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IPO Pipeline Brief, Issue #2

Posted October 4, 2026 · Updated October 9, 2026 · Segmara Research

This is Issue #2 of the IPO Pipeline Brief, as posted in the members forum on October 4, 2026; its text is unchanged below. Updates and re-checks since it was posted come first, checked on SEC EDGAR at 10:56 UTC on October 9, 2026 and in the press the same day. Research only, not investment advice.

Updates and re-checks since Issue #2 was posted

• TRex Bio, Nasdaq ticker TRXB: priced its IPO at $14.00 per share on October 8, 2026, the low end of the $14.00 to $16.00 range in its amended S-1 of October 5, per the company's announcement published on GlobeNewswire at 01:29 UTC on October 9 (9:29 p.m. on October 8 in New York). It is selling 8,333,334 new shares for gross proceeds of about $116.7 million before underwriting discounts, commissions and other offering expenses. The registration statement became effective on October 8; SEC EDGAR shows the notice of effectiveness. The company expected trading on the Nasdaq Global Select Market to begin on October 9 and the offering to close on October 13, subject to customary closing conditions. Its final prospectus was not yet on SEC EDGAR at 10:56 UTC on October 9, 2026.
• Iambic Therapeutics, proposed Nasdaq ticker IAM: set preliminary terms in an amended S-1 filed October 8, 2026: 9,375,000 shares at $15.00 to $17.00 each, plus a 30-day underwriters' option on 1,406,250 more, with a listing applied for on the Nasdaq Global Select Market. The terms may change before pricing. Renaissance Capital expects the IPO to price during the week of October 12.
• DayOne Data Centers, not covered in Issue #2: made its US IPO filing public on October 5, 2026 with a Form F-1 for American depositary shares, which it has applied to list on the Nasdaq Stock Market under the symbol DODC. The price range in the F-1 is still blank.
• Airtel Money, London Stock Exchange: its shares, ticker AMC, began conditional dealings on October 9, 2026, per Reuters and the company's announcement that morning, which set the start for 8:00 a.m. London time (07:00 UTC). Admission and unconditional dealings are expected at 8:00 a.m. London time on October 14 (07:00 UTC). The offer price stays at £1.96 per share. If the over-allotment option is exercised in full, the offer comes to £582 million, about 11 percent of the company's share capital at admission.
• MNT-Halan, Egyptian Exchange: opened subscriptions on October 7, 2026 for 320 million existing shares of its Egyptian business at a fixed 24.50 Egyptian pounds each, per Billionaires.Africa, which reported that CEO Mounir Nakhla told Asharq Business he expects trading to start October 20. We have not read the exchange disclosure itself.
• Jio Platforms, India: Bloomberg reported on October 9, 2026, citing people familiar with the matter, that Jio is set to price its IPO at 1,065 to 1,119 rupees per share and is targeting a market value of up to 10.3 trillion rupees; at the top of that range the IPO would raise about 302 billion rupees, by Bloomberg's calculation. That range is below the 1,150 to 1,220 rupees The Economic Times reported on October 6, also citing people familiar with the matter, alongside a red herring prospectus expected after October 12, an anchor book on October 19, a public issue from October 21 to October 23 and a listing targeted for October 28. These figures and dates are reported, not filed, and may change.
• Anthropic: SEC EDGAR still shows no public Anthropic registration statement at 10:56 UTC on October 9, 2026; a company search for the name returns only investment funds and special purpose vehicles. Bloomberg reported on October 1, 2026, citing people familiar with the matter, that Anthropic could start formal marketing as soon as the week of November 9 and begin trading before Thanksgiving, and that it is set to meet prospective investors on October 14. Under SEC staff procedures, a company that submitted its draft confidentially files the registration statement publicly at least 15 days before any road show, so marketing that week would mean a public S-1 on EDGAR by late October. That timing is our reading of the reports and the SEC procedure, not a company date.
• Solidigm, SK hynix subsidiary: Bloomberg reported on October 7, 2026, citing people familiar with the matter, that Solidigm picked Goldman Sachs and Morgan Stanley as lead banks for a US IPO in 2027 that could raise about $10 billion. No filing. Outlets give different valuations, so we quote none.
• No new SEC filing since Issue #2 at 10:56 UTC on October 9, 2026: Nscale (S-1 of September 18, no amendment), Oura (postponed September 29; no amendment and no withdrawal request, latest filing a free writing prospectus of September 24) and SB Energy (latest S-1 amendment September 21).

Issue #2, as posted in the members forum

September 28 to October 4, 2026

Segmara Pro's weekly briefing on private company IPO timing: filings, pricing, deals, and legal developments across our tracked companies. Segmara is a research site. It does not sell, broker, or arrange share purchases, and nothing here is investment advice. Facts checked October 4, 2026 (UTC).

This week in one minute

• Oura postponed its Nasdaq IPO on September 29, 2026, the day Reuters said it was expected to price, citing uncertainty in the IPO market, per TechCrunch and The Wall Street Journal. It gave no new date. Our September 27 update said pricing was expected this week; it did not happen.
• OpenAI CEO Sam Altman said on September 29, 2026 that OpenAI will delay its IPO over safety concerns, per the Financial Times and Marketplace.
• SB Energy's IPO is still on hold. The Wall Street Journal reported September 29 that the SoftBank backed data center developer has delayed its offering; Reuters had reported the postponement on September 25.
• Airtel Money set its London IPO price at £1.96 per share on October 1, 2026, implying a market value of about £5.3 billion at admission, which is expected October 14, per the company's announcement.
• MNT-Halan announced on October 1, 2026 a plan to offer 320 million shares, 20 percent of its Egyptian company's shares, on the Egyptian Exchange, and aims to complete the offering in October, per Business Insider Africa.
• Reuters reported September 28 that it had seen Anthropic's IPO prospectus. The filing is still not public: SEC EDGAR shows no Anthropic S-1 as of October 4, 2026.

Filings and pricings

Postponed or withdrawn, United States

• Oura, proposed Nasdaq ticker OURA: postponed its IPO on September 29, 2026. Reuters reported that Oura had marketed shares at $40 to $44, which would have raised up to $2.2 billion, and that it had been expected to price that day and start trading September 30. CEO Tom Hale said in a statement: "we have the luxury of choosing our moment." The registration statement stays on file: SEC EDGAR shows no withdrawal request and no final prospectus as of October 4, 2026.
• SB Energy, proposed ticker SBE: filed a public S-1 on September 1, 2026, amended September 4 and September 21, with no later amendment on SEC EDGAR as of October 4, 2026. The New York Times reported September 21 that the offering had been delayed and that SB Energy is not expected to go public before mid to late October. Reuters reported September 25 that SB Energy postponed plans to formally market the IPO while it worked to address additional questions from the SEC, and that investors had concerns about its valuation and its reliance on OpenAI as a major customer, according to people familiar with the matter. The Wall Street Journal reported September 29 that it has delayed its IPO.
• Holtec Nuclear, dated before this week and not covered in Issue #1: withdrew its S-1 registration statement on September 25, 2026, telling the SEC it "no longer wishes to conduct a public offering of securities at this time." It first filed the S-1 on July 10, 2026. Reuters reported the withdrawal came more than a week after Holtec suspended the offering.

Public S-1 on file, no price range yet

• Nscale, proposed NYSE ticker NSCL: filed its S-1 September 18, 2026. No amendment on SEC EDGAR as of October 4, 2026.
• TRex Bio, proposed Nasdaq ticker TRXB: filed its S-1 September 18, 2026. No amendment as of October 4, 2026.
• Iambic Therapeutics, proposed Nasdaq ticker IAM: filed its S-1 September 21, 2026. No amendment as of October 4, 2026.

The tickers and exchanges above come from each company's S-1 cover page.

Confidential filings, not yet public

• Anthropic: Reuters reported September 28 that it had seen Anthropic's IPO prospectus, which shows 2025 revenue of nearly $4.6 billion, 12 times the 2024 level, and a 2025 net loss of nearly $42 billion, including a roughly $34 billion accounting charge tied to financing that could convert into shares. Reuters repeated its earlier reporting that the debut is likely after the November US midterm elections. Anthropic declined to comment. SEC EDGAR shows no public Anthropic S-1 as of October 4, 2026.
• OpenAI: CEO Sam Altman said on September 29, 2026 that OpenAI will delay its IPO over safety concerns, per the Financial Times and Marketplace. OpenAI announced on June 8, 2026 that it had recently submitted a confidential draft S-1 to the SEC (see Corrections).

Non-US listings and other pre-filing signals

• Airtel Money, London Stock Exchange Main Market: set its offer price at £1.96 per share on October 1, 2026, implying a market capitalisation of about £5.3 billion, about $7.0 billion, at admission. Existing shareholders are expected to sell 270 million shares, plus up to 27 million under an over-allotment option, and the International Finance Corporation committed to buy up to £67.2 million of shares as a cornerstone investor. The institutional book closes October 8, conditional trading is expected to start by October 9, and admission is expected October 14, per the company's announcement.
• MNT-Halan, Egyptian Exchange: announced on October 1, 2026 a plan to offer 320 million shares, 20 percent of the Egyptian company's issued shares, and aims to complete the offering in October, subject to regulatory approval and market conditions, per Business Insider Africa. The exchange granted the Egyptian holding company a temporary listing on September 14; the shares do not trade yet and no price is set.
• Solidigm, SK hynix subsidiary: no filing. SK hynix said on October 1, 2026 that nothing has been decided about a Solidigm listing, per Chosun Biz and DigiTimes.

Changed since our last review

Deals and acquisitions

• Headspace: Sword Health completed its acquisition of Headspace on October 1, 2026, per Headspace's help center.
• Agility Robotics: Agility and Churchill Capital Corp XI, the SPAC it plans to merge with, filed an amended S-4 registration statement with the SEC on September 30, 2026.
• Monzo: Nu Holdings, Nubank's parent, said in an SEC filing on September 30, 2026 that it is not pursuing a transaction with Monzo. The Financial Times reported October 2 that Monzo is courting private equity.

Funding and valuation marks

• Kalshi is finalizing a funding round at a valuation of about $40 billion, expected to be its last before an IPO that could come as soon as 2027, Bloomberg reported September 30, 2026, citing people familiar with the matter. Kalshi last raised money in March at a $22 billion valuation.

Corrections

• OpenAI: Issue #1 said no OpenAI filing exists. That was wrong. OpenAI announced on June 8, 2026 that it had confidentially submitted a draft S-1 to the SEC, and said it had not decided on timing. This corrects an older fact; it is not news from this week.
• Iambic Therapeutics: Issue #1 said its filing had not been independently reviewed as public on SEC EDGAR. Its S-1, filed September 21, 2026, is public on EDGAR, checked October 4, 2026.
• Oura: our September 27 update said pricing was still expected this week and that we would post the final price the day the prospectus landed on EDGAR. Oura postponed instead, as reported above.

What to watch next

• Nscale (NSCL), TRex Bio (TRXB) and Iambic Therapeutics (IAM): Renaissance Capital wrote on October 2, 2026 that no IPOs were scheduled for the week of October 5, that a few companies including Nscale are eligible to launch that week, and that TRex Bio and Iambic are "the most likely candidates." None had a price range on SEC EDGAR as of October 4, 2026.
• Jio Platforms: no red herring prospectus filed yet. PTI, citing banking sources, reported October 4 that Jio is likely to file it with SEBI in the week beginning October 12 and to open the issue before October 23, per The Times of India. SEBI issued its observations on the draft prospectus on August 28.
• Airtel Money: the institutional book closes October 8 and admission is expected October 14, per the company.
• MNT-Halan: offering targeted for October, subject to approvals, per Business Insider Africa.
• SB Energy: not expected to go public before mid to late October, per The New York Times, September 21.
• Anthropic: reportedly firming up its listing timeline, with marketing expected as soon as the week of November 9, per Renaissance Capital, October 2. This is reporting, not company confirmation.
• Oura: no new IPO date.

Full status by filing stage: https://segmara.com/ipo-calendar

Research only, not investment advice.

Sources

• Oura becomes latest US IPO hopeful to delay listing as market jitters deepen (Reuters, September 29, 2026): https://www.reuters.com/legal/transactional/oura-delays-us-ipo-adding-fall-market-jitters-2026-09-29/
• Oura shelves its $2.2B IPO, citing 'uncertainty' in the market (TechCrunch, September 29, 2026): https://techcrunch.com/2026/09/29/oura-shelves-its-2-2b-ipo-citing-uncertainty-in-the-market/
• Oura Inc. filing list (SEC EDGAR, checked October 4, 2026): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2133022&type=&dateb=&owner=include&count=40
• Wall Street Is Growing Skeptical of the Data Center Boom (The New York Times, September 21, 2026): https://www.nytimes.com/2026/09/21/business/ai-data-center-ipos.html
• The same New York Times article, republished as "Investors skeptical of data centers" (Arkansas Democrat-Gazette, September 27, 2026): https://www.arkansasonline.com/news/2026/sep/27/investors-skeptical-of-data-centers/
• Data center IPO hopefuls brave tougher market as investor scrutiny grows (Reuters, September 25, 2026): https://www.reuters.com/legal/transactional/data-center-ipo-hopefuls-brave-tougher-market-investor-scrutiny-grows-2026-09-25/
• Wall Street's Hopes for a Blockbuster IPO Season Are Fading (The Wall Street Journal, September 29, 2026): https://www.wsj.com/finance/stocks/wall-streets-hopes-for-a-blockbuster-ipo-season-are-starting-to-fade-1bb8f8db
• SB Energy, Inc. filing list (SEC EDGAR, checked October 4, 2026): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2133037&type=&dateb=&owner=include&count=40
• Holtec Nuclear Corporation, Request for Withdrawal of Registration Statement on Form S-1 (SEC EDGAR, September 25, 2026): https://www.sec.gov/Archives/edgar/data/2104277/000119312526402799/d40440drw.htm
• Nuclear firm Holtec withdraws US IPO filing after suspending offering (Reuters via TradingView, September 25, 2026): https://www.tradingview.com/news/reuters.com,2026:newsml_L4N45H14U:0-nuclear-firm-holtec-withdraws-us-ipo-filing-after-suspending-offering/
• NSCALE Ltd, Form S-1 (SEC EDGAR, September 18, 2026): https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/0001193125-26-395475-index.htm
• TRex Bio, Inc., Form S-1 (SEC EDGAR, September 18, 2026): https://www.sec.gov/Archives/edgar/data/2139097/000119312526395671/0001193125-26-395671-index.htm
• Iambic Therapeutics, Inc., Form S-1 (SEC EDGAR, September 21, 2026): https://www.sec.gov/Archives/edgar/data/1997038/000119312526396704/0001193125-26-396704-index.htm
• NSCALE Ltd filing list (SEC EDGAR, checked October 4, 2026): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2110365&type=&dateb=&owner=include&count=40
• TRex Bio, Inc. filing list (SEC EDGAR, checked October 4, 2026): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2139097&type=&dateb=&owner=include&count=40
• Iambic Therapeutics, Inc. filing list (SEC EDGAR, checked October 4, 2026): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1997038&type=&dateb=&owner=include&count=40
• Anthropic's IPO prospectus shows sweeping AI vision, surging costs (Reuters, September 28, 2026): https://www.reuters.com/business/finance/anthropics-ipo-prospectus-shows-sweeping-ai-vision-surging-costs-2026-09-28/
• SEC EDGAR company search for "Anthropic" (checked October 4, 2026; the results are investment funds, none is Anthropic itself): https://www.sec.gov/cgi-bin/browse-edgar?company=anthropic&owner=exclude&action=getcompany
• Sam Altman says OpenAI will delay its IPO until it overcomes safety concerns (Financial Times, September 29, 2026): https://www.ft.com/content/211d10ae-cf9e-481d-99ed-0321d2eb0676
• OpenAI delayed its IPO. That makes private investors happy (Marketplace, September 30, 2026): https://www.marketplace.org/story/2026/09/30/openais-delayed-ipo-means-more-reliance-on-private-investment
• Airtel Money Announcement of Offer Price (Airtel Mobile Commerce N.V. regulatory announcement via TradingView, October 1, 2026): https://www.tradingview.com/news/reuters.com,2026-10-01:newsml_RSA1662Xa:0-reg-airtel-mobile-comm-airtel-money-announcement-of-offer-price/
• Airtel Money Sets IPO Price at £1.96 Per Share, Valuing Company at £5.3 Billion (TechAfrica News, October 1, 2026): https://techafricanews.com/2026/10/01/airtel-money-sets-ipo-price-1-96-per-share-valuing-company-5-3-billion/
• Egypt's first fintech unicorn plans to sell 20% of local business in Cairo stock market debut (Business Insider Africa, October 2, 2026): https://africa.businessinsider.com/local/markets/egypts-first-fintech-unicorn-plans-to-sell-20-of-local-business-in-cairo-stock-market/44337h1
• SK hynix weighs Solidigm IPO, pledges to protect shareholder value (Chosun Biz, October 1, 2026): https://biz.chosun.com/en/en-it/2026/10/01/AKSXH2FR7ZGUJETBBRO4PJ265Y/
• SK Hynix says Solidigm IPO remains undecided as AI storage demand drives investment (DigiTimes, October 2, 2026): https://www.digitimes.com/news/a20261002VL203/sk-hynix-solidigm-investment-ipo-demand.html
• Has the deal closed? (Headspace Help Center, checked October 4, 2026): https://help.headspace.com/hc/en-us/articles/56582692601115-Has-the-deal-closed
• Agility Robotics, Inc. and Churchill Capital Corp XI, Form S-4/A (SEC EDGAR, September 30, 2026): https://www.sec.gov/Archives/edgar/data/2074973/000121390026105334/0001213900-26-105334-index.htm
• Nu Holdings Ltd. Statement Regarding Media Reports, Form 6-K (SEC EDGAR, September 30, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426004752/nu20260930_6k.htm
• Monzo courts private equity after Nubank walks away (Financial Times, October 2, 2026): https://www.ft.com/content/57de6604-70a9-413a-a381-9ba82ec202ec
• Kalshi Finalizing New Funding at $40 Billion Value Ahead of IPO (Bloomberg, September 30, 2026): https://www.bloomberg.com/news/articles/2026-09-30/kalshi-finalizing-new-funding-at-40-billion-value-ahead-of-ipo
• Confidential submission of draft S-1 to the SEC (OpenAI, June 8, 2026): https://openai.com/index/openai-submits-confidential-s-1/
• US IPO Week Ahead: Quiet start for the 4Q IPO market as Anthropic looms (Renaissance Capital, October 2, 2026): https://www.renaissancecapital.com/IPO-Center/News/122034/US-IPO-Week-Ahead-Quiet-start-for-the-4Q-IPO-market-as-Anthropic-looms
• Jio Platforms IPO likely by October-end; $3.8 billion issue, $143-146 billion company valuation: Report (The Times of India, October 4, 2026): https://timesofindia.indiatimes.com/business/india-business/jio-platforms-ipo-likely-by-october-end-3-8-billion-issue-143-146-billion-company-valuation-report/articleshow/134673660.cms

Sources for the October 9 updates

• TRexBio Announces Pricing of Initial Public Offering (TRex Bio, Inc. via GlobeNewswire, published 01:29 UTC on October 9, 2026, dated October 8 in New York): https://www.globenewswire.com/news-release/2026/10/09/3377793/0/en/trexbio-announces-pricing-of-initial-public-offering.html
• TRex Bio, Inc., Form S-1/A (SEC EDGAR, October 5, 2026): https://www.sec.gov/Archives/edgar/data/2139097/000119312526413060/0001193125-26-413060-index.htm
• TRex Bio, Inc., Notice of Effectiveness (SEC EDGAR, October 8, 2026): https://www.sec.gov/Archives/edgar/data/2139097/999999999526003188/9999999995-26-003188-index.htm
• TRex Bio, Inc. filing list (SEC EDGAR, checked October 9, 2026): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2139097&type=&dateb=&owner=include&count=40
• Iambic Therapeutics, Inc., Form S-1/A (SEC EDGAR, October 8, 2026): https://www.sec.gov/Archives/edgar/data/1997038/000119312526417416/0001193125-26-417416-index.htm
• Small molecule biotech Iambic Therapeutics sets terms for $150 million IPO (Renaissance Capital, October 8, 2026): https://www.renaissancecapital.com/IPO-Center/News/122117/small-molecule-biotech-iambic-therapeutics-sets-terms-for-150-million-ipo
• DayOne Data Centers Ltd, Form F-1 (SEC EDGAR, October 5, 2026): https://www.sec.gov/Archives/edgar/data/2118192/000119312526414188/0001193125-26-414188-index.htm
• Airtel Money Announcement of Final Offer Details (Airtel Mobile Commerce N.V. regulatory announcement, RNS 2573Y, via TradingView, October 9, 2026): https://www.tradingview.com/news/reuters.com,2026-10-09:newsml_RSI2573Ya:0-reg-airtel-mobile-comm-airtel-money-announcement-of-final-offer-details/
• Airtel Money makes muted London trading debut (Reuters, October 9, 2026): https://www.reuters.com/business/airtel-money-makes-muted-london-trading-debut-2026-10-09/
• MNT-Halan opens $150 million IPO at EGP 24.5 a share (Billionaires.Africa, October 7, 2026): https://www.billionaires.africa/2026/10/07/fintech-founder-mounir-nakhlas-mnt-halan-opens-egypts-biggest-ipo-in-years/
• Ambani's Jio Said to Set IPO Price Band at 1,065-1,119 Rupees (Bloomberg, October 9, 2026): https://www.bloomberg.com/news/articles/2026-10-09/ambani-s-jio-said-to-set-ipo-price-band-at-1-065-1-119-rupees
• Jio Platforms IPO: Rs 37,700 crore issue likely to open on Oct 21 (The Economic Times, October 6, 2026): https://economictimes.indiatimes.com/markets/ipos/fpos/jio-platforms-plans-indias-largest-ipo-at-rs-37700-crore-around-dussehra/articleshow/134720381.cms
• Anthropic Targets Mega-IPO Before Thanksgiving Holiday (Bloomberg, October 1, 2026): https://www.bloomberg.com/news/articles/2026-10-01/anthropic-said-to-target-mega-ipo-before-thanksgiving-holiday
• Anthropic Said to Plan Pre-IPO Investor Day as Listing Nears (Bloomberg, October 1, 2026): https://www.bloomberg.com/news/articles/2026-10-01/anthropic-is-said-to-plan-pre-ipo-investor-day-as-listing-nears
• Enhanced Accommodations for Issuers Submitting Draft Registration Statements (SEC Division of Corporation Finance, March 3, 2025): https://www.sec.gov/about/divisions-offices/division-corporation-finance/draft-registration-statement-processing-procedures-expanded
• SEC EDGAR company search for "Anthropic" (checked October 9, 2026; the results are investment funds and special purpose vehicles): https://www.sec.gov/cgi-bin/browse-edgar?company=anthropic&owner=exclude&action=getcompany
• SK Hynix's Flash Memory Unit Said to Pick Banks for 2027 US IPO (Bloomberg, October 7, 2026): https://www.bloomberg.com/news/articles/2026-10-07/sk-hynix-s-solidigm-is-said-to-pick-banks-for-us-ipo-next-year
• Solidigm Selects Underwriters for U.S. IPO Push (The Chosun Daily, October 8, 2026): https://www.chosun.com/english/industry-en/2026/10/08/64UGE5QDVZCSFKS2NYRIL3WVFY/
• NSCALE Ltd filing list (SEC EDGAR, checked October 9, 2026): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2110365&type=&dateb=&owner=include&count=40
• Oura Inc. filing list (SEC EDGAR, checked October 9, 2026): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2133022&type=&dateb=&owner=include&count=40
• SB Energy, Inc. filing list (SEC EDGAR, checked October 9, 2026): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2133037&type=&dateb=&owner=include&count=40