For years, some of the most consequential companies in technology have stayed private far longer than historical norms — growing to public-company scale without ever listing a share. Now, a significant pipeline of mega-cap private companies appears headed toward public markets, potentially reshaping the equity landscape when they arrive. The sheer scale of what may be coming is unprecedented: some of these individual offerings could dwarf the largest IPOs in history.

On this episode of Disruptive Forces, host Anu Rajakumar is joined by Renos Savvides, Head of Equity Capital Markets at Neuberger, and Paul Daggett, Managing Director on the Private Investment Portfolios and Co-Investments team, to discuss what's driving the private-to-public shift — and what it means across the investment ecosystem.

Together, they explore how private markets evolved to support companies at a scale that once required public listing, what the 2026 ECM environment actually looks like beneath the headline volatility, why some of the largest IPOs ever contemplated may need to tap non-traditional sources of demand including global retail and passive index flows, how AI is both fueling and complicating the IPO pipeline, what the sequencing of these deals could mean for VC exits and LP capital flows, and where the real access points sit for investors across public and private markets.

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