2026 could be a historic year for the IPO market with over $3.6 trillion in expected valuations hitting the public stage. In this episode, we break down the hottest and most talked-about names in the pipeline: SpaceX, OpenAI, Anthropic, Stripe, Revolut, Canva, Databricks, and TikTok US.

We discuss what makes SpaceX such a unique and defensible business, why OpenAI’s losses and leadership noise might be red flags, and how Anthropic is quietly building a much more sustainable AI model. Plus, the strategy behind Stripe’s long-awaited listing, Revolut’s super-app ambitions, Canva’s AI monetisation push, and the jaw-dropping TikTok U.S. deal that could become one of the biggest financial giveaways of all time.

We also dive into who’s really making money here with banks like Morgan Stanley, J.P. Morgan, and Goldman Sachs all fighting for billion-dollar fees.

Bullish or bearish, overhyped or undervalued, this is our full take on the biggest IPOs to watch in 2026.

(00:00) 2026 IPO Landscape Overview

(02:07) SpaceX: Trillion Dollar Debut

(11:59) OpenAI: Timing and Challenges

(16:02) Anthropic: A Different Approach

(21:12) ByteDance and TikTok: The Crony Bonanza

(25:31) Databricks: Data Intelligence Platform

(28:45) Stripe: Payments Powerhouse

(31:26) Revolut: Challenger Bank

(33:37) Canva: Design Tool with Potential

Traditional finance recruitment is at a breaking point. With a 0.7% acceptance rate at major banks and 90% of applicants using AI to "game" the system, the CV has become a redundant data point.

In this episode of the Market Maker Podcast, Chief Content and Culture Officer Anthony Cheung and Lara Montefiori, VP of Product, discuss how to solve the "AI Volume Crisis." They explore why traditional methods fail and how simulation-based assessments provide a "work sample" that identifies genuine potential through behavioral data.

Key Insights:

The Volume Problem: Managing 600,000+ applications effectively.

The Validity Gap: Why traditional tests have less than 25% predictive validity.

The Simulation Solution: Using behavioral trace data to see how candidates handle real-world mistakes and market volatility.

Selection Rigor: Applying elite selection frameworks (like the SAS) to early-career finance.

About AmplifyME: We help financial institutions move beyond the resume to identify real-world ability through simulation technology.

Contact the team at www.amplifyme.com

(00:00) The Finance Hiring Crisis

(03:35) How AI is Breaking CVs

(08:39) Simulations for Assessments

(14:23) Genuine Talent Identification

(18:12) Building a Talent Ecosystem

(24:19) How the Product Works

(29:45) Validation & Reliability

(30:27) AmplifyME Product Vision

In this episode, Anthony Cheung is joined by Harvey Bracken-Smith, founder of the Personable podcast and incoming Goldman Sachs summer intern, to unpack his remarkable journey from a small island in Jersey to Eton, Duke University, and beyond.

Harvey shares insights on overcoming imposter syndrome, the power of consistency, building a personal brand, and how he’s managed to interview billionaires, CEOs, and Olympic athletes before the age of 21. He also opens up about the importance of family, dealing with personal loss, and why his mantra is simply: Why not you?

Whether you're navigating university, career uncertainty, or starting your own venture, this is a masterclass in mindset, grit, and taking action.

(00:00) From Jersey to Wall Street

(02:00) Eton Reality Check & Choosing the US Over the UK

(07:51) Lifestyle & Opportunity: UK vs US vs Australia

(15:59) Launching the Podcast: Purpose Over Prestige

(21:30) Consistency Greater Than Talent

(24:34) How to Land Guests: Confidence & Cold Approaches

(31:11) The Secret Characteristic of Success

(36:37) Handling Rejection: From 1,000 Emails to One "Yes"

(45:45) What Actually Gets You Hired in Finance

(50:30) Final Message: Why Not You?

In this final Market Maker markets episode of the year, Anthony and Piers deliver a global recap of 2025’s biggest winners, losers, and trends. From the AI-driven tech shake-up and Wall Street’s banking boom to the surprise surge in Spain’s stock market, they break down the key moves.

Looking ahead to 2026, will inflation, a Fed leadership transition, or even a ‘Great AI Energy Blackout’ derail the bull run? Listen in for clear insights, easy-to-follow strategy, and a few surprising predictions.

(00:00) Intro & 2025 in Review

(03:50) US Equity Sectors

(05:08) Hyperscalers Dominant

(14:41) AI Investment Ecosystem

(21:01) Data Integration vs SaaS Stocks

(22:45) Financials Stage a Comeback

(30:18) Value Rotation

(33:59) Healthcare Divisions

(42:52) Highlights in Fixed Income

(46:52) Gold Shines while Oil Slumps

(49:54) The End of the US Dollar?

(53:19) Outlooks for US Stocks in 2026

(59:22) Potential Risks

(1:02:38) Black Swan Event

What does it really take to make the leap from analyst to portfolio manager at one of the world’s largest asset managers? In this episode, we sit down with Ji Young Park, Senior Portfolio Manager at Amundi, to explore her two-decade journey in the investment world.

Ji shares what the role of a PM truly entails, from navigating decision-making under uncertainty to balancing technical expertise with interpersonal communication. We discuss how to know when you're ready to make the transition from analyst to portfolio manager, and why tracking your investment ideas early in your career can be a powerful tool for growth.

Ji also offers candid reflections and advice for aspiring female leaders and underrepresented professionals in finance, making this a must-listen for anyone aiming to break into or grow within the asset management industry.

(00:00) Intro

(00:54) What a Portfolio Manager really does

(03:47) Getting comfortable with being wrong

(09:18) The analyst-to-PM path

(15:38) Managing stress & work-life balance

(19:15) DEI in finance today

(24:57) Breaking into asset management

(28:42) Mentor-mentee relationships that work

It’s our most anticipated episode of the year! Stephen Barnett returns to grade our 2025 predictions and lay out the playbook for 2026.

We break down the massive $4.2 Trillion year in M&A, analysing why deal volume dropped while deal value skyrocketed. We also do a deep dive into the "Indigestion" facing Private Equity, with 50,000 businesses owned and nowhere to sell them, and why Private Credit is starting to look dangerously like the "Big Short" era of 2008.

Plus, we reveal our Company of the Year (hint: it’s a comeback story) and our Person of the Year (is it Jensen Huang or... Michael Burry?).

(00:00) Grading our 2025 Predictions (S&P, Nvidia, Bitcoin)

(04:58) $4.2 Trillion in Deals (Goldman vs. J.P. Morgan)

(09:38) The Rise of Boutique Banks & Size Matters

(14:25) Private Equity "Indigestion"

(17:52) Will Lower Rates Save Private Equity?

(21:05) Is Private Credit a Bubble?

(25:20) "Rating Shopping" & The Cockroach Theory

(31:10) 2026 Crystal Ball: Tailwinds vs. Headwinds

(35:05) Company of the Year: Google goes "Beast Mode"

(40:58) Person of the Year: Jensen Huang vs. Michael Burry

(44:53) The 2026 Prediction: OpenAI Gets Acquired?

In this episode, Anthony speaks with Ela Saruhanoglu, an LSE Management student who secured a full-time investment banking role at J.P. Morgan for 2026 after converting her summer internship. Despite not having a traditional finance background or spring week, Ela shares how she built technical skills from scratch, leveraged curiosity, used productivity hacks, and developed a mindset that set her apart.

(00:00) Ella’s Journey to J.P. Morgan

(01:21) Why Finance?

(04:39) Learning Technicals

(06:18) Purposeful Productivity

(11:14) Balancing Uni & Applications

(13:54) No Spring Week, No Problem

(17:01) Preparing Ahead of Time

(20:25) Managing Imposter Syndrome

(24:05) Internship Tips: Visibility, Mindset, Speed

(26:35) Knowing You Why

It’s the "final battle for the soul of Hollywood." In this breaking episode, we bring back Stephen Barnett to break down the Netflix vs. Paramount war for Warner Bros. Discovery (WBD).

Stephen breaks this deal down like a Hollywood movie script—literally. We cover the Backstory (Zaslav’s failure), the Cast of Characters (from "nepo-baby" David Ellison in his Ferrari to the "anti-hero" David Zaslav), and the Plot Twist where Paramount gets "ghosted" on a Thursday only to launch a hostile counter-attack.

We also dive into the "Monopsony" risk that has writers terrified, the "Whirling Dervish" factor of a Trump presidency, and why this deal proves that if you aren't a $500bn tech giant, you're just prey.

(00:00) Stephen Barnett Returns

(01:59) Battle for the Keys to the Kingdom

(04:09) Backstory: Why WBD Ripped 160%

(06:12) "Anti-Hero" Zaslav & "Nepo Baby" Ellison

(10:30) The Plot: "Begging" Texts & Being Ghosted

(16:17) The Role of Bankers

(18:47) "Black Box" Fear: Advertisers vs. Netflix

(21:30) The Trump Factor in M&A

(23:15) Monopoly vs. Monopsony

(27:47) Conclusion: Why a Big Tech Win is Scary

In this M&A edition of Market Maker, Anthony and Piers break down Medline’s potential $5 billion IPO, the biggest of the year, and what it signals for private equity exits and the 2026 deals landscape.

They also explore Amazon’s bold entry into the AI chip race with Tranium 3, how it stacks up against Nvidia and Google, and what it means for cloud dominance. Plus, OpenAI hits the panic button as Google’s Gemini and Anthropic’s Claude rapidly gain ground.

(00:00) Medline’s $5B IPO

(08:52) ECM Process

(12:45) Bank Rankings Shuffle

(20:06) Amazon’s AI Chip

(28:09) Cloud Wars Heat Up

(32:04) OpenAI’s Code Red

*****

Final chance to join our in-person Finance Bootcamp happening in London 15-19 December 2025. Use code BOOT500 at checkout to access a £500 discount as a loyal podcast fan!

Big tech is stumbling while pharma stocks surge, what does that mean for markets heading into 2026? In this episode, Anthony and Piers unpack why Nvidia, Microsoft, and Amazon are dragging, while Eli Lilly and Merck lead a surprising rotation. They also explore shifting Fed rate cut expectations, conflicting US labor data, and what it all signals for the S&P 500’s next move.

We also break down Deutsche Bank’s “triple whammy” dollar call, Trump’s Fed chair pick, and why a yen carry trade unwind could shake crypto markets. Plus, UK PMI surprises and pound strength, are brighter days ahead for the UK economy?

Tune in for easy-to-follow macro insights this week!

(00:00) Topics & Listener Shoutouts

(02:51) Big Tech Wobble, Pharma Surge

(09:16) Fed Cut Expectations & Labour Data

(18:27) Trump’s Fed Pick & Market Reaction

(24:23) Deutsche Bank US Dollar Call

(30:07) Yen Carry Trade & Crypto Risk

(36:01) UK Budget Bounce & PMI Surprise

*****

Last chance to join our in-person Finance Bootcamp in London 15-19 December 2025. As part of our podcast community, you can use the code BOOT500 at checkout for a £500 discount.