Stripe, Databricks, and Canva are the three most anticipated IPOs in enterprise technology, and all three are reportedly preparing for public markets. The combined implied valuation: more than $250 billion. The real question is whether any of them can price at or above their last private round.
Stripe was valued at $65 billion in a February 2024 employee share sale, up from the $50 billion primary round the year before Source. The company has not filed a confidential S-1 with the SEC as of mid-2026 Source, but the infrastructure is being built — secondary market activity, board conversations, banker bake-offs — that typically precedes a filing by six to twelve months. Stripe processed over $1 trillion in payment volume in 2024. It is not a SaaS company in the traditional sense, but it is the most consequential enterprise-technology IPO on the calendar.
Databricks, which most recently raised at a $43 billion valuation in its Series I funding, has seen its valuation soar in the private markets. As of June 2026, Databricks was valued at $170.7 billion on secondary markets, with the company reportedly targeting a $165 to $175 billion valuation Source. That is a 4x markup since the last primary round, and it creates a tension: if the company files and public investors mark it down to even $100 billion, every Series I investor is underwater.
Canva reached a $40 billion valuation in a funding round, a number that has since been updated to $42 billion as of an August 2025 employee share sale Source. The company's revenue growth has slowed from the pandemic-era spike that produced 130% year-over-year growth in 2021, but Canva reached $2.3 billion in annualized revenue in 2024 with strong free cash flow margins. The enterprise subscriber base — Canva for Enterprise — is the fastest-growing segment and the one most analogous to a public SaaS comp.
Here's the tension that makes this IPO window different from 2021. In 2021, public markets were paying 30-50x revenue for high-growth SaaS companies. Snowflake traded at 170x forward revenue at one point. The market today — even the recovered market of mid-2026 — doesn't support those multiples for newly public companies. The public comps for Databricks (Snowflake, MongoDB) trade at 10-20x forward revenue. For Canva, the adjacent comps (Adobe, Figma-adjacent valuations) suggest a similar range. Stripe is harder to comp, but Adyen trades at roughly 20x revenue, which applied to Stripe's estimated $15-18 billion in revenue would imply a $300-360 billion valuation — well above the $65 billion secondary market price.
The venture math on all three is uncomfortable. Databricks's last primary was $43 billion; Canva's was $40 billion. If either prices below those numbers, late-stage investors take a loss and the narrative shifts from "VCs are good at picking winners" to "VCs overpaid in the zero-interest-rate era for companies that grew into reasonable-but-not-spectacular public market valuations." That narrative is already present. A down-round IPO makes it fact.
The counterargument is that these are not ordinary SaaS companies. Stripe is payments infrastructure — it benefits from every dollar of ecommerce growth globally and has a take rate that functions as a tax on internet commerce. Databricks owns the data + AI lakehouse architecture that has become the default for enterprise AI workloads. Canva has crossed over from "presentation tool for startups" to "design platform for the Fortune 500," and the enterprise subscription revenue is genuinely recurring. These are not point solutions with $50 million in ARR trying to justify a $2 billion valuation. They are global infrastructure companies with tens of billions in revenue.
The IPO market needs these deals to work. The last major enterprise-tech IPO that set a positive precedent was probably Rubrik in early 2024. The Crunchbase data on 2026 IPO activity shows IPOs holding up broadly but SaaS debuts struggling to generate enthusiasm Source. If Stripe goes public at $65 billion and trades up, the window opens. If Databricks goes public at $100 billion and trades flat, the window stays open. If any of these three files and withdraws, or prices below its last private round and stays there, the venture market recalibrates around a new set of assumptions about what private-to-public transitions are worth.
One coupon-clipping analyst will call it a "valuation reset." What it actually means is that the people who wrote checks at $40 billion valuations in 2022-2024 will have mark-to-market losses they can no longer paper over with "the next round will fix it." The public market doesn't do the next round. It does today.