OpenAI's New Plans, European Tanks, and a Mega-Deal in China: The Lowdown on IPOs as of June 28

OpenAI may postpone its IPO until 2027 in order to achieve a $1 trillion valuation. Armored vehicle manufacturer KNDS has begun preparations to list on the Frankfurt and Paris stock exchanges, in what could be one of the largest IPOs in Europe in recent years. Check out our roundup of the week’s top events in the initial public offering market.

— OpenAI is considering postponing its IPO until 2027 in order to maintain its target valuation of $1 trillion, according to sources cited by The New York Times. According to the publication, the company’s management is not willing to lower the valuation in order to go public sooner. In addition, the administration of U.S. President Donald Trump has reportedly asked OpenAI to roll out its new GPT-5.6 model in phases for security reasons. During the early access phase, only select partners will be able to use the model, and customer access will be coordinated with U.S. authorities.

— Armored vehicle manufacturer KNDS has begun preparations for an IPO on the Frankfurt and Paris stock exchanges. As part of the offering, the German company Wegmann & Co., which currently owns half of KNDS, will sell 40% of its shares to the German government. In turn, France, which also owns half of KNDS, will reduce its stake to 40%. As a result, France and Germany will hold equal stakes. With a valuation of €15–18 billion, the deal could become one of the largest IPOs in Europe in recent years, according to Bloomberg. As a public company, KNDS will compete with market giants such as Rheinmetall AG and CSG NV. In 2025, KNDS increased its revenue by 16% to €4.4 billion, and its order backlog grew to a record €33.1 billion.

— The owner of the Alo sportswear brandis selling its Bella+Canvas division, which manufactures T-shirts for the wholesale market—a move that analysts believe could be a step toward an IPO or the sale of Alo itself, according to Reuters. Experts believe that divesting non-core businesses will make the company more transparent to investors and simplify its valuation, although plans for an IPO or sale of Alo have not yet been officially confirmed.

— SK Hynix plans to raise up to $29.4 billion through an ADR listing in the U.S. to expand its production of artificial intelligence chips and broaden its investor base. This could become the second-largest securities offering in history, following SpaceX’s IPO in mid-June. Analysts view this move as logical given the high demand for AI chips and note that OpenAI, Anthropic, Alphabet, and Meta are also planning to raise capital, reflecting a large-scale investment cycle in AI infrastructure, but at the same time increasing the supply of new securities on the market.

— Shares of Doncasters , a British manufacturer of aerospace and industrial components,surged 42% on their first day of trading on the New York Stock Exchange. The company raised $919.3 million by selling 27.9 million shares at a price above the stated range and additionally raised $144 million through a parallel private placement. The successful debut confirms strong demand for IPOs from companies in the aerospace and defense sectors amid rising global military spending and geopolitical tensions, Reuters notes.

— The IPO of China Resources New Energy, a Chinese renewable energy company, sparked a rush of demand: orders exceeded the number of shares offered by more than 680 times. The company expects to raise up to 24.5 billion yuan, which would make the offering the largest in the history of the Shenzhen Stock Exchange and the largest IPO on China’s domestic market since the Beijing-Shanghai High-Speed Railway’s offering in 2009.

— Seth Klarman, head of Baupost Group and one of the most prominent advocates of value investing, stated that IPOs by SpaceX, OpenAI, Anthropic, and other major companies could create an oversupply of shares and put pressure on the market, as many existing investors will want to lock in profits. In his view, SpaceX’s valuation appears excessive, and the hype surrounding AI has led to a overheated market and distracted investors from high-quality companies outside this sector. Clarman advises against getting caught up in market euphoria and recommends adhering to the principles of value investing—that is, when selecting assets, first and foremost considering their price, intrinsic value, and margin of safety.

— After SpaceX’s stock fell by more than 23% over three trading days, analysts warned that a further correction could worsen conditions for the IPOs of OpenAI, Anthropic, and other major tech companies. In their view, SpaceX shares remain overvalued, and weak earnings reports or the end of lock-up periods could intensify pressure on the stock price. In that case, investors will become more cautious about new AI IPOs, demanding lower valuations and more convincing financial results rather than betting on future growth.

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