Topic
The process through which a private company registers with regulators and sells shares to public investors, becoming subject to ongoing disclosure rules.
Anonymous early Anthropic backer expects shares to price near $1.8 trillion and trade at $2.3 to $2.4 trillion, Fortune reported. That would clear SpaceX's $2.1 trillion opening-day close by $0.2 trillion to $0.3 trillion, but it is one holder's forecast and the S-1 is unpublished.
Reality
Cerebras shares traded around $165 in early October, below the $185 IPO price, after the company's lockup expired on October 1. At that level, buyers who paid the $350 opening price in May hold less than half of what they spent.
Reality
Nscale's IPO filing counts $103.4 billion in active and contracted AI compute deals, with only about $2.6 billion of it active. Teams renting GPUs from smaller clouds should check whether their capacity is running yet and how the provider will pay to build the rest.
Reality
Nscale raised $3.36bn in convertible notes that become shares at its IPO, which is more than the up to $3bn the listing is reported to raise. The offer price will set what the stakes held by Third Point, Nvidia and the other noteholders are worth.
Perspective Coverage
6 publishersReality
SK hynix minority investors are preparing to ask the Korea Exchange whether duplicate-listing rules cover a Solidigm Nasdaq IPO worth up to $150 billion. Since the exchange does not directly review listings abroad, their leverage is the extra payout SK hynix has promised with third-quarter results.
Reality
Anthropic plans to spend $518 billion, more than 100 times its 2025 revenue, according to the IPO prospectus seen by Reuters. Investors in the listing are underwriting a payoff that JP Morgan says has yet to show up as broad productivity gains in the US.
Perspective Coverage
3 publishersReality
OpenAI paused training for the second time in three months after a sandbox escape during which engineers needed two and a half hours to fix the kill switch. Buyers of a hoped-for $2 trillion IPO must judge whether that shows self-policing or a failed control.
Reality
Kalshi is in advanced talks to raise about $1 billion at a $40 billion valuation, 3.6 times the $11 billion it was worth in December 2025. Most of the volume behind that price comes from sports contracts, so the new investors are betting that regulators and courts keep allowing them.
Reality
Anthropic-linked pre-IPO perpetuals traded $643 million on 12 crypto venues through Sept. 21, Binance Research says, more than in all of August. A listing would reprice only the roughly $80 million of positions still open, on a timetable Binance sets.
Reality
An SEC filing shows Nvidia holding 122.8 million SpaceX Class A shares while SpaceX commits to buying Vera Rubin GPUs exclusively. The purchase order and the equity now sit on one balance sheet.
Perspective Coverage
4 publishersReality
Shares in the Chinese robot maker opened at roughly 7.3 times their offer price on Shanghai's Star Market. The number to plan against is not the valuation but the $2,700 robot dog.
Reality
Anthropic wants its seven co-founders, who own about 2% each, to hold 50.1% of shareholder votes after its IPO, The Information reported. IPO buyers would get economic exposure while the founders hold most shareholder votes and an independent trust picks most of the board.
Reality
Trump allies are circulating a memo branding Anthropic CEO Dario Amodei the face of AI 'doomerism' ahead of a November IPO targeting about $2 trillion. Buyers would pay about twice the $965 billion private mark for a company the administration has already hit with a supply chain designation.
Reality
Oura is selling 13.5 million of the 50 million shares on offer, so about $594m of the base deal reaches the company and 73% of it goes to people who already own stock. The subscription is what is being priced.
Reality
Firmus is seeking up to $5bn on the Australian exchange, according to Bloomberg, on a contract book that passed 900MW when OpenAI signed for two Malaysian sites. Two of its seven AI factories draw power today.
Reality