IPO roundup: Solidigm listing scrapped, OpenAI cuts valuation target

Last week, South Korea’s SK Hynix scrapped plans for a U.S. IPO of its Solidigm subsidiary, one of the world’s largest flash memory makers. Meanwhile, the Wall Street Journal reviewed Anthropic’s draft prospectus: the developer of Claude reported an almost 15-fold increase in first-half revenue, but its computing commitments exceed $600 billion and its net loss topped $80 billion, largely because of accounting charges. OpenAI also lowered its valuation target for a new funding round from $1.40 trillion to $1.25 trillion amid weaker investor demand. Here is Oninvest’s roundup of the week’s biggest stories in the IPO market.

Anthropic: Revenue in the first half of 2026 rose almost 15-fold year over year to $16.3 billion, but the company faces enormous computing costs, the WSJ reported, citing a draft prospectus. The AI developer’s commitments under cloud contracts and chip leases exceed $600 billion over the coming years. Its first-half net loss reached $80.7 billion, though almost 90% of that amount reflected accounting charges. Anthropic also warned prospective investors about the risks of catastrophic AI incidents whose damage could be too great to insure against, as well as growing opposition to data center construction.

OpenAI: The company has lowered its valuation target for a new funding round from $1.40 trillion to $1.25 trillion amid waning investor interest, the Financial Times reported, citing sources. The developer of ChatGPT aims to raise up to $30 billion ahead of an IPO that could take place in the first half of 2027. Morgan Stanley’s wealthy clients have shown less interest in buying OpenAI shares than in previous rounds, while some investors would rather wait for rival Anthropic’s IPO, according to the FT. OpenAI is in talks with U.S. hedge fund Coatue and funds from the UAE about participating in the round.

Ardshinbank: Armenia’s largest bank is considering an IPO, with the London Stock Exchange among the potential venues, Bloomberg reports, citing sources. The bank has approached investment banks to explore strategic options, including a listing, but discussions remain at an early stage. An Ardshinbank representative described an IPO as a potential milestone in the bank’s development. Founded in 2003 by Karen Safaryan, the bank acquired HSBC’s Armenian operations in 2024. Its book value stood at about $1.1 billion at the end of September.

Nscale: The Nvidia-backed British data center operator is facing investor resistance to its valuation target ahead of a U.S. IPO, Bloomberg reports, citing sources. The company had sought a valuation of about $30 billion and aimed to raise up to $3 billion, but some investors consider $16-19 billion more reasonable amid deteriorating sentiment toward AI infrastructure companies. Microsoft’s withdrawal from a UK data center project with Nscale because of power supply constraints has added to the challenges. Nscale raised $3.36 billion in pre-IPO funding in September but has yet to begin marketing the offering to investors. No final decision has been made on the terms of the IPO.

Noetix Robotics: The Chinese humanoid robot maker has confidentially filed for a Hong Kong IPO that could raise several hundred million dollars, Bloomberg reports, citing sources. The company, formally known as Songyan Power Beijing Technology, could go public in 2027, though the terms of the offering have yet to be determined. In March, Noetix raised RMB1 billion ($150 million) in a funding round backed by an investment platform affiliated with battery maker CATL.

DIP Holding: The Dubai-based company is offering $592 million in dividends over three years to attract investors to the UAE’s first IPO since the Iran war began, Bloomberg reports. Its sole owner, Dubai Investments, plans to sell 20% of the company’s shares. The subscription period runs from October 27 to November 3, with trading in Dubai scheduled to begin on November 11. DIP Holding owns Dubai Investments Park, one of the UAE’s largest mixed-use developments, spanning 2,300 hectares.

Solidigm: South Korea’s SK Hynix has scrapped plans for a $10 billion U.S. IPO of its Solidigm subsidiary following opposition from regulators and shareholders, Bloomberg reports. The maker of flash memory for data centers could have listed in 2027 at a valuation of up to $100 billion. However, South Korean regulators were concerned that listing the subsidiary could dilute value for minority shareholders and complicate SK Group’s ownership structure. SK Hynix also cited unfavorable capital market conditions.

DayOne: The Singapore-based data center operator is considering delaying its U.S. IPO or reducing the offering’s size amid volatility in the sector’s stocks, Bloomberg reports, citing sources. The company, whose investors include Coatue and Hillhouse, could raise $2.5-3.0 billion instead of the $5 billion originally planned. DayOne had previously targeted a fourth-quarter listing at a valuation of about $20 billion. No final decision has been made.

Elice: Shares of the South Korean AI computing provider, which plunged 32% in their trading debut on Tuesday, recovered their losses by the end of the week and edged above the IPO price. Elice’s first-day decline was the largest on record for a South Korean IPO of at least $100 million and reflected investor concerns about debt-funded AI infrastructure spending, Bloomberg reports.

Jio Platforms: The Indian company’s $3.1 billion IPO, the largest in the country’s history, drew strong investor demand despite a weeklong stock market selloff, Bloomberg reports. The offering was more than 22 times subscribed when bidding closed on Friday. Institutional investors bid for 71 times the shares reserved for them, while the category that includes wealthy individuals was 14 times subscribed and the retail portion 2.7 times. The offering was fully subscribed within the first 100 minutes and attracted a record of more than 10 million applications. The IPO values billionaire Mukesh Ambani’s telecommunications and digital business at about $107 billion. Trading in Jio shares is scheduled to begin on October 28.

Lycia Therapeutics: The U.S. biotech raised $317.5 million in its U.S. IPO after increasing the offering’s size and pricing it at the top of the announced range, Bloomberg reports. The developer of treatments for allergic and autoimmune diseases sold 17.64 million shares at $18 apiece, up from the 14.7 million originally planned, valuing the company at about $991 million. Founded in 2019 based on research by Nobel laureate Carolyn Bertozzi, Lycia plans to use the proceeds to develop three experimental drugs, including treatments for food allergies and Graves’ disease.

U.S. market: Activity has all but ground to a halt amid investor concerns about the sustainability of the AI boom and anticipation of Anthropic’s listing, Bloomberg reports. Companies have raised just $587.7 million through U.S. IPOs in October versus $162.6 billion in the first nine months of the year, putting the month on track to be the slowest of 2026. Rising interest rates, the war with Iran, and disagreements between companies and investors over valuations are adding to the pressure. Wall Street is hoping Anthropic’s expected November IPO will revive the market, but many companies are already pushing their plans back to 2027.

Firmus Grid: Australian regulator ASIC has begun gathering information about the Nvidia-backed data center operator’s failed IPO, though it has not opened a formal investigation, Bloomberg reports. The company had planned to raise up to $5.5 billion at a valuation of about $30 billion, which would have made the offering one of Australia’s largest. The inquiries could lead to a formal investigation into whether investors were misled when the deal was marketed.