Analysis
Datasite executive Mark Williams argues the IPO window is opening only selectively -- real for companies with 'readiness,' not a blanket reopening -- in a Thursday guest column for Crunchbase News. Pulse's own 2026 IPO coverage backs up that framing more than it contradicts it, once you separate who has actually priced from who has only filed.
- ## The Pattern In Our Own Numbers
- [Cerebras](/pulse/company/cerebras) -- the one name here that has actually priced and traded: a May IPO at a $56.4 billion valuation, closing its debut day up 68%, backed by real revenue and a multiyear OpenAI compute deal.
- [Anthropic](/pulse/company/anthropic) -- filed targeting roughly a $2 trillion valuation, but hasn't priced -- Pulse has covered the delay directly, with Wall Street cooling on the offering's timeline even as Anthropic's own revenue keeps climbing.
- [Nscale](/pulse/company/nscale) -- filed to go public, backed by multibillion-dollar compute commitments, also still pre-pricing.
“- Nscale -- filed to go public, backed by multibillion-dollar compute commitments, also still pre-pricing.”
## What It Means The one name that's actually cleared the bar, Cerebras, walked in with real revenue and a marquee customer deal, not just a growth story -- a higher bar than the 2021 IPO window, when growth alone was often enough. Anthropic and Nscale have the demand signal on paper; whether either actually prices at its filed target, rather than slipping further the way Oura's own listing already has, is the real test of Williams's 'readiness' thesis.