U.S. IPO Recap Week of 11/6/2026

Period: November 2–6, 2026

Coverage: Traditional operating-company IPOs on U.S. exchanges and consequential U.S. equity offerings of at least $100 million.

Anthropic eyes an $80–$100 billion IPO at a $1.25–$1.75 trillion valuation

Anthropic (proposed Nasdaq ticker ANT) is expected to begin trading November 20, according to IPO Prophet®. On November 6, the Financial Times reported an $80–$100 billion raise at a $1.25–$1.75 trillion valuation, citing investors. These are reported expectations: the November 2 S-1 amendment did not set a share count or price range.

The amended filing showed $17 billion in quarterly revenue and a $23.3 billion net loss. It also disclosed $895.4 billion in computing and infrastructure commitments, with $70 billion due within 12 months. The valuation hinges on whether revenue growth can translate into durable margins and cash flow against that spending.

At the reported range extremes, gross deal size would equal roughly 4.6%–8.0% of the indicated equity value. That is not a float estimate. Check the primary and secondary split, lockups and actual tradable supply. Scarcity can lift the first print, but institutional bids that hold after the opening imbalance clears are a better test than FOMO alone.

No IPOs priced as OPay confirms termination

This week there were no IPOs priced.

No qualifying IPO priced or began trading. OPay’s Form 6-K, filed November 2, confirms that the company and its underwriters terminated the October 29 underwriting agreement after a regulatory inquiry. The $304 million offering did not close, and its ADSs did not open on the NYSE. This resolves the uncertainty in last week’s recap. Unlike BATS in 2012, OPay cited a regulatory inquiry, not an exchange-system failure.

Weekly scorecard

Oracle raised $10 billion in common equity

Oracle priced 86.21 million new shares at $116 on November 2 and closed the offering November 4. The price was 11.2% below the October 30 reference close of $130.67. The concurrent $10 billion senior-note sale was separate from the equity raise. The discount and the roughly 2.9% increase in shares outstanding versus the prospectus baseline matter more for the stock than the combined $20 billion headline. The deal shows that a seasoned issuer can place substantial equity at a discount; it does not establish that institutions will pay up for new listings.

Two launches test the window next

IPO Prophet® showed 41 (Warm). Rezera filed for 16.67 million shares at $11–$13 on November 5 ($200 million at midpoint; Nasdaq; Jefferies, TD Cowen and Cantor among the bookrunners). IPO Prophet® lists November 12 as expected trading. vVARDIS filed for 9.52 million primary shares at $21–$24 on November 6 ($214.3 million at midpoint; NYSE), with Goldman Sachs and J.P. Morgan leading. Neither deal priced this week.

Rezera tests specialist appetite for clinical risk; vVARDIS tests demand for commercial dental products. Book coverage and allocation breadth were not publicly confirmed. On each deal, compare shares actually available to trade with institutional demand at the final price. A tight float can amplify the opening move, but sustained trading above issue would tell us more than the initial imbalance.

Q4 ECM watchlist and Q3 carryovers

Proposed tickers are shown where available. Public registration does not mean a deal has launched. Sizes remain unconfirmed unless terms are shown; no unfiled name is assigned a deal date.