Family offices are moving decisively to secure stakes in the next generation of technology leaders before they list publicly, anticipating a stronger IPO environment in 2026. Firms such as OpenAI, SpaceX, Anthropic, Canva, Strava and Databricks are widely expected to test the public markets, and families are positioning themselves early to capture value while these companies are still private.
This renewed push reflects a broader tilt toward private markets. According to JPMorgan’s 2026 Family Office Report, significantly more family offices intend to increase their private allocations than reduce them. The appeal is straightforward: much of the exponential growth in company value now occurs before a business ever reaches an exchange.
After IPO activity slowed in 2022 and 2023 amid inflation and higher interest rates, momentum returned in 2025. McKinsey reported a sharp rise in IPO exit values, driven by a backlog of mature companies and strong demand for high-growth listings. With several offerings delayed due to the late-2025 government shutdown, expectations are building that 2026 could see a further release of pent-up supply.
Some family offices are taking concentrated positions. Australian-based BFA Global Investors recently committed more than $50 million to SpaceX, leveraging close relationships within its network. The firm has also invested in Anthropic, Databricks and OpenAI, underscoring a conviction that pre-IPO exposure is where asymmetric returns can be captured.
Advisers note that as companies stay private for longer, the wealth creation cycle has shifted. The most substantial gains increasingly accrue to private investors well before a public debut. With the IPO window reopening, founders and early backers are also regaining liquidity, enabling them to reinvest capital into new ventures. Family offices, in particular, are seeking to recycle capital into long-term thematic bets.
There is also a structural shift underway in how families access growth companies. Rather than relying on traditional blind-pool venture funds, many are pursuing direct stakes, secondaries and structured pre-IPO allocations. The emphasis is moving from passive exposure toward greater ownership, clearer cashflow visibility and more control over outcomes.
Access, however, remains complex. Pre-IPO allocations often require strong banking relationships, participation in private secondary markets, or collaboration with other family offices to secure scale. Investors must also navigate opaque special purpose vehicles, layered fee structures and contractual transfer restrictions. Legal and regulatory constraints can further complicate secondary transactions.
Not all families are rushing in. IPO markets can be volatile, and post-listing declines remain a real risk, as seen in recent high-profile listings that struggled after debuting. Moreover, the broader trend of companies remaining private for longer continues. The average age of firms going public has more than doubled over recent decades. For many founders and investors, staying private still offers flexibility, strategic control and access to deep pools of capital without the pressures of quarterly reporting.
As 2026 approaches, family offices are balancing optimism about a reopening IPO window with disciplined access strategies, recognising that the most meaningful value creation may occur before the bell rings.
