#74: Fall 2026 IPO Pipeline = Anthropic IPO + OURA Health + Nscale (Neocloud) COMING SOON Prepare NOW

Craig Stevens (0:00)

There's just three notable deals in the fall IPO pipeline. A ringer, a scaler, and a big thinker. Which one do you want to own? An IPO radar news, two exits, and a Greek. Welcome to the Access IPOs Podcast, where we explore opportunities to invest in the world's most innovative and disruptive pre-IPO companies. I'm Craig Stevens, founder of Access IPOs, and just three real notable IPOs in the pipeline right now, at least in the immediate pipeline, but we still don't really have any filings yet. Those filings could drop any day now, including this week. I'm recording this on Thursday. It's possible one drops this afternoon or Friday. You'll see this episode on Saturday. And it's much different than last year. If you recall last year, the week after Labor Day, I called it IPO week because there were six deals that dropped all in the same week. And it turns out those deals didn't perform very well, but they were rushing to get out the door before the government closure, which happened on September 30th or so. This year, we don't have that type of constraint for September. We do have the elections coming up in the beginning of November, but that's not stopping any company from IPOing after the election. The IPO window is open and markets are at all time highs. And for the first six months, we were saying the companies weren't IPOing because there was a vacuum of SpaceX that was taking up all the attention and all the capital. And now the blame is falling largely on Anthropic, but the banks and the issuers always find a reason not to IPO. There's always an excuse, but we do have a few companies that seem to be moving forward. And then, you know, we've talked about several others that could go through in the second half of the year. I did an upcoming IPOs episode, but we're just not getting the clues that we would normally see leading into September. So we can watch for more reports and we can watch for filings to pop up out of nowhere. But the three companies I'm talking about today, we have a pretty good sense that they are coming in the immediate future, September, early October. And the first of those three companies is OURA Health. OURA is a Finland based company. They make the Smart Ring, which is like a smart watch, but it's less intrusive because it's on your finger and not your wrist. And it still does a lot of what an Apple watch will do or a whoop or a Fitbit. We learned this week, there was a report out of Bloomberg that said the maker of Smart Rings that track health, fitness and sleep is seeking to raise as much as 3 billion in a US. IPO. And it says the company's IPO could take place as soon as in September and value at more than 16 billion. And it says existing investors are expected to sell a significant amount of stock in the offering, according to this report. We got a confidential filing from this company on May 21st. We learned at that time that they've hired Goldman Sachs, JP Morgan, Morgan Stanley, Allen & Company and Jefferies. This all came out of Bloomberg, Bailey Lipschultz, Mark Gurman on this report. This one came out on August 24th. So pretty big raise at 3 billion and then that 16 billion dollar valuation. Now, depending on how this is structured, let's say in this article that there's existing shareholders selling. So they may be selling some shares and maybe not raising that full 3 billion. They may raise, say, 2 billion for proceeds of the deal and then maybe sell an extra 1 billion that's exiting investors. And we question sometimes when there are existing shareholders that are selling at the IPO because if you're an existing shareholder, you would want them to hold for the long term. And if they're looking for the exit door, sometimes we ask why that's happening. Maybe they're looking to dump it on retail. They don't think it's going to go up or more likely or more. Hopefully they're selling a small portion of their shares and holding the rest. We won't learn about those numbers until the S1 filing comes out. Obviously, it will be a F1 filing for a foreign company. OURA really has been progressing along the path that we would expect. Doing the right things and getting things in order. With this Bloomberg report saying it's going to go live as early as September, then that filing could drop any day. Usually takes about a month from the initial filing date until the IPO date. It can move faster or slower than a month, but usually within that three to five week period after the initial filing, we get the IPO. So we could have this filing by the time you're watching this show. Could come Monday or early in September for a late September IPO date. I'm sharing my screen now. We're looking at CapLite, the OURA data here, funding rounds. And it looks like the last funding round was a Series E back in October 2025 They raised $900 million at an $11 billion valuation. It's going to be about a year later at about a $16 billion valuation, assuming that valuation holds. Sometimes they float a higher number.