Oura and Moonshot Have Filed for IPOs, Shein's Stock Plummets: What You Need to Know About IPOs by September 6

Oura, a manufacturer of smart rings, has filed for an IPO in the U.S. Moonshot, a Chinese AI startup and developer of the popular Kimi model, has privately filed for a listing in Hong Kong. Fashion retailer Shein’s long-awaited IPO led to a plunge in its stock price. Check out our roundup of the week’s top events in the IPO market.

— Anthropic is preparing to increase its revolving credit line to $15 billion, according to Bloomberg sources. The agency reports that the AI giant is thus completing one of the necessary steps ahead of filing for an IPO. According to its sources, Morgan Stanley is leading the deal, with Goldman Sachs, JPMorgan, and Citigroup also playing key roles—these same banks will serve as the lead underwriters. Anthropic hopes to raise at least as much as SpaceX, whose IPO brought in a record $86.2 billion, Bloomberg sources previously reported. 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 Information reported, citing sources.

— Yangtze Memory Technologies (YMTC), a major Chinese flash memory supplier, has moved to the next stage of its IPO preparations, according to Bloomberg. The Shanghai Stock Exchange has sent the company its first round of questions after accepting its application for review. Now YMTC and its advisors must respond to the exchange, after which listing hearings will begin, the agency explains. The company intends to raise 33.3 billion yuan ($4.6 billion), making this offering the largest in China’s current IPO pipeline.

— Oura, a Finnish manufacturer of smart rings, has filed for an IPO on the Nasdaq. According to the filing, the company’s net income surged nearly 40-fold in the first nine months of this year, reaching $60.8 million, while revenue increased by 74% to $1.21 billion. Of that amount, $974 million came from smart rings alone. It is the favorite wearable gadget of many top executives, including Mark Zuckerberg, Fortune reported in 2024. Kim Kardashian, Gwyneth Paltrow, and Prince Harry have also been spotted wearing these devices. Last year, Oura raised more than $900 million in funding at a valuation of approximately $11 billion.

— Moonshot, a Chinese AI startup and developer of the large language model Kimi, has privately filed for an IPO in Hong Kong and expects to raise about $3 billion, according to sources cited by Reuters. In the current funding round, the company is valued at $50 billion: in May, it raised more than $2 billion, bringing its total funding to over $5.5 billion. Moonshot is in talks with Microsoft, Amazon, and Google about deploying the Kimi K3 model on their cloud platforms and sharing revenue.

— SB Energy, a SoftBank-backed data center operator, has filed for an IPO in the U.S. to finance AI infrastructure, according to Bloomberg. The company has 8.8 GW of data center capacity under contract or under construction, and its order backlog in this segment totals $430 billion. SB Energy’s strategic investors and clients include OpenAI and Nvidia, with Nvidia planning to purchase $1.5 billion worth of the company’s shares at the IPO price. In the first half of 2026, SB Energy reported a net loss of $3.2 billion on revenue of $139 million.

— Investment firm Blue Owl Capital plans to create a real estate investment trust (REIT) specializing in data centers and take it public, according to sources cited by Bloomberg. This is yet another way to raise capital amid the rapid growth in spending on AI infrastructure, the agency explains. Blue Owl intends to transfer its own data center assets, valued at approximately $6.5 billion, to the new REIT, one of the sources said. The fund will then raise capital on the stock market to purchase new data centers and expand its portfolio.

— Fashion giant Shein’s $1.7 billion IPO in Hong Kong resulted in paper losses for the company’s early investors: At the time of the offering, the retailer was valued at approximately 73% below the peak of $98 billion it had reached in early 2022, according to Bloomberg. After going public, the company’s value continued to decline: by the end of the week, Shein’s shares had plummeted 21.5% below the IPO price. Analysts surveyed by the FT attributed the decline to weakening consumer demand in the U.S. and Europe and the fact that investors now prefer technology companies over the consumer sector.

— The IPO boom in Hong Kong has changed the approach to share allocation: amid high demand, companies are increasingly deciding for themselves who will receive shares during the offering, allocating a portion to strategic investors, business partners, customers, and suppliers, while traditional institutional funds may be left without the desired share, Bloomberg reports, citing sources. Previously, such “friendly” investors often helped close IPOs with weak demand; now, companies are using the allocation of shares in highly sought-after listings to strengthen business ties. Since the start of the year, more than 100 new listings in Hong Kong have gained an average of about 28% on their first day, while seven of the ten largest IPOs of 2026 are now trading below their offering price, the agency reports.

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