# The Australian Startup Outlook 2026 Author: The Carta Team | Read time: 3 minutes Published date: March 17, 2026 A survey of 500 senior decision-makers at Australian startups reveals that 96% of founders remain committed to an IPO, eyeing dual listings and international exchanges as they prioritize governance and long-term optionality over immediate liquidity. ## Highlights - **IPO ambition remains strong, but exit timelines are extending:** 96% of Australian startups still see an IPO as part of their strategy, but nearly half (47%) now view it as a long-term outcome (5+ years), signalling more deliberate sequencing rather than urgency. - **Capital pressure is acute, particularly in Victoria:** 65% of startups report having less than 12 months of runway remaining, rising to 71% in Victoria, thanks in part to rising spend: 86% of Australian startups report increased burn over the past year. - **Global exit optionality is expanding:** The ASX remains the anchor, but more than half of startups planning IPOs are considering dual or offshore listings, with dual listings (32%) the most popular international strategy. - **Australia’s startup map is widening, without losing its centre:** Nearly all startups see talent and investor momentum shifting beyond Sydney and Melbourne, yet 86% still say operating in one of the two cities remains important for growth. - **AI adoption is driven as much by pressure as belief:** Four in five startups believe there is an AI bubble, yet most feel compelled to integrate AI into their operations to maintain credibility with investors, customers, and the market. ## The shift toward long-term liquidity IPO ambition remains a cornerstone of the Australian ecosystem. An overwhelming 96% of founders say an IPO is part of their exit strategy, and 90% agree that it remains a realistic option. However, the long game is being redefined, giving way to a striking dichotomy: While founders aim for the public markets, the most significant wins of this cycle are increasingly occurring via M&A. Although going public remains the North Star goal, strategic acquisition has become a powerful and immediate alternative for high-performing companies. Nearly half of startups (47%) now frame an IPO as a long-term goal more than five years away, compared with just 10% aiming for a listing within the next two years. This aligns with [Carta’s 2025 data on VC secondaries](/content/data/vc-secondary-trends-q2-2025/index.html), which reveals that companies are staying private for longer due to the availability of private capital and increasingly rigid public market governance standards. The data also reveals a patience gap between Australia’s two largest startup hubs: 63% of Victorian startups view an IPO as a long-term goal (5+ years), compared to just 49% of their New South Wales counterparts. This shift reflects a move toward quality over speed, investors now require greater operational maturity and clearer paths to profitability before backing liquidity events. As a result, startups are building for the long-term and focusing on fundamentals that will support an eventual IPO—a level of discipline that might make them more attractive to M&A suitors. ## Read the full Startup Outlook report How are Australian startups navigating the trade-offs between runway and growth? Download the Australian Startup Outlook 2026 to access the complete dataset including state-by-state breakdown for runway, exit timelines, and AI strategy against the broader ecosystem.