Tech IPOs, public-market debuts, and what each one means for the exit environment.
Anthropic is reportedly 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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listings stall: City Therapeutics, TRexBio and Iambic all moved this week while Firmus's $31 billion listing sits withdrawn.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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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 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.
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, 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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
Founders benchmarking their IPO against the latest blockbuster debut-day pop are comparing themselves to the exception, not the rule -- X-energy's reversal from a $12 billion opening to roughly half that is the more realistic comp for most listings.
This year's IPO window has rewarded Cerebras's AI-linked debut with a 68% day-one pop while leaving a smaller infrastructure listing like Accelevation to price below range and keep sliding.
Infinigence AI, a Shanghai-based AI cloud orchestrator backed by Tencent and Baidu, confidentially filed for a Hong Kong IPO targeting several hundred million dollars, at a reported $2.1 billion valuation.
Pompano Beach-based BioStem Technologies, a Nasdaq-listed regenerative-medicine company (ticker BSEM), filed an S-1 with the SEC on October 2 -- a registration statement from an already-listed company, not an IPO or an exchange uplisting.
Already-public VSee Health filed an S-1 on October 1 to register the resale of up to 3.54 million shares by ClearThink Capital Partners under a $5 million equity purchase agreement -- a financing registration, not an IPO.
Pulse checks this week's SEC S-1 pipeline against the archive's own mega-deal IPOs: of roughly a dozen new filings, most are small-cap and SPAC vehicles, not the next Anthropic or SpaceX.
Data center infrastructure provider Accelevation Holdings fell in its first trading days after pricing its IPO, a rough start for one of the sector's highest-profile recent listings.
In a Crunchbase News guest column, Datasite executive Mark Williams argues 2026's IPO window is reopening selectively, for companies that have built public-company readiness -- a pattern Pulse's own tracked IPOs this year already back up.
Private investors keep funding nuclear-power startups even as the sector's publicly traded names take a bearish turn, with the private boom fueled by expectations of surging energy demand around AI.
Oura's IPO postponement is one of several this fall -- Holtec and Bamboo Insurance also pulled back -- suggesting the reopened IPO window investors expected has stalled broadly, not just for one company.
Oura's stalled IPO and AMD's announced $8.2 billion acquisition of World Labs (still pending regulatory approval) show 2026 rewarding M&A exits over public listings for venture-backed AI companies.
