Blackstone president Jon Gray said 2026 is set to mark a reopening of the IPO market, offering private equity firms a clearer path to exits after several years of subdued public listings, according to a Bloomberg report.

“2026 should be the year of the IPO,” Gray said at the WSJ Invest conference, pointing to improving regulatory conditions and lower interest rates. He noted that US IPO momentum had already gathered pace in 2025, highlighted by the $6.26bn flotation of Blackstone-backed Medline.

Gray said the upcoming pipeline includes high-profile names such as SpaceX, OpenAI, and Anthropic, adding to optimism around public markets. He also described a “more normalised environment” for mergers and acquisitions as dealmaking activity accelerates.

Beyond equities, Gray said investment-grade private credit is positioned for substantial growth, supporting financing needs across energy, digital infrastructure, transportation, and consumer finance. He contrasted this with non-investment-grade lending, which remains more volatile.

For private equity managers, a reopening IPO window could help ease exit backlogs and improve liquidity for limited partners, particularly as large, sponsor-backed companies look to test public market appetite after extended holding periods.

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