Overview
The IPO calendar is filling with large, market-moving technology and AI listings. Anthropic is being positioned to raise as much as $100 billion at a reported private valuation of $965 billion, and OpenAI - which the article notes is already generating a $1 billion annualized run rate from adverts - is eyeing its own blockbuster listing at a roughly $852 billion valuation. At the same time, SoftBank’s SB Energy data-center unit is preparing for a much smaller but nearer-term offering that could price as soon as September, targeting $5-7 billion in proceeds and backed by a substantial contracted backlog.
The Anthropic Opportunity
Anthropic currently represents the largest single IPO narrative. Following the SpaceX listing in June, Anthropic is widely expected to be among the next mega-listings. With a May private valuation near $965 billion, an offering that priced close to that level could conceivably raise up to $100 billion, which would make it the largest technology IPO on record. Market interest is evident in vehicles that attempt to provide pre-IPO exposure to these firms, reflecting intense investor demand.
OpenAI’s Rapid Ad Revenue Trajectory
OpenAI is advancing its IPO case on the strength of early commercialization. The advertising business launched roughly 200 days ago and is already reported to have reached a $1 billion annualized revenue run rate, operating in over 40 countries across both paid and free ChatGPT tiers. The company’s private valuation in the narrative sits at about $852 billion. Strategic ties between OpenAI and other market participants add another layer of interest for investors watching these listings.
SoftBank’s SB Energy - A Near-Term Infrastructure Play
SB Energy is highlighted as the most actionable near-term IPO among the names discussed. The unit is preparing for an IPO as soon as September and is expected to seek $5-7 billion in proceeds. The offering is notable for its scale of contracted cloud capacity and backlog, while also remaining pre-operational in terms of data centers:
- Approximately 9 gigawatts of contracted computing capacity
- More than $400 billion in contracted backlog
- A $3 billion commitment from Nvidia via private transactions
- Zero operational data centers at the time of reporting - implying growth optionality rather than current cash flow
SoftBank’s connection to OpenAI is also material here: SoftBank’s data-center arm reportedly offered OpenAI warrants valued at $5.5 billion to secure it as a tenant, while OpenAI is said to have invested $500 million for a single-digit equity stake in SB Energy’s upcoming IPO. That interlinking of interests makes the two listings worth watching in tandem.
Selected Recent Listings and Near-Term Events
The article lists several recent and recently announced public debuts, alongside the catalysts investors should monitor:
| Company | Ticker | Price / Since IPO | Key Catalyst |
|---|---|---|---|
| SpaceX | SPCX | $142.17 - Listed June 2026 | Fubon initiates Buy, $183 target |
| HawkEye 360 | HAWK | $19.37 - May 2026 | Lock-up expires Sept 2; Russell 2000 addition Sept 21 |
| Xanadu Quantum | XNDU | $10.71 - Public | Targeting 1,000+ logical qubits by 2031 |
| Ticketplus | TP | $8.00 - Recent | Roth/MKM initiates Buy, $14 target (+79%) |
HawkEye 360 and Lock-Up Dynamics
HawkEye 360 is called out as an interesting short-term story because its lock-up period is set to expire on September 2, and the company is slated for inclusion in the Russell 2000 index on September 21. The stock has underperformed year-to-date, down roughly 42.8% to $19.37, which places it a considerable distance below its IPO range. Lock-up expirations often bring selling pressure, while index inclusion can deliver a mechanical bid from funds tracking the index.
China’s Enflame Technology IPO
On the other side of the world, Enflame Technology priced its Shanghai STAR Market IPO at 142.18 yuan per share, raising 6.12 billion yuan - approximately $860 million - according to the report. The company is presented as a domestic Chinese AI chipmaker aligned with Beijing’s push for semiconductor self-sufficiency, offering an alternative path for investors who want AI exposure outside of U.S. mega-cap listings.
Timing and Market Factors
One of the central uncertainties identified is timing: there is no firm schedule for Anthropic or OpenAI to price, and several macro and market factors could affect those decisions. The article highlights a potential Federal Reserve interest rate decision on September 16, geopolitical developments that have pushed oil above $90, and the historically weak seasonality of September as reasons management teams might prefer to delay very large offerings into Q4 or early 2027. SB Energy’s smaller size and strategic backing are presented as reasons it may proceed on its anticipated timetable.
Practical Takeaways for Investors
- Near-term monitoring: SB Energy’s expected September IPO and HawkEye 360’s upcoming lock-up expiration
- Medium-term exposure: gaining pre-IPO access via Yorkville’s MANGOS Plus Index ETF or waiting for direct listings of Anthropic and OpenAI
- Post-IPO observation: SpaceX’s public price of $142 versus a $183 target is noted as a potential reference point for entry
Investors and market participants are therefore presented with a mix of immediate events and longer-term, potentially market-shaping offerings. The pipeline mixes pure enterprise AI plays, infrastructure-focused listings and regional chipmakers, each offering different risk and reward profiles according to the article.