Market Watch: Tech IPOs Heat Up for 2027 as Flutter Adjusts US Strategy

Investors looking for the next wave of major public listings are turning their eyes to prediction markets, where odds are shifting rapidly for some of Silicon Valley’s most anticipated debuts. Data from Kalshi indicates a flurry of activity expected before 2027, with the betting public identifying clear favorites in the race to the stock exchange. Simultaneously, established players in the betting industry itself, specifically Flutter Entertainment, are making strategic pivots that could reshape valuations in the coming months.

The IPO Frontrunners

Leading the pack on the Kalshi prediction markets is Kraken. Traders have priced in an 83% probability that the cryptocurrency exchange will formally go public before 2027. Kraken has already filed confidentially for a U.S. IPO, a move that signals a broader trend among digital asset companies rushing to tap U.S. equity markets ahead of the 2026 midterms.

Close behind is AI chipmaker Cerebras Systems, which carries a 77% chance of announcing an IPO by next year. The company’s path has been volatile; after filing confidential paperwork in 2024, the Nvidia rival withdrew its plans in October 2025 following a review reportedly tied to an investor from Abu Dhabi. Current reports suggest Cerebras is gearing up to re-file as early as the second quarter of 2026.

Databricks remains a heavy favorite as well, with a 70% likelihood of announcing public plans before 2027. The San Francisco-based AI software firm solidified its standing last month by raising over $4 billion at a staggering $134 billion valuation. The listing is shaping up to be one of the most scrutinized tech debuts in recent history, further highlighted by high-profile attention—Nancy Pelosi’s portfolio stake in the company has reportedly surged by 302%.

Long-Awaited Debuts and Dark Horses

Discord, the communication platform that has become a staple for gaming and online communities, is also sitting at 70% odds on Kalshi. Having remained private for over a decade and last valued around $15 billion, the company is under increasing pressure to offer liquidity to its long-term backers.

Outside the top tier, the market is lukewarm but watching closely. Fintech firm Plaid holds a 49% chance of a listing before 2027, while defense tech unicorn Anduril and apparel giant Skims are currently tied with a 46% likelihood.

Flutter Entertainment Shifts Focus

While the market speculates on future listings, significant moves are happening with stocks already in play. Flutter Entertainment, the parent company of FanDuel, PokerStars, and Betfair, has issued updates regarding its U.S. strategy that have analysts reassessing the stock’s potential.

Flutter’s latest financial figures might appear benign at first glance, but a deeper look reveals a company at a pivot point. The gambling giant is currently recalibrating its approach to FanDuel, its primary growth engine in the United States. For investors, particularly those eyeing the structural differences between European and American markets, this adjustment represents a potential game-changer.

The stock is increasingly decoupling from traditional macroeconomic drivers like interest rates and moving based on specific industry metrics: regulatory changes, market share dominance, and the delicate balance between aggressive marketing spend and profitability.

Valuation and Strategic Risks

The dual-listing dynamic remains a central theme for Flutter. Since adding a listing on the New York Stock Exchange alongside its London presence, the company has exposed itself to U.S. investors who typically assign higher valuation multiples to growth stories in the betting sector compared to their European counterparts.

However, the outlook isn’t without hurdles. The stock’s performance is tightly wound to the regulatory environment. Changes in tax codes, betting limits, or advertising restrictions—whether in the U.S., UK, or wider Europe—pose immediate risks to valuation. Analysts note that while the long-term growth thesis remains intact, driven by the booming U.S. sports betting market, the company must navigate the transition from customer acquisition to sustainable margins.

Market observers emphasize that waiting on the sidelines might be riskier than it appears. With FanDuel solidifying its lead in several states, any positive surprise in EBITDA margins or strategic media partnerships is likely to be priced in rapidly, potentially leaving hesitant investors behind.