Anthropic: $518 Billion in Commitments, Oura Delays IPO

Anthropic is preparing for an IPO marked by $518 billion in future commitments and significant losses. Oura, on the other hand, has suspended its IPO despite strong demand. Several other companies, including Nscale and Switch, remain in the running for a listing, with no defined timeline.

Anthropic Reports $518 Billion in Commitments and Massive Losses

Anthropic is facing $518 billion in future commitments related to cloud, computing, and infrastructure, according to a prospectus. The company recorded a net loss of nearly $42 billion, including approximately $34 billion in accounting charges primarily related to prior financing. Anthropic's revenues are projected to increase twelvefold to nearly $4.6 billion by 2025, but with an operating loss of $8.06 billion. Anthropic continues its plans for an IPO, without a specific timeline. A listing could occur after the midterm elections in November. Anthropic aims to outpace OpenAI in the public markets, with a possible entry as early as October and a fundraising target that could reach $100 billion, according to the Wall Street Journal. OpenAI, which filed a confidential application in June, is now considering an IPO in early 2027.

A Pool of IPOs for 2026 and Beyond, Without Set Dates

SpaceX is already among the major IPOs expected for the 2026 class. Other companies are anticipating a market entry: Nscale, an AI cloud specialist backed by Nvidia, submitted a request this month to be listed in the United States, reporting revenue of $140.6 million in the first half and a net loss of $1.02 billion. Fidelis Partnership, a specialized insurer supported by Blackstone, filed its application on September 24. No start date for trading has been announced by these contenders. Switch, a data center operator, may also go public in the fourth quarter; it approached banks in July for a deal that could reach $10 billion, but the timeline remains unclear.

Oura Suspends Its Listing Despite Strong Demand

Oura has decided to postpone its IPO, citing market uncertainty, and has not set a new date, despite strong demand. The smart ring manufacturer was initially set to price its IPO on Tuesday, with the first trading session scheduled for Wednesday. The offering planned for 50 million shares at a price between $40 and $44 each; at the top of this range, the operation would have raised $2.2 billion. CEO Tom Hale states that Oura has "the luxury of choosing our moment."