Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>In this insight, we provide a list of 70 prominent companies in the USA and Europe that could complete their IPOs in 2026.</li>
<li>Many companies that have been preparing their IPOs in 2024/2025 have postponed their IPO launches until next year for better timing.</li>
<li><em><strong>Some of the most prominent potential IPOs in the US/Europe that could get completed in 2026 include SpaceX, Stripe, OpenAI, Discord, Anthropic, Ripple, and Revolut.</strong></em></li>
</ul>


In this insight, we provide a list of 70 prominent companies in the USA and Europe that could complete their IPOs in 2026.
Many companies that have been preparing their IPOs in 2024/2025 have postponed their IPO launches until next year for better timing.
Some of the most prominent potential IPOs in the US/Europe that could get completed in 2026 include SpaceX, Stripe, OpenAI, Discord, Anthropic, Ripple, and Revolut.


AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>OpenAI’s growth model relies on an intricate loop of vendor financing, aggressive forward contracts, and $80B+ in projected external capital.</li>
<li>Long-Dated chip commitments seem less about immediate infra demand and more about bolstering OpenAI’s fundraising optics by showcasing secured access to future capacity.</li>
<li>If credit tightens or execution slips, the weakest links—OEMs and private equity firms backing infra-hungry AI startups—may snap first, with cascading effects on Nvidia, AMD, and TSMC to follow.</li>
</ul>


OpenAI’s growth model relies on an intricate loop of vendor financing, aggressive forward contracts, and $80B+ in projected external capital.
Long-Dated chip commitments seem less about immediate infra demand and more about bolstering OpenAI’s fundraising optics by showcasing secured access to future capacity.
If credit tightens or execution slips, the weakest links—OEMs and private equity firms backing infra-hungry AI startups—may snap first, with cascading effects on Nvidia, AMD, and TSMC to follow.


OpenAI and Its House Built on GPUs, Debt, and Leveraged Demand

Thematic (Sector/Industry)

<ul>
<li>Enterprises are slashing AI bills by up to 17x through "model routing," i.e. using cheap open models for routine execution while reserving expensive frontier models strictly for high-stakes workflows.</li>
<li>Plunging token prices are clashing with surging infrastructure costs; OpenAI is bleeding cash subsidising free users, while Anthropic’s projected profitability relies heavily on temporary and discounted compute deals.</li>
<li>The survival of frontier labs depends on ditching opaque token metering. Enterprises demand fixed-cost, embedded workflows over open-ended compute bills that spike unpredictably based on hidden context lengths.</li>
</ul>


Enterprises are slashing AI bills by up to 17x through "model routing," i.e. using cheap open models for routine execution while reserving expensive frontier models strictly for high-stakes workflows.
Plunging token prices are clashing with surging infrastructure costs; OpenAI is bleeding cash subsidising free users, while Anthropic’s projected profitability relies heavily on temporary and discounted compute deals.
The survival of frontier labs depends on ditching opaque token metering. Enterprises demand fixed-cost, embedded workflows over open-ended compute bills that spike unpredictably based on hidden context lengths.


The Great AI Arbitrage: Plunging Token Prices Meet Surging Capex

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns.</li><li>Brent crude remains elevated amid Middle East tensions and a hurricane approaching the US coast, benefiting PTTEP, SPRC and BCP.</li><li>GrabFood reports over 20mn orders from restaurants participating in phase one of Thai Chuai Thai Plus, doubling their average sales.</li></ul>

Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns.Brent crude remains elevated amid Middle East tensions and a hurricane approaching the US coast, benefiting PTTEP, SPRC and BCP.GrabFood reports over 20mn orders from restaurants participating in phase one of Thai Chuai Thai Plus, doubling their average sales.

<ul><li>We recommend selling LENOVO13 after its holding-period return fell to -4.8% and opening a position in PLTR80, a DR linked to a leading data analytics and defense technology company.</li><li>Our KTX Tactical DR Portfolio's average return has fallen 2.06% amid a technology stock sell-off after OpenAl's latest reported revenue missed market expectations.</li><li>Our KTX Baht Tracker indicates that the THB is becoming excessively strong.</li></ul>

We recommend selling LENOVO13 after its holding-period return fell to -4.8% and opening a position in PLTR80, a DR linked to a leading data analytics and defense technology company.Our KTX Tactical DR Portfolio's average return has fallen 2.06% amid a technology stock sell-off after OpenAl's latest reported revenue missed market expectations.Our KTX Baht Tracker indicates that the THB is becoming excessively strong.

United States

OpenAI, L.P. operates as a software company. The Company specializes in AI research and deployment that aims to ensure that artificial general intelligence benefits all of humanity. OpenAI serves customers worldwide.

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OpenAI (2193707D US)

2026 IPOs Pipeline (USA and Europe)

We provide a list of 70 prominent companies in the USA and Europe that could complete their IPOs in 2026 including SpaceX, Stripe, OpenAI, Discord,...

Douglas Kim

OpenAI and Its House Built on GPUs, Debt, and Leveraged Demand

OpenAI's growth model hinges on vendor financing, forward contracts, and projected external capital, with potential risks for OEMs and private...

Mint Finance

The Great AI Arbitrage: Plunging Token Prices Meet Surging Capex

Token prices are plunging, AI capex is surging, and enterprises are exploiting the gap. Discover why model routing is squeezing OpenAI and...

Mint Finance

SET Index OUTLOOK

Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns. Brent crude remains...

Krungthai XSpring

KTX Tactical DR Picks

We recommend selling LENOVO13 after its holding-period return fell to -4.8% and opening a position in PLTR80, a DR linked to a leading data...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2026 IPOs Pipeline (USA and Europe)

We provide a list of 70 prominent companies in the USA and Europe that could complete their IPOs in 2026 including SpaceX, Stripe, OpenAI, Discord,...

Douglas Kim

OpenAI and Its House Built on GPUs, Debt, and Leveraged Demand

​OpenAI's growth model hinges on vendor financing, forward contracts, and projected external capital, with potential risks for OEMs and private...

Mint Finance

The Great AI Arbitrage: Plunging Token Prices Meet Surging Capex

Token prices are plunging, AI capex is surging, and enterprises are exploiting the gap. Discover why model routing is squeezing OpenAI and...

Mint Finance

SET Index OUTLOOK

Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns. Brent crude remains...

Krungthai XSpring

KTX Tactical DR Picks

We recommend selling LENOVO13 after its holding-period return fell to -4.8% and opening a position in PLTR80, a DR linked to a leading data...

Krungthai XSpring

OpenAI's growth model hinges on vendor financing, forward contracts, and projected external capital, with potential risks for OEMs and private...