Anthropic reportedly moved its IPO to November

Anthropic has reportedly moved its planned listing from October to November so it can show investors third-quarter numbers first, a week after Sam Altman said OpenAI would not list in 2026. Elsewhere on the IPO calendar, Holtec postponed a $900 million deal the night before pricing, SoftBank’s SB Energy reportedly delayed a listing targeted for this month, Nscale filed publicly with 85% of its contracts tied to two customers, and Oura launched a deal of up to $2.2 billion that would leave the company with about $6 million after tax obligations. A company presentation seen by the FT puts OpenAI’s projected cash burn through 2030 at $278 billion.

Anthropic reportedly moved its IPO from October to November

Anthropic has reportedly shifted its planned initial public offering to November, The Wall Street Journal reported Friday evening, citing people familiar with the matter. Some advisers wanted the extra month so investors could see third-quarter results before the roadshow. Reuters had reported earlier this month that marketing would begin in mid-October. The Journal also said bankers plan to use investor meetings to gauge how the recent debate over slowing frontier AI development might affect valuation targets. According to the report, the November plan was set before that debate intensified.

That same day, The New York Times reported, per Bloomberg, that Anthropic’s annualized revenue is expected to exceed $100 billion this year, up about 50% from two months earlier. Last week, the company reportedly told shareholders to expect a second consecutive quarter of adjusted operating profit, per the FT. Anthropic also said Thursday that it will embed evaluators from Accenture inside the company to test models before release, making Accenture the first outside firm to take that role.

The two lab delays are different. OpenAI’s timeline is open-ended and tied to safety concerns. Anthropic’s reported shift is one month and tied to having another quarter of financial results available. October had been the earliest point at which many observers expected a public reference price for a frontier lab. That reference may now arrive no earlier than November for Anthropic and 2027 for OpenAI, based on comments from OpenAI’s CFO. Holders across the private AI market may have to wait longer for a public comparable, though the two companies differ in business mix, cost structure, capital commitments and disclosure. Any listing timing remains subject to market and regulatory conditions.

Augment and/or its affiliates hold a position in Anthropic.

Reported private-company financials and secondary-market indications may be unaudited, incomplete, non-standard, or based on limited transaction activity. They should not be relied upon as fair value, executable pricing, or a basis for any investment decision.

For more company information, recent coverage, and available market data, visit Anthropic on Augment.

Holtec and SB Energy stalled; Nscale and Oura moved ahead

Holtec Nuclear postponed its Nasdaq IPO late Wednesday, the night before it was due to price, citing market conditions. The company planned to sell 50 million shares at $15 to $18, for proceeds of up to $900 million. Reuters noted that Standard Nuclear, which listed in July, was 20.6% below its offer price, while X-Energy, public since April, was 36.7% below. On Monday, The New York Times reported that SB Energy, SoftBank’s data-center and power developer, had delayed the listing it targeted for this month after investors questioned the valuation of more than $50 billion it sought. The same day, Bloomberg reported that Nvidia agreed to buy another $1.5 billion of SB Energy shares ahead of the offering at 90% of the eventual IPO price, taking its total investment to $3 billion.

Nscale and Oura moved ahead. Nscale, the London data-center developer, filed publicly Friday. Its S-1 shows that Microsoft and Anthropic account for 85% of its $103 billion in total contract value, of which $2.6 billion was active at the end of August. The company lost $1.02 billion on $140.6 million of revenue in the first half. Oura launched Monday with 50 million shares at $40 to $44, for proceeds of up to $2.2 billion and a market value of $14.1 billion at the top of the range. Existing holders are selling 36.5 million shares, according to TechCrunch’s reading of the filing. The company plans to use about $526 million of its roughly $533 million in net proceeds for tax obligations on employee shares that vest at the IPO, leaving about $6.2 million. Oura reported $61 million of net income on $1.2 billion of revenue for the first nine months of its fiscal year.

The week’s calendar cuts across sectors and deal structures. Holtec and SB Energy are tied to the data-center power buildout, while Oura is a profitable consumer-hardware company and Bamboo is a homeowners insurer. All are being marketed with the 10-year Treasury near 5% after last week’s Fed increase.

Reported private-company financials and secondary-market indications may be unaudited, incomplete, non-standard, or based on limited transaction activity. They should not be relied upon as fair value, executable pricing, or a basis for any investment decision.

📈 Data Point of the Day

$278 billion

That is the cash OpenAI reportedly expects to burn between 2026 and 2030, according to a company presentation seen by the Financial Times, per Reuters. The same presentation reportedly projects revenue rising from $36 billion this year to $350 billion in 2030, about $856 billion in compute spending over the period, and the $122 billion raised in March being exhausted by 2028. It does not establish the timing or form of any later financing. Forge’s posted OpenAI price was $721.85 on Monday, little changed from a week earlier.

Reported private-company financials and secondary-market indications may be unaudited, incomplete, non-standard, or based on limited transaction activity. They should not be relied upon as fair value, executable pricing, or a basis for any investment decision.

Quick Takes

The Wall Street Journal reported that the CFTC is investigating Polymarket after a $10 million stolen-debit-card fraud attempt in February — The Journal reported Saturday that Polymarket’s payment processor rejected more than 80% of US deposits as fraudulent at one point and that CEO Shayne Coplan told staff to prioritize growth and address any fine later, according to current and former employees cited by the paper. Polymarket said it has since strengthened its infrastructure and leadership; an internal review by Sullivan & Cromwell concluded that the company complied with regulations, per the Journal.

Flock Safety offered voluntary buyouts to its 1,500-person workforce — Wired reported Friday that Flock Safety expects to grant the packages to most employees who ask and would “almost certainly” need layoffs otherwise. Florida and Texas have said they will stop using its license-plate readers, and an advocacy group counted 90 cities that dropped Flock in August.

OpenAI called for a US-led international effort to set technical standards for frontier AI — The Monday proposal, released ahead of Sam Altman’s UN Security Council briefing Wednesday, asks NIST’s Center for AI Standards and Innovation to lead. OpenAI said the standards would not amount to licenses or pre-release approval requirements.

Local opposition blocked or delayed 45 US data-center projects worth $68 billion in the second quarter — Data Center Watch counted 843 opposition groups across 49 states, per Bloomberg, and said the 45 projects represented more than half of the large developments it began tracking in the period.

SpaceX pushed its first Starship orbital attempt from today to September 28 — The flight is meant to put the upper stage in orbit and deploy 26 Starlink V3 satellites, per TechCrunch. SpaceX moved the date Thursday.

The Funding Lineup

The following financing rounds are included for market context only and are not recommendations or valuation opinions.

Profound — $180 million Series D at $1.8 billion. The New York AI marketing platform’s round was co-led by Sequoia and Kleiner Perkins, with Lightspeed, Khosla, Saga, Evantic and South Park Commons participating.

CADDi — $114 million Series D at $1.2 billion. The manufacturing-AI company’s valuation more than doubled from $470 million in March 2025, per Fortune.

From the Manual

Roadshow

The roadshow is the one- or two-week stretch before an IPO prices when company executives and bankers present the offering to institutional investors. Bankers use the orders gathered during those meetings to set the final price and allocation. Issuers may schedule a roadshow after a quarter closes so investors have the latest results. That was the reason reportedly given for Anthropic’s move: a November roadshow could include third-quarter numbers that would not have been available in October.

What We’re Watching

Bamboo Insurance’s pricing. The CVC-controlled Utah homeowners insurer was expected to price Monday night after offering 35 million shares at $18 to $20, for proceeds of up to $700 million and a fully diluted valuation of up to $3.24 billion. Every share comes from existing holders. It is one of the first sizable deals scheduled to price after Holtec’s postponement and the Fed’s rate increase.

Oura’s pricing next week. TechCrunch reports that trading is expected to begin next week. Pricing for a deal in which existing holders are selling nearly three-quarters of the shares may provide one data point on demand for consumer names, though Oura’s reported profits and hardware business make it a poor direct comparison with the infrastructure deals that stalled.

Nscale’s roadshow and valuation. The company is reportedly targeting a valuation of up to $35 billion, per the FT. Microsoft and Anthropic account for 85% of its contracts, of which about $2.6 billion was active in August. How public investors price a developer with that customer concentration is worth monitoring for holders of private infrastructure names, though CoreWeave, Crusoe and Nscale differ in customer mix, financing and stage.