, Columnist
‘Hectocorns’ Are Just One AI Flashpoint for 2026
OpenAI CEO Sam Altman has mixed feeling about going public.
Photographer: Kyle Grillot/Bloomberg
They’re calling them the “hectocorns,” apparently: artificial intelligence startups valued at $100 billion or more. I’m old enough to remember when being a “unicorn,” worth a measly $1 billion, was a milestone to be intensely proud of. Simpler times.
In 2026, AI hectacorns might go public. That process, historians would tell you, was a harbinger for the dot-com bust as hopeless balance sheets were ignored in favor of overhyped promises that eventually collapsed. Will the A-IPOs prove to be a similar come-to-Jesus moment? It’s one theme I’ll be watching closely in 2026, but it’s certainly not the only one.