The 15 Most Likely AI/Media IPOs (by 2025/2026)
I’m keeping a close eye on new IPOs in the AI/Media space.
Reason?
The new companies that go public will be active buyers of AI and Media companies.
This is part of the The Great Content Consolidation I see happening by end of 2026.
The newly cash-rich companies will also be the most active in paying publishers these types of AI content licensing fees.
The 15 Most Likely AI/Media IPOs
Here’s my list ranked by IPO magnitude (Most recent market value * % probability of IPO):
1) OpenAI
OpenAI is the OG of generative AI models like ChatGPT and GPT-4.
With ample capital from partners (like Microsoft and SoftBank), an IPO isn’t urgent. Plus, it’s a public benefit corp.
But, with Elon (see below) nipping at its heals for valuation, I think Sam Altman & company will go all-in to rasie more cash sooner than planned.
They raised an unprecedented $6.6 billion in 2023 (at a $157 billion valuation), and another $40 billion in 2025.
Recent Valuation: $300 billion
IPO Likelihood: 60%
Key IPO signals: New corporate structure removing proft cap enables fundraising and enormous later-stage investments suggest OpenAI is positioning itself for a future IPO, though likely not until closer to 2026.
Sources: Reuters
2) xAI / X.com
I love thinking about what Elon Musk will do next.
Humble Brag Alert: I predicted the xAI/X.com merger 8 days before it happened (see “The Next Wave of AI & Media Deals”).
xAI is Elon’s AI startup, which merged into X.com (Twitter’s parent company) in early 2025 to consolidate AI-driven content generation, advertising, and search.
xAI has developed the chatbot Grok (integrated with Twitter/X) and aims to power content creation across Musk’s ecosystem.
Recent investor discussions peg the combined entity at $113 billion. That’s the sum of xAI's valuation of $80 billion and X.com's valuation of $33 billion (total value of $45 billion minus $12 billion in debt))
Recent Valuation: $113 billion
IPO Likelihood: 60%.
Key IPO signals: Elon Musk is an expert at raising big bucks. I think he will strike while the AI iron is hot. Plus, he’s got a pattern of spinning out ventures (e.g., Tesla, PayPal, Starlink) and this makes an IPO within the next 18–24 months plausible—especially if capital is needed to compete with OpenAI.
Oh yeah, and he seems to want to crush Sam Altman.
Sources: Sullivan & Cromwell
3) Anthropic
Anthropic is an AI lab (founded by ex-OpenAI researchers) known for its Claude AI assistant, which generates text content.
It has a traditional startup structure and raised $3.5B in March 2025 at a $61.5B valuation. Investors include Amazon and Google.
The company also brought on its first CFO (ex-Airbnb) in 2024—a classic IPO precursor.
Anthropic expects ~$850M in 2024 revenue and continues to scale fast.
Recent Valuation: $61.5 billion
IPO Likelihood: 70%
Key IPO Signals: Big-tech backers, revenue momentum, and that CFO hire all scream IPO prep.
4) Canva
At first, I was hesitant to include Canva, the browser-based design tool used by over 135 million users to create visual content, including presentations, videos, and social media posts.
Their neither a pure AI or media company. And the company generated over $2.5 billion in ARR in 2024 and has been profitable for years (not needing much cash).
But in November 2024, Canva appointed Kelly Steckelberg (Zoom’s former CFO) to oversee its finances—widely seen as a step toward IPO preparation.
As the old adage says:
“The best time to raise money is when you don’t need it.”
The latest internal valuation is estimated around $32 billion, down from a $40 billion peak in 2021.
Recent Valuation: $32 billion
IPO Likelihood: 85%
Key IPO Signals: Profits, massive user base, and a Wall Street-ready CFO point to IPO in 2025.
Sources: Crunchbase, AFR, Reuters
5) Discord
Discord is a community-centric communication app with over 200 million monthly active users and an estimated $600 million in annual revenue.
Originally popular with gamers, it expanded to education, fandom, and creator communities.
Discord rejected a $12 billion acquisition offer from Microsoft in 2021 and has since hired a CFO, built out advertising tools, and partnered with investment banks to prep for IPO.
Recent Valuation: ~$15 billion
IPO Likelihood: 90%.
Key signals: CFO hire, institutional investment from Dragoneer and Fidelity, and a roadmap led by Goldman Sachs suggest Discord is IPO-ready as soon as 2025.
Sources: TechCrunch, Bloomberg, The Information
6) AlphaSense
AlphaSense is an AI-powered research and market intelligence platform used by thousands of enterprises to analyze content-rich documents like earnings calls, SEC filings, and broker reports.
It raised $650 million across multiple rounds in 2023–2024, including a major Series E at a $4 billion valuation.
In 2024, it acquired Stream (a competitor) to scale its coverage of expert calls and datasets.
Recent Valuation: $4 billion
IPO Likelihood: 70%
Key signals: Strategic acquisitions, late-stage growth investors, and expansion into Europe suggest IPO timing is approaching—likely in 2025–26.
Sources: TechCrunch, Bloomberg
7) Quora
I think Quora is the most underated player in the AI/content space.
Their user-generated Q&A platform has over 400 million monthly users (monetizesd through ads, subscriptions (Quora+)).
And they created Poe, an AI chatbot layer.
You can argue their Q&A-style content is close to as valuable to LLMs as Reddit (Reddit is #2 in “The Top 10 Media Companies by AI Revenue”.
In 2021, Quora facilitated a $500 million secondary sale at a ~$4.5B internal valuation.
CEO Adam D’Angelo has hinted at becoming financially self-sustaining and is said to be preparing for an IPO when market conditions allow.
Recent Valuation: ~$4.5 billion (internal, 2021)
IPO Likelihood: 50%.
Key signals: Monetization in place, AI angle active, and an aging cap table = IPO chatter is real.
Sources: Axios, ForgeGlobal
8) Perplexity
Perplexity is an AI-native search engine and conversational assistant with a focus on citation-based answers. The company raised a $73.6M Series B in January 2024 at a $520M valuation, with backing from Nvidia, Jeff Bezos, NEA, and IVP.
Usage has soared to 10 million+ MAUs in 2025, and its enterprise platform is gaining traction.
Recent Valuation: $520 million
IPO Likelihood: 50%.
Key signals: Rapid user growth, prominent investor base, and increasing enterprise revenue suggest Perplexity may seek a public exit by 2026 if it maintains its momentum.
Sources: Axios, TechCrunch
9) Synthesia
Synthesia is a UK-based platform for AI-generated video with lifelike avatars. The company has surpassed $100M in ARR and raised $180M in a January 2025 Series D, followed by a strategic investment from Adobe in April.
With customers in 70+ countries and a valuation of $2.1 billion, it’s considered one of Europe’s top AI firms.
Recent Valuation: $2.1 billion
IPO Likelihood: 50%.
Key signals: Strong enterprise adoption, Adobe investment, and global expansion suggest Synthesia may target a 2026 IPO.
Sources: CNBC
10) Substack
Substack is a publishing platform that enables independent writers to run paid newsletters.
I’m biased on mu bullishness on this one.
I use Substack to write Media & the Machine. :)
It raised $65M at a ~$650M valuation in 2021, then raised $7M from its own users in a Wefunder community round in 2023 .
Substack has ~2 million paid subscriptions and $30M in annual revenue.
Recent Valuation: $650 million
IPO Likelihood: 50%.
Key signals: CEO Chris Best stated Substack wants to “let writers own the platform” and hinted at going public. Its crowdfunding approach mimics an IPO mindset and could evolve into a formal listing by 2026.
Sources: TechCrunch, Wefunder, Axios
11) Runway ML
Runway builds AI video generation tools used by creators and studios. Its “Gen-2” model generates video from text prompts, and the company recently launched Gen-4 with character and camera consistency.
Runway raised $308M in April 2025, backed by Google, Nvidia, and Salesforce, at a $3 billion valuation.
Recent Valuation: $3 billion
IPO Likelihood: 40%.
Key signals: Creative industry traction, top-tier investors, and the success of AI video tools position Runway for an IPO once revenues stabilize.
Sources: Reuters, TechCrunch
12) Persado
Persado provides AI-powered marketing language optimization for email, web, and SMS. Customers include JPMorgan, Amex, and Gap.
The company raised over $100M and reportedly generates tens of millions in ARR with strong gross margins.
Recent Valuation: Undisclosed (est. mid-9 figures)
IPO Likelihood: 50%.
Key signals: Mature client base, consistent SaaS model, and long-standing investors (Goldman Sachs, Bain) make Persado a sleeper IPO candidate.
Sources: TechCrunch, Bloomberg
13) WSC Sports
WSC Sports uses AI to automatically generate sports highlight reels for leagues and broadcasters like the NBA, NHL, and ESPN. It raised $100M Series D in 2022 at an ~$800M valuation.
The company now powers over 200 sports brands globally and is exploring expansion into live betting content.
Recent Valuation: ~$800 million
IPO Likelihood: 40%.
Key signals: Global adoption, high content volume, and positive unit economics point to IPO viability by 2026.
Sources: SportsPro, TechCrunch
14) Descript
Descript offers AI-powered audio and video editing tools, including transcription-based editing and overdubbing.
Backed by a $50M Series C led by OpenAI’s Startup Fund in 2022, Descript is popular with podcasters and YouTubers. Its estimated valuation is $550M.
Recent Valuation: ~$550 million
IPO Likelihood: 20%.
Key signals: Strong product, OpenAI alignment, but small revenue base. An acquisition may precede IPO unless growth accelerates.
Sources: TechCrunch
15) Papercup
Papercup is an AI dubbing platform used by Sky News and Bloomberg to localize video content using synthetic voices. It raised $20M in Series A funding and is working to expand into the U.S.
Recent Valuation: Early-stage (undisclosed)
IPO Likelihood: 10%.
Key signals: Strong early traction, but small scale. More likely to raise additional rounds or get acquired than IPO in near-term.
But I wanted 15 companies on this list. So there you have it
Sources: BBC
Final Takeaways
For Content/Media Execs:
IPO = Most likely acquirers of media and content companies.
Newly public AI firms are top buyers of content licenses.
Track AI/media IPOs—these are your hottest leads for deals.
Expect major consolidation by end of 2026
For AI Execs:
Going IPO? You’re now expected to buy content or media assets.
Public status = more trust from premium publishers.
Cash-rich = better shot at top-tier licensing deals.
Lock in content before prices (and lawsuits) go up.
Thanks for reading!
Rob Kelly
Creator & Host of Media & the Machine
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