Solidigm Won't Go Public; New OpenAI Valuation: Key Points on the IPO by October 25

South Korea's SK Hynix has scrapped plans to hold an IPO in the U.S. for its Solidigm division, one of the world's largest flash memory manufacturers. The Wall Street Journal reviewed Anthropic’s draft IPO prospectus: the developer of Claude saw its revenue grow nearly 15-fold in the first half of the year, however, its computing power commitments exceed $600 billion, and its net loss stands at $80 billion, primarily due to accounting accruals. OpenAI lowered its valuation target in a new funding round from $1.4 trillion to $1.25 trillion amid weakening investor demand. Check out our roundup of the week’s top events in the initial public offering market.

— Anthropic’s revenue in the first half of 2026 grew nearly 15-fold, to $16.3 billion, but the company faced enormous expenses related to computing power, The Wall Street Journal reported, citing a draft IPO prospectus. The AI developer’s obligations under cloud contracts and chip leases exceed $600 billion over the coming years. The net loss for the half-year reached $80.7 billion, although nearly 90% of that amount consisted of accounting accruals. Anthropic also warned potential investors about the risks of catastrophic incidents involving AI—the damage from which may prove impossible to insure—and growing opposition to the construction of data centers.

— OpenAI has lowered its valuation target in a new funding round from $1.4 trillion to $1.25 trillion amid waning investor interest, the Financial Times reports, citing sources. The developer of ChatGPT hopes to raise up to $30 billion ahead of an IPO, which could take place in the first half of 2027. According to the publication, Morgan Stanley’s high-net-worth clients have shown less interest in buying OpenAI shares than in previous rounds, and some investors prefer to wait for the offering by rival Anthropic. Negotiations regarding participation in the round are underway with the U.S. hedge fund Coatue and funds from the UAE.

— Ardshinbank, Armenia’s largest bank, is considering an IPO, including a listing on the London Stock Exchange, Bloomberg reported, citing sources. According to the sources, the bank has already approached investment banks to explore strategic options, including a share offering, but discussions are in the early stages. An Ardshinbank spokesperson described the IPO as a potential step in the bank’s development. Founded in 2003 by Karen Safaryan, the bank acquired HSBC’s Armenian operations in 2024. As of the end of September, its book value stood at approximately $1.1 billion.

— Nscale, a British data center operator backed by Nvidia, has faced resistance from investors due to an inflated valuation ahead of its U.S. IPO, Bloomberg reports, citing sources. The company had hoped to go public with a valuation of about $30 billion and raise up to $3 billion, but some investors consider a valuation of $16–19 billion more reasonable given the deteriorating situation in the AI infrastructure sector. Microsoft’s decision to abandon the Nscale data center project in the UK due to power supply issues has also created complications. In September, the company raised $3.36 billion ahead of its IPO, but has not yet begun marketing the offering to investors. A final decision on the terms of the IPO has not yet been made.

— Noetix Robotics, a Chinese manufacturer of humanoid robots, has filed a confidential application for an IPO in Hong Kong, through which it could raise several hundred million dollars, Bloomberg reports, citing sources. The company, officially registered as Songyan Power Beijing Technology, may go public in 2027, though the terms of the offering have not yet been determined. In March, Noetix raised 1 billion yuan ($150 million) in a funding round backed by an investment firm affiliated with battery manufacturer CATL.

— The UAE is preparing for its first IPO since the start of the war in Iran—to attract investors, Dubai-based DIP Holding is promising $592 million in dividends over three years, according to Bloomberg. The company’s sole owner, Dubai Investments, plans to sell 20% of its shares. The subscription period will run from October 27 to November 3, and trading on the Dubai Stock Exchange is scheduled to begin on November 11. DIP Holding owns Dubai Investments Park—one of the UAE’s largest mixed-use complexes, covering an area of 2,300 hectares.

— South Korea’s SK Hynix has scrapped plans for a $10 billion IPO of its Solidigm division in the U.S. due to opposition from regulators and shareholders, according to Bloomberg. The IPO of the data center flash memory manufacturer could have taken place in 2027 with a valuation of up to $100 billion. However, South Korean regulators feared that the subsidiary’s IPO would dilute minority shareholders’ stakes and complicate the SK Group’s ownership structure. The company also cited unfavorable conditions in the capital markets.

— Singapore-based data center operator DayOne is considering moving its IPO to the U.S. or reducing the size of the offering amid volatility in the sector’s stock prices, Bloomberg reports, citing sources. The company, whose investors include Coatue and Hillhouse, may raise $2.5–3 billion instead of the originally planned $5 billion. DayOne had previously expected to go public in the fourth quarter with a valuation of about $20 billion. A final decision has not yet been made.

— Shares of Elice, a South Korean provider of AI computing power, which plummeted 32% on their first day of trading on October 20, recovered their losses by the end of the week and closed slightly higher. Elice’s stock drop on its debut was the largest on record among South Korean IPOs worth $100 million or more and reflected investors’ concerns about debt financing for AI infrastructure, according to Bloomberg.

— The $3.1 billion IPO of India’s Jio Platforms, the largest in the country’s history, drew strong investor demand despite a week-long sell-off in the stock market, according to Bloomberg. By the close of the subscription period on October 23, demand exceeded supply by more than 22 times; among institutional investors, it was 71 times; among high-net-worth individual investors, 14 times; and among retail investors, 2.7 times. The offering was fully subscribed within the first 100 minutes, and the number of applications exceeded a record 10 million. The IPO values billionaire Mukesh Ambani’s telecommunications and digital business at approximately $107 billion. Trading in Jio shares is scheduled to begin on October 28.

— U.S. biotechnology company Lycia Therapeutics raised $317.5 million in its U.S. IPO, increasing the offering size and pricing the shares at the upper end of the announced range, according to Bloomberg. The developer of treatments for allergic and autoimmune diseases sold 17.64 million shares at $18 apiece instead of the originally planned 14.7 million, achieving a valuation of approximately $991 million. Founded in 2019 based on the research of Nobel laureate Carolyn Bertocci, the company will use the proceeds to develop three experimental drugs, including treatments for food allergies and Graves’ disease.

— The U.S. IPO market has virtually ground to a halt amid investor concerns about the sustainability of the artificial intelligence boom and anticipation surrounding Anthropic’s IPO, according to Bloomberg. In October, companies raised a total of just $587.7 million through IPOs, compared with $162.6 billion in the first nine months of the year, making this month potentially the worst of 2026. Rising interest rates, the war with Iran, and disagreements between companies and investors over business valuations are adding to the pressure. Wall Street is hoping that Anthropic’s IPO, expected in November, will revive the market, but many companies are already postponing their plans until 2027.

— The Australian regulator ASIC has begun gathering information about the failed IPO of the Nvidia-backed data center operator Firmus Grid, though a formal investigation has not yet been launched, according to Bloomberg. 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 the largest in Australian history. The regulator intends to investigate whether investors were misled during the preparation of the deal.

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