IPOs &amp; Public Markets on Pulse

IPO$257.4B Private vs $830M Public

Why 2026's Funding Boom Hasn't Produced More IPO Exits

Why 2026's Funding Boom Hasn't Produced More IPO Exits

Pulse's funding tracker counts $257.4 billion in private deals over 21 weeks, but this week's two largest disclosed IPO pricings totaled just $830 million -- a sign the biggest private companies are choosing to keep raising rather than go public.

Nscale's NYSE Valuation Keeps Moving Between $25B And $35B

IPO$25B-$35B Range

Nscale's NYSE Valuation Keeps Moving Between $25B And $35B

Reports on Nscale's pending NYSE listing put its valuation anywhere from $25 billion to $35 billion, a wide spread for a company this close to its roadshow.

Why 2026's SPAC Revival Looks More Disciplined Than 2021's

IPO$100M SPAC IPO

Why 2026's SPAC Revival Looks More Disciplined Than 2021's

Blank-check IPOs are back in 2026, but the deals pricing now look structurally more conservative than the warrant-heavy SPACs that flooded the market in 2021.

Biotech Is Carrying 2026's IPO Market While Megacap Tech Waits

IPO+18.19% Day-1 Pop

Biotech Is Carrying 2026's IPO Market While Megacap Tech Waits

Biotech IPOs are pricing and popping this month while the biggest tech listings investors actually want -- Anthropic and OpenAI -- remain stuck in pre-IPO limbo.

DayOne's Data Centers Are Racing Toward A Nasdaq Listing

IPO43% Capacity Growth

DayOne's Data Centers Are Racing Toward A Nasdaq Listing

DayOne grew its in-service data center capacity 43% in three months, the kind of delivered-capacity growth that IPO investors are now demanding from data-center operators before they'll price a deal.

Oct 18, 2026BY THE NUMBERS

This Week's IPOs Show Investors Being Picky, Not Bullish

IPO$830M Combined IPOs

This Week's IPOs Show Investors Being Picky, Not Bullish

Strive and City Therapeutics priced IPOs worth a combined $830 million this week while Firmus Grid withdrew its $30 billion data-center listing, splitting the IPO market into clear winners and one high-profile retreat.

4 IPOs Priced In 24 Hours, One Already Popped 18%

Oct 16, 2026BY THE NUMBERS

4 IPOs Priced In 24 Hours, One Already Popped 18%

Four IPOs priced within a single 24-hour stretch this week, from Strive's $630M preferred offering to Iambic Therapeutics' 18% debut pop, while Amaero priced at $4.25/share for roughly $20 million -- about 40% below its original $7.06 target price, with the deal cut from more than $50 million to $20 million.

DayOne's Live Data Center Capacity Jumps 43% Before IPO

DayOne's Live Data Center Capacity Jumps 43% Before IPO

DayOne's in-service data center capacity climbed from 675 megawatts in June to 962 megawatts by late September, a 43% jump as the Singapore operator presses ahead with a Nasdaq listing reportedly eyed near $20 billion.

Oct 16, 2026FOLLOW-UP

TCGX Acquisition Pops 12% In $100M SPAC IPO Debut

IPO$100M SPAC IPO

TCGX Acquisition Pops 12% In $100M SPAC IPO Debut

TCGX Acquisition Corp II priced a $100 million stock-only SPAC IPO and opened 12% higher at $11.20 in its Nasdaq debut under ticker TCXB, as blank-check vehicles see renewed demand in 2026.

Oct 16, 2026DEEP DIVE

Some Investors Float $1.5T For Anthropic, Below Its $2T Ask

Some Investors Float $1.5T For Anthropic, Below Its $2T Ask

Anthropic is targeting a $2 trillion IPO valuation, but Reuters reported some investors are discussing a figure closer to $1.5 trillion, even as the company's Q3 revenue grew 46% to nearly $17 billion.

Oct 16, 2026FOLLOW-UP

Firmus Grid Pulls Its Data Center IPO At $30B Valuation

Firmus Grid Pulls Its Data Center IPO At $30B Valuation

Firmus Grid withdrew its IPO at a roughly $30 billion valuation after investors balked, even though the data center builder has delivered only 46 megawatts of a 912-megawatt pipeline.

Oct 16, 2026FOLLOW-UP

City Therapeutics Prices Upsized $200M IPO At $18

IPO$200M IPO ($18/Share)

City Therapeutics Prices Upsized $200M IPO At $18

City Therapeutics priced its upsized IPO at $18 a share for about $200 million in gross proceeds, above the terms Pulse covered in early October, with Nasdaq trading under ticker CTY starting October 16.

Oct 15, 2026FOLLOW-UP

Strive Prices $630M IPO To Fund Bitcoin Buys

IPO$630M IPO

Strive Prices $630M IPO To Fund Bitcoin Buys

Strive priced an upsized IPO of preferred stock for about $630 million in gross proceeds, with net proceeds earmarked largely for bitcoin purchases as the firm completes its bitcoin-treasury pivot.

Oct 15, 2026DEEP DIVE

Solidigm Trades China Chip Access For US Factory | Eyes $10B IPO

IPO$10B IPO Target

Solidigm Trades China Chip Access For US Factory | Eyes $10B IPO

Solidigm, SK Hynix's flash-memory unit, is reportedly trading US chip-equipment access to China for a US factory commitment, while weighing a 2027 IPO that could raise $10B at up to $100B, per Reuters.

Oct 15, 2026DEEP DIVE

IPO$4.25/Share IPO (~$20M)

Amaero Prices Nasdaq IPO At $4.25 Per Share

Amaero Prices Nasdaq IPO At $4.25 Per Share

Amaero priced a downsized U.S. IPO at $4.25 per share, roughly 60% smaller than its original plan, after postponing the offering in September.

Oct 15, 2026FOLLOW-UP

IPO$2.3-2.4T predicted IPO value

Anthropic Backer Sees $2.3-2.4T IPO Value, Tops SpaceX

Anthropic Backer Sees $2.3-2.4T IPO Value, Tops SpaceX

An early Anthropic investor expects the AI lab's shares to trade at $2.3 trillion to $2.4 trillion once its IPO begins, topping SpaceX's $2.1 trillion opening-day record.

Oct 15, 2026DEEP DIVE

Iambic Prices $150M IPO At $16, Pops On Nasdaq Debut

IPO$150M IPO ($16/Share)

Iambic Prices $150M IPO At $16, Pops On Nasdaq Debut

Iambic Therapeutics priced its IPO at $16 a share, raising $150 million and debuting on Nasdaq under IAM, with shares closing up 18.19% at $18.91 on Thursday after Pulse covered its upsized terms last week.

Oct 14, 2026FOLLOW-UP

IPO$3.2B IPO (~$108B Valuation)

Jio Targets $3.2B In India's Biggest-Ever IPO

Jio Targets $3.2B In India's Biggest-Ever IPO

Reliance's Jio Platforms set a price band implying a roughly $108 billion valuation, seeking up to $3.2 billion in what would be India's largest IPO on record.

Oct 14, 2026DEEP DIVE

IPO~$1.5B IPO (Postponed)

Blackstone-Backed AirTrunk Postpones Singapore REIT IPO

Blackstone-Backed AirTrunk Postpones Singapore REIT IPO

The Information reports AirTrunk has postponed its planned Singapore REIT listing amid market volatility, pausing a deal that had targeted roughly $1.5 billion just weeks ago.

Oct 14, 2026DEEP DIVE

Frazier Life Sciences II Prices $75M IPO, Lists FLSC

IPO$75M IPO

Frazier Life Sciences II Prices $75M IPO, Lists FLSC

Frazier Life Sciences Acquisition Corp. II priced its $75M IPO at $10 a share, with shares beginning Nasdaq trading under ticker FLSC on October 14.

Oct 14, 2026DEEP DIVE

IPO$36M (Rs315 crore) anchor round

Fusion CX Raises $36M (Rs315 Crore) In IPO Anchor Round

Fusion CX Raises $36M (Rs315 Crore) In IPO Anchor Round

Fusion CX raised Rs315 crore (about $36M) from anchor investors at Rs289 per share ahead of its Rs702 crore IPO, which opened Wednesday and closes Friday, per PTI.

Oct 13, 2026BY THE NUMBERS

The IPO Window: Biotech Keeps Pricing, Tech Still Waits

Oct 13, 2026BY THE NUMBERS

The IPO Window: Biotech Keeps Pricing, Tech Still Waits

Small biotech IPOs keep clearing the market while bigger, capital-intensive listings stall: City Therapeutics, TRexBio and Iambic all moved this week while Firmus's $31 billion listing sits withdrawn.

TRexBio Closes $116.7M IPO, Lilly Eyes Bigger Stake

IPO$116.7M IPO

TRexBio Closes $116.7M IPO, Lilly Eyes Bigger Stake

TRexBio closed its IPO on Oct. 13, selling 8.33 million shares at $14 for about $116.7 million, with largest shareholder Eli Lilly signaling interest in raising its stake.

Oct 13, 2026DEEP DIVE

Retension's $45M IPO Window Closes On Schedule

IPO$45M IPO

Retension's $45M IPO Window Closes On Schedule

Retension Pharmaceuticals' upsized $45 million IPO was expected to close on or about Oct. 13, days after the hypertension-drug developer's shares began trading on Nasdaq.

Oct 13, 2026FOLLOW-UP

IPO$200M Stanbic Placement

Dangote Refinery's $1.6B Share Sale Window Closes Today

IPO~$1.6B Offer

Dangote Refinery's $1.6B Share Sale Window Closes Today

Dangote Petroleum Refinery's roughly $1.63 billion share sale to Nigerian retail investors is set to close Oct. 13, after the refinery swung to a $1.82 billion first-half profit.

Oct 13, 2026DEEP DIVE

IPO· Oct 12, 2026

City Therapeutics Sets Terms For ~$175M Nasdaq IPO

IPO~$175M IPO

City Therapeutics Sets Terms For ~$175M Nasdaq IPO

City Therapeutics set terms for its Nasdaq IPO, offering 9.7 million shares at $17-$19 to raise roughly $175 million, with trading expected to start Friday under the ticker CTY.

Oct 12, 2026DEEP DIVE

IPO· Oct 12, 2026

OPay Files For NYSE Listing Under Ticker OPAY

OPay Files For NYSE Listing Under Ticker OPAY

Nigerian fintech OPay has filed to list on the NYSE under the ticker OPAY, with a board-approved plan to later list in Lagos too.

Oct 12, 2026DEEP DIVE

Quantum Computing's IPO Cluster Keeps Growing

Quantum Computing's IPO Cluster Keeps Growing

Three quantum-computing financings now sit in Pulse's archive within weeks of each other, suggesting the sector is building toward a public listing wave before any player has proven commercial revenue.

Oct 11, 2026DEEP DIVE

Iambic's Upsized IPO Terms Hint At Real Demand

Iambic's Upsized IPO Terms Hint At Real Demand

Iambic Therapeutics raised its own IPO target from roughly $100 million to $150 million this week, a rare upward revision at a moment when a much larger data-center listing was being withdrawn entirely.

Oct 11, 2026DEEP DIVE

The VC Read: IPOs Work For Biotech, Not Tech Yet

The VC Read: IPOs Work For Biotech, Not Tech Yet

Our read: the public market is pricing small, clinical-stage biotech IPOs just fine right now -- it's larger, capital-intensive tech and infrastructure listings like Firmus that still can't clear.

Oct 11, 2026THE VC READ

Firmus's Withdrawn IPO Still Shadows This Week

Firmus's Withdrawn IPO Still Shadows This Week

Days after Nvidia-backed Firmus withdrew its roughly $31 billion-valuation IPO on market-turbulence grounds, two much smaller biotechs, TRex Bio and Retension Pharmaceuticals, priced their own IPOs anyway -- for a combined $161.7 million.

Oct 11, 2026FOLLOW-UP

Q3's $117B In VC Funding Dwarfs The IPO Pipeline

Oct 11, 2026BY THE NUMBERS

Q3's $117B In VC Funding Dwarfs The IPO Pipeline

Q3's roughly $117 billion in combined North American and European venture funding dwarfs what the public IPO market priced in the same window, even as Insight Partners, Andreessen Horowitz and Sequoia all increased their deal pace.

IPO Pipeline: 9 Filings, Three Pricings This Week

Oct 11, 2026BY THE NUMBERS

IPO Pipeline: 9 Filings, Three Pricings This Week

Nine new S-1 filings landed in a recent 48-hour stretch, during the same week the IPO pipeline produced three pricings -- Pine Tree Acquisition ($100 million), TRex Bio ($117 million) and Retension Pharmaceuticals ($45 million) -- a gap private markets keep absorbing that the public window still hasn't fully closed.

Zetwerk Targets $2.64B Valuation In $518M IPO

IPO$518M IPO

Zetwerk Targets $2.64B Valuation In $518M IPO

Peak XV- and Accel-backed Indian manufacturing platform Zetwerk set a price band seeking a $2.64 billion valuation in a $518 million IPO opening for subscription on October 15.

Oct 11, 2026DEEP DIVE

IPO· Oct 9, 2026

Crunchbase Data Shows Investors Didn't Slow Down In Q3

Crunchbase Data Shows Investors Didn't Slow Down In Q3

Crunchbase's investor-level breakdown of Q3 2026 shows most active investors increased deal counts even as total venture dollars fell, with Insight Partners, Andreessen Horowitz and Sequoia Capital all leading more rounds than the prior quarter.

Oct 9, 2026FOLLOW-UP

IPO· Oct 9, 2026

Firmus Pulls Its $31B IPO Hours Before Filing

IPO$31B IPO withdrawn

Firmus Pulls Its $31B IPO Hours Before Filing

Nvidia-backed data-center developer Firmus withdrew its Australian IPO the day it was due to publish its prospectus, abandoning a roughly $31 billion valuation target amid market turbulence.

Oct 9, 2026DEEP DIVE

Retension Prices Upsized IPO At $12, Raises $45M

IPO$45M IPO priced

Retension Prices Upsized IPO At $12, Raises $45M

Retension Pharmaceuticals priced an upsized IPO at $12.00 per share for $45 million in gross proceeds, days after amending its S-1 for a second time, with shares trading on Nasdaq as RTSN.

Oct 8, 2026FOLLOW-UP

TRex Bio Prices IPO At $14, Raises $116.7M

IPO$116.7M IPO priced

TRex Bio Prices IPO At $14, Raises $116.7M

TRex Bio priced its IPO at $14.00 per share, the low end of its range, selling 8.33 million shares for about $116.7 million before trading began on Nasdaq as TRXB.

Oct 8, 2026FOLLOW-UP

VCs Wrote $117B This Quarter; IPOs Priced $100M

Oct 8, 2026BY THE NUMBERS

VCs Wrote $117B This Quarter; IPOs Priced $100M

North America and Europe together raised roughly $117B in private venture funding last quarter, while this week's entire IPO pipeline produced exactly one pricing worth $100M -- a gap private markets keep absorbing that the public IPO window still has not.

Iambic Therapeutics Sets Terms For $150M Nasdaq IPO

IPO$150M IPO

Iambic Therapeutics Sets Terms For $150M Nasdaq IPO

Iambic Therapeutics set terms for a $150 million Nasdaq IPO at $15-$17 a share, up sharply from the roughly $100 million it originally sought when it filed in September.

Oct 8, 2026FOLLOW-UP

The IPO Pipeline Is Full, Only One Deal Actually Priced

Oct 8, 2026BY THE NUMBERS

The IPO Pipeline Is Full, Only One Deal Actually Priced

Pulse tracked five separate IPO-pipeline moves this week -- new S-1 filings, a direct listing, an amendment, and one SPAC pricing -- and only one of the five actually priced and began trading, the gap a raw filing count misses.

Retension Pharmaceuticals Amends S-1 Again

Retension Pharmaceuticals Amends S-1 Again

Retension Pharmaceuticals filed a second S-1/A amendment on Oct. 7, two days after its first amendment, continuing to move its IPO registration through SEC review since Pulse first covered its original filing in September.

Oct 7, 2026FOLLOW-UP

Centinel Spine Files S-1 For Possible IPO

Oct 7, 2026BY THE NUMBERS

Centinel Spine Files S-1 For Possible IPO

Spinal-implant maker Centinel Spine Holdco filed a public S-1 with blank placeholders for share count and price, moving from confidential draft filings toward a possible IPO after a $60M growth loan last year.

FireFly Robotics Files To List On Nasdaq As FFLY

FireFly Robotics Files To List On Nasdaq As FFLY

FireFly Robotics, a Salt Lake City maker of autonomous golf-course and turf-care robots, filed to list on Nasdaq under the ticker FFLY after withdrawing an earlier registration in March.

Oct 7, 2026DEEP DIVE

The IPO Pipeline Just Added 9 New S-1 Filings

Oct 7, 2026BY THE NUMBERS

The IPO Pipeline Just Added 9 New S-1 Filings

Nine companies filed fresh S-1 registration statements with the SEC in the 48 hours ending Oct. 6, alongside eight S-1/A amendments and 424B4 pricings, spanning AI, biotech and blank-check vehicles.

IPO· Oct 6, 2026

SPAC Pine Tree Prices $100M IPO, Ticker PAXGU

IPO$100M SPAC IPO

SPAC Pine Tree Prices $100M IPO, Ticker PAXGU

Pine Tree Acquisition Corp. priced a $100 million SPAC IPO on Nasdaq under ticker PAXGU, the latest blank-check vehicle hunting for a growth-stage merger target.

Oct 6, 2026BY THE NUMBERS

IPO· Oct 6, 2026

Fusemachines Files S-1 For 7.5M-Share Shareholder Resale

Fusemachines Files S-1 For 7.5M-Share Shareholder Resale

Fusemachines, the New York-based enterprise-AI company trading as FUSE and FUSEW, filed an S-1 registering up to 7.5 million shares for resale by existing holders, including shares from warrant exercises and convertible-note conversions.

Oct 6, 2026DEEP DIVE

IPO· Oct 6, 2026

DayOne Formally Files F-1, Names Nasdaq Ticker DODC

DayOne Formally Files F-1, Names Nasdaq Ticker DODC

DayOne Data Centers formally filed its F-1 to list as DODC on Nasdaq, naming Morgan Stanley, J.P. Morgan, BofA Securities and Citigroup as underwriters; share count and price range remain undetermined.

Oct 6, 2026FOLLOW-UP

Anthropic's IPO Filing Leans Into Doomsday Risk

IPO$8B operating loss

Anthropic's IPO Filing Leans Into Doomsday Risk

Anthropic's IPO prospectus reportedly devotes roughly a third of its risk-factor section to existential AI risk, alongside a disclosed operating loss near $8 billion against $4.6 billion in revenue.

Oct 5, 2026FOLLOW-UP

IPO$5B IPO / ~$20B valuation

DayOne Files For $5B Nasdaq IPO At $20B Valuation

DayOne Files For $5B Nasdaq IPO At $20B Valuation

DayOne Data Centers filed to raise up to $5 billion on Nasdaq at a roughly $20 billion valuation, with revenue that nearly tripled on surging AI and cloud demand.

IPO$5.5B IPO / $30.6B valuation

Firmus Plans $5.5B IPO At $30.6B Valuation

Firmus Plans $5.5B IPO At $30.6B Valuation

Nvidia-backed data-center builder Firmus plans to raise up to $5.5 billion in an Australian IPO valuing it at roughly $30.6 billion, nearly tripling its valuation in two months.

This Week's IPO Filing Surge Hides A SPAC Problem

This Week's IPO Filing Surge Hides A SPAC Problem

A fresh batch of SEC S-1 filings this week again leans heavily toward blank-check SPAC vehicles and small-cap names rather than the venture-backed growth companies driving 2026's biggest IPO headlines.

Nscale's NYSE Listing Nears As It Builds Out Leadership

Nscale's NYSE Listing Nears As It Builds Out Leadership

Nscale hired Meta's Justin Osofsky as COO ahead of its planned NYSE listing under ticker NSCL, rounding out its executive team as the AI infrastructure company approaches a public debut.

Oct 5, 2026FOLLOW-UP

US IPOs Raised $36.1B In Q3 Led By SK Hynix

IPO$36.1B Q3 total

US IPOs Raised $36.1B In Q3 Led By SK Hynix

US IPOs raised $36.1 billion in the third quarter of 2026, with SK Hynix's mega-listing anchoring continued momentum in AI-linked public offerings.

IPO$4-6B target valuation

Blockchain.com Plots A 2026 IPO At Up To $6B

Blockchain.com Plots A 2026 IPO At Up To $6B

Blockchain.com is preparing a US IPO by the end of 2026 targeting a $4-6 billion valuation and roughly $500 million raised, joining crypto's broader return to public markets.

IPO$2T target vs $1.77T SpaceX

Anthropic's $2T Ask Is Chasing SpaceX's Own Record

Anthropic's $2T Ask Is Chasing SpaceX's Own Record

Anthropic's reported $2 trillion IPO target would surpass SpaceX's roughly $1.77 trillion June listing, the current record for the largest IPO ever completed.

IPO· Oct 4, 2026

Where the 2026 IPO Pipeline Actually Stands

Oct 4, 2026BY THE NUMBERS

Where the 2026 IPO Pipeline Actually Stands

Pulse checks the 2026 tech IPO pipeline against its own prior coverage: Anthropic's $2 trillion prospectus target, Nscale's planned NYSE listing, and a wave of AI-adjacent mega-mergers closing instead of going public.

IPO· Oct 2, 2026

Several New IPO Filings Are Actually SPACs

Several New IPO Filings Are Actually SPACs

Of today's roughly twenty new SEC filings, several carry 'Acquisition Corp' names -- blank-check SPAC vehicles rather than operating companies -- a reminder that filing volume and real listing activity aren't the same thing.

Oct 2, 2026DEEP DIVE

IPO· Oct 2, 2026

Your Real IPO Comp Is X-energy's Reversal