US IPO Market Enters Year-End Rush as AI Firms Including Anthropic Ready Listings

The US initial public offering market is entering a year-end rush as several high-profile artificial intelligence companies prepare to list, led by Anthropic’s plans for a blockbuster deal that could rival some of the largest offerings in history. Activity, which picked up after the Labor Day holiday, now includes potential IPO candidates such as AI cloud computing company Nscale, power supplier Aggreko and consumer health technology company Oura Health.

“AI-related sectors such as data centers, power and cooling infrastructure, and consumer healthcare could attract investor interest,” said Ajay Shah, chairman of Deutsche Bank’s technology investment banking division.

Context and details

Anthropic is the most closely watched candidate, pursuing an offering that Bloomberg reported could match or exceed the more than $86 billion offering size reached by Elon Musk’s SpaceX in June. Discussions around Anthropic’s valuation have reached roughly $2 trillion, a figure that, if realized, would put the deal among the largest IPOs on record. OpenAI is also said to be poised to seek a market debut this year or next, which would similarly rank among the biggest public listings.

Market participants are weighing these large debut plans against notable macroeconomic and geopolitical headwinds. Rising oil prices, ongoing conflicts in the Middle East and Ukraine, and the possibility of additional interest-rate increases are cited as obstacles that could cool appetite for new issues. Some companies are reportedly delaying listings until conditions improve, while others judge the current environment sufficient to proceed.

Matt Kennedy, chief strategist at Renaissance Capital, said investors’ acceptance of high valuations in past large IPOs provides a framework for current deals. “Lofty valuations for large IPOs do not automatically signal a bubble. Investors accepted SpaceX’s high valuation because it reflected the company’s long-term earnings potential. Anthropic could use the same logic to justify a valuation of about $2 trillion,” Kennedy said, highlighting the role of perceived long-term fundamentals in valuing flagship AI entrants.

Near-term outlook

Underwriters and bankers are likely to push to complete deals before year-end if market windows remain open, particularly for names tied to the AI investment theme. Ajay Shah’s assessment points to investor demand not just for pure-play AI software firms but for adjacent infrastructure and consumer-facing healthcare technologies that benefit from AI-driven growth—areas represented by prospective issuers such as Nscale, Aggreko and Oura Health.

• Key players actively preparing filings: Anthropic, OpenAI (timing uncertain), Nscale, Aggreko, Oura Health.
• Potential headline figures: Anthropic targeting an offering comparable to the $86 billion SpaceX deal; valuation discussions around ~$2 trillion.
• Principal headwinds: rising oil prices, wars in the Middle East and Ukraine, and possible additional interest-rate hikes.

If the market sustains its year-end momentum, 2026 could close with several marquee AI-related listings that reshape investor allocations to data centers, power and cooling infrastructure, and consumer healthcare technology. If conditions deteriorate, however, some planned debuts are likely to be postponed into 2027.