IPO roundup: Anthropic valuation falls, SpaceX lifts space-sector investment

Last week, investors in Anthropic began lowering their valuation expectations for the AI startup's upcoming IPO, from $2.0 trillion down to $1.5 trillion. Meanwhile, data center operator AirTrunk has postponed a $1.5 billion Singapore listing of a real estate investment trust until next year. Here is Oninvest's roundup of the week's biggest developments in the IPO market.

Anthropic: Some current and prospective investors in the AI startup have lowered their valuation expectations ahead of its IPO, from $2 trillion to about $1.5 trillion, Reuters reported, citing sources. The shift follows slower revenue growth: revenue increased 50% in the third quarter to $16.8 billion, after more than doubling in the second quarter.

Although the company reported an adjusted profit for the second consecutive quarter, investors are concerned about rising costs associated with the expansion of its AI infrastructure. Anthropic is currently valued at $965 billion, and its IPO, planned for November, could be the largest in history.

Meanwhile, New York City Comptroller Mark Levine, who oversees pension funds with more than $325 billion in assets, has called on the company to postpone its IPO until it addresses risks associated with AI safety, governance, and the pace of development, Bloomberg reported. In a letter to CEO Dario Amodei, Levine said the AI safety agreements signed by the Trump administration and leading developers were insufficient. Levine called for Anthropic to disclose specific audit and oversight measures, along with a timetable for implementing them.

Moonshot AI: BofA has declined to participate in preparations for the Chinese AI startup's Hong Kong IPO amid growing scrutiny of the company in Washington, Bloomberg reported, citing sources. The bank had been in talks to serve as one of the offering's coordinating underwriters but never received a formal mandate. The U.S. has accused Chinese AI developers, including Moonshot and DeepSeek, of using American companies' technology to train their models.

Moonshot, which developed the Kimi K3 model, expects to raise as much as $5 billion in an IPO in the first quarter of 2027 at a valuation of about $50 billion. Goldman Sachs remains the only U.S. bank among the underwriters, alongside China's CICC and Deutsche Bank.

Firmus: The Australian data center operator plans to list on a U.S. stock exchange next year, after raising additional capital privately, The Wall Street Journal reported, citing a source. Firmus, whose investors include Nvidia and Blackstone, had planned one of Australia's largest IPOs in October but scrapped the offering amid market volatility and unfavorable conditions.

SmartNews: The Japanese news aggregator has decided to proceed with a December IPO at a valuation of about $317 million, down from $2 billion in 2021, Bloomberg reported, citing sources. The decline reflects the rise of AI as an alternative way for users to get news. SmartNews previously explored selling the business but failed to find a buyer willing to pay its asking price.

Founded in 2012, SmartNews aggregates content from more than 3,000 news outlets. After cutting 40% of its workforce in the U.S. and China in 2023, the company is expanding its advertising business and paid subscription offerings to diversify revenue.

Jio Platforms: The Indian company controlled by billionaire Mukesh Ambani plans to raise as much as $3.2 billion in what would be India's largest IPO, Reuters reported. The offering is scheduled for October 21-23 and would value Jio at up to $108.3 billion, making it India's fourth-largest company by market capitalization. Jio, whose investors include Meta and Google, operates in telecommunications, cloud computing, and AI.

Its telecommunications business has 533 million subscribers and accounts for 60% of India's mobile internet traffic. The company plans to use up to $2.89 billion of the proceeds to repay debt.

AirTrunk: The Blackstone-backed data center operator has postponed a $1.5 billion Singapore IPO of a REIT until 2027 because of rising interest rates and market volatility, Bloomberg reported, citing sources. The company considered raising the trust's annual yield from 5.5% to 6% to attract investors, but demand remained weak.

The decision follows Firmus Grid's cancellation of its IPO because of insufficient demand. As U.S. interest rates have risen, Singapore's REIT index has fallen 12% since late July.

Iambic Therapeutics: Shares of the U.S. biotech, whose investors include Nvidia and Cathie Wood, rose 18% following its October 15 IPO. The company raised $150 million and ended its first trading day with a market capitalization of $896 million, Bloomberg reported. Iambic uses AI to develop cancer treatments and plans to spend the proceeds on advancing three drugs through early-stage trials.

Its partners include AbbVie, Takeda, and Lambda, while its investors include ARK Investment Management. In the first half of 2026, Iambic's revenue increased to $12.8 million from $3.9 million a year earlier, while its net loss widened to $50.1 million from $33.2 million.

City Therapeutics: The U.S. biotech raised $200 million in its IPO, selling 11.1 million shares at $18.00 per share, Bloomberg reported. The offering valued City at about $906 million. The company develops RNA interference-based drugs to treat thromboembolic diseases and inherited eye disorders. Its investors include Arch Venture Partners and Fidelity. In the first half of 2026, revenue totaled $6.4 million, up from $5.6 million a year earlier, while its net loss widened to $53.4 million from $24.3 million.

Anthropic: The company's strong financial results could support its upcoming IPO, but are unlikely to ease broader investor concerns about the AI sector, Bloomberg reported, citing analysts. In the third quarter, Anthropic reported revenue of $16.8 billion, an 85% gross margin, and positive free cash flow. However, slower revenue growth has fueled concerns about returns on massive investments in AI infrastructure.

With interest rates elevated and borrowing costs rising, investors are increasingly focused on earnings sustainability and corporate debt. Analysts believe Anthropic could pull off a successful IPO, but question whether it can command a valuation above $2 trillion.

SpaceX: Investment in the space industry could exceed $100 billion for the first time in 2026, driven by SpaceX's record-breaking IPO, higher defense spending, and expanding space infrastructure, Bloomberg reported, citing Space Capital analysts. SpaceX's $75 billion IPO in June prompted investors to reassess valuations across the sector, while its plans to phase out the Falcon 9 rocket, its main launch vehicle, have increased interest in competitors.

Stoke Space, for example, raised $1 billion to develop its reusable Nova rocket, while Blue Origin raised at least $10 billion in its first outside funding round in 26 years. Analysts nevertheless warn about the risks of inflated valuations for space companies and their dependence on SpaceX technology.