02/10/2026
A quieter-than-hoped week for US new issues: the one sizable operating-company deal, AI data-center supplier Accelevation, priced below its marketed range, while a headline consumer-tech listing was reportedly postponed and leaked details from Anthropic's confidential S-1 reignited the debate over mega-cap AI pre-IPO valuations. Below, we separate what is confirmed from what is estimate or rumor. For the full list of deals, see our IPO Calendar.
Fact vs. estimate: price, share count and deal size for Accelevation are confirmed by IPOScoop and Renaissance Capital reporting; the first-day move is an early/opening figure from a single outlet and may differ from the closing price. First-day closes for the other names were not available at the time of writing.
Anthropic. Reuters and the Financial Times reported on Sep 28–29 details from the company's confidential S-1, as summarized by SiliconANGLE: revenue of about $4.6 billion in 2025 (versus $400 million in 2024), roughly $11.5 billion in Q2 2026 alone, a 2025 operating loss of about $8 billion, and a net loss of about $42 billion, driven largely by a roughly $34 billion accounting charge tied to investor funding. The same reporting says infrastructure commitments total about $518 billion, with around 80% tied to non-cancellable or take-or-pay contracts. The company has not made the S-1 public; the last priced private round was $965 billion (Series H, May 2026). Reports that it may seek a listing as early as November at a valuation of $2 trillion or more, raising up to $100 billion, are unconfirmed estimates. Opportunity: extraordinary revenue growth. Risks: large losses, heavy fixed infrastructure obligations, and a valuation that already assumes continued hypergrowth.
Oura. IPOScoop's pre-pricing note had Oura (OURA) targeting a $40–$44 range for about $2.1 billion at the midpoint, and states that the deal was later postponed on market conditions. We could not corroborate the postponement with a second independent source, so treat it as reported but unverified.
The calendar is thin; the main swing factor is whether postponed or delayed larger deals return. Dates are estimates until pricing is announced. See the updated IPO Calendar.
Renaissance Capital's Q3 review describes IPO activity as below expectations, citing AI spending concerns, bond yields at a 19-year high and resumed rate hikes. Accelevation pricing 25% below the midpoint of its range suggests public investors are paying less of a premium for AI-linked growth, even for a company that reported rapid revenue growth. That matters for private-market holdings and tokenized equity products that reference late-stage AI companies, because secondary prices tend to follow public comparables. Opportunities: more disciplined IPO pricing can mean better entry points and cleaner after-market trading. Risks: postponed deals, valuation resets, thin liquidity in micro-caps, and the fact that tokenized or synthetic exposure to a company like Anthropic is not the same as owning registered shares. This analysis is not a forecast of any specific price.
This material is for informational purposes only and does not constitute individual investment advice.