AI IPO tracker: where every frontier lab listing stands

Claude maker, San Francisco

Venue

Nasdaq Global Select Market, ticker ANT (S-1)

Raise

Up to $100 billion (reported)

Valuation

Prospective investors saw $1.8 trillion to $2 trillion (Bloomberg, Oct. 1); after the Oct. 14 investor day, some discussed around $1.5 trillion (Reuters, Oct. 15). Last priced round: $965 billion, May 2026.

Banks

Goldman Sachs and Morgan Stanley (representatives), plus J.P. Morgan, Citigroup, and 18 others (S-1)

What's next

The price range, share count, and offering size come in a later S-1 amendment. Bloomberg reported formal marketing could start as soon as the week of Nov. 9, putting trading before Thanksgiving (Nov. 26). The timetable is tentative.

Record

1. Oct 26, 2026Anthropic files its S-1 publicly and applies to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT. Goldman Sachs and Morgan Stanley lead 22 underwriters. First-half 2026 revenue was $16.29 billion and the net loss $80.7 billion, mostly a $72.4 billion noncash charge on convertible notes and similar instruments. The price range and share count are blank. Our report.
2. Oct 15, 2026Reuters reports some current and prospective investors who attended the Oct. 14 investor day discussed a valuation of around $1.5 trillion, down from the roughly $2 trillion previously expected, after growth slowed to 45% in the third quarter. Anthropic did not immediately comment. Our report.
3. Oct 14, 2026Anthropic holds an investor day for institutional investors in San Francisco and tells them third-quarter revenue rose 45% from the second quarter to $16.8 billion and that it was profitable on an adjusted basis, Reuters reports. The report doesn't say which costs the adjusted figure excludes. Our report.
4. Oct 2, 2026Bloomberg reports Broadcom has begun assembling $60 billion in debt to help fund chips for Anthropic and other companies: a $42 billion senior secured tranche for banks to syndicate and an $18 billion junior tranche led by Blackstone. Our report.
5. Oct 1, 2026Bloomberg reports Anthropic is aiming to go public as soon as mid-November, with formal marketing as soon as the week of Nov. 9 and trading before Thanksgiving. Prospective investors see $1.8 trillion to $2 trillion. A separate Bloomberg report says Anthropic has invited institutional investors to an Oct. 14 investor day. Anthropic declined to comment. Our report.
6. Oct 1, 2026Reuters reports the prospectus shows Broadcom agreed to lend Anthropic up to $42 billion in convertible notes, about a third of a $125.2 billion, five-year TPU lease. Our report.
7. Sep 28, 2026Reuters reviews Anthropic's IPO prospectus: 2025 revenue of nearly $4.6 billion, a $42 billion net loss (mostly a $34 billion accounting charge) and $518 billion in compute obligations. Reuters says the IPO could value Anthropic at more than $2 trillion and is likely to come after the November midterms. No public S-1 on EDGAR. Our report.
8. Sep 18, 2026The Wall Street Journal reports Anthropic has shifted its planned IPO from October to November. Source.
9. Sep 13, 2026Reuters, via Business Insider, reports Anthropic has picked Nasdaq for the listing, citing one person familiar. Neither company confirms. Our report.
10. Sep 11, 2026Reuters reports Nvidia is in talks to anchor the IPO with up to $10 billion. Anthropic declined to comment. Our report.
11. Sep 4, 2026Reuters: marketing to begin mid-October at the earliest, listing to complete days before the midterms, public registration statement not expected until late September. A $15 billion revolving credit facility comes first.
12. Aug 28, 2026Sony Music Publishing, Warner Chappell and 33 affiliated publishers sue Anthropic, Dario Amodei and Benjamin Mann in San Jose federal court over lyrics in training data. The complaint cites the reported $2 trillion October IPO. Our report.
13. Aug 20, 2026Bloomberg reports Anthropic could make its filing public by the end of August and is sizing the raise to match or top SpaceX's $86.2 billion record. That August date slipped. Our report.
14. Jun 1, 2026Anthropic confidentially submits a draft S-1 to the SEC, announced by the company. Source.
15. May 28, 2026Closes a $65 billion Series H at a $965 billion post-money valuation, led by Altimeter, Dragoneer, Greenoaks and Sequoia.

Our coverage

• Anthropic's IPO filing says an AI catastrophe could be too big for the entire insurance industry to cover · Oct 28, 2026
• Who owns Anthropic? What its IPO filing shows about the founders, Amazon, and Google · Oct 27, 2026
• Anthropic signed or amended $245 billion in computing commitments after June, IPO filing shows · Oct 27, 2026
• Anthropic files for a Nasdaq IPO as ANT, showing $16.3 billion in first-half revenue and an $80.7 billion loss · Oct 26, 2026
• OpenAI lowers its funding valuation to $1.25 trillion as it rushes to finish before Anthropic's IPO · Oct 19, 2026
• Anthropic gives outside safety testers employee-like access as New York City's comptroller urges an IPO pause · Oct 15, 2026
• Anthropic tells investors quarterly revenue hit $16.8 billion, reports adjusted profit ahead of planned IPO · Oct 14, 2026
• Anthropic's IPO filing warns its Pentagon fight could cost it commercial customers · Oct 3, 2026

SoftBank-owned AI data center and power developer, US projects

Venue

Nasdaq Global Select Market and Nasdaq Texas, ticker SBE (per the S-1)

Raise

$5 billion to $7 billion (reported); plus up to $500 million to Japanese investors

Valuation

As much as $50 billion (Reuters, reported). Not set in the filing.

Banks

J.P. Morgan, Goldman Sachs, Morgan Stanley, Citigroup, Mizuho

What's next

The Information reported Oct. 22 that SB Energy may push the IPO to December or into 2027, as investors balk at a valuation of about $60 billion for data centers not yet operating. The S-1 still sets no share count or price range.

Record

1. Oct 22, 2026The Information reports SB Energy may delay its IPO to December or to next year, with investors pushing back on a valuation of about $60 billion. Executives are watching Anthropic's debut, per the report. Source.
2. Sep 25, 2026IFR reports SB Energy has delayed the launch of its IPO amid investor pushback on data center valuations. Source.
3. Sep 22, 2026A person familiar tells Investing.com the IPO is proceeding as planned, disputing reports of a delay, without giving a date. Source.
4. Sep 21, 2026The New York Times reports SB Energy has pushed its IPO from September to at least mid-to-late October after struggling to find enough buyers at a valuation of $50 billion or more.
5. Sep 15, 2026Reuters reports SB Energy plans to sell up to $500 million of new shares to Japanese investors alongside the US IPO. Nvidia has committed $3 billion to the deal, SoftBank and OpenAI $500 million each, Ares $800 million. Our report.
6. Sep 1, 2026Files a public Form S-1 to list on Nasdaq under SBE. The filing shows $439 billion of contracted backlog against $138.7 million of first-half 2026 revenue, and states that no data center capacity is yet in operation. Source.

Our coverage

• SoftBank's SB Energy will sell $500 million of stock to Japanese investors before its US IPO · Sep 15, 2026

Hyperscale data center developer, Singapore. Began as a subsidiary of China's GDS Holdings, which now owns 19.4%.

Venue

Nasdaq, ticker DODC, as American depositary shares (per the F-1)

Raise

As much as $5 billion (reported). The F-1 does not state a size.

Valuation

Reuters reported in February a potential $20 billion valuation. Last priced round: a $4.5 billion Series C at $35 a share, closed June 4, 2026 (per the F-1).

Banks

Morgan Stanley, J.P. Morgan, BofA Securities, Citigroup, BNP Paribas (per the F-1)

What's next

The F-1 leaves the price range and share count blank. An amended filing with a range would start the roadshow.

Record

1. Oct 5, 2026Files a public F-1 to list on Nasdaq under DODC. Revenue was $512 million in the six months to June 30, up from $151.5 million a year earlier, and the net loss attributable to DayOne was $81.9 million. The filing reports 962MW in service as of Sept. 20 and about 2.3GW of bookings, mostly from seven hyperscale and technology customers. No price range is set. Source.
2. Aug 11, 2026Bloomberg reports DayOne has filed confidentially for a US IPO that could raise $5 billion. EDGAR later showed the draft was submitted Aug. 10. Source.
3. Jun 4, 2026Closes a $4.5 billion Series C at $35 a share, raised in rounds since Dec. 31, 2025. Part of the money bought back $385 million of shares from GDS in January. Source.

London AI cloud, Nvidia-backed; Anthropic and Figure are customers

Venue

New York Stock Exchange, ticker NSCL (per the S-1)

Raise

As much as $3 billion (Bloomberg, reported)

Valuation

$14.6 billion at the March 2026 Series C. The S-1 reports $103.4 billion of signed customer contracts as of August 31.

Banks

Goldman Sachs, JPMorgan (reported)

What's next

The S-1 sets no price range. Bloomberg has reported the listing could raise as much as $3 billion. Nvidia's $1 billion investment is expected to close on or around November 16.

Record

1. Oct 2, 2026Hires Justin Osofsky, Meta's former chief partnerships officer, as chief operating officer. The S-1 listed no COO. Our report.
2. Sep 25, 2026Announces $3.36 billion of pre-IPO financing: $2.36 billion of convertible notes led by Third Point, which convert into shares at the IPO, plus Nvidia's $1 billion, expected to close in mid-November. Our report.
3. Sep 18, 2026Files a public Form S-1 to list on the NYSE under NSCL, reporting $103.4 billion of signed customer contracts as of August 31. The filing sets no price range. Our report.
4. Sep 3, 2026Figure announces a $3.5 billion compute agreement with Nscale for up to 100,000 Nvidia Vera Rubin GPUs, with deployments from the second half of 2027. Our report.
5. Sep 2, 2026The Information reports Nscale is telling prospective investors it has about $103 billion of contracted revenue, up from $51 billion in early August, most of the jump a roughly $45 billion Anthropic agreement. 2025 revenue was about $33 million. Our report.
6. Aug 6, 2026Bloomberg reports Nscale is working with Goldman Sachs and JPMorgan on a US listing that could come as soon as September and raise as much as $3 billion. Second-quarter revenue topped $100 million.

Our coverage

• Nvidia (NVDA) in talks to guarantee Nscale debt for an Anthropic data center · Oct 30, 2026
• Anthropic is reportedly in talks to buy another $45 billion of computing from Nvidia-backed Nscale · Oct 19, 2026
• Nscale hires Meta veteran Justin Osofsky as COO ahead of planned NYSE IPO · Oct 2, 2026
• Nscale raises $2.36 billion in pre-IPO notes led by Third Point. Nvidia (NVDA) commits $1 billion. · Sep 25, 2026
• Nvidia-backed Nscale (NSCL) files for a NYSE IPO with $103.4 billion in signed contracts. Almost all of the compute behind them still has to be built and financed. · Sep 18, 2026
• Humanoid robot maker Figure committed $3.5 billion to Nscale for compute. It has raised more than $1 billion in its life. · Sep 3, 2026
• Nvidia-backed Nscale pitches $103 billion in contracted revenue ahead of its IPO after a $33 million year · Sep 2, 2026

Smart ring and health-data membership maker; moved its legal home from Finland to Delaware in March 2026

Venue

Nasdaq Global Select Market, ticker OURA (per the S-1). Offering postponed Sept. 29.

Raise

About $2.2 billion at the top of the range: 50 million shares at $40 to $44, of which 13.5 million new shares from Oura and 36.5 million from existing holders

Valuation

About $11 billion at the September 2025 Series E. Reuters put the top of the IPO range at $15.62 billion fully diluted.

Banks

Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, Jefferies (joint lead book-runners)

What's next

Postponed the IPO on Sept. 29, the day it was due to price, citing uncertainty in the IPO market. The S-1 remains on file with no withdrawal, so the company can relaunch without starting over. No new date has been set.

Record

1. Sep 29, 2026Postpones the IPO, the day it was set to price, citing "uncertainty in the IPO market." The registration statement has not been withdrawn. Source.
2. Sep 25, 2026Bloomberg reports the order book is about four times covered. Source.
3. Sep 21, 2026Sets a $40 to $44 range for 50 million shares and starts the roadshow. Eli Lilly indicated interest in buying up to $100 million of stock. Source.
4. Sep 3, 2026Files a public S-1 to list on Nasdaq as OURA. Revenue was $1.21 billion in the nine months to June 30, up from $698 million a year earlier, with net income of $60.8 million. Source.
5. May 21, 2026Announces it has confidentially submitted a draft registration statement to the SEC. Source.

Our coverage

• Oura (OURA) files for Nasdaq as growth slows and subscriptions surge · Sep 3, 2026

Temporary power and cooling rental, Glasgow, pitched partly on data center demand. Owned by TDR Capital and I Squared.

Venue

New York Stock Exchange, ticker AGKO (per the F-1)

Raise

Not set in the filing

Valuation

About $15 billion, Bloomberg reported in March

Banks

Goldman Sachs, J.P. Morgan (leads), plus BofA, Barclays, Morgan Stanley and others

What's next

An amended F-1 with a price range would start the roadshow. Bloomberg reported Sept. 22 that formal marketing had not begun.

Record

1. Sep 17, 2026Files an amended F-1. The price range is still blank. Source.
2. Aug 24, 2026Files a public F-1 to list on the NYSE as AGKO, reporting net revenue of $3.4 billion for the year ended Jan. 3, 2026. Source.
3. May 15, 2026Confidentially submits a draft registration statement. Source.

On-device AI chips and sensors, Irvine, California

Venue

Nasdaq Global Market, ticker SYTN (per the S-1)

Raise

Not set in the filing

Valuation

Not disclosed

Banks

Citigroup, BofA Securities, UBS (leads)

What's next

An amended S-1 with a price range would start the roadshow. No launch date has been reported.

Record

1. Aug 31, 2026Files an amended S-1 with first-half results: revenue of $131.6 million and a net loss of $30.6 million. The price range is still blank. Source.
2. Jul 6, 2026Files a public S-1 to list on Nasdaq as SYTN. 2025 revenue was $271.8 million, up from $13.6 million after a sensors acquisition, with a $60.9 million net loss. Source.
3. Apr 27, 2026Confidentially submits a draft registration statement. Source.

Kimi maker, Beijing. Alibaba and Tencent backed.

Venue

Hong Kong Stock Exchange (reported)

Raise

Up to $5 billion (reported)

Valuation

About $50 billion after its final private round (Bloomberg, Oct. 6). $35 billion after a $3.5 billion round in July.

Banks

Bank of America (overall coordinator, reported); CICC, Deutsche Bank, Goldman Sachs (sponsors, reported)

What's next

Bloomberg reported Oct. 6 that Moonshot is targeting a first-quarter 2027 listing raising up to $5 billion. No public listing document yet, and a shareholder dispute with Recurrent.ai is in settlement talks.

Record

1. Oct 11, 2026Reuters reports CEO Yang Zhilin and CTO Zhang Yutao are in talks to settle an arbitration with shareholder Recurrent.ai before the listing. Our report.
2. Oct 6, 2026Bloomberg reports Moonshot closed its final private round at about $50 billion and is targeting a Hong Kong listing in the first quarter of 2027, raising up to $5 billion. Source.
3. Sep 22, 2026The Information reports China's Cyberspace Administration is investigating Moonshot and DeepSeek over user data allegedly routed to Anthropic's Claude. No penalties decided. Our report.
4. Sep 10, 2026Reuters, citing the South China Morning Post, reports Moonshot is exploring a Hong Kong listing followed by one on Shanghai's STAR Market. Source.
5. Sep 4, 2026Bloomberg reports Moonshot has filed confidentially in Hong Kong and is weighing a $3 billion to $5 billion raise. Moonshot told HK01 it had nothing to disclose. Our report.
6. Sep 3, 2026Reuters reports a confidential Hong Kong filing targeting about $3 billion, with Goldman Sachs, Deutsche Bank and CICC on the deal.
7. Jul 17, 2026Releases Kimi K3, then pauses new sign-ups two days later after demand outran its compute. Our report.

Our coverage

• Moonshot AI's founders are in talks to settle a shareholder fight before the Kimi maker's Hong Kong IPO · Oct 11, 2026
• China is probing DeepSeek and Moonshot over whether sensitive data leaked to Anthropic · Sep 22, 2026
• Moonshot AI weighs up to $5 billion Hong Kong IPO · Sep 4, 2026

Kakao T ride-hailing and mobility app, Seongnam, South Korea. Kakao owns 57.2%, TPG about 29%.

Venue

US ADR listing (reported)

Raise

About $1 billion (reported), all from TPG's existing stake, no new shares

Valuation

Not reported

Banks

BofA, Morgan Stanley, UBS (reported)

What's next

Blocked for now: Kakao's board formally opposed a US listing built only on TPG's shares on Sept. 22. Kakao said it could revisit the plan if the structure changes.

Record

1. Sep 22, 2026Parent Kakao's board resolves in a regulatory filing to oppose a US ADR listing of Kakao Mobility made up solely of TPG-held shares, Reuters reports. Source.
2. Aug 20, 2026The Korea Herald reports Kakao Mobility has confidentially filed with the SEC for a US ADR listing of about $1 billion, with BofA, Morgan Stanley and UBS as underwriters. Reports differ on whether the draft went in in June or on July 2. Source.

Our coverage

• Kakao opposes a US listing of Kakao Mobility. The company would see none of the $1 billion. · Sep 22, 2026

Nuclear reactor maker and fuel supplier, Pennsylvania. Owned jointly by Brookfield and Cameco.

Venue

Not disclosed

Raise

Not reported

Valuation

Targeting more than $50 billion (Bloomberg, Sept. 18)

Banks

Citigroup, Goldman Sachs (leads); CIBC, JPMorgan, RBC (reported)

What's next

Bloomberg reported Sept. 18 that Westinghouse aimed to file publicly as soon as October. As of Oct. 29 there is no public S-1 on EDGAR.

Record

1. Sep 18, 2026Bloomberg reports Westinghouse is targeting a valuation of more than $50 billion and a public filing as soon as October. Source.
2. Jul 31, 2026Co-owner Cameco announces Westinghouse has confidentially submitted a draft S-1 to the SEC. Source.

FPGA chip maker, San Jose. Silver Lake owns 51%, Intel 49%.

Venue

Not disclosed

Raise

More than $2 billion (reported, Reuters)

Valuation

$8.75 billion when Silver Lake bought its 51% stake in 2025

Banks

Barclays, Citi, JPMorgan, Morgan Stanley (reported, Reuters)

What's next

A public S-1 comes next. Reuters reported the IPO could come as early as this year.

Record

1. Sep 15, 2026Announces its parent has confidentially submitted a draft S-1 to the SEC. Share count and price range are not set. Source.
2. Sep 10, 2026Reuters reports Altera is preparing an IPO that could raise more than $2 billion, with four banks hired. Source.

Data center campus operator, Las Vegas. Taken private by DigitalBridge and IFM in December 2022.

Venue

US listing (reported)

Raise

Up to $10 billion (reported)

Valuation

Close to $80 billion including debt (reported)

Banks

BofA, Citi, Goldman Sachs, JPMorgan, Morgan Stanley (reported, Bloomberg)

What's next

Bloomberg reported a listing could come as soon as November, which would need a public S-1 first. As of Oct. 29 there is none on EDGAR.

Record

1. Aug 7, 2026Bloomberg reports Switch has filed confidentially for a US IPO that could raise up to $10 billion at close to $80 billion including debt, as soon as November. Source.

Chinese GPU designer, Shanghai. Already trades on the STAR Market as 688802; this is a second listing in Hong Kong.

Venue

Hong Kong main board, H shares (reported)

Raise

Not reported. H shares capped at 5% of enlarged share capital, plus a 15% over-allotment (board resolution).

Valuation

Not tracked here; the A shares trade in Shanghai

Banks

Huatai International (reported, SCMP)

What's next

Targeting a Hong Kong listing by the end of 2026, SCMP reported. No public application proof yet.

Record

1. Jul 24, 2026SCMP reports MetaX has confidentially filed for a Hong Kong listing with Huatai International, targeting an IPO by year-end, citing sources. Source.
2. Jun 29, 2026Shareholders approve the H-share issue and Hong Kong main board listing. Source.
3. Jun 12, 2026The board approves issuing H shares of no more than 5% of the enlarged share capital and listing in Hong Kong. Source.

Humanoid robot maker, Shenzhen

Venue

Hong Kong Stock Exchange (reported)

Raise

Not determined

Valuation

Above 10 billion yuan (about $1.5 billion) after a $200 million Series B in April 2026

Banks

CICC, CITIC Securities (reported)

What's next

No public timetable. A public application proof on HKEXnews would be the next marker.

Record

1. Jun 12, 2026Bloomberg reports EngineAI has filed confidentially for a Hong Kong IPO, working with CICC and CITIC Securities. Source.
2. Apr 9, 2026Closes a $200 million Series B led by Henan Investment Group's Huirong fund and Luxshare, at a post-money valuation above 10 billion yuan. Source.

Chat and community app, San Francisco

Venue

Not reported

Raise

Not reported

Valuation

$14.7 billion at its last private round, in 2021

Banks

Goldman Sachs, JPMorgan (reported, Bloomberg)

What's next

The March 2026 debut that was reported in January did not happen, and no public S-1 has appeared. No new timeline has been reported.

Record

1. Jan 6, 2026Bloomberg reports Discord has filed confidentially for an IPO with Goldman Sachs and JPMorgan, aiming for a March debut. Source.

Hangzhou lab, funded by High-Flyer until 2026

Venue

Shanghai STAR Market (possible, per Reuters)

Raise

Not determined

Valuation

Round of up to 100 billion yuan at about 500 billion yuan pre-money (reported Oct. 13). June round closed above $50 billion post-money.

Banks

CITIC Securities engaged to prepare a possible float

What's next

Aims to begin the listing process in 2026. No filing, no prospectus, no approved timetable. A STAR Market listing needs regulatory clearance.

Record

1. Oct 17, 2026Releases DeepSeek-V4.1-Flash-1017, an upgrade to its V4.1 Flash model, and opens its in-house search engine to developers through a Search and Fetch API. Source.
2. Oct 13, 2026The Standard, citing mainland media, reports the funding round has doubled to 100 billion yuan at an unchanged pre-money valuation of about 500 billion yuan, with a restructuring and STAR Market IPO preparation to follow. Source.
3. Oct 6, 2026Bloomberg reports DeepSeek is close to raising at least 80 billion yuan, with Tencent and CATL among the biggest backers. Our report.
4. Sep 22, 2026The Information reports China's Cyberspace Administration is investigating DeepSeek and Moonshot over user data allegedly routed to Anthropic's Claude. No penalties decided. Our report.
5. Sep 14, 2026Reuters reports DeepSeek plans to hire GL Ventures partner Yan Wentao as its first CFO, citing two people. Neither DeepSeek nor Hillhouse commented. Our report.
6. Sep 9, 2026Reuters reports DeepSeek hired CITIC Securities to prepare a possible STAR Market listing and aims to start the process this year.
7. Jun 30, 2026Closes about $7.4 billion, its first outside money, at a post-money valuation above $50 billion. Founder Liang Wenfeng put in 20 billion yuan himself.

Our coverage

• DeepSeek nears $12 billion funding round backed by Tencent and CATL, with total potentially reaching $15 billion · Oct 6, 2026
• China is probing DeepSeek and Moonshot over whether sensitive data leaked to Anthropic · Sep 22, 2026
• DeepSeek plans first CFO hire as CITIC prepares possible Shanghai listing · Sep 14, 2026

GPU cloud provider (neocloud), backed by Nvidia

Venue

Not stated

Raise

Not reported (the pre-IPO round is up to $4 billion, per the WSJ)

Valuation

$14.5 billion pre-money in the pre-IPO round led by Blackstone and Coatue (WSJ, Oct. 6). Bloomberg reported Aug. 25 that earlier talks centered on $12 billion or more.

Banks

Morgan Stanley, J.P. Morgan, Citi (hired, per The Information, September 2025)

What's next

The Wall Street Journal reported Oct. 6 that Lambda aims to go public in 2027, depending on execution and market conditions. The round of up to $4 billion is its final one planned before the IPO. No filing yet.

Record

1. Oct 6, 2026The Wall Street Journal reports Lambda is raising up to $4 billion at a $14.5 billion pre-money valuation in its final round before a planned IPO, led by Blackstone and Coatue. Lambda is aiming to go public in 2027, and its backlog grew to $50 billion in September from $15 billion in June. Source.
2. Aug 31, 2026The Wall Street Journal reports Anthropic signed a $35 billion cloud computing deal with Lambda, running on Hut 8's Beacon Point campus in Texas. Our report.
3. Aug 25, 2026Bloomberg reports Lambda is in talks to raise up to $3 billion ahead of a potential IPO as soon as 2027, with multiple term sheets in hand and a valuation of $12 billion or more under discussion. Source.

Korean AI chip designer, Seoul

Venue

KOSDAQ (leaning, per Maeil Business)

Raise

Not set

Valuation

3.4 trillion won (about $2.5 billion) in its pre-IPO round, Seoul Economic Daily reported

Banks

Samsung Securities (lead); KB Securities recently added in place of Korea Investment, per Maeil Business

What's next

Leaning toward a KOSDAQ listing in the first half of 2027, Maeil Business reported on September 17, a change from an earlier preference for the KOSPI. Rebellions may file for a preliminary listing review by year-end, and could use the technology fast-track route to skip the outside tech evaluation. No filing yet.

Record

1. Sep 17, 2026Maeil Business reports Rebellions is now leaning toward a KOSDAQ listing over the KOSPI, and may file for a preliminary review by year-end using the technology fast-track route. Samsung Securities is lead underwriter, and KB Securities has joined in place of Korea Investment. Source.
2. Jul 29, 2026Electronic Times reports Rebellions now targets a KOSPI listing in the first half of 2027, after earlier plans for 2026. 2025 revenue was 32 billion won. Source.
3. Jul 8, 2026CEO tells CNBC the company is leaning toward KOSPI over KOSDAQ and plans to file for a preliminary listing review by year-end, with J.P. Morgan and Samsung Securities as underwriters. Source.
4. Apr 6, 2026Seoul Economic Daily reports a 640 billion won pre-IPO round at a 3.4 trillion won valuation, with the National Growth Fund, Korea Development Bank and Mirae Asset among the backers. Source.

Our coverage

• Korea's 'K-Nvidia' is going public. Rebellions is leaning toward the Kosdaq, not the bigger Kospi. · Sep 17, 2026

AI data center developer and cloud, Denver

Venue

Not stated

Raise

Not disclosed

Valuation

Above $10 billion after a $1.4 billion Series E in October 2025. Revenue rose from $276 million in 2024 to nearly $1 billion in 2025, per the reports.

Banks

JPMorgan, Goldman Sachs, Morgan Stanley, Bank of America (in talks, per Axios)

What's next

Axios reported IPO talks with four banks on August 17. No target date, size, valuation or share count has been disclosed, and the bank selection had not become a formal process.

Record

1. Aug 17, 2026Axios reports Crusoe is discussing a potential IPO with JPMorgan, Goldman Sachs, Morgan Stanley and Bank of America. No date, size or valuation disclosed. Source.

SoftBank spinout: autonomous robotics for building AI data centers

Venue

US listing (reported)

Raise

Not reported

Valuation

Reuters' May 26 report gave no figure. Earlier reports described a $100 billion valuation as under discussion; not confirmed.

Banks

Goldman Sachs, JPMorgan, Mizuho, Morgan Stanley (Reuters, two people familiar)

What's next

Reuters reported the IPO is targeting a similar time frame to SB Energy's. No filing has appeared, and no size or valuation has been reported by Reuters.

Record

1. May 26, 2026Reuters reports SoftBank has hired Goldman Sachs, JPMorgan, Mizuho and Morgan Stanley for a US IPO of Roze, targeting a similar time frame to SB Energy's, citing two people familiar with the matter. Source.

ChatGPT maker, San Francisco

Venue

Not stated

Raise

Not stated

Valuation

Last priced round: $852 billion, Q1 2026, on $122 billion raised. In final-stage talks to raise up to $30 billion at $1.25 trillion (Bloomberg, Oct. 22), down from about $1.4 trillion earlier in the talks. One derivatives venue implies about $1.6 trillion.

Banks

Not stated

What's next

CFO Sarah Friar told staff in August the company will be public in 2027. No exchange, size or valuation has been stated.

Record

1. Oct 22, 2026Bloomberg reports OpenAI lowered the valuation in its $30 billion round talks to $1.25 trillion from $1.4 trillion. CNBC reports UAE investors and Coatue are leading. Our report.
2. Oct 5, 2026Bloomberg reports OpenAI is in talks with Abu Dhabi's MGX and BlackRock to anchor a $30 billion round at about $1.4 trillion. OpenAI set the valuation itself, without a lead investor, The Next Web reports. Our report.
3. Sep 29, 2026Bloomberg reports OpenAI is looking to raise at least $30 billion at a valuation of about $1.4 trillion. Our report.
4. Sep 12, 2026Sam Altman tells Fortune "not 2026," calling the present "an ill-advised moment to go public" because of AI safety. Our report.
5. Aug 19, 2026CFO Sarah Friar tells an all-hands OpenAI "will be a public company in 2027," sooner if the business "continues to inflect," CNBC reports.
6. Jun 15, 2026The New York Times reports OpenAI is leaning toward a 2027 listing at a valuation near $1 trillion.
7. Jun 8, 2026OpenAI says it has recently submitted a confidential S-1 to the SEC and hasn't decided on timing: "it may be a while because there are things we want to do that are likely easier as a private company." Source.

Our coverage

• OpenAI lowers its funding valuation to $1.25 trillion as it rushes to finish before Anthropic's IPO · Oct 19, 2026
• OpenAI sets its own $1.4 trillion price and asks Abu Dhabi's MGX and BlackRock (BLK) to fill a $30 billion round · Oct 6, 2026
• Cerebras (CBRS) falls below IPO price as report links OpenAI's Ultrafast mode to Nvidia · Oct 3, 2026
• FTC opens probe into Anthropic, OpenAI and other AI labs as Anthropic prepares its IPO · Sep 30, 2026
• OpenAI reportedly seeks $30 billion at a $1.4 trillion valuation as its revenue run rate nears $70 billion · Sep 29, 2026
• Sam Altman says no OpenAI IPO in 2026. A derivatives market already prices the company at $1.6 trillion. · Sep 12, 2026

Crypto exchange

Venue

Not disclosed

Raise

Not disclosed

Valuation

$20 billion at its $800 million private round, which included $200 million from Citadel Securities

Banks

Not reported

What's next

CoinDesk reported on Sept. 2 that Payward will not go public until the second quarter of 2027 at the earliest. The confidential draft remains on file.

Record

1. Sep 2, 2026CoinDesk reports Payward has pushed its IPO back to the second quarter of 2027 at the earliest. Source.
2. Mar 18, 2026CoinDesk reports Kraken has frozen its IPO plans, citing difficult market conditions. Source.
3. Nov 19, 2025Announces it has confidentially submitted a draft S-1 to the SEC. Source.

Nvidia-backed AI data center builder and operator, Australia. Two sites running (Australia, Singapore), five in development.

Venue

Australian Securities Exchange (ticker not yet announced)

Raise

About A$7.1 billion (about US$4.9 billion) at A$11 a share, plus a US$500 million over-allotment option (Reuters, term sheet)

Valuation

About A$43.7 billion (about US$30 billion) at A$11 a share, Bloomberg reported. Raised US$2 billion in August at more than US$10.5 billion, Reuters reported.

Banks

BofA Securities, JPMorgan, Morgan Stanley, Morgans Financial (joint lead managers, per Bloomberg)

What's next

Withdrew its ASX listing application on Oct. 9, citing market volatility and conditions. No new listing date has been set.

Record

1. Oct 9, 2026Withdraws its ASX listing application, saying that in current market volatility the offer would not reflect its long-term growth prospects. Source.
2. Oct 1, 2026Reuters reports a term sheet pricing the IPO at A$11 a share to raise about A$7.1 billion, with the bookbuild running Oct. 6 to Oct. 9 and listing on Oct. 23. Bloomberg puts the valuation at about A$43.7 billion. Source.
3. Sep 21, 2026Reuters reports a term sheet showing Firmus plans to raise A$7 billion, up to about US$5.5 billion with the over-allotment, in what would be one of Australia's largest IPOs. Source.

China's largest DRAM memory chipmaker, Hefei

Venue

Shanghai STAR Market, listed July 27, 2026

Raise

57.92 billion yuan (about $8.6 billion): 6.69 billion shares at 8.66 yuan

Valuation

About 579 billion yuan at the offer price; about 3.28 trillion yuan at the first close

Banks

Not tracked here

What's next

The largest STAR Market IPO on record, ahead of SMIC's 53.2 billion yuan in 2020. Now the listed benchmark for Chinese memory.

Record

1. Oct 30, 2026Third-quarter report: revenue of 118.71 billion yuan and net profit attributable to shareholders of 54.43 billion yuan, inside its Oct. 17 nine-month forecast. The board approves a 1 billion to 2 billion yuan share buyback, pending a shareholder vote. Our report.
2. Oct 10, 2026President Cao Kanyu says CXMT expects to launch DDR5 server memory using a smaller 4F² cell design around year-end, IT Home reports. Samsung and SK Hynix fall in the next two Seoul sessions. Our report.
3. Sep 20, 2026Says its fifth-generation DRAM platform is in mass production; a Sept. 21 filing says products on it have not yet reached volume sales. Our report.
4. Aug 28, 2026First report as a listed company: first-half revenue of 150.31 billion yuan and net profit of 77.61 billion yuan, above its July prospectus ranges. Our report.
5. Jul 27, 2026Lists on the STAR Market as 688825. Opens at 49.50 yuan and closes at 49.00 yuan, up about 466% from the 8.66 yuan offer. Source.
6. Jul 15, 2026Prices the IPO at 8.66 yuan a share to raise 57.92 billion yuan. Source.

Our coverage

• CXMT (688825) posts nine-month results inside its own forecast. Third-quarter profit for its shareholders rose only 3%. · Oct 30, 2026
• CXMT (688825) tops the Shanghai Composite. Most Korean STAR Market ETFs are waiting on STAR 50 and Stock Connect. · Oct 28, 2026
• Samsung confirms 4F² DRAM work after CXMT's announcement rattles Korean memory stocks · Oct 14, 2026
• Micron (MU) falls after China's CXMT announces a year-end server memory launch using smaller DRAM cells · Oct 12, 2026
• 27 Samsung and SK Hynix veterans worked at China's CXMT. Public profiles show 26 have left. · Oct 7, 2026
• China's CXMT says its fifth-generation DRAM is in mass production and 'on par' with the industry's best · Sep 20, 2026
• China's CXMT wants to make NAND flash, not just DRAM. Its rival YMTC is moving the opposite way, into DRAM. · Sep 18, 2026
• Samsung and SK Hynix (SKHY) plan a memory expansion bigger than CXMT's entire projected capacity · Sep 6, 2026

AI chip designer, Sunnyvale

Venue

Nasdaq Global Select Market, listed May 14, 2026

Raise

$5.55 billion: 30 million shares at $185

Valuation

Priced $25 above a range already raised to $150 to $160; closed the first day at $311.07

Banks

Not tracked here

What's next

The US benchmark for every AI chip listing behind it. The stock opened at $350 and closed Oct. 28 at $112.56, about 39% below its $185 offer price. The two lockup tranches of up to about 19.4 million insider shares each, per the prospectus, became eligible for sale on Oct. 14 and Oct. 28.

Record

1. Oct 2, 2026Closes at $166.43, its lowest close since listing and about 10% below the $185 IPO price, down 19.5% for the week. After the close, Sam Altman calls Cerebras a close partner of OpenAI. Our report.
2. Sep 30, 2026Falls 8.9%, a day after SemiAnalysis posted that OpenAI's GPT-6.1 Sol Ultrafast runs on Nvidia GPUs, not Cerebras. Up to about 19.4 million more insider shares become eligible for sale the same day. Our report.
3. May 14, 2026Begins trading on Nasdaq as CBRS. Priced at $185, above a $150 to $160 range, raising $5.55 billion. Opens at $350 and closes at $311.07, up 68%. Source.

Our coverage

• Oracle (ORCL) will add Google, Cerebras, and OpenAI chips. Cerebras (CBRS) jumps 10%. · Oct 27, 2026
• Cerebras (CBRS) bets its giant AI chip can outrun Nvidia (NVDA) GPUs · Oct 4, 2026
• Cerebras (CBRS) falls below IPO price as report links OpenAI's Ultrafast mode to Nvidia · Oct 3, 2026
• Cerebras (CBRS) insiders sold $29.6 million on the day the stock jumped 10%. Since June, they have sold $296 million. · Sep 8, 2026

Power distribution and white-space gear for AI data centers, Miamisburg, Ohio. Controlled by Olympus Partners.

Venue

Nasdaq Global Select Market, listed September 30, 2026

Raise

$540 million: 30 million shares at $18, of which 10 million new and 20 million sold by Olympus affiliates

Valuation

$3.92 billion at the open (Reuters)

Banks

Morgan Stanley, J.P. Morgan (joint leads)

What's next

Priced below its range on Sept. 29, the same day Oura postponed its IPO. The underwriters' 30-day option on 4.5 million more shares runs to about Oct. 29.

Record

1. Sep 30, 2026Opens at $17.55 in its Nasdaq debut, below the $18 offer, valuing the company at $3.92 billion, Reuters reports. Source.
2. Sep 29, 2026Prices 30 million shares at $18, below the $20 to $24 range. Source.
3. Sep 2, 2026Files a public S-1. 2025 revenue was $447.8 million, up 147%, with backlog of about $1.11 billion at June 30. Source.

GLM model maker, Beijing

Venue

Hong Kong main board, listed January 8, 2026

Raise

HK$4.17 billion (about $558 million) at IPO. About $5 billion follow-on announced September 13.

Valuation

About HK$55.5 billion on debut

Banks

CICC and Guotai Junan (placing agents on the follow-on)

What's next

Raised about $5 billion in September: a placement of up to 21.97 million H shares at HK$714, scheduled to complete Sept. 16, and 20.14 billion yuan of zero-coupon convertibles due September 2027, convertible at HK$892.50.

Record

1. Sep 13, 2026Announces about $5 billion of new money: up to 21.97 million H shares at HK$714, a 9.96% discount, plus 20.14 billion yuan of zero-coupon convertibles due September 2027 with a HK$892.50 conversion price. Our report.
2. Aug 31, 2026Interim results: revenue up 399.7% year on year, gross margin down to 26.4% from about 50%, domestic chips now a primary source of inference capacity. Our report.
3. Jan 8, 2026Lists on the Hong Kong main board at HK$116.20, raising HK$4.17 billion. Retail tranche oversubscribed 1,159 times. Closes up 8.43% on day one, Caixin reports.

Our coverage

• China AI ETF (AICH) launches with Z.AI and MiniMax. Four unnamed swaps carry 23% of its disclosed weights. · Sep 16, 2026
• Z.AI plans $5 billion raise days after Anthropic named Zhipu in Claude distillation report · Sep 13, 2026
• Chinese AI lab Zhipu claims its domestic chips match Nvidia on per-token cost · Sep 4, 2026

AI chip designer, Shanghai. Tencent holds 17.95%.

Venue

Shanghai STAR Market, listed September 11, 2026

Raise

About 6.12 billion yuan ($911 million): 43.04 million shares at 142.18 yuan

Valuation

About 185 billion yuan ($27.6 billion) at the first close, versus an IPO valuation near $9 billion

Banks

Not tracked here

What's next

Now the valuation benchmark the unlisted Chinese labs get measured against. Tencent-related sales were 83.79% of 2025 revenue.

Record

1. Sep 11, 2026Opens at 410 yuan, 188% above the 142.18 yuan offer, and closes near 430 yuan, up about 202%. Retail orders ran to 42.1 billion shares against 43.04 million on offer. Source.
2. Sep 2, 2026Prices the STAR Market IPO at 142.18 yuan a share to raise about 6.12 billion yuan. Source.

Humanoid and quadruped robot maker, Hangzhou

Venue

Shanghai STAR Market, listed August 19, 2026

Raise

About 6.1 billion yuan: 40.45 million shares at 150.80 yuan

Valuation

About 61 billion yuan at the offer price; above 340 billion yuan at the first close

Banks

Not tracked here

What's next

The listed benchmark for the humanoid robot makers queuing in Hong Kong, EngineAI among them.

Record

1. Aug 19, 2026Lists on the STAR Market as 688836. Opens at 1,100 yuan and closes at 845 yuan, up 460.34% from the offer. Source.
2. Aug 6, 2026Prices the IPO at 150.80 yuan a share. Source.
3. Jul 2, 2026China's securities regulator approves the STAR Market registration for a planned 4.2 billion yuan raise. Source.

Shanghai AI lab, video and voice models

Venue

Hong Kong main board, listed January 9, 2026

Raise

HK$4.8 billion (about $620 million) at IPO

Valuation

Priced at HK$165 a share in an upsized offering; closed the first day at HK$345

Banks

Not tracked here

What's next

Listed one day after Z.AI. With Z.AI it forms the public-market benchmark for the Chinese labs still in the pipeline.

Record

1. Jan 9, 2026Lists in Hong Kong as 0100 at HK$165, raising HK$4.8 billion. Closes the first day at HK$345, up 109%, Bloomberg and CNBC report. Source.

Our coverage

• China AI ETF (AICH) launches with Z.AI and MiniMax. Four unnamed swaps carry 23% of its disclosed weights. · Sep 16, 2026

Use this data

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Suggested citation: AIStockWire, “AI IPO tracker: where every frontier lab listing stands,” aistockwire.com/ai-ipo-tracker, data as of Oct 30, 2026. Questions about the data: support@aistockwire.com.