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Back in February, Blackstone’s Jon Gray dubbed 2026 the Year of the I.P.O., and he was clearly onto something. Of course, I don’t need to tell you about SpaceX, or Anthropic, which is still on schedule to debut in the fall (though OpenAI is looking shakier). But believe it or not, these are not the only three private companies in the world. In fact, two other I.P.O.s—one from earlier this month, one planned for later this year—should further solidify this year’s reputation precisely because they are attracting lofty EBITDA multiples despite having nothing to do with A.I. or space.
