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IPO
Crusoe Meets IPO Bankers Less Than a Year After $10B
Crusoe has met with Goldman Sachs, Morgan Stanley, JPMorgan and Bank of America about a near-term IPO, the same week it reportedly closed a $3 billion round at $30 billion -- an unusually fast run from markup to public talks.
DEEP DIVE
Oura Files to Go Public at $16B-Plus
IPO$16B+ IPO valuation
Oura Files to Go Public at $16B-Plus
Oura filed publicly for a Nasdaq listing under the ticker OURA, disclosing revenue up 74% to $1.21 billion over nine months and 5 million paid members, in an offering that could raise as much as $3 billion.
FOLLOW-UP
Oura Files Public S-1, Revenue Up 74% to $1.2B
IPOTargeting $3B raise
Oura Files Public S-1, Revenue Up 74% to $1.2B
Oura filed its public S-1 for a Nasdaq listing under ticker OURA, disclosing $1.21 billion in nine-month revenue, up 74% year-over-year, as it targets a raise of up to $3 billion at a valuation above $16 billion.
DEEP DIVE
Oura Files for IPO, Targets Above $16B Valuation
IPO$3B target raise
Oura Files for IPO, Targets Above $16B Valuation
Oura filed publicly for a US IPO that could raise up to $3 billion and value the smart-ring maker above $16 billion, disclosing revenue up 74% alongside sharply wider losses.
FOLLOW-UP
T3 Defense Registers Shares After Its Drone Pivot
IPO
T3 Defense Registers Shares After Its Drone Pivot
T3 Defense, the Nasdaq-listed company formerly known as Nukkleus, filed a new resale registration tied to its acquisition of Israeli drone maker Nimbus, formalizing its pivot into unmanned defense systems.
DEEP DIVE
Anthropic and OpenAI's IPO Race Stays Confidential
IPO
Anthropic and OpenAI's IPO Race Stays Confidential
Both Anthropic and OpenAI remain in confidential SEC filing status months after submitting draft S-1s, with Anthropic valued near $965 billion and OpenAI targeting a $1 trillion-plus debut -- but neither has set a public date.
DEEP DIVE
What SpaceX's $1.77T IPO War Chest Is Buying
IPO
What SpaceX's $1.77T IPO War Chest Is Buying
Since its record $75 billion June IPO, SpaceX has used its newly public stock to fund an all-stock merger with xAI and a $60 billion acquisition of Cursor-maker Anysphere -- the most aggressive post-IPO acquisition spree of any 2026 debut.
DEEP DIVE
Moonshot AI Confidentially Files for $3B HK IPO
IPO$3B target raise
Moonshot AI Confidentially Files for $3B HK IPO
Moonshot AI, maker of the Kimi chatbot, confidentially filed to list on the Hong Kong Stock Exchange targeting a $3 billion raise at a $50 billion valuation, even as US officials weigh sanctions over its Nvidia chip use.
FOLLOW-UP
It Takes $25M to Get Into Anthropic's Cap Table
IPO
It Takes $25M to Get Into Anthropic's Cap Table
Secondary-market brokers say it now takes at least $25 million to access Anthropic shares at a roughly $1.4 trillion valuation, versus as little as $500,000 to $1 million for OpenAI, reflecting scarce supply.
DEEP DIVE
Shein's Hong Kong Debut Keeps Sliding
IPO$1.74B IPO, -13.5% since
Shein's Hong Kong Debut Keeps Sliding
Shein shares fell for a third straight session in Hong Kong, down roughly 13.5% from their IPO price after a $1.74 billion listing valued the fast-fashion giant 70% below its private peak.
DEEP DIVE
Olympus-Backed Accelevation Files for an $800M IPO
IPO$800M target raise
Olympus-Backed Accelevation Files for an $800M IPO
Accelevation Holdings, an Olympus Partners-backed maker of data-center power distribution equipment, filed to raise up to $800 million as revenue more than doubled to $448 million.
DEEP DIVE
OpenAI and Anthropic Race to List Without Breaking Safety
IPO
OpenAI and Anthropic Race to List Without Breaking Safety
Both labs have confidentially filed with the SEC and both spent the past week publicly disclosing safety failures, setting up the hardest question in their prospectuses: how to price a company whose main risk factor is its own product.
FOLLOW-UP
Eight Startups Racing a Closing 2026 IPO Window
IPO
Eight Startups Racing a Closing 2026 IPO Window
Crunchbase identified eight startups -- including Anthropic, Oura, Notion, Kraken and SambaNova -- as candidates for a narrowing 2026 IPO window, with SpaceX's record June listing as the template.
DEEP DIVE
Twelve Companies Filed to Go Public in Forty-Eight Hours
IPO
Twelve Companies Filed to Go Public in Forty-Eight Hours
Between Aug. 31 and Sept. 1, twelve registration statements hit EDGAR spanning AI power infrastructure, beauty, menswear, edge silicon, property software and a SPAC -- one of the densest filing stretches of the year.
FOLLOW-UP
Why This Week's Real IPO Story Is Old Economy, Not AI
IPO
Why This Week's Real IPO Story Is Old Economy, Not AI
Four S-1s hit this week -- a beauty conglomerate, a profitable proptech, an edge-AI chipmaker whose revenue is mostly microphones, and a menswear retailer -- and none of them are the AI mega-caps everyone's actually watching this fall.
TRACE'S TAKE
Unacademy Sells for $206M After a $3.4B Peak
IPO$206M all-stock
Unacademy Sells for $206M After a $3.4B Peak
upGrad closed its all-stock purchase of Unacademy on Sept. 1 at about $206 million, roughly 94% below the $3.44 billion valuation SoftBank, Tiger Global and General Atlantic backed in 2021.
DEEP DIVE
Why I'm Wary of OpenAI's Circular Financing Web
IPO
Why I'm Wary of OpenAI's Circular Financing Web
OpenAI's expanding financial ties to SB Energy -- as tenant, investor and warrant holder -- raise questions about how much of AI infrastructure's 'market price' is actually set by related parties.
TRACE'S TAKE
SB Energy Files IPO, Warns It's Tied to OpenAI
IPO$5-7B target raise
SB Energy Files IPO, Warns It's Tied to OpenAI
SoftBank-backed SB Energy filed for a US IPO warning investors it is substantially dependent on OpenAI, which is both its largest tenant and an equity holder.
DEEP DIVE
Entrata Refiles Its S-1, Betting Software IPOs Are Back
IPO$500M target raise
Entrata Refiles Its S-1, Betting Software IPOs Are Back
Entrata amended its S-1 pitching a rare combination for a 2026 IPO candidate: $575M ARR growing 23%, GAAP operating profitability, and 117% net retention -- a direct test of investor appetite for software this year.
DEEP DIVE
KKR-Backed Wella Files for a NYSE Listing as 'WELA'
IPO$2.9B FY26 revenue
KKR-Backed Wella Files for a NYSE Listing as 'WELA'
Wella, the KKR-backed owner of Clairol and OPI, filed for a US IPO on the NYSE with $2.9 billion in fiscal 2026 revenue, six years after being carved out of Coty in a deal that valued the business at $4.3 billion.
DEEP DIVE
Shein's Hong Kong Debut Falls 9% on Trade Worries
IPO$26.5B IPO valuation
Shein's Hong Kong Debut Falls 9% on Trade Worries
Shein began trading in Hong Kong at a $26.5 billion valuation -- a fraction of its 2022 private mark -- and closed its first day down about 9% on trade and regulatory concerns.
DEEP DIVE
Oura's $16B IPO Bet: Can a Wearable Price Like Software?
IPO$16B+ target valuation
Oura's $16B IPO Bet: Can a Wearable Price Like Software?
Oura is targeting a US IPO that could raise up to $3 billion at a valuation above $16 billion -- a 45% jump from last September's mark, riding revenue that's gone from $500M to a projected $2B in two years.
DEEP DIVE
What SpaceX's Record IPO Means for What's Next
IPO
What SpaceX's Record IPO Means for What's Next
SpaceX's June IPO priced at a $1.77 trillion valuation, the largest in history -- and the fall pipeline behind it, from Anthropic to DeepSeek to Kakao Mobility, is the real test of whether that was a ceiling or a floor.
BY THE NUMBERS
Tailored Brands Refiles IPO, Plots 500 New Men's Wearhouse Stores
IPO$681.8M quarterly revenue
Tailored Brands Refiles IPO, Plots 500 New Men's Wearhouse Stores
Tailored Brands, owner of Men's Wearhouse and Jos. A. Bank, amended its IPO filing with $681.8 million in quarterly revenue and plans to fund a 500-store expansion -- a bet that brick-and-mortar menswear retail still has room to grow.
DEEP DIVE
Syntiant's 'Edge AI' IPO Pitch Is Mostly a Microphone Business
IPO~$300M target IPO
Syntiant's 'Edge AI' IPO Pitch Is Mostly a Microphone Business
Syntiant is pitching investors on a roughly $300M edge-AI chip IPO, but about 95% of its most recent quarterly revenue actually comes from a sensor business -- mostly microphones -- it acquired in 2024, not from AI chip sales.
DEEP DIVE
Why Anthropic's IPO Is Shaping Up as AI's Biggest Test
IPO~$965B valuation
Why Anthropic's IPO Is Shaping Up as AI's Biggest Test
Anthropic's revenue run-rate hit $65 billion in July and its S-1 is filed ahead of a post-Labor-Day reveal -- here's what has to hold up for its reported ~$965 billion valuation to survive public markets.
DEEP DIVE
DeepSeek's Road to a 2027 IPO Looks Nothing Like Anthropic's
IPO$7.4B round target
DeepSeek's Road to a 2027 IPO Looks Nothing Like Anthropic's
DeepSeek is trying to close a second $7.4 billion round at a $74 billion valuation ahead of a targeted 2027 Shanghai listing -- a governance structure with almost nothing in common with Anthropic's path.
DEEP DIVE
Salesforce's $5.1B Anthropic Stake Prices Strategic AI Bets
IPO$5.1B stake value
Salesforce's $5.1B Anthropic Stake Prices Strategic AI Bets
Salesforce's stock jumped as much as 23% on its own earnings this week, and its Anthropic stake gained $2.6 billion in the process -- the clearest market-priced signal yet of what a strategic bet on a frontier lab is actually worth.
DEEP DIVE
Nscale's $51 Billion Number Isn't What It Looks Like
IPO$51B contracted
Nscale's $51 Billion Number Isn't What It Looks Like
Nscale is telling IPO investors it has $51 billion in contracted revenue -- but that figure counts multi-year compute deals the moment they're signed, and the company's actual annualized run-rate is closer to $400-500 million.
DEEP DIVE
Kakao Mobility's Bet on a US Listing
IPO~$1B target listing
Kakao Mobility's Bet on a US Listing
Kakao Mobility filed confidential US IPO paperwork targeting roughly a $1 billion listing, with TPG seeking an exit -- a rare instance of a Korean tech company choosing Wall Street over its home exchange.
DEEP DIVE
Why I'm Skeptical of the 'IPO Window Is Open' Story
IPO
Why I'm Skeptical of the 'IPO Window Is Open' Story
Everyone's calling this the best IPO market in years, and the aggregate numbers back that up -- but Monday's tape and Lyntris's soft debut are the two data points the bulls keep leaving out.
TRACE'S TAKE
New Fed Chair Warsh Rattles Markets on Inflation
IPO
New Fed Chair Warsh Rattles Markets on Inflation
Kevin Warsh used his first Jackson Hole speech as Fed chair to warn that underlying inflation trends haven't improved, pulling stocks off their Nvidia- and Salesforce-fueled rally.
DEEP DIVE
Amaero Files to List on Nasdaq as Defense Metals Maker
IPO
Amaero Files to List on Nasdaq as Defense Metals Maker
Amaero Inc., which makes high-purity metal powders for hypersonic weapons, satellite propulsion and aerospace 3D printing, publicly filed its S-1 to list on Nasdaq under the ticker AMRO, six weeks after confidentially submitting the draft registration.
DEEP DIVE
This Week's S-1 Filings by the Numbers
IPO
This Week's S-1 Filings by the Numbers
At least nine companies filed S-1 paperwork with the SEC this week, part of a pace that has produced roughly 39 US IPO pricings in the last five trading days alone.
BY THE NUMBERS
CrowdStrike CEO: Legacy Security Can't See AI Attacks
IPO
CrowdStrike CEO: Legacy Security Can't See AI Attacks
George Kurtz argued that AI-driven attacks expose gaps legacy security tools were never built to cover, as CrowdStrike positions its platform against a threat model that now moves at machine speed.
DEEP DIVE
Exascale Labs Goes Public via SPAC as XLAB
IPO~$300M pipeline
Exascale Labs Goes Public via SPAC as XLAB
Exascale Labs completed its SPAC merger with D. Boral ARC Acquisition and began trading on Nasdaq as XLAB, giving the AI compute infrastructure company a public listing and a reported $300 million customer pipeline.
DEEP DIVE
Space Startups Have Raised $20.3B in 2026
IPO$20.3B YTD
Space Startups Have Raised $20.3B in 2026
Global venture funding to space and satellite startups reached $20.3 billion through August 2026, already the highest annual total on record, with U.S. companies taking roughly $12.7 billion of it.
BY THE NUMBERS
Affirm's GMV Hits $50B as Levchin Flags Gas Prices
IPO$14.1B quarterly GMV
Affirm's GMV Hits $50B as Levchin Flags Gas Prices
Affirm reported fiscal fourth-quarter GMV of $14.1 billion, up 36%, and $50.2 billion for the year, while CEO Max Levchin warned that high gasoline prices are squeezing U.S. shoppers.
DEEP DIVE
Marvell Guided to 50% Growth and Fell 6%
IPO-6% on the day
Marvell Guided to 50% Growth and Fell 6%
Marvell posted record revenue of $2.74 billion, up 37%, raised its fiscal 2028 target to about $18 billion, and the stock still dropped 6% -- a lesson in what AI multiples now require.
TRACE'S TAKE
GTA 6 Preview Breaks Streams, Lifts Take-Two
IPO
GTA 6 Preview Breaks Streams, Lifts Take-Two
Rockstar's 27-minute Grand Theft Auto VI preview premiered exclusively on Netflix and overwhelmed streaming platforms, pushing Take-Two shares higher as Morgan Stanley and JPMorgan reiterated bullish calls.
DEEP DIVE
Salesforce's Agentforce ARR Tops $1.5B as Benioff Silences Bears
IPO$1.5B Agentforce ARR
Salesforce's Agentforce ARR Tops $1.5B as Benioff Silences Bears
Salesforce posted $11.35 billion in quarterly revenue and said Agentforce annual recurring revenue passed $1.5 billion, up more than 240%, undercutting the argument that AI agents would erode seat-based software.
DEEP DIVE
This Week in S-1s: Eight Filings, Zero Unicorns
IPO
This Week in S-1s: Eight Filings, Zero Unicorns
Eight S-1 and S-1/A filings hit EDGAR between Aug. 26 and Aug. 27 -- a blank-check shell, a Reg A graduate, a convenience-store operator and a biotech among them, with no venture-scale technology company in the group.
BY THE NUMBERS
BlackBerry's Second Life Runs on QNX in Cars and Robots
IPO
BlackBerry's Second Life Runs on QNX in Cars and Robots
A decade after exiting handsets, BlackBerry is pitching its QNX embedded operating system as the safety-certified software layer for vehicles and, increasingly, robots.
DEEP DIVE
Marvell, Rubrik, SentinelOne Beat -- Stocks Fall Anyway
IPO
Marvell, Rubrik, SentinelOne Beat -- Stocks Fall Anyway
Marvell, Rubrik and SentinelOne all beat quarterly estimates and raised or met guidance, yet all three stocks fell, a signal that investors are pricing AI-adjacent names for perfection rather than just growth.
TRACE'S TAKE
Nvidia Now Carries $366B in Future Commitments
IPO$366B in commitments
Nvidia Now Carries $366B in Future Commitments
Nvidia disclosed $366 billion of future commitments -- including $279 billion of supply and capacity, up from $119 billion -- while quarterly free cash flow fell from $48.5 billion to $21.3 billion.
DEEP DIVE
DeepSeek Hunts Outside Capital Before a STAR Listing
IPOUp to $71B valuation
DeepSeek Hunts Outside Capital Before a STAR Listing
DeepSeek is seeking new outside capital at a valuation reported as high as $71 billion, unable to lean on founder Liang Wenfeng's hedge fund, as it aims for a Shanghai STAR Market listing as early as Q2 2027.
DEEP DIVE
2026 Is Already a Record Year for Tech IPOs
IPO235 IPOs YTD
2026 Is Already a Record Year for Tech IPOs
US tech IPOs have already topped 235 listings in 2026 with Q2 setting an all-time quarterly record, and OpenAI and Anthropic are both racing toward listings that could each rival or exceed SpaceX's record-setting June debut.
DEEP DIVE
Anthropic Pitches a $30 Trillion Market, OpenAI Slips
IPO$30T claimed TAM
Anthropic Pitches a $30 Trillion Market, OpenAI Slips
Anthropic is preparing to tell IPO investors its addressable market tops $30 trillion, exceeding SpaceX's record TAM claim, while OpenAI's CFO has told employees a public listing is more likely in 2027 than 2026.
DEEP DIVE
Rivian Loses Its CFO to GE Vernova
IPO
Rivian Loses Its CFO to GE Vernova
Claire McDonough is leaving Rivian on Oct. 30 after nearly six years as CFO to take the same role at GE Vernova, with VP of finance Derek Mulvey stepping in on an interim basis.
DEEP DIVE
CrowdStrike, Okta Post Best Days Ever on AI Demand
IPO
CrowdStrike, Okta Post Best Days Ever on AI Demand
CrowdStrike and Okta both surged on quarterly earnings beats and raised guidance, with executives citing accelerating AI-driven security threats as a demand driver for both companies' platforms.
DEEP DIVE
IREN Raises AI Cloud Revenue Target to $4B
IPO$4B+ AI cloud target
IREN Raises AI Cloud Revenue Target to $4B
IREN raised its 2026 AI cloud revenue target above $4 billion after signing $2.8 billion in new multi-year contracts, even as it posted a quarterly loss wider than analysts expected.
DEEP DIVE
CrowdStrike Rallies as Its CEO Sells the AI Gap
IPO
CrowdStrike Rallies as Its CEO Sells the AI Gap
CrowdStrike CEO George Kurtz argues AI is exposing security gaps legacy tools cannot handle, a thesis carrying the stock through a comeback rally that Jim Cramer says still has room to run.
DEEP DIVE
CoreWeave Surges 20% on a $104B Revenue Backlog
IPO$104B revenue backlog
CoreWeave Surges 20% on a $104B Revenue Backlog
CoreWeave's stock jumped roughly 20% after second-quarter revenue nearly doubled from a year earlier to $2.58 billion and the company disclosed a $104 billion revenue backlog anchored by AI cloud demand.
DEEP DIVE
Why This Week's IPO Pipeline Is All Micro-Caps
IPO12 S-1 filings
Why This Week's IPO Pipeline Is All Micro-Caps
This week's SEC filing wave is dominated by small, often distressed public companies doing dilutive registrations rather than marquee venture-backed IPOs -- a reminder the S-1 pipeline and real IPO news are different datasets.
BY THE NUMBERS
Reliance Global Group Files Fresh S-1 for Dilution
IPOS-1 registration
Reliance Global Group Files Fresh S-1 for Dilution
Insurance-tech roll-up Reliance Global Group filed another S-1 registration, its latest in a string of dilutive capital raises this year that has repeatedly pressured the already-small-cap stock.
DEEP DIVE
Reliance Global Group Files S-1 for 16.1M White Lion Resale Shares
IPO16.1M resale shares
Reliance Global Group Files S-1 for 16.1M White Lion Resale Shares
InsurTech roll-up Reliance Global Group (EZRA) filed an S-1 registering 16.1 million resale shares tied to its expanded $50 million White Lion equity line, as commission income fell to $2.1 million in Q2 -- down a third year over year.
DEEP DIVE
Ocean Power Tech Files S-1 Amid Delisting Risk
IPOS-1 registration
Ocean Power Tech Files S-1 Amid Delisting Risk
Ocean Power Technologies filed a new S-1 registration days after NYSE American flagged it for late-filing its annual report, a compliance scramble it resolved by filing its 10-K just before this week's capital-raise registration.
DEEP DIVE
Big Tech Is Hiding $3 Trillion of AI Bills in Footnotes
IPO$3T off balance sheet
Big Tech Is Hiding $3 Trillion of AI Bills in Footnotes
Nine large tech companies carry roughly $3 trillion of off-balance-sheet commitments tied to AI, about five times their combined reported capex and triple what they owe on leases and long-term borrowings.
DEEP DIVE
This Week's SEC Filing Wave: 10+ New S-1s Land
IPO
This Week's SEC Filing Wave: 10+ New S-1s Land
More than a dozen companies filed S-1 registration statements with the SEC in a single week, spanning defense-tech, biotech, gaming and micro-cap issuers -- a snapshot of how much routine filing volume runs through EDGAR weekly.
BY THE NUMBERS
Dare Bioscience Files S-1 After $5.3M Stock Offering
IPO$5.3M raise
Dare Bioscience Files S-1 After $5.3M Stock Offering
Women's health biopharma Dare Bioscience filed a new S-1 tied to a $5.3 million registered direct offering that closed in August, as the sub-$1 stock works to fund Phase 3 trials for its hormone-free contraceptive Ovaprene.
DEEP DIVE