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IPO Insights

Initial public offerings, or IPOs, can create new investment opportunities and considerations. Here, we explore the IPO journey, from private funding and growth to the transition into public markets, with insights backed by Morningstar’s research capabilities.

Discover resources and analysis to evaluate IPO candidates, assess their risks and opportunities, and navigate this evolving market at every stage.

Register Now: Inside the Anthropic IPO - Valuation, Risks, and Fund Impact

High-profile IPOs like Anthropic attract more hype than almost any other market event. But does the investment case live up to the buzz? Hear from Morningstar experts on Nov. 10.

Faster IPO Coverage in Morningstar's Risk Model: See the Risk Sooner

SpaceX's IPO shows the value of this more accurate, more timely assessment of risk.

What Unicorns Reveal About Future Investment Risk

Private markets were never meant to mirror public markets. But when private companies reach the influence and complexity of major listed businesses, investors should expect a comparable level of transparency.

Anthropic’s Wall Street Debut to Cast Long Shadow Over Private AI Stocks

For better or worse, a segment that lacked public benchmarks will soon get a fast-growing leader—and an untested business model.

All IPO Insights

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Register Now: Inside the Anthropic IPO - Valuation, Risks, and Fund Impact

High-profile IPOs like Anthropic attract more hype than almost any other market event. But does the investment case live up to the buzz? Hear from Morningstar experts on Nov. 10.

For better or worse, a segment that lacked public benchmarks will soon get a fast-growing leader—and an untested business model.

Anthropic’s Wall Street Debut to Cast Long Shadow Over Private AI Stocks

For better or worse, a segment that lacked public benchmarks will soon get a fast-growing leader—and an untested business model.

Anthropic’s draft IPO filing shows a company growing faster than its annual results can capture.

What Anthropic’s Leaked Numbers Mean for Its IPO

Anthropic’s draft IPO filing shows a company growing faster than its annual results can capture.

The expiration of a lockup period after IPO will have a greater impact on the indexes and index funds than mega-IPOs' initial inclusion in the index.

Morningstar Indexes

The Impact of Mega-IPOs on the CRSP Market Indexes

The expiration of a lockup period after IPO will have a greater impact on the indexes and index funds than mega-IPOs' initial inclusion in the index.

Benjamin Schofield discusses the growing relevance of private markets and ESG controversies linked to high-growth firms.

Controversies in the Private Market: A Conversation With Sustainalytics' Director of Regulatory Solutions

Benjamin Schofield discusses the growing relevance of private markets and ESG controversies linked to high-growth firms.

Through Q3 2026, US VC deal value hit $515.8 billion, roughly 44% above 2021’s full-year record, with AI capturing a record 82.7% share. But underneath that headline is a market seizing up on the exit side.

PitchBook-NVCA Venture Monitor

Through Q3 2026, US VC deal value hit $515.8 billion, roughly 44% above 2021’s full-year record, with AI capturing a record 82.7% share. But underneath that headline is a market seizing up on the exit side.

Sustainalytics Controversies Research now covers late-stage venture capital-backed private companies valued at $1 billion or more, like SpaceX, Anthropic, OpenAI, and Stripe.

Morningstar Sustainalytics Launches Controversies Research for Largest Unicorns

Sustainalytics Controversies Research now covers late-stage venture capital-backed private companies valued at $1 billion or more, like SpaceX, Anthropic, OpenAI, and Stripe.

Anthropic’s public filing shows a business earning far more than outsiders could see.

Anthropic: What the S-1 Proves

Anthropic’s public filing shows a business earning far more than outsiders could see.

We test the reported $1.43 trillion post-money valuation against OpenAI’s own 2030 plan.

OpenAI: Priced on a Target It Has Not Hit

We test the reported $1.43 trillion post-money valuation against OpenAI’s own 2030 plan.

The AI build-out is accelerating, with tech companies ramping up capital spending at unprecedented levels. But history shows these cycles don't last forever.

AI Investment: How a Slowdown May Affect Tech Subsectors

The AI build-out is accelerating, with tech companies ramping up capital spending at unprecedented levels. But history shows these cycles don't last forever.

Five key scenarios that can affect credit ratings for BTM projects, from construction timing mismatches between the power facility and data center to technology concentration risks and evolving regulatory frameworks.

Powering the Data Center Buildout: Credit Implications of Behind-the-Meter Generation

Five key scenarios that can affect credit ratings for BTM projects, from construction timing mismatches between the power facility and data center to technology concentration risks and evolving regulatory frameworks.

Musk delivers what he promises, just never on time.

SpaceX Update: What the IPO Reveals and What to Watch For Next

Musk delivers what he promises, just never on time.