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IPO Pipeline Brief, Issue #1

Published September 26, 2026 · Segmara Research

September 26, 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.

This week in one minute

• Oura set IPO terms on September 21, 2026: $40 to $44 per share, a $2.0 billion to $2.2 billion deal; pricing is expected the week of September 28, 2026, on Nasdaq (ticker OURA), per Renaissance Capital and MEXC.
• Nscale filed a Form S-1 for a proposed US IPO on September 18, 2026, disclosing 1,252 percent revenue growth in the first half of 2026, per Reuters; no listing date, exchange, or price range is set.
• SK Hynix's Solidigm is weighing an IPO of its NAND and SSD unit at up to $150 billion, with a listing possible as early as 2027, Reuters reported September 25, 2026; no filing has been made.
• Altera, the Intel spinout majority owned by Silver Lake, confidentially filed for a US IPO on September 15, 2026, per Reuters and Bloomberg, after a September 10, 2026 Reuters report that the raise could exceed $2 billion.
• Kalshi faces new legal risk before any listing: the 6th US Circuit Court of Appeals ruled September 25, 2026 that Ohio and Tennessee can regulate its event contracts as gambling, even as a Pitchbook analysis cited by Fortune on September 24, 2026 put its potential IPO value at up to $42 billion.

Filings and pricings

Public S-1 or F-1 on file, United States

• Oura, Nasdaq ticker OURA: filed its S-1 September 3, 2026, disclosing $1,214.5 million in nine-month revenue, up 74 percent year over year, per Reuters. Amendment No. 1, filed September 21, 2026, set a $40 to $44 range on 50 million shares, only 13.5 million of them new company shares, a $2.0 billion to $2.2 billion deal. Pricing is expected the week of September 28, 2026, per Renaissance Capital and MEXC; that week has not arrived and no price is final.
• Nscale, proposed US listing: filed a Form S-1 September 18, 2026, naming Microsoft and Anthropic as customers, largest customer at 52 percent of first half revenue, and not naming ByteDance. Reuters cited a CNBC estimate near $30 billion on filing day; Fortune reported a target nearer $35 billion September 23, 2026. No listing date, exchange, or price range is set.
• Iambic Therapeutics, proposed Nasdaq ticker IAM: Reuters reported September 21, 2026 that the Nvidia and Qatar Investment Authority backed drug discovery company filed for a Nasdaq IPO; MobiHealthNews confirmed it September 23, 2026; the filing has not been independently reviewed as public on SEC EDGAR. No listing date is set. Lead candidate IAM1363 remains in an open label Phase 1/1b study, not a registrational trial.

Confidential filings, not yet public

• Altera: confidentially filed for a US IPO September 15, 2026, per Reuters and Bloomberg. No S-1 or F-1 appears on SEC EDGAR. An earlier Reuters report, September 10, 2026, said the raise could exceed $2 billion, naming Barclays, Citigroup, JPMorgan, and Morgan Stanley as underwriters, with a listing possibly as soon as late 2026. Silver Lake owns 51 percent and Intel 49 percent, from a 2025 deal valuing Altera at $8.75 billion.
• Anthropic: confirmed a confidential filing June 1, 2026; as of September 25, 2026 it remains confidential and unfiled publicly. Bloomberg and Reuters reported September 13, 2026 that Anthropic selected Nasdaq. A report relayed by Reuters August 27, 2026 points to a public prospectus after Labor Day and a possible late September or early October listing; treat that as reporting, not company confirmation.
• Kraken, Payward Inc.: confidentially submitted a draft registration statement November 19, 2025. No public S-1 has appeared on SEC EDGAR. CoinDesk reported September 2, 2026 that Payward now targets Q2 2027 at the earliest, replacing an open ended pause reported in March 2026.

Non-US listings and other pre-filing signals

• Moonshot AI: confidentially filed with the Hong Kong Stock Exchange September 3, 2026, per Reuters and The Wall Street Journal, seeking about $3 billion at roughly a $50 billion valuation. That sits under Hong Kong Stock Exchange disclosure rules, not SEC EDGAR, which covers only US filings.
• DeepSeek: has not filed anywhere. Reuters reported September 9, 2026 that DeepSeek engaged CITIC Securities to prepare a domestic IPO on the Shanghai Stock Exchange's STAR Market, under China Securities Regulatory Commission rules, and could begin the process this year.
• Solidigm, SK Hynix subsidiary: no filing anywhere. Reuters reported September 25, 2026 that SK Hynix is weighing an IPO valuing the unit at up to $150 billion, with a listing possible as early as 2027; no exchange or regulator is named.
• Humain: no filing with the SEC or any regulator. Fortune's Gulf Brief reported September 9, 2026 that CEO Tareq Amin is hiring staff for a dual Saudi Arabia and New York listing, a plan first floated October 2025, targeting around 2029. Any US leg files with the SEC; any Saudi leg goes through Saudi regulators, outside EDGAR's coverage.
• OpenAI: no filing exists. CEO Sam Altman told Fortune September 12, 2026 the IPO will not happen in 2026, citing AI safety concerns; NPR reported the same day the delay coincided with Anthropic CEO Dario Amodei's essay urging companies to pace the frontier of AI development.

Changed since our last review

Deals and acquisitions

• Dragos: Accenture's majority investment, agreed June 18, 2026 at a $3.25 billion valuation, closed September 21, 2026, per SecurityWeek, the same day Dragos completed its runZero and NetRise acquisitions, about $4.18 billion combined, with Robert M. Lee named board chairman.
• Altruist: the Vanguard acquisition, a $4.6 billion cash deal agreed August 26, 2026, remains pending regulatory approval, still expected to close before year end, per InvestmentNews, September 24, 2026.
• Cohere: signed a definitive merger with Germany's Aleph Alpha September 16, 2026; the combined company operates as Cohere, dual headquarters in Toronto and Berlin, subject to regulatory approval.
• Stripe: abandoned its roughly $53 billion bid for PayPal, Bloomberg reported August 28, 2026; it separately agreed August 19, 2026 to acquire OpenRouter, a deal The New York Times put at about $7.5 billion.
• Crusoe: closed a $3.9 billion Series F September 17, 2026 at a $30.9 billion valuation, per TechCrunch, and added three board members, including Cloudflare CFO Thomas Seifert.

Legal and regulatory

• Kalshi: the 6th US Circuit Court of Appeals ruled September 25, 2026 that Ohio and Tennessee can regulate its event contracts as gambling, raising the odds of Supreme Court review.
• Polymarket: New York's Attorney General sued Polymarket US September 24, 2026, alleging unlicensed gambling, per CNBC; Polymarket removed the case to federal court and countersued, arguing states cannot regulate its CFTC registered contracts as gambling.
• Groq: Reuters reported September 9, 2026 that the US Department of Justice is investigating whether Nvidia structured its Groq licensing deal to avoid antitrust scrutiny.
• Suno: Universal Music Group and Sony Music filed a second copyright suit September 18, 2026, per The Hollywood Reporter, alleging Suno's new v6 model was built using knowledge distillation from its earlier, allegedly infringing models.

Funding and valuation marks

• Mistral AI closed a 3 billion euro, about $3.5 billion, Series D September 8, 2026 above a $24 billion valuation, led by Samsung; CEO Arthur Mensch said September 13, 2026 an eventual IPO could preserve independence.
• Higgsfield AI's revenue pace implies an annualized run rate above $1 billion, Bloomberg reported September 24, 2026.
• Precision Neuroscience closed an oversubscribed $250 million Series D, co-led by Bill Ackman's Pershing Square, total funding $430 million, per MassDevice, September 24, 2026.
• SambaNova's secondary Forge Price fell 18.18 percent in a month to imply a roughly $5.79 billion valuation, Benzinga reported September 23, 2026, about 47 percent below its July Series F mark.
• Ramp is in early talks for a new round near a $60 billion valuation, Bloomberg reported September 8, 2026, up from $44 billion in June.
• Ayar Labs added $150 million in funding, bringing 2026 capital to $650 million, with Wiwynn joining as a backer, per a September 10, 2026 announcement.
• Thinking Machines Lab is in talks to raise $1 billion at a valuation of at least $40 billion, Accel leading, TechCrunch reported September 3, 2026, citing The Information.
• Shield AI is in talks for a round at a valuation of at least $20 billion, The Information reported September 14, 2026, up roughly 60 percent from its $12.7 billion March Series G.
• Lambda is reportedly in talks to raise up to $3 billion at a $12 billion plus valuation, Bloomberg reported August 24, 2026, which could set up a possible IPO as soon as 2027; rival Nscale already filed its US IPO September 18, 2026, per Reuters.
• Canva's backers marked its valuation down about 17 percent to roughly $35 billion, the Australian Financial Review reported August 14, 2026; Blackbird is separately weighing a stake sale at about $30 billion, per AFR, August 28, 2026.
• Aalo Atomics is nearing a Series C above $500 million, Bloomberg reported September 25, 2026, after its last disclosed round, a $100 million Series B in August 2025.
• Databricks closed a $5 billion round August 13, 2026 at a $190 billion valuation; CEO Ali Ghodsi told CNBC he expects an IPO, not in 2026, pointing to 2027, per TechTarget.
• Kraken parent Payward: Nasdaq Ventures agreed September 10, 2026 to invest $100 million at a $21 billion valuation, part of a partnership targeting tokenized Nasdaq Equity Tokens in Q2 2027, per crypto.news.

What to watch next

• Oura: pricing expected week of September 28, 2026, Nasdaq, per Renaissance Capital and MEXC.
• Anthropic: Reuters relayed a report, August 27, 2026, of a public prospectus after Labor Day and a possible late September or early October 2026 listing; unconfirmed by the company.
• Altera: a listing possibly as soon as late 2026, per Reuters, September 10, 2026.
• DeepSeek: could begin its Shanghai STAR Market process this year, per Reuters, September 9, 2026.
• Altruist and Vanguard: deal still expected to close before year end, per InvestmentNews, September 24, 2026.
• Lambda and Solidigm: both flagged as possible 2027 listings, per Bloomberg (August 24, 2026) and Reuters (September 25, 2026).
• Kraken, Payward: targeting Q2 2027 at the earliest, per CoinDesk, September 2, 2026.
• Databricks: CEO Ali Ghodsi points to a 2027 window, not 2026, per TechTarget, August 14, 2026.
• Kalshi: people close to the company place any listing in late 2027 or 2028 at the soonest.
• Humain: targeting a dual Saudi Arabia and New York listing around 2029, first floated October 2025, per Fortune, September 9, 2026.

Sources

• Smart Ring Maker Oura Reveals Revenue Surge in US IPO Filing (Reuters, September 3, 2026): https://www.reuters.com/business/smart-ring-maker-oura-files-us-ipo-2026-09-03/
• Nscale Files Registration Statement for Proposed Initial Public Offering (Nscale, September 18, 2026): https://www.nscale.com/press-releases/nscale-files-initial-public-offering
• Nvidia-Backed AI Cloud Firm Nscale Reveals Revenue Surge in US IPO Filing (Reuters via The News Tribune, September 18, 2026): https://www.thenewstribune.com/news/business/article317300051.html
• Nscale's $35 Billion IPO Is Heavily Dependent on ByteDance's Access to Nvidia's Chips (Fortune, September 23, 2026): https://fortune.com/2026/09/23/nscale-35-billion-ipo-bytedance-nvidia-chips/
• Nscale Files for U.S. IPO, Discloses 1,252% Revenue Growth (Reuters, September 18, 2026): https://www.reuters.com/technology/ai-cloud-firm-nscale-files-us-ipo-2026-09-18/
• Chipmaker Altera Confidentially Files for US IPO as Investors Gauge AI Demand (Reuters, September 15, 2026): https://www.reuters.com/business/chipmaker-altera-confidentially-files-us-ipo-2026-09-15/
• Intel-Backed Chipmaker Altera Files Confidentially for IPO (Bloomberg, September 15, 2026): https://www.bloomberg.com/news/articles/2026-09-15/intel-backed-chipmaker-altera-files-confidentially-for-ipo
• Silver Lake, Intel-Backed Altera Prepares IPO That Could Raise Over $2 Billion (Reuters via WHBL, September 10, 2026): https://whbl.com/2026/09/10/exclusive-silver-lake-intel-backed-altera-prepares-ipo-that-could-raise-over-2-billion-as-early-as-2026-sources-say/
• Nvidia, QIA-Backed Iambic Therapeutics Files for US IPO as Biotech Boom Rolls On (Reuters via WHBL, September 21, 2026): https://whbl.com/2026/09/21/nvidia-qia-backed-iambic-therapeutics-files-for-us-ipo-as-biotech-boom-rolls-on/
• NVIDIA-Backed Iambic Therapeutics Files for IPO (MobiHealthNews, September 23, 2026): https://www.mobihealthnews.com/news/nvidia-backed-iambic-therapeutics-files-ipo
• Chinese AI Firm Moonshot Files Confidentially for Hong Kong IPO, Sources Say (Reuters, September 3, 2026): https://www.reuters.com/world/asia-pacific/chinese-ai-firm-moonshot-files-confidentially-hong-kong-ipo-sources-say-2026-09-03/
• China's Moonshot AI Confidentially Filed Hong Kong IPO (The Wall Street Journal, September 3, 2026): https://www.wsj.com/tech/ai/chinas-moonshot-ai-confidentially-filed-hong-kong-ipo-28f8b5df
• China's DeepSeek Taps CITIC Securities for Domestic IPO, Sources Say (Reuters, September 9, 2026): https://www.reuters.com/world/chinas-deepseek-taps-citic-securities-domestic-ipo-sources-say-2026-09-09/
• Chinese AI Firm DeepSeek Taps Underwriters for IPO: Sources (SCMP, September 9, 2026): https://www.scmp.com/tech/tech-trends/article/3366948/chinese-ai-firm-deepseek-taps-underwriters-including-citic-securities-ipo-sources
• SK Hynix's Solidigm Weighs IPO That Could Value the Unit at Up to $150 Billion, Sources Say (Reuters, September 25, 2026): https://www.reuters.com/world/sk-hynixs-solidigm-weighs-ipo-that-could-value-the-unit-up-150-billion-sources-2026-09-25/
• Saudi's Humain Is Planning an IPO and a $2.5 Billion Fund to Fuel Its Expansion Plans (Fortune, September 9, 2026): https://fortune.com/2026/09/09/saudi-humain-planning-ipo-2-5-billion-fund-expansion-plans-moove-adgm/
• Anthropic Said to Choose Nasdaq for Much-Anticipated IPO Listing (Bloomberg, September 13, 2026): https://www.bloomberg.com/news/articles/2026-09-13/anthropic-said-to-choose-nasdaq-for-much-anticipated-ipo-listing
• Bill Ackman Takes a Jab at Anthropic's S-1 Filing (Yahoo Finance, September 25, 2026): https://finance.yahoo.com/technology/ai/articles/bill-ackman-takes-jab-anthropics-113010660.html
• Kraken Parent Payward Pushes IPO Back to Mid 2027 at Earliest (CoinDesk, September 2, 2026): https://www.coindesk.com/business/2026/09/02/kraken-parent-payward-pushes-ipo-back-to-mid-2027-at-earliest
• Nasdaq Invests $100 Million in Kraken Parent Payward at $21 Billion Valuation (crypto.news, September 10, 2026): https://crypto.news/nasdaq-invests-100-million-in-kraken-parent-payward-at-21-billion-valuation/
• Dragos Completes NetRise and runZero Acquisitions Following Accenture Deal (SecurityWeek, September 21, 2026): https://www.securityweek.com/dragos-completes-netrise-and-runzero-acquisitions-following-accenture-deal/
• Altruist Opens Pre-IPO Deals to RIA Clients as AI Listings Loom (InvestmentNews, September 24, 2026): https://www.investmentnews.com/goria/custodian/altruist-opens-pre-ipo-deals-to-ria-clients-as-ai-listings-loom/268348
• Cohere and Aleph Alpha Sign Merger Agreement to Combine as Cohere (Reuters via Investing.com, September 16, 2026): https://www.investing.com/news/stock-market-news/cohere-aleph-alpha-combine-to-target-enterprise-ai-market-4903867
• Stripe and Advent Offer More Than $53 Billion for PayPal (CNBC, July 15, 2026): https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html
• Advent-Stripe Consortium Is Said to Drop Pursuit of PayPal (Bloomberg, August 28, 2026): https://www.bloomberg.com/news/articles/2026-08-28/advent-stripe-consortium-is-said-to-drop-pursuit-of-paypal
• Stripe Agrees to Acquire OpenRouter (Stripe Newsroom, August 19, 2026): https://stripe.com/newsroom/news/stripe-agrees-to-acquire-openrouter
• Crusoe Raises $3.9B to Build Massive Data Centers and Small Modular AI Factories (TechCrunch, September 17, 2026): https://techcrunch.com/2026/09/17/crusoe-raises-3-9b-to-build-massive-data-centers-and-small-modular-ai-factories/
• US Appeals Court Rules Against Kalshi, Says States Can Regulate Prediction Markets (Reuters, September 25, 2026): https://www.reuters.com/business/finance/us-appeals-court-rules-against-kalshi-says-states-can-regulate-prediction-2026-09-25/
• Kalshi Valuation Could Reach $42 Billion in Potential IPO (Fortune, September 24, 2026): https://fortune.com/2026/09/24/kalshi-valuation-42-billion-ipo/
• New York Sues Polymarket U.S., Two Months After Filing Suit Against Kalshi (CNBC, September 24, 2026): https://www.cnbc.com/2026/09/24/new-york-sues-polymarket-us-two-months-after-filing-suit-against-kalshi-.html
• US Justice Department Probes Nvidia's Licensing Deal With AI Startup Groq, NYT Reports (Reuters, September 9, 2026): https://www.reuters.com/legal/litigation/us-doj-probes-nvidias-licensing-deal-with-ai-startup-groq-nyt-reports-2026-09-10/
• UMG, Sony Music File Second Lawsuit Against Suno (The Hollywood Reporter, September 18, 2026): https://www.hollywoodreporter.com/music/music-industry-news/umg-sony-music-file-second-lawsuit-against-suno-1236705369/
• Mistral AI Exceeds $24 Billion Valuation After Samsung-Led Investment Round (The Wall Street Journal, September 8, 2026): https://www.wsj.com/tech/ai/mistral-ai-exceeds-24-billion-valuation-after-samsung-led-investment-round-ea377b82
• Mensch Says an Eventual Mistral IPO Could Preserve Independence (Investing.com via Bloomberg, September 13, 2026): https://finance.yahoo.com/technology/ai/articles/french-ai-boom-exposes-europe-102055012.html
• Higgsfield Says It Tops $1 Billion Run Rate (Bloomberg, September 24, 2026): https://www.bloomberg.com/news/articles/2026-09-24/ai-video-startup-higgsfield-eyes-1-billion-in-12-month-sales
• Precision Neuroscience Raises $250M in Series D for Its BCI (MassDevice, September 24, 2026): https://www.massdevice.com/precision-neuroscience-raises-250m-in-series-d-for-its-bci/
• SambaNova Shares Slide 18% in a Month as AI Chip Startup Trades Well Below Latest Valuation (Benzinga, September 23, 2026): https://www.benzinga.com/markets/private-markets/26/09/61955887/sambanova-shares-slide-18-in-a-month-as-ai-chip-startup-trades-well-below-latest-valuation
• Ramp in Talks for New Funding at $60 Billion Valuation (Bloomberg, September 8, 2026): https://www.bloomberg.com/news/articles/2026-09-08/ramp-in-talks-for-new-funding-at-60-billion-valuation
• Ayar Labs Expands 2026 Funding to $650 Million With Wiwynn Investment (Business Wire via Yahoo Finance, September 10, 2026): https://finance.yahoo.com/technology/ai/articles/ayar-labs-expands-2026-funding-120000834.html
• Accel in Talks to Lead $1 Billion Round for Thinking Machines Lab at $40 Billion Valuation (TechCrunch, September 3, 2026): https://techcrunch.com/2026/09/03/accel-reportedly-in-talks-to-lead-1b-round-for-thinking-machines-at-40b-valuation/
• Defense Startup Shield AI in Talks for Valuation of At Least $20 Billion (The Information, September 14, 2026): https://www.theinformation.com/articles/defense-startup-shield-ai-talks-valuation-least-20-billion
• Canva's Big Backers Slash $10B From Software Giant Amid AI Pivot (Australian Financial Review, August 14, 2026): https://www.afr.com/technology/canva-s-big-backers-slash-10b-from-software-giant-amid-ai-pivot-20260813-p60o48
• Blackbird Mulls New Canva Options as VCs Battle Impatient Investors (Australian Financial Review, August 28, 2026): https://www.afr.com/technology/blackbird-mulls-new-canva-options-as-vcs-battle-impatient-investors-20260827-p60s2s
• Aalo Atomics CTO Says Company Is Nearing a Series C Above $500 Million (Bloomberg via Yahoo Finance, September 25, 2026): https://finance.yahoo.com/energy/articles/ai-nuclear-power-push-runs-093014380.html
• IPO "Inevitable" for Databricks After Adding $5B in Funding (TechTarget, August 14, 2026): https://www.techtarget.com/data-technologies/news/366649434/IPO-inevitable-for-Databricks-after-adding-5B-in-funding
• OpenAI's IPO Wait Grows Longer as AI Safety Fears Mount (Fortune, September 14, 2026): https://fortune.com/2026/09/14/openai-ipo-wait-grows-longer-as-ai-safety-fears-mount-cfo/
• OpenAI and Anthropic Face AI Safety Questions After Rogue-Agent Hacks (NPR, September 12, 2026): https://www.npr.org/2026/09/12/nx-s1-5950588/openai-anthropic-ai-safety-researchers-hacks