Anthropic Has Chosen a Stock Exchange; OpenAI Is Aiming for $1.2 Trillion: Key Takeaways on IPOs by September 20

OpenAI is in talks with investors regarding a new funding round at a valuation of approximately $1.2 trillion. Anthropic has chosen Nasdaq for its IPO, which could take place as early as October at a valuation of over $2 trillion. Centrum Holding, Uzbekistan’s largest private logistics group, is in talks with Citigroup and JPMorgan about a potential IPO in London as early as 2027. Check out our roundup of the week’s top events in the initial public offering market.

— British fintech company Revolut is considering a dual listing in New York and London, CEO Nick Storonsky told the French newspaper Les Echos. The U.S. market remains the priority due to its high liquidity and broad investor base, while London could serve as a secondary venue. A Revolut spokesperson confirmed the dual-listing plans to Reuters. The IPO may not take place until at least 2028, Storonsky said earlier. In July, Revolut was valued at $115 billion; according to the FT, the company aims to increase its valuation to $200 billion before going public.

— OpenAI is in preliminary talks with investors about a new private funding round, in which the company could be valued at approximately $1.2 trillion, sources told the Financial Times. The talks are in the early stages, and terms are subject to change; according to the FT, the initiative came from market participants. Company CEO Sam Altman stated last week that an IPO in 2026 would not take place, citing security concerns as the reason why the timing was inappropriate. In March, OpenAI was valued at $852 billion.

— Anthropic has chosen Nasdaq for its IPO, according to Business Insider and Bloomberg, citing sources. The offering could take place as early as October, and the company’s valuation could exceed $2 trillion, according to the Financial Times. Ahead of the IPO, Anthropic informed a group of shareholders that it had posted a positive operating profit for the second consecutive quarter. In the second quarter, the company’s revenue grew 14-fold year-over-year to $11.5 billion, and by the end of July, annualized revenue reached $65 billion, compared with $9 billion at the end of 2025, according to the FT. Investors expect this figure to rise to $120 billion by the end of 2026.

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Nscale, a cloud provider specializing in artificial intelligence infrastructure, has filed to conduct an initial public offering on the New York Stock Exchange under the ticker symbol NSCL. According to Bloomberg, the company expects to raise up to $3 billion. Nscale was spun off from a cryptocurrency mining business in early 2024 and quickly became one of the most prominent new players in the data center market, serving the AI boom. In March, it was valued at approximately $14.6 billion as part of a funding round. Nscale’s clients include both AI giants OpenAI and Anthropic, as well as Microsoft. In its IPO filing, Nscale cited its close ties to Nvidia as one of its risk factors, as the company relies on Nvidia’s graphics processing units.

— Centrum Holding, Uzbekistan’s largest private logistics group, is in talks with Citigroup and JPMorgan Chase regarding a potential IPO in London, according to sources cited by Bloomberg. The offering could take place next year, though plans are still in the early stages, and the timing and venue are subject to change. Centrum confirmed that it is considering an IPO as one of its strategic development options. In August, co-founder and CEO Abdulaziz Abdurakhmanov valued the company at approximately $2 billion, the agency notes. Founded in 2019, the company operates a logistics business on routes between Europe and Asia and is expanding its fleet of railcars and trucks as well as its network of multimodal terminals. In 2025, its revenue reached $1 billion, and it had 5,000 employees; in 2026–2027, it plans to invest more than $100 million in business development.

— Altera, a manufacturer of programmable chips backed by Silver Lake and Intel, has filed for an IPO, according to Bloomberg. The company, which produces chips for artificial intelligence, industrial automation, and robotics, has not yet determined the number of shares to be offered or the price range. Intel acquired Altera in 2015 for approximately $16.7 billion, and last year Silver Lake purchased a 51% stake in the company. The Abu Dhabi-based investment firm MGX later joined the deal.

— The Syngenta Group has filed a confidential application for an IPO in Hong Kong and is considering raising about $5 billion, according to Bloomberg sources. The Swiss-headquartered Chinese agrochemical company expects to go public next year after receiving regulatory approvals, although the timing and size of the offering are still subject to change. Such an IPO would be one of the largest in Hong Kong in recent years: since the beginning of 2026, companies have raised $47 billion there, more than double the amount raised during the same period last year, Bloomberg notes.

— Australian data center operator Firmus Technologies expects to raise up to $5 billion in an IPO in Australia, according to Bloomberg sources. The offering could take place in late October, though the timing and size are still subject to change. The deal could become one of the largest IPOs in the country’s history and is comparable to Medibank’s 2014 offering, which raised just under $5 billion.

— Holtec, an American nuclear energy company, has postponed its initial public offering, which had been scheduled for this week. The company was supposed to set the share price on September 17, but instead suspended the process. The reason was a sharp deterioration in investor sentiment toward the artificial intelligence data center sector, the company’s founder and CEO, Chris Singh, explained to the Financial Times. Holtec’s investment appeal depends on growing demand for electricity for AI, IPOX Research analyst Lukas Mühlbauer told Reuters. However, investors’ recent caution regarding the return on large-scale AI investments has triggered a sharp reversal in sentiment toward the data center economy.

— Electra Therapeutics, a developer of drugs for immune disorders and cancer, raised $350 million by pricing its shares in the middle of the announced range. On its debut trading day on September 18, the stock fell nearly 12%, bringing the company’s market capitalization to $810 million. Electra plans to use the proceeds to fund research on ipsoprubart—its flagship drug, which is designed to neutralize the cells that cause secondary hemophagocytic lymphohistiocytosis. This is a rare, life-threatening hyperinflammatory syndrome in which the immune system becomes overactive and damages the body.

— The insurance company Orion180 Insurance Group raised $240 million. The share price during the IPO—$12—fell short of the lower end of the announced range ($15–17). After trading began on September 18, the stock price fell by 2.8%, and the company’s market capitalization stood at $1.2 billion following its debut. Orion180 specializes in insuring residential real estate against non-standard risks—such as hurricanes, wildfires, and tornadoes.

— The National Stock Exchange of India (NSE)’s IPO, worth 225.7 billion rupees ($2.3 billion), was 42% subscribed on the first day, Reuters reported, citing data from the exchange. Investors submitted bids for 37 million shares out of the 88.6 million offered. The IPO, one of the largest in India’s history, will run through September 21, with the listing scheduled for September 24. The NSE is expecting a valuation of up to $46 billion—15–20% below the level discussed during the pre-IPO roadshow—amid slowing activity in the options market and increased competition from the BSE. Ahead of the IPO, the exchange placed approximately $703 million worth of shares with anchor investors, including the sovereign wealth funds of Norway and Abu Dhabi.

— European companies need to raise another $5 billion or so through IPOs by the end of the year to surpass last year’s results, according to Bloomberg’s calculations. This year, new IPOs in Europe have raised $11.6 billion, compared to $16.7 billion last year. Potential IPOs by Airtel Money, armored vehicle manufacturer KNDS, and hotel asset owner Hotel Investment Partners could help bring this year’s total closer to last year’s level. Airtel Money could be valued at approximately $10 billion and conduct the largest IPO in London since 2021, while the Hotel Investment Partners offering could raise about €800 million, and that of Spain’s Ignis—up to €600 million, according to Bloomberg sources. However, the fall IPO window remains fragile due to conflicts in the Middle East and Ukraine, rising energy prices and bond yields, as well as concerns surrounding AI.

This article was AI-translated and verified by a human editor