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Topic

Initial public offerings

The sale of shares to public investors for the first time, including S-1 disclosure, pricing, lockups and the first quarters of public reporting.

Current stories

investOne report1 publisher

SpaceX's June 12 debut closed at $161.11 on 555.6 million shares sold at $135

SpaceX closed its Nasdaq debut on Friday, June 12, 2026, at $161.11 after opening just above $150, up nearly 20% on the largest IPO in stock market history. At that close, the shares SpaceX sold were worth about $14.5 billion more than it collected.

Publishers:fortune.com

Reality

Evidence62
Adoption
Not scored
Hype gap+8
Incentives
Not scored
Confidence66
productConfirmed9 publishers

Jio's IPO offers about 3% of the company at a valuation near $108 billion

Jio Platforms set a Rs 1,065 to Rs 1,119 price band for up to 270 million new shares, a valuation near $108 billion at the top. No existing holder, Google and Meta included, is selling, so the October 21 offer tests demand for about 3% of the company.

Perspective Coverage

10 publishers
Builder
Builder 11%
Operator
Operator 14%
Investor
Investor 75%

Reality

Evidence80
Adoption80
Hype gap+10
Incentives60
Confidence82
investOne report1 publisher

Kurly posts 51.6 billion won half-year operating profit as it holds regular talks with IPO underwriters

Kurly is reviving its IPO plan after a 51.6 billion won first-half operating profit, nearly four times its 13.1 billion won for 2025. Annualized, that puts Naver's 2.8 trillion won May valuation at about 27 times operating profit.

Publishers:koreaherald.com

Reality

Evidence50
Adoption
Not scored
Hype gap+20
Incentives55
Confidence50
investOne report1 publisher

Musinsa at 10 trillion won would be valued at about 96 times annualized first-half operating profit

Musinsa is heading for a Kospi listing valued at up to 10 trillion won even though first-half operating profit fell 11.2% to 52.3 billion won. Buyers at that price would be paying for overseas growth that so far has come with lower earnings.

Reality

Evidence45
Adoption65
Hype gap+35
Incentives
Not scored
Confidence50
leadershipOne report1 publisher

Bids for London-listed firms have outnumbered large IPOs 15 to 1 since 2023

Peel Hunt counts 42 live bids worth £74bn for London-listed firms, more than double the £35bn bid across 2025. Bid numbers are close to 2025's and the targets are larger, so the stronger evidence that London is emptying sits on the listing side.

Publishers:cityam.com

Reality

Evidence50
Adoption
Not scored
Hype gap+20
Incentives
Not scored
Confidence55
investConfirmed2 publishers

SK Hynix lines up Goldman and Morgan Stanley for a $10 billion Solidigm IPO in the US

SK Hynix has picked Goldman Sachs and Morgan Stanley to lead a US listing of its Solidigm flash unit that could raise about $10 billion. Bloomberg's reported ceiling of $100 billion asks investors to pay AI-memory prices for a NAND storage business.

Perspective Coverage

3 publishers
Builder
Builder 7%
Operator
Operator 20%
Investor
Investor 73%

Reality

Evidence55
Adoption60
Hype gap+20
Incentives65
Confidence55
buildOne report1 publisher

Applied Digital's power company Base Electron files confidentially for a U.S. IPO

Base Electron, the power company Applied Digital formed, confidentially filed for a U.S. IPO on October 9 around a planned 1.2-gigawatt North Dakota gas plant. The draft registration is not public, so investors cannot yet see the plant's revenue, margins or financing.

Publishers:runtimewire.com

Reality

Evidence55
Adoption15
Hype gap0
Incentives75
Confidence55
investConfirmed8 publishers

Maas Group's A$517 million drop outruns the reported Firmus price cut

Maas Group shares fell as much as 30% as demand faded for the A$11-a-share IPO of Nvidia-backed Firmus, the AI data centre operator it part-owns. Its A$517 million loss by the close is about five times what the reported A$8.25 price would take off the stake.

Perspective Coverage

8 publishers
Builder
Builder 6%
Operator
Operator 15%
Investor
Investor 79%

Reality

Evidence62
Adoption12
Hype gap+40
Incentives60
Confidence58
investConfirmed21 publishers

Anthropic's pre-Thanksgiving IPO would value it at roughly 400 times last year's revenue

Anthropic could start marketing its IPO the week of Nov. 9 at a valuation of $1.8 trillion to $2 trillion, Bloomberg reported. How much money it draws from other AI stocks before Thanksgiving depends on a share count the reports have not disclosed.

Perspective Coverage

23 publishers
Builder
Builder 19%
Operator
Operator 25%
Investor
Investor 56%

Reality

Evidence60
Adoption65
Hype gap+25
Incentives60
Confidence58
investConfirmed2 publishers

Blue Origin's first outside round prices the company at $140 billion years before any IPO

Jeff Bezos said Blue Origin will likely go public in several years, after its first outside raise of $10 billion at a reported $140 billion valuation. Outside investors get about 7% of a company with no listing date and a rocket not due to fly again until December.

Perspective Coverage

3 publishers
Builder
Builder 10%
Operator
Operator 18%
Investor
Investor 72%

Reality

Evidence55
Adoption
Not scored
Hype gap+30
Incentives70
Confidence55
investOne report1 publisher

New Constructs values Anthropic at $150 billion against $2 trillion IPO talk

New Constructs values Anthropic at $150 billion, less than a tenth of the roughly $2 trillion market cap discussed for its Nasdaq listing. The bear case rests on reported losses, and the price will depend on whether Anthropic's own revenue claims hold up in the prospectus.

Publishers:cnbc.com en.sedaily.com

Reality

Evidence35
Adoption45
Hype gap+40
Incentives70
Confidence40
investOne report1 publisher

Altman's 2027 IPO delay leaves OpenAI's price to a reported $1.4 trillion private round

Sam Altman told Fortune OpenAI will not go public before 2027, calling a 2026 listing "ill-advised." Until it lists, its price is set in private rounds, most recently a reported $30 billion raise at about $1.4 trillion that OpenAI has not confirmed.

Reality

Evidence40
Adoption
Not scored
Hype gap+25
Incentives
Not scored
Confidence45
buildConfirmed6 publishers

Ruling out 2026 keeps OpenAI's infrastructure obligations out of a prospectus

OpenAI submitted a draft S-1 confidentially in June, and Sam Altman has now told Fortune the safety work is unfinished, so for another year the figures on OpenAI are the ones OpenAI reports about itself.

Perspective Coverage

6 publishers
Builder
Builder 23%
Operator
Operator 39%
Investor
Investor 38%

Reality

Evidence68
Adoption55
Hype gap+15
Incentives62
Confidence64
investConfirmed6 publishers

Anthropic's IPO filing ties part of the Amodeis' new stock to their staying on

Dario Amodei made $18 million in 2025, mostly in stock and options, Anthropic's IPO filing shows, ahead of a listing that could value it above $2 trillion. The co-founders' stakes are not yet disclosed, so the new stock units are the best guide investors have to what keeps them there.

Perspective Coverage

10 publishers
Builder
Builder 8%
Operator
Operator 29%
Investor
Investor 63%

Reality

Evidence62
Adoption
Not scored
Hype gap+12
Incentives55
Confidence60
leadershipConfirmed7 publishers

SpaceX's listing puts Musk's $1 trillion fortune on a daily public price

Elon Musk's net worth passed $1 trillion again on Monday, Forbes estimated, after SpaceX shares rose nearly 8% to $171.09. Swings of tens of billions a session now show up in a quoted price, and so far the reporting measures them only through his own wealth.

Perspective Coverage

8 publishers
Builder
Builder 14%
Operator
Operator 21%
Investor
Investor 65%

Reality

Evidence72
Adoption
Not scored
Hype gap+12
Incentives40
Confidence70
investConfirmed7 publishers

Anthropic's one-month delay asks buyers to underwrite 18 times a $110bn revenue projection

Cryptopolitan says insiders have moved the listing to November so Anthropic can show a third quarter. The $110bn annual revenue figure attached to the $2 trillion price comes from its own advisory board and existing holders.

Perspective Coverage

9 publishers
Builder
Builder 16%
Operator
Operator 24%
Investor
Investor 60%

Reality

Evidence62
Adoption68
Hype gap+35
Incentives72
Confidence60
investConfirmed4 publishers

Nscale assembles a 22-firm underwriting syndicate before setting a size for its NYSE offering

The London company's S-1 names three lead bookrunners, ten more bookrunners and nine co-managers. The share count and price range are still undetermined, so the size of the deal those 22 firms will sell is unknown.

Publishers:cnbc.com cryptobriefing.com finance.yahoo.com renaissancecapital.com

Perspective Coverage

4 publishers
Builder
Builder 8%
Operator
Operator 17%
Investor
Investor 75%

Reality

Evidence72
Adoption40
Hype gap+25
Incentives70
Confidence65
investConfirmed2 publishers

Nscale heads for the NYSE with 2.5% of its $103.4 billion contract book active

Nscale's IPO filing shows $2.6 billion of its $103.4 billion contract value was active at August 31. The other $100.8 billion turns into revenue only as Nscale builds the capacity behind it, so the listing asks investors to price a construction schedule.

Publishers:dataphoenix.info uk.finance.yahoo.com

Reality

Evidence72
Adoption10
Hype gap+45
Incentives70
Confidence62

Earlier coverage

  1. Tasmanian backlash over a fast-tracked datacentre follows Firmus to its $7bn ASX float

    Leadership · October 2, 2026 · Confirmed2 publishers

  2. Anthropic's IPO filing extends political risk to the customers behind more than 99% of its revenue

    Invest · October 2, 2026 · Confirmed3 publishers

  3. Anthropic's IPO filing shows Claude revenue relies on metered token usage and subscriptions

    Product · September 29, 2026 · Confirmed2 publishers

  4. Anthropic's IPO plan would give seven founders 50.1% of the vote on about 14% of the company

    Product · September 27, 2026 · Confirmed2 publishers

  5. Anthropic wants a bigger raise than SpaceX and will not say what it is worth

    Product · August 20, 2026 · Confirmed2 publishers

  6. Shein loses about $2.7 billion of paper value on its first morning in Hong Kong

    Invest · September 1, 2026 · Confirmed7 publishers

  7. Anthropic's prospectus now waits on a $15 billion revolver

    Invest · September 5, 2026 · Confirmed5 publishers

  8. A $10bn Nvidia anchor would fill a tenth of Anthropic's book before demand is tested

    Invest · September 11, 2026 · Confirmed2 publishers

  9. Existing holders take 73% of the stock on offer in Oura's $2.2 billion IPO

    Invest · September 22, 2026 · Confirmed5 publishers

  10. Mynt's 12% float puts GCash near 45 times last year's net income

    Invest · September 22, 2026 · One report1 publisher