---
title: U.S IPO Upcoming Week 10/26/2026 *Anthropic Files
description: Anthropic's IPO filing could reshape the U.S. market, forecasting a potential valuation of up to $1.75 trillion, while several other companies pursue active listings.
image: https://blog.ipoprophet.com/hubfs/Anthropic%20IPO%20Filing.png
---

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 Oct 26, 2026, 9:58:48 AM

# U.S IPO Upcoming Week 10/26/2026 \*Anthropic Files

![Picture of Eric Friedman](https://app.hubspot.com/settings/avatar/7a4cca62b5a89282b41a283a43efa80e) [Eric Friedman](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/author/eric-friedman)

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**Period:** Week of October 26-30, 2026  
**Coverage:** Traditional U.S. operating-company IPOs and consequential ECM transactions of at least $100 million

# Anthropic Files Publicly for Potential Record IPO

Anthropic made its registration statement public Monday and plans to list on the Nasdaq Global Select Market under ANT. Terms, share count, offer size and a firm trading date remain pending, so the company is not included in this week’s scheduled pricing calendar. The filing nevertheless becomes the defining ECM development of the week and potentially the largest price-discovery event the U.S. IPO market has faced.

Current market expectations center on a post-midterm roadshow and a possible debut before Thanksgiving, with valuation discussions around $1.5 trillion to $1.75 trillion. Morgan Stanley and Goldman Sachs are expected to lead valuation and execution discussions. The filing shows extraordinary revenue growth alongside exceptional capital intensity: first-half 2026 revenue reached approximately $16.3 billion, while the reported $80.7 billion net loss was dominated by a non-cash financing revaluation.

**IPO Prophet® focus:** Anthropic will be the ultimate test of float construction, scarcity and FOMO. A tightly controlled tradable float could produce extreme opening demand, but the premium will only be durable if valuation, allocation quality and long-only sponsorship support the issue after the initial scarcity shock.

## 1. Executive Summary

Anthropic’s public S-1 is the headline development, moving the company from a confidential submission to a publicly filed Nasdaq candidate under ANT. Separately, three qualifying operating-company IPOs are in active marketing for the week: OPay, Aspen Neuroscience and Bambusa Therapeutics. Together they represent approximately $620 million of base proceeds at midpoint.

IPO Prophet® begins the week with a 42 WARM Heat Index. Lycia Therapeutics’ strong October 23 debut supports biotechnology risk appetite, but the broader window remains selective. OPay is the more consequential current-week pricing test because it combines emerging-markets fintech growth, profitability, regulatory complexity and unusually visible pre-IPO support.

## 2. Active Qualifying IPO Calendar

| Issuer | Ticker | Trade | Range | Shares | Offer | Exchange | Underwriters / status |
| --- | --- | --- | --- | --- | --- | --- | --- |
| OPay | OPAY | Week of Oct. 26; date TBA | $19-$21 | 16.0M ADSs | $320M midpoint | NYSE | Citi / Deutsche Bank / Standard Bank / CICC; B. Riley and Needham co-managers |
| Aspen Neuroscience | ASPE | TBA | $15-$17 | 9.375M | $150M midpoint | Nasdaq | Leerink / Piper Sandler / Stifel / UBS / Oppenheimer |
| Bambusa Therapeutics | BBTX | TBA | $15-$17 | 9.375M | $150M midpoint | Nasdaq | BofA / Evercore ISI / UBS / Cantor |

## 3. Deal Analysis

### OPay (OPAY)

OPay is offering 16.0 million ADSs at $19-$21, implying $320 million at midpoint and $336 million at the top before the 15% over-allotment option. Each ADS represents ten ordinary shares. The company expects roughly $291 million of net IPO proceeds at midpoint and approximately $183.6 million from a concurrent strategic private placement. Citigroup, Deutsche Bank, Standard Bank and CICC are joint bookrunners; B. Riley and Needham are co-managers.

**Demand and scarcity:** Existing investors indicated non-binding interest in up to $270 million of ADSs, while Stanbic Africa Holdings agreed to the concurrent private placement subject to limits. That support can materially reduce the effective institutional float, but indications are not binding and anchor concentration can narrow genuine price discovery.

**IPO Prophet® read-through:** A top-half price with a controlled opening premium would show that institutions accept emerging-markets complexity when growth and strategic support are visible. A large opening gap that fades would point to constrained float rather than broad demand.

### Aspen Neuroscience (ASPE)

Aspen is marketing 9.375 million shares at $15-$17 for approximately $150 million at midpoint. Leerink Partners, Piper Sandler, Stifel, UBS and Oppenheimer lead the Nasdaq transaction. No verified public book-coverage disclosure or firm trade date was available Monday morning. The moderate base float can create scarcity if specialist allocations are durable, but cell-therapy clinical and manufacturing risk require issuer-specific diligence.

### Bambusa Therapeutics (BBTX)

Bambusa is also marketing 9.375 million shares at $15-$17 for approximately $150 million at midpoint. BofA Securities, Evercore ISI, UBS and Cantor lead the Nasdaq offering. A firm date and verified public book indication were not available. The overlap with Aspen creates direct competition for specialist capital; relative book momentum, any upsize and final range placement will be more informative than an opening spike alone.

## 4. Underwriter and Market Structure Observations

The week tests two distinct demand pools. OPay requires broad fintech and emerging-markets participation, while Aspen and Bambusa compete for specialist biotechnology capital. UBS appears on both biotech syndicates, making cross-book prioritization and allocation quality particularly relevant. OPay’s strategic and indicated investor demand reduces execution risk but can make the opening print less informative unless unaffiliated institutional demand is also deep.

## 5. Health of the IPO Window

The window is open but selective. A 42 WARM Heat Index, Lycia’s strong debut and three launched deals are constructive. The clustering of two early-stage biotechs and the lack of firm dates for them still show a market that rewards sector-specific sponsorship rather than indiscriminate risk. Durable closes—not opening gaps alone—will determine whether the week broadens confidence.

## 6. Q4 ECM Watchlist

Each issuer below is tracked by IPO Prophet® and has a current public S-1 or F-1. Completed IPOs, sub-$100 million offerings, SPACs, direct listings, reverse mergers and shell-company uplistings are excluded. Anthropic filed publicly on October 26, Rezera filed publicly on October 21, Windward Bio Group filed publicly on October 23, and OPay amended its public F-1 with terms on October 23.

| Issuer | Verified filing status | Terms / venue | IPO Prophet® focus |
| --- | --- | --- | --- |
| Aggreko (AGKO) | Public F-1; amended Sept. 17 | Terms pending; NYSE | Power-demand theme, leverage, valuation and supply mix |
| Anthropic (ANT) | Public S-1 filed Oct. 26 | Terms pending; Nasdaq | Potential record AI IPO; valuation, float, compute commitments and institutional depth |
| Aspen Neuroscience (ASPE) | Public S-1; terms set Oct. 26 | 9.375M at $15-$17; Nasdaq | Cell-therapy clinical risk, specialist demand, cash runway and float |
| Bambusa Therapeutics (BBTX) | Public S-1; terms set Oct. 26 | 9.375M at $15-$17; Nasdaq | Early-stage biotech risk, institutional sponsorship and scarcity |
| Bamboo Insurance (BMB) | Public S-1; postponed Sept. 22 | Formerly $18-$20; 35.0M; NYSE | Re-launch timing, seller supply, catastrophe exposure and valuation |
| Centinel Spine (CNTL) | Public S-1 filed Oct. 7 | Terms pending; Nasdaq | Medical-device growth, sponsor supply, valuation and float |
| CoVolt Power (KVLT) | Public S-1 filed Aug. 21 | Terms pending; NYSE | Backlog quality, execution risk, float and valuation |
| Cumberland Farms (CMBY) | Public F-1; amended Sept. 3 | Terms pending | Defensive demand, leverage, deal size and float construction |
| DayOne Data Centers (DODC) | Public F-1 filed Oct. 5 | Terms pending; Nasdaq | AI infrastructure, capital intensity, customer concentration and supply |
| Entrata (ENT) | Public S-1 filed May 28 | Terms pending; NYSE | Software growth, profitability, crossover support and float |
| Genneia (GENN) | Public F-1 filed July 2 | Terms pending | Argentina risk, power exposure, valuation and U.S. demand |
| Holtec Nuclear (HNUC) | Public S-1; offering postponed | Formerly $15-$18; 50.0M; Nasdaq | Re-launch timing, nuclear theme, valuation and large-float execution |
| Nscale (NSCL) | Public F-1; amended Sept. 18 | Terms pending | AI infrastructure, capital intensity, customer concentration and supply |
| OPay (OPAY) | Public F-1/A filed Oct. 23 | 16.0M ADSs at $19-$21; NYSE | Anchor interest, strategic capital, emerging-markets risk and opening support |
| Oura (OURA) | Public S-1; postponed Sept. 29 | Formerly $40-$44; 50.0M; Nasdaq | Re-launch timing, 73% secondary supply, valuation and retained demand |
| SB Energy (SBE) | Public S-1 filed Sept. 1; timing delayed | Terms pending; Nasdaq | Valuation, customer concentration, capital intensity and execution |
| Rezera (RZRA) | Public S-1 filed Oct. 21 | Terms pending; Nasdaq | Late-stage clinical risk, specialist sponsorship, cash runway and float |
| Syntiant (SYTN) | Public S-1; amended Aug. 31 | Terms pending | Edge-AI demand, semiconductor cyclicality and scarcity |
| Tailored Brands (MENW) | Public S-1 filed July 10 | Terms pending | Sponsor exit, leverage, consumer demand and valuation |
| TFP Group (TFP) | Public F-1 filed Sept. 25 | Terms pending; Nasdaq intended | Insurance distribution, sponsor supply and valuation |
| The Wella Company (WELA) | Public S-1 filed Aug. 31 | Terms pending; NYSE | Sponsor exit, leverage, consumer demand and seller supply |
| vVardis Holding (VVVV) | Public F-1 filed Oct. 9 | Terms pending | Dental-care growth, international demand, valuation and float |
| Windward Bio Group (WWB) | Public F-1 filed Oct. 23 | Terms pending; Nasdaq | Respiratory pipeline, specialist demand, cash runway and scarcity |
| YPF Energia Electrica (YLUZ) | Public F-1; amended July 23 | Terms pending; NYSE intended | Argentina risk, selling-holder supply and U.S. demand |

## 7. Unfiled Pipeline

Altera remains an unfiled pipeline candidate. Anthropic is no longer included here because its S-1 became public on October 26.

| Issuer | Classification | Timing | Read-through |
| --- | --- | --- | --- |
| Altera | Unfiled pipeline candidate | Potential 2026 IPO; no public terms | Large semiconductor candidate; preparation is not a public filing |

IPO Prophet® | October 2026

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