing route matters as much as the numbers. Shein abandoned a New York listing over US-China regulatory friction and failed to land a London listing before turning to Hong Kong.
Anthropic sits directly behind it. The AI lab confidentially submitted a draft S-1 registration statement to the SEC on June 1, 2026, the single largest step any AI company on this board has taken toward a listing. It still trades below Shein for one reason: a confidential draft submission is not an official announcement under this contract, and an Anthropic spokesperson has said the company has not decided when, or whether, it goes public. The gap between filed and announced is the whole distance between the top two names.
Discord is the clearest case study in why a filing does not equal a listing. It filed a confidential S-1 on January 6, 2026 working with Goldman Sachs and JPMorgan, and more than seven months later there is still no price, no ticker, and no confirmed listing day. Private-market trackers now mark Discord near $8.5B, below the roughly $12B Microsoft reportedly offered in 2021 and well off its 2021 peak, even as revenue grew 29.2% to $561M in 2025.
Kraken carries the same shape with a crypto overlay. Parent company Payward submitted a confidential draft Form S-1 on November 19, 2025, co-CEO Arjun Sethi publicly confirmed the filing on April 14, 2026, and the company paused its listing in March 2026 on weak crypto conditions. An April 2026 round valued Kraken at $13.3B, roughly 33% below the $20B it commanded in late 2025.
OpenAI is the board's most-watched name and one of its cheaper lines. It confidentially filed with the SEC in June 2026 and has been reported to be weighing a fourth-quarter 2026 listing at a valuation approaching $1T, with CFO Sarah Friar pushing toward 2027 on the strength of the company's spending commitments and public-reporting readiness. The contract pays on the announcement, not on the ambition, which is why the largest private company in AI trades far below a fast-fashion retailer that has already published its prospectus. The separate OpenAI IPO valuation market prices what that listing would be worth rather than whether it is announced.
Below the filers sits a tier of companies that have been called IPO candidates for years and have started no formal process. Stripe, the most valuable private fintech in the world at roughly $159B, has had no bank formally mandated and its founders have said consistently that they are in no rush. Databricks, valued near $146.8B, has reportedly pushed its listing toward 2027 on market turmoil. Anduril has not filed an S-1 at all, and while Palmer Luckey has said the company is being run in the shape of a public company, no date exists. Anduril is the board's most interesting mismatch: it carries a quarter of a million dollars in cumulative volume at a single-digit price, meaning real money is being spent to say no.
The rest of the field is a fintech and enterprise block (Plaid, Rippling, Ramp, Deel, Brex, Vanta, Airwallex, Celonis, Glean), a crypto wing alongside Kraken in Ripple Labs, an AI sleeper tier of xAI, Mistral AI, Anysphere (Cursor) and Applied Intuition, and Skims on the consumer side. The live board above ranks every one of them by current price.
Every company contract resolves on January 1, 2027. A line resolves Yes if that specific company officially announces an initial public offering before that date and No otherwise, with the source of truth being the official filing or listing announcement rather than press speculation or a confidential draft submission. Because each name is an independent binary, one company resolving Yes has no effect on any other line, and multiple companies can resolve Yes in the same window.
For the valuation question rather than the timing question, the OpenAI IPO valuation market prices where the company would open. The SpaceX IPO valuation 2026 odds cover the other trillion-dollar private listing candidate not on this board. To see how these names would rank once public, the largest company 2026 market tracks the public-market leaderboard. Browse the full slate of finance prediction markets for more corporate, listing and markets coverage.
Each company contract resolves to Yes if that specific company officially announces an initial public offering before January 1, 2027, and to No otherwise. The source of truth is the official filing or listing announcement, typically an S-1 registration statement filed with the SEC or an equivalent public prospectus on a non-US exchange, not press speculation and not a confidential draft submission that has never been made public. Every company on the board is an independent binary, so one name resolving Yes does not affect any other line, and several companies can resolve Yes in the same window. Each Yes share pays $1 if that company announces an IPO inside the window and $0 if it does not. If a company is acquired or otherwise ceases to be a viable IPO candidate before the date, its contract resolves No per platform-specific rules.
The IPO by 2027 board is a per-company field of 23 names, each with its own Yes line, so the prices do not sum to 100. Shein and Anthropic sit at the top after both took formal listing steps in mid-2026, with Discord, Kraken and OpenAI in the middle tier. See the live board above for current prices.
Every company contract resolves on January 1, 2027. A line resolves Yes if that company officially announces an IPO before that date, based on an official S-1 filing or public listing prospectus, and No otherwise.
All 23 company lines currently trade on Kalshi under the KXIPO series, with roughly $1.8M in cumulative volume across the board. There is no matching Polymarket book on this question today, so each line is a single-platform price.
As of August 18, 2026, Shein is the favorite at 96c after publishing its Hong Kong IPO prospectus on July 26, 2026, with Anthropic second at 89c on the confidential draft S-1 it submitted June 1, 2026. Because every line is independent, multiple companies can resolve Yes.
Watch for any of the four confidential filers, Anthropic, Discord, Kraken and OpenAI, converting to a public announcement, since that resolves a line instantly. The fourth-quarter 2026 listing window and OpenAI internal timing between a 2026 and 2027 debut are the other two catalysts to track.