Enterprise SaaS IPO pipeline 2026: Canva (IPO delayed 2027), Notion, Airtable, Miro, ClickUp and 30+ companies. IPO readiness scores, revenue data, public market comparisons. Updated monthly.
Enterprise software has been the backbone of the technology IPO market for three decades, but 2026 finds the sector at an inflection point. SaaS multiples have compressed dramatically from 2021 highs — the median public SaaS company trades at 6-8x forward revenue versus 25-30x at peak. This compression has fundamentally changed the IPO calculus for the current pipeline of enterprise SaaS companies.
Canva, the graphic design platform valued at $26 billion, had targeting a 2026 IPO but pushed its timeline to 2027 amid market conditions. Canva's freemium-to-enterprise conversion story and $2B+ ARR make it one of the most mature SaaS IPO candidates, but the Figma comparison looms — Figma went public on NYSE (FIG) in July 2025 and provides the most recent direct comparable for design software multiples.
Notion ($10B) and Airtable ($11B) represent the productivity and no-code categories respectively — markets that saw massive tailwinds during remote work expansion but face competitive pressure from Microsoft and Google. Both companies need to demonstrate enterprise upsell and net revenue retention above 120% to justify public market valuations.
The enterprise SaaS IPO thesis has narrowed: only companies with strong net revenue retention (>120%), gross margins above 70%, and clear enterprise land-and-expand motions are likely to attract institutional IPO demand in this rate environment.
| Company | Status | Valuation | Revenue | IPO Readiness |
|---|---|---|---|---|
| Notion | S-1 Filed | $18.5B | — | 78 |
| Databricks | S-1 Filed | $134B | $4B | 76 |
| Synthesia | Pre-IPO | $4B | — | 69 |
| Airtable | Private | $11B | — | 68 |
| Navan | Public | $9.2B | — | 68 |
| Rippling | Private | $25B | — | 67 |
| Miro | Pre-IPO | $17.5B | — | 63 |
| DocuSign | Public | $11B | — | 62 |
| Snowflake | Public | $58.2B | — | 61 |
| Samsara | Public | $22B | — | 60 |
| Palantir Technologies | Public | $200B | — | 59 |
| UiPath | Public | $12B | — | 59 |
| Highspot | Pre-IPO | $3.5B | — | 58 |
| Asana | Public | $4.5B | — | 56 |
| Monday.com | Public | $14B | — | 54 |
| ServiceTitan | Public | $8B | — | 54 |
| Klaviyo | Public | $8.5B | — | 54 |
| Webflow | Pre-IPO | $4B | — | 53 |
| Pendo | Private | $2.6B | — | 53 |
| dbt Labs | Pre-IPO | $4.2B | — | 51 |
| Contentful | Pre-IPO | $3B | — | 51 |
| Confluent | Public | $14B | — | 49 |
| Coda | Pre-IPO | $1.4B | — | 49 |
| Retool | Pre-IPO | $3.2B | — | 47 |
| Temporal | Pre-IPO | $3.2B | — | 47 |
| Datadog | Public | $43B | — | 46 |
| Zapier | Pre-IPO | $5B | — | 46 |
| Calendly | Pre-IPO | $3B | — | 46 |
| Hightouch | Private | $1.2B | — | 46 |
| LaunchDarkly | Private | $3B | — | 45 |
Revenue marked e = 2024 reported. IPO Readiness 0–100 proprietary score. How scores are calculated →
Canva pushed its IPO from 2026 to 2027. The company has over $2B in ARR and was last valued at $26B — a significant compression from its 2021 peak of $40B. The delay reflects both management preference for larger scale before listing and current SaaS multiple compression in public markets. Figma's NYSE listing in July 2025 provides a fresh comparable for design software valuations.
Canva (2027 target) and Notion are the most frequently cited enterprise SaaS IPO candidates. ClickUp ($4B), Miro ($17.5B), and HubSpot comparables like Attio are earlier-stage. The enterprise SaaS IPO market requires demonstrating profitability or clear path to positive FCF — a bar that narrows the realistic 2026 pipeline significantly.
Figma went public on NYSE (ticker: FIG) in July 2025 after its proposed $20B acquisition by Adobe was blocked by regulators. Figma's IPO was a major event for the design software category and provides the freshest comparable for design-adjacent SaaS companies. Current trading data is available on the Figma company page.
Public market investors in 2026 prioritize four SaaS metrics: (1) Net Revenue Retention (NRR) — must exceed 115% to demonstrate land-and-expand health, (2) Gross margin — 70%+ for pure SaaS, (3) Rule of 40 — growth rate plus FCF margin must exceed 40%, (4) Customer concentration — no customer >10% of revenue. Companies hitting all four thresholds can justify premium multiples.
Notion ($10B) and Airtable ($11B) compete in overlapping markets — collaborative documents and databases respectively. Both face Microsoft 365 and Google Workspace as competitive overhangs. Neither company has been explicit about IPO timelines. Airtable expanded its enterprise platform significantly in 2024-2025, while Notion's AI integration has driven strong user growth. Both likely target a 2027-2028 window.