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IPO$900M raise, $10.2B valuation
Holtec Nuclear Targets $10.2B Valuation In IPO
Holtec Nuclear priced a $15-$18 range for its Nasdaq IPO, seeking up to $900 million and a valuation as high as $10.2 billion, as the SMR and spent-fuel company rides the same power crunch driving AI data-center demand.
DEEP DIVE
Tencent-Backed Enflame Triples On Shanghai IPO Debut
IPO~$912M raised in IPO
Tencent-Backed Enflame Triples On Shanghai IPO Debut
Tencent-backed AI chipmaker Enflame nearly tripled on its Shanghai STAR Market debut, the latest Chinese Nvidia challenger to surge as Beijing pushes for semiconductor self-sufficiency.
DEEP DIVE
Tencent-Backed Enflame Triples In Shanghai IPO Debut
IPO$911M IPO, +206% debut
Tencent-Backed Enflame Triples In Shanghai IPO Debut
Enflame, the last of China's four state-backed AI chipmakers to go public, raised $911 million and then saw its shares surge as much as 206% on its Shanghai STAR Market debut, without ever reporting a profit.
DEEP DIVE
The SPAC Comeback Is About Sponsors, Not Startups
IPO
The SPAC Comeback Is About Sponsors, Not Startups
Five blank-check companies filed IPO papers within days of each other in early September, two of them sequels from sponsors whose first vehicles haven't even found a target -- a pattern that says more about fee economics than a startup wave.
TRACE'S TAKE
Newly Public Biotechs Are Already Back For More Cash
IPO
Newly Public Biotechs Are Already Back For More Cash
MapLight Therapeutics filed a $150 million follow-on just eleven months after its own IPO, part of a broader 2026 pattern of newly public biotechs returning to capital markets well ahead of their first pivotal data readouts.
DEEP DIVE
Polymarket Hires First CFO To Chase Kalshi
IPO
Polymarket Hires First CFO To Chase Kalshi
Polymarket named former Amazon finance chief Warren Jenson as its first-ever CFO, a governance milestone as the prediction market tries to close ground on regulated rival Kalshi.
DEEP DIVE
DeepSeek Taps CITIC For Shanghai STAR Market IPO
IPO
DeepSeek Taps CITIC For Shanghai STAR Market IPO
DeepSeek has engaged CITIC Securities to prepare a Shanghai STAR Market listing, with a pre-IPO financing round reportedly valuing the AI lab at roughly $74.5 billion before new capital is raised.
DEEP DIVE
Hometown Financial Files $600M IPO To Fund Bank Buyout
IPO$600M IPO
Hometown Financial Files $600M IPO To Fund Bank Buyout
Hometown Financial Group, parent of bankESB, bankHometown and TruNorth Bank, filed a $600 million Nasdaq IPO at a fixed $10 per share to fund its acquisition of New Hampshire's Primary Bank and convert from mutual to stock ownership.
DEEP DIVE
The IPO Pipeline Is Growing More Blank-Check, Not Less
IPO
The IPO Pipeline Is Growing More Blank-Check, Not Less
Pulse has tracked 60 IPO-pipeline stories in the first nine days of September alone, on pace to roughly match August -- but a growing share of any given week's S-1 batch is blank-check shells rather than operating companies.
BY THE NUMBERS
Orion180 Prices IPO At $15-$17, Targeting $320M Raise
IPO~$320M raise
Orion180 Prices IPO At $15-$17, Targeting $320M Raise
Orion180 Insurance Group set terms for its Nasdaq IPO at $15 to $17 per share for 20 million shares, targeting roughly $320 million at the midpoint, three weeks after first filing its S-1 for the specialty home insurer.
FOLLOW-UP
Why Most Microcap S-1s Aren't Really IPOs
IPO
Why Most Microcap S-1s Aren't Really IPOs
Most of the S-1 filings Pulse has tracked this week register existing shares for resale under debt or warrant agreements rather than take a new company public, a distinction that matters for anyone reading filing volume as IPO-market health.
DEEP DIVE
What Anthropic's IPO Delay Actually Signals
IPO
What Anthropic's IPO Delay Actually Signals
Anthropic pushed its public IPO prospectus to late September and its roadshow to no earlier than mid-October, an adjustment that says more about this fall's crowded IPO calendar than about Anthropic itself.
DEEP DIVE
What 2026's Record IPO Pipeline Actually Shows
IPO
What 2026's Record IPO Pipeline Actually Shows
2026's IPO market is running roughly flat with 2025's pace by deal count, but the pipeline is increasingly bifurcated between mega-cap AI listings and a steady drip of microcap S-1 filings with little institutional demand.
BY THE NUMBERS
StableCoinX Amends IPO Filing, Now Sits On $200M+ ENA
IPO
StableCoinX Amends IPO Filing, Now Sits On $200M+ ENA
StableCoinX filed an amended S-1 disclosing it now holds roughly 3.03 billion ENA tokens, about 20% of total supply, making it the largest corporate holder of Ethena's governance token.
DEEP DIVE
AIxCrypto And Laser Photonics File Amended IPO Papers
IPO
AIxCrypto And Laser Photonics File Amended IPO Papers
Two of the three companies Pulse tracked in an early-September S-1 batch, AIxCrypto Holdings and Laser Photonics, filed amended registration statements this week, a routine sign the SEC sent comment letters before either can price.
FOLLOW-UP
MapLight Therapeutics Files For $150M Follow-On Raise
IPO
MapLight Therapeutics Files For $150M Follow-On Raise
MapLight Therapeutics, which IPO'd on Nasdaq in October 2025, filed a new S-1 for a $150 million follow-on financing ahead of Phase 2 schizophrenia data expected later this year.
DEEP DIVE
SOBR Safe Races Nasdaq Deadline With Clean Energy Merger
IPO
SOBR Safe Races Nasdaq Deadline With Clean Energy Merger
SOBR Safe filed registration paperwork for its Nasdaq-saving business combination with hydrogen technology company Clean World Ventures, needing the deal closed by September 15 or facing delisting.
DEEP DIVE
Orion180 Prices IPO Same Day as Two S-1/A Filings
IPO$340M IPO
Orion180 Prices IPO Same Day as Two S-1/A Filings
Three unrelated issuers -- an insurer, a laser-equipment maker, and an AI-crypto microcap -- had S-1/A amendments become public the same day, with only Orion180 disclosing an actual IPO price range.
DEEP DIVE
The Real IPO Base Rate: Small S-1s, Not Megadeals
IPO
The Real IPO Base Rate: Small S-1s, Not Megadeals
This week's SEC EDGAR docket shows roughly a dozen S-1 and S-1/A filings, nearly all from small or micro-cap issuers, alongside continued waiting for the next round of megacap technology listings.
BY THE NUMBERS
Five Blank-Check SPACs Filed IPO Papers This Week
IPO
Five Blank-Check SPACs Filed IPO Papers This Week
Five separate blank-check acquisition companies filed S-1 registration statements within days of each other in early September, including two sequels from sponsors whose earlier SPACs already completed their own IPOs.
DEEP DIVE
Nuclear Is the Next AI Trade Nobody's Pricing Right
IPO
Nuclear Is the Next AI Trade Nobody's Pricing Right
Holtec's priced IPO and SB Energy's hyperscaler-backed backlog both sell the same underlying thesis -- that data centers will pay a premium for firm power -- and public investors are about to test whether that premium is real.
DEEP DIVE
Backlog vs. Balance Sheet: Two Very Different Energy IPOs
IPO
Backlog vs. Balance Sheet: Two Very Different Energy IPOs
Holtec's IPO is priced off physical assets it already owns and operates; SB Energy's is priced off a $439 billion contract backlog against $269 million of current revenue -- two structurally different bets inside the same AI-power IPO wave.
DEEP DIVE
Metals Rollup, Wave-Energy Microcap Both Refile S-1s
IPO$100M facility
Metals Rollup, Wave-Energy Microcap Both Refile S-1s
Evolution Metals & Technologies, a critical-materials rollup, and Ocean Power Technologies, a marine-energy developer, both filed new S-1 registrations tied to existing debt and warrant structures rather than fresh public listings.
DEEP DIVE
Three Companies Filed to Go Public Today. Two Nobody Noticed
IPO
Three Companies Filed to Go Public Today. Two Nobody Noticed
Holtec's priced IPO shared EDGAR's docket Tuesday with two smaller, unnoticed filers -- Evolution Metals & Technologies and Ocean Power Technologies -- a reminder the pipeline is wider than the handful of names anyone tracks.
DEEP DIVE
Two Microcaps File S-1s: Biotech Rebrand, OTC Rollup
IPO
Two Microcaps File S-1s: Biotech Rebrand, OTC Rollup
CDT Equity, a Nasdaq-listed biopharma formerly known as Conduit Pharmaceuticals, and Securetech Innovations, an OTC-listed technology holding company, both filed new S-1 registrations the same day.
DEEP DIVE
Three New SPACs Filed This Week. That's the Real Tell
IPO
Three New SPACs Filed This Week. That's the Real Tell
Three blank-check sponsors filed or amended registrations this week -- New Iceland Arctic, Legion Capital and Albatross Acquisition Corp -- each betting the 2027 listing window opens wider than 2026's has.
DEEP DIVE
Oura's Profitable S-1 Rewrites the Wearables Playbook
IPO
Oura's Profitable S-1 Rewrites the Wearables Playbook
Oura's S-1 shows 74% revenue growth, an actual net profit, and 5 million paid members -- a financial profile most of 2026's IPO hopefuls, including the AI labs, cannot come close to matching.
DEEP DIVE
Acurx Pharmaceuticals Files S-1, Already Trades on Nasdaq
IPO
Acurx Pharmaceuticals Files S-1, Already Trades on Nasdaq
Acurx Pharmaceuticals, a Nasdaq-listed antibiotic developer trading as ACXP, filed a new S-1 that continues a 2026 pattern of small registered-direct offerings rather than a first-time listing.
DEEP DIVE
The IPO Market's Quiet Record Nobody's Talking About
IPO
The IPO Market's Quiet Record Nobody's Talking About
The US has logged 238 IPOs in 2026 as of September 7, modestly ahead of 2025's pace -- a quiet, broad-based record overshadowed by the handful of megacap AI listings everyone is actually watching.
BY THE NUMBERS
Rothe Development Files IPO After Decades of NASA Work
IPO$50M IPO target
Rothe Development Files IPO After Decades of NASA Work
Rothe Development, a Webster, Texas NASA and defense-services contractor founded in 1967, filed an S-1 seeking up to $50 million in an IPO after generating $122 million of revenue over the past year.
DEEP DIVE
Holtec Sets Its Price: Up to $900M, $10B Nuclear IPO
IPO$900M IPO
Holtec Sets Its Price: Up to $900M, $10B Nuclear IPO
Holtec Nuclear set terms for its Nasdaq IPO -- 50 million shares at $15 to $18, raising up to $900 million at a valuation near $10.2 billion -- moving the SMR and spent-fuel company from filed to priced.
FOLLOW-UP
Filed, Retained or Just Talking: 2026's IPO Tiers
IPO
Filed, Retained or Just Talking: 2026's IPO Tiers
Seven companies dominate 2026's IPO chatter, but only two -- Oura and SB Energy -- have an actual filing on record; the rest range from retained bankers to a CEO's public comment.
DEEP DIVE
Anthropic Pushes Its Record IPO to Mid-October
IPO$75B+ target raise
Anthropic Pushes Its Record IPO to Mid-October
Anthropic is pushing its planned IPO back to mid-October while it finalizes a $15 billion revolving credit line, timing a listing that could raise $75 billion or more days ahead of the US midterms.
DEEP DIVE
Labor Day Closes the Market. Then the Window Opens
IPO
Labor Day Closes the Market. Then the Window Opens
US markets are shut for Labor Day and the SEC filing tape has been empty since Friday, which puts the year's most concentrated IPO stretch -- the eight weeks after the holiday -- starting tomorrow with one AI-adjacent name actually on file.
DEEP DIVE
2026's IPO Class: 238 Listings, Two That Mattered
IPO
2026's IPO Class: 238 Listings, Two That Mattered
US listings are running at their highest count since 2021, but SpaceX and Cerebras alone likely raised more than the other 236 deals combined -- a count recovery without a depth recovery.
BY THE NUMBERS
Cerebras Is the Comp Every AI Listing Should Study
IPO
Cerebras Is the Comp Every AI Listing Should Study
Cerebras opened at $350 against a $185 price in May and is back at that offer price in September, which makes it the only completed public-market experiment in how AI compute businesses get valued after the narrative premium wears off.
DEEP DIVE
The IPO Market's Real Bottleneck Is Banker Bandwidth
IPO
The IPO Market's Real Bottleneck Is Banker Bandwidth
The same handful of banks are simultaneously leading Anthropic's, Oura's and SB Energy's mega-IPOs, and staffing capacity at the top underwriters may be constraining 2026's listing calendar more than investor demand.
TRACE'S TAKE
The Pre-IPO Round Is Becoming Everyone's Series C
IPO$3.5B pre-IPO talks
The Pre-IPO Round Is Becoming Everyone's Series C
Nscale is reportedly in talks for $3.5 billion in pre-IPO financing, joining Anthropic's credit facility and Oura's early-investor cash-outs as evidence the line between late-stage private and public capital is blurring.
DEEP DIVE
SPAC Filings Are Quietly Climbing Again in 2026
IPO
SPAC Filings Are Quietly Climbing Again in 2026
New blank-check filings have kept a steady trickle through 2026 even as traditional IPO volume barely outpaces 2025, a sentiment signal Pulse has tracked since two SPAC-related filing waves earlier this year.
BY THE NUMBERS
Anthropic's $1.5B Payout Is Now a Rights Fight
IPO$1.5B settlement
Anthropic's $1.5B Payout Is Now a Rights Fight
Authors say publishers and literary agents are claiming shares of Anthropic's $1.5 billion copyright settlement they may not be owed, turning a closed liability into an open administrative dispute.
FOLLOW-UP
SEC Filings Pile Up as September's IPO Window Opens
IPO
SEC Filings Pile Up as September's IPO Window Opens
Registration activity continued through September 5 and 6 with a mix of small-cap resale filings and defense and med-tech names, extending the pattern Pulse tracked earlier in the week of amendments outnumbering genuinely new offerings.
FOLLOW-UP
What Nvidia's Anchor Checks Hide in AI IPO Filings
IPO$1.5B + ~$2B anchor checks
What Nvidia's Anchor Checks Hide in AI IPO Filings
Nvidia is now an investor in three companies preparing to list that will spend much of their raised capital buying Nvidia systems, and the disclosures make revenue quality harder to judge, not easier.
DEEP DIVE
The 2026 IPO Market Is Barely Beating 2025's Pace
IPO
The 2026 IPO Market Is Barely Beating 2025's Pace
Despite headline-grabbing megadeals in the pipeline, the total count of US IPOs in 2026 is running only marginally ahead of 2025's pace, suggesting mega-round enthusiasm hasn't yet translated into broad listing volume.
DEEP DIVE
Oura Heads Public With Rivals Circling the Finger
IPO$1.21B nine-month revenue
Oura Heads Public With Rivals Circling the Finger
Oura's filing shows $1.21 billion of revenue in nine months and about 5 million paid members, but Ultrahuman, RingConn, Circular and Samsung are all shipping hardware into the category it created.
FOLLOW-UP
T3 Defense Files to List More Shares on Nasdaq
IPO
T3 Defense Files to List More Shares on Nasdaq
The Nasdaq-listed defense roll-up, formerly known as Nukkleus, filed a new S-1 as it keeps acquiring Israeli drone, AI-software and munitions-component suppliers into a holding structure built around Tier 2/3 defense programs.
DEEP DIVE
Anthropic's IPO Timeline Slides to Mid-October
IPO
Anthropic's IPO Timeline Slides to Mid-October
Anthropic's public S-1 filing has moved to late September and its investor roadshow to mid-October at the earliest, pushing a listing that could value the company at up to $2 trillion to just days before the November midterm elections.
FOLLOW-UP
Anthropic's IPO Marketing Slips to Mid-October
IPO
Anthropic's IPO Marketing Slips to Mid-October
Anthropic's IPO marketing has moved to no earlier than mid-October while its prospectus publication shifts to late September, with Morgan Stanley and Goldman Sachs leading a bank group that includes JPMorgan and Citi.
FOLLOW-UP
Twelve S-1 Filings in Two Days, Three of Them Blank Checks
IPO
Twelve S-1 Filings in Two Days, Three of Them Blank Checks
SEC filings from September 3 and 4 show five new S-1s and seven amendments, with acquisition corporations reappearing alongside a biotech and SoftBank's data center arm.
BY THE NUMBERS
SB Energy Amends S-1 for a $439B Backlog Listing
IPO$5B-$7B targeted raise
SB Energy Amends S-1 for a $439B Backlog Listing
SoftBank's data center and power arm filed an amended registration statement on September 4 as it moves toward a Nasdaq debut under SBE, with Nvidia committing $1.5 billion at the IPO price.
FOLLOW-UP
ADARx Files for Nasdaq Listing With Three Drugs in Clinic
IPO
ADARx Files for Nasdaq Listing With Three Drugs in Clinic
The siRNA biotech filed its S-1 on September 4 to trade as ADRX, with a pipeline spanning complement disease, hereditary angioedema and stroke prevention, and JPMorgan and Morgan Stanley leading.
DEEP DIVE
Three Outsiders Will Control Anthropic's Board After IPO
IPOUp to $2T valuation
Three Outsiders Will Control Anthropic's Board After IPO
Anthropic's Long-Term Benefit Trust holds no equity but can appoint a majority of directors, which makes its three trustees the most consequential unelected people in the largest listing ever attempted.
FOLLOW-UP
2026's IPO Count Hits 238 -- Busiest Since 2021
IPO
2026's IPO Count Hits 238 -- Busiest Since 2021
US IPO listings reached 238 through early September 2026, up 3.48% year-over-year, as AI infrastructure and consumer-hardware names crowd a market still dominated by a handful of mega-deals.
BY THE NUMBERS
This Week's IPO Pipeline Spans Four Sectors
IPO
This Week's IPO Pipeline Spans Four Sectors
Four IPO-track filings this week alone touch data-center power, wearables, a Hong Kong AI listing and defense, worth a combined $8.5 billion-plus in targeted and completed raises.
BY THE NUMBERS
Why AI Infrastructure Is Eating the IPO Market
IPO
Why AI Infrastructure Is Eating the IPO Market
Trace's take: the IPO market isn't rewarding software margins anymore -- it's rewarding physical AI infrastructure scarcity, and founders building point-solution software should stop assuming 2021-style multiples will return.
TRACE'S TAKE
One of Eight IPO Candidates Just Actually Filed
IPO
One of Eight IPO Candidates Just Actually Filed
Crunchbase named eight startups as 2026's clearest IPO candidates two days ago; since then, exactly one -- Oura -- has converted to an actual public S-1, while the other seven remain unfiled.
FOLLOW-UP
Why AI Infrastructure Beat AI Labs to the Public Markets
IPO
Why AI Infrastructure Beat AI Labs to the Public Markets
Crusoe is meeting IPO bankers and Oura just filed while OpenAI and Anthropic sit confidentially filed with no date -- I think that gap is permanent, and it tells you where the real underwriting risk in this cycle sits.
TRACE'S TAKE
2026's IPO Pops Are Fading Into Real Trading Ranges
IPO
2026's IPO Pops Are Fading Into Real Trading Ranges
Cerebras opened at $350 against a $185 IPO price and has since traded back near its offer price, while SpaceX climbed roughly 19% in a month on an Oppenheimer price-target raise -- proof first-day pops and durable value differ.
DEEP DIVE
Ten More Companies Filed to Go Public
IPO
Ten More Companies Filed to Go Public
A new wave of SEC registrations hit EDGAR on Sept. 3, led by Oura's blockbuster filing but including a defense-tech company near Nasdaq delisting and a going-concern cybersecurity filer trading under $1 a share.
FOLLOW-UP
Anthropic Locks In $15B Credit Line Ahead of IPO
IPO$15B Credit Facility
Anthropic Locks In $15B Credit Line Ahead of IPO
Anthropic is finalizing a $15 billion revolving credit facility, up from $2.5 billion, the clearest sign yet its IPO process has moved from confidential filing to active sequencing with banks.
FOLLOW-UP
Cerebras, Four Months Public: The Scorecard So Far
IPO
Cerebras, Four Months Public: The Scorecard So Far
Four months after the biggest chip IPO of 2026, Cerebras has swung from a 68% post-listing pop to earnings-driven volatility -- a reminder that day-one enthusiasm and quarterly execution are different tests entirely.
FOLLOW-UP