Details on Anthropic’s IPO, Shein’s Debut, and Smart Rings: The Lowdown on IPOs Through August 30

Anthropic, the world’s most valuable artificial intelligence startup, may go public as early as September or October. Oura, a Finnish manufacturer of smart rings, expects to raise up to $3 billion in a U.S. IPO at a valuation of more than $16 billion. Meanwhile, Shein, the Asian retailer selling T-shirts for $5 each, was valued at approximately $26 billion in Hong Kong. Check out our roundup of the week’s top events in the IPO market.

— Oura, the maker of smart rings, and some of its investors hope to raise up to $3 billion through an IPO in the U.S., Bloomberg has learned. The offering could take place in September at a valuation of more than $16 billion, with existing investors planning to sell a significant number of shares, the agency reports. Just a year ago, the company was valued at $11 billion. Oura expects its revenue to reach $1.5 billion in 2026—three times what it generated in 2024. The company had sold a total of 5.5 million smart rings by September 2025—the most recent figures it has officially disclosed.

— Anthropic is developing a plan that will allow existing shareholders to sell a portion of their shares during the IPO and is considering a lock-up period for some investors and employees that is longer than the standard 180 days, sources told The Information. Reuters cited the publication’s report. Investment bankers have discussed valuing the company at approximately $1.5 trillion for the offering, while, according to The New York Times, its valuation could reach $2 trillion. Anthropic plans to publish its prospectus after Labor Day in the U.S. (September 7) and hold its IPO in late September or early October. The company is expected to raise more than the $86 billion raised by Elon Musk’s space company SpaceX during its June IPO, according to The Information.

— KNDS, a Franco-German tank manufacturer, is preparing to resume meetings with investors regarding a potential IPO after postponing the offering this summer due to a decline in defense stocks, Bloomberg has learned. The company may restart the listing process in the second half of September, although the option of going public in early 2027 remains on the table, the agency reports. In June, KNDS planned to list its shares in Frankfurt and Paris but was unable to attract sufficient demand even at a reduced valuation of €12 billion. Since then, European defense stocks have rebounded: the sector index tracked by Goldman Sachs has risen 17%.

— Lambda, a cloud-based AI provider backed by Nvidia, is in talks to raise up to $3 billion at a valuation of $12 billion or more, according to Bloomberg sources. The agency believes the funding round could bring the company closer to an IPO in 2027. Lambda’s revenue is expected to exceed $1.5 billion this year. As of November 2025, the company had already raised more than $1.5 billion, and its investors—in addition to Nvidia—include Cathie Wood’s ARK Invest and OpenAI co-founder Andrei Karpati.

— Indian data center operator Yotta Data Services is in talks to go public amid rapidly growing demand for AI infrastructure, the company’s chairman, Darshan Hiranandani, told Bloomberg. According to the agency, the IPO could raise up to $900 million for Yotta, and the company expects to be valued at up to $6 billion. Yotta operates India’s largest cluster of Nvidia chips and plans to increase its capacity to 400 MW over the next 12 to 18 months; it has the potential to gain access to graphics processing units worth up to $20 billion. According to Hiranandani, demand currently exceeds the company’s capacity to deploy infrastructure.

— Asian online clothing retailer Shein raised 13.6 billion Hong Kong dollars ($1.7 billion) in its Hong Kong IPO, selling about 280 million shares at 48.56 Hong Kong dollars per share—slightly above the midpoint of the stated price range, according to Bloomberg sources. As a result of the offering, the company is valued at just over $26 billion—down from approximately $100 billion at its peak in 2022. Trading is set to begin on September 1. Amid slowing growth of its own brand, Shein intends to make acquisitions of and partnerships with other fashion brands a new driver of its business, providing them with access to its Chinese supply chain of more than 7,500 manufacturers and other partners, Bloomberg has learned. The company describes this strategy as “Amazon Web Services for the fashion industry,” the agency reports. In the first quarter of 2026, Shein posted a loss of $99 million, compared with a profit of $395 million a year earlier.

— China’s IPO market is experiencing its biggest boom in three years, but there are signs that this pace will be difficult to sustain, according to Bloomberg. Since the beginning of July, companies have raised more than 119 billion yuan ($17.7 billion), surpassing the third-quarter 2023 figure, and the volume of IPOs since the start of the year has exceeded $30 billion for the first time since 2023. The boom is largely driven by IPOs from the AI and chip sectors, but the market is beginning to show signs of fatigue: nearly a third of the companies that went public this quarter have lost more than half their value relative to their post-listing highs. Amid waning interest in AI, investors also fear that a large influx of new listings will drain liquidity from the market.

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