IPO Guide: How IPOs Work and How to Follow Them
An IPO (initial public offering) is the first time a company sells its shares to the public. This guide explains how IPOs work, how ordinary investors can take part, how to read the filing that comes first, and where the best-known private companies stand.
It is educational and predicts nothing. Start with the process, then read the filing, then the company you care about.
How do IPOs work?
A company hires underwriters, files a registration statement with the SEC, pitches large investors on a roadshow, sets a price the night before, and starts trading the next morning. Most shares go to institutions.
| Stage | What happens |
|---|---|
| Filing | A draft goes to the SEC, possibly in private, then a public S-1 at least 15 days before the roadshow |
| Roadshow | Management pitches large investors, who put in orders at a price range |
| Pricing | The final price is set, usually the night before trading |
| First trade | Shares open on an exchange at a price set by the day's orders |
| Afterwards | A lock-up holds insiders back, often for 90 to 180 days |
The full walk-through, with a first-day example, is in how IPOs work.
How can you buy IPO shares?
Most investors buy once the stock trades, at the market price. A few brokers offer small allocations at the offer price to eligible customers, with no guarantee. Private companies before a listing can generally be reached only through limited private routes.
Each route and its catch is set out in how to buy IPO shares.
How do you read an IPO filing?
A US company files an S-1 and a foreign one an F-1, free on the SEC's EDGAR system. Start with the risk factors, the use of proceeds, the dilution table and the financial statements. How to read an S-1 goes section by section.
After listing, the same company's numbers move to its 10-K and quarterly reports, and large investors' holdings show in 13F filings; the 13F guide covers those.
Which well-known private companies could go public?
None of these has a ticker, so none can be bought on an exchange. Each row links to the post with the sources and dates.
| Company | Where it stands | Read |
|---|---|---|
| Anthropic | Reported to have filed confidentially on June 1, 2026; no date confirmed | When will Anthropic go public? |
| OpenAI | Private, no ticker; routes and tokens to avoid | Can you buy OpenAI stock? |
| Stripe | Private; $159 billion tender price in February 2026, no IPO filing reported | How to invest in Stripe |
| Revolut | Private; $115 billion from a private share sale | How to invest in Revolut |
| Waymo | Majority owned by Alphabet; no separate stock | How to invest in Waymo |
| Wayve | Private London company; $8.6 billion valuation | How to invest in Wayve |
Statuses are as reported in each post on its date, and change; check the post before relying on one.
Where can you track real IPO filings?
The official source is the SEC's EDGAR system. You can see the newest S-1 filings and the final prospectuses (424B4) of IPOs that have priced.
This site does not list upcoming IPOs. Official data covers only companies that have filed publicly, and the best-known private names have not, so a calendar here would be thin. Once a company lists, its stock page shows the same checks as the other stocks this site tracks.
IPO guide FAQ
What is an IPO?
An initial public offering: the first time a company sells its shares to the public, after which they trade on a stock exchange.
How can I find upcoming IPOs?
The official source is the SEC's EDGAR system, where companies file an S-1 or F-1 before listing. Only companies that have filed publicly appear there; a confidential draft is not visible.
Can I buy a stock before its IPO?
Only through private routes such as secondary marketplaces or funds that hold the company, which are generally limited to eligible investors. Some brokers offer small allocations at the IPO price.
Does this site list upcoming IPOs?
Not yet. Official data covers only companies with a public filing, and the best-known private names have none, so this guide explains the process and links each company's own post instead.
Does this guide say which IPOs to buy?
No. It is educational: it explains how the process works and what the filings say, and it does not predict or rate any IPO.
Educational content only, not investment advice. See how this site handles sources.