AI IPO Tracker 2026: Every Verified Filing, Pricing, and Listing in the AI Sector

AI IPO Tracker 2026

Last updated: September 26, 2026, 14:00 UTC — Update frequency: within 48 hours of a qualifying filing; full sweep every Monday · Entries: 10 · Coverage window: January 1, 2025 – present | Maintained by: Axis Intelligence Research & Sarah Mitchell

Quick Answer

Four AI-sector IPOs have priced since January 2025: CoreWeave at $40.00, MiniMax at HK$165.00, Cerebras Systems at $185.00, and SpaceX at $135.00. Those three USD offerings raised $82.05 billion in gross proceeds. Nscale filed a public S-1 on September 18, 2026 for an NYSE listing under NSCL. Anthropic’s confidential draft, submitted June 1, has still produced no public filing.

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Key Findings

1. Cerebras Systems priced 30,000,000 Class A shares at $185.00 on May 13, 2026, for gross proceeds of $5,550,000,000, according to its Form 424B4.
2. SpaceX priced 555,555,555 Class A shares at $135.00 on June 11, 2026, for gross proceeds of $74,999,999,925 before the underwriters’ option.
3. Nscale Limited filed a public Form S-1 on September 18, 2026 with the share count and price range left blank, disclosing $140.6 million of revenue for the six months ended June 30, 2026 against a $1,020.1 million net loss.
4. CoreWeave priced at $40.00 in March 2025, below its stated $47.00–$55.00 range — the only downward repricing in the log.
5. Axis Intelligence Research finds a baseline AI IPO Pricing Power Ratio of 1.02 (median) across the four priced offerings, as of September 26, 2026. No offering has priced in 117 days.

How We Curate This List

Definitions are the methodology here, so they come first.

An entry requires a document. Every row in this tracker is anchored to a filing we opened: a Form S-1, an S-1/A, a 424B4, an HKEX listing announcement, or a company notice published under Rule 135 of the Securities Act. A press report that a company “has hired banks” is not an event. It is a rumour with a byline, and it does not enter the log.

What counts as an AI company. We log an issuer if AI is the product or the primary demand driver of the product, in one of four buckets recorded in the ai_classification column:

• pure_play_foundation_model — the core business is training and serving frontier models (OpenAI, Anthropic, MiniMax).
• pure_play_ai_hardware — silicon and systems whose demand is AI workloads (Cerebras Systems).
• ai_infrastructure — compute, data centres, and networking sold primarily to AI buyers (CoreWeave).
• ai_inclusive_conglomerate — a diversified issuer that owns a frontier lab outright and reports it as a segment (SpaceX, after the xAI merger).

That fourth bucket is the contested one, so here is the reasoning in the open. SpaceX’s own prospectus states that its financial statements were recast to include X.AI Holdings Corp., acquired effective February 2, 2026, and it reports an AI segment that generated $3,201 million of revenue in 2025 against a $6,355 million loss from operations. A company that consolidates Grok and X, and discloses AI-segment capital expenditure of $7,723 million in a single quarter, is not adjacent to this sector. It is in it. We log it and we label it, rather than pretending a $1.77 trillion listing has nothing to do with AI.

What counts as an event. Confidential draft S-1 confirmed by the issuer; public S-1 filed; price range set or revised in a filed amendment; final pricing; withdrawal or postponement; lock-up expiry disclosed in a listing document. Secondary listings of already-public issuers, direct listings without a capital raise, and SPAC mergers are excluded and are noted below.

How we date entries. By the document, not the headline. Most trackers date Cerebras to May 14 because that is when the stock traded. We date it to May 13, the prospectus date on the 424B4, and record separately that the underwriters expected to deliver shares on May 15. Where we could not verify a first-trade date from a filed document, the row carries a first_trade_date_not_verified_from_a_filed_document flag rather than a number we could not defend.

Which AI Companies Have Gone Public? The Log

Filter by company, event type, classification, exchange, or pricing disclosure. Every column sorts. The table below and the entries that follow it are the same ten records.

[AXIS_EMBED: ai-ipo-tracker–embed.html — paste into a Custom HTML block here]

Entries are reverse chronological. Every figure below appears as a row in the downloadable CSV.

September 18, 2026 — Nscale files a public S-1 for an NYSE listing

public_s1_filed · United States · NYSE: NSCL

Nscale Limited, a UK-domiciled full-stack AI infrastructure operator spun out of Arkon Energy in May 2024, filed publicly with the share count and price range blank — the standard opening cover. Goldman Sachs, J.P. Morgan and Morgan Stanley lead, with a bookrunner syndicate of eighteen further banks. The company will re-register as Nscale plc before the offering.

The filing is a study in the gap between contracted and collected. Revenue was $140.6 million for the six months to June 30, 2026, up from $10.4 million a year earlier; net loss over the same six months was $1,020.1 million, a margin of −726%. Against that, the company reports $103.4 billion of active and contracted total contract value as of August 31, 2026 — of which $2.6 billion is active. The prospectus defines TCV as revenue across the full committed term measured at signature, which is why a company with $140.6 million of half-year revenue can carry a hundred-billion-dollar backlog line. Two contracts signed in the week before filing account for much of it: up to approximately $44.6 billion from Anthropic for Vera Rubin capacity at the Monarch Compute Campus, signed August 25, and a Figure AI agreement covering up to 100,000 GPUs signed August 24. The S-1 also discloses identified material weaknesses in internal control over financial reporting.

One flag: the company’s own press release and the S-1 cover both say NYSE. Several outlets reported Nasdaq. We log what the filing says. Source: SEC Form S-1, Nscale Limited (primary) · Announcement: Nscale, Files Registration Statement for Proposed Initial Public Offering

July 8, 2026 — MiniMax cornerstone lock-up expires

lock_up_expiry · Hong Kong · HKEX 0100

The six-month lock-up on MiniMax’s fourteen cornerstone investors ended, releasing 16,504,040 Class A shares — 5.34% of issued share capital, and 56.53% of the January offering. The cornerstone book included the Abu Dhabi Investment Authority at 3,065,040 shares and Alisoft China Holding Limited at 1,414,640. We have logged the scheduled date from the allotment announcement; we have not logged any post-expiry disposals, because none has been disclosed in a filing. Source: MiniMax Group Inc., Announcement of Final Offer Price and Allotment Results, HKEXnews (primary)

June 11, 2026 — SpaceX prices the largest IPO on record at $135.00

ipo_pricing · United States · Nasdaq and Nasdaq Texas: SPCX

555,555,555 Class A shares at $135.00, for $74,999,999,925 to the public and $74,499,999,925 in proceeds before expenses. Underwriting was one dollar short of a rounding joke: $0.90 per share, $500,000,000 total, or 67 basis points on a deal this size — roughly a fifth of what CoreWeave paid per share in percentage terms. Musk holds approximately 82.4% of voting power after the offering, and the company will be a controlled company under Nasdaq rules. The AI segment is disclosed separately: $818 million of revenue in Q1 2026 against a $2,469 million loss from operations. Axis Intelligence Research computes an implied market capitalisation at the offer price of $1,765,241,798,625, from the 13,075,865,175 combined Class A and Class B shares stated in the prospectus. Source: SEC Form 424B4, Registration No. 333-296070 (primary) · Range basis: SEC Form S-1/A, June 3, 2026

June 8, 2026 — OpenAI confirms a confidential draft S-1

confidential_s1_confirmed · United States

OpenAI published a four-sentence notice confirming a confidential S-1 submission, saying it expected the filing to leak and was announcing it pre-emptively. No timing, no share count, no price. The notice was issued under Rule 135, which is the regulatory equivalent of clearing your throat: it permits an issuer to say a registration exists without that statement becoming an offer. Source: OpenAI, Confidential submission of draft S-1 to the SEC (primary)

June 1, 2026 — Anthropic confirms a confidential draft S-1

confidential_s1_confirmed · United States

Anthropic, PBC confirmed it had confidentially submitted a draft registration statement on Form S-1 for a proposed IPO of its common stock, one week before OpenAI did the same. The announcement states that the number of shares and the price have not been set, and that any offering depends on market conditions. No public S-1 or S-1/A has appeared on EDGAR as of this update. Source: Anthropic, Anthropic confidentially submits draft S-1 to the SEC (primary)

May 4, 2026 — Cerebras Systems sets a $115–$125 range

price_range_set · United States · Nasdaq Global Select Market: CBRS

Amendment No. 1 to the Form S-1 put numbers on the cover for the first time: 28,000,000 Class A shares at an anticipated $115.00 to $125.00, with a 4,200,000-share over-allotment option. The filing models net proceeds of approximately $3,241.8 million at an assumed $120.00 midpoint. Nine days later the deal priced at $185.00. This entry exists because the PPR depends on it — a ratio whose denominator is unsourced is an opinion, and this is the document that makes 1.54 checkable. Source: SEC Form S-1/A, Amendment No. 1 (primary)

May 13, 2026 — Cerebras Systems prices at $185.00, far above its launch range

ipo_pricing · United States · Nasdaq Global Select Market: CBRS

30,000,000 Class A shares at $185.00, gross proceeds $5,550,000,000, net proceeds an estimated $5,408.5 million. The range was set in a filed amendment nine days earlier: 28,000,000 shares at $115.00 to $125.00. It priced 7% more shares at 48% above the top of that range.

The prospectus is also where the customer-concentration problem lives, in plain sight: MBZUAI accounted for 62.0% of 2025 revenue and G42 for 24.0%, and one customer represented 77.9% of accounts receivable at year-end. Revenue reached $510.0 million in 2025, up 76%, with GAAP net income of $237.8 million and a non-GAAP net loss of $75.7 million — the gap being a $363.3 million swing in the fair value of a forward contract liability, which is not a business. In December 2025 the company signed a master relationship agreement with OpenAI covering 750 megawatts and a $1.0 billion working capital loan. Implied market capitalisation at the offer price, on the 215,110,345 shares stated in the prospectus: $39,795,413,825. Source: SEC Form 424B4, Registration No. 333-295145 (primary) · Range basis: SEC Form S-1/A, May 4, 2026

April 17, 2026 — Cerebras Systems files a public S-1

public_s1_filed · United States

The registration statement went public with share count and price range blank, as is standard, and named Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank as leads. This was the first public S-1 from a pure-play AI compute company in the 2026 cycle. Source: SEC Form S-1, Cerebras Systems Inc. (primary)

January 8, 2026 — MiniMax prices at the top of its range in Hong Kong

ipo_pricing · Hong Kong · HKEX Main Board: 0100

MiniMax Group Inc. set a final offer price of HK$165.00, the ceiling of its HK$151.00–HK$165.00 range, and exercised the offer size adjustment option in full to sell 29,197,600 shares for gross proceeds of HK$4,817.6 million and net proceeds of HK$4,596.1 million. The Hong Kong public offer was subscribed 1,837.17 times, triggering clawback and lifting the retail tranche from 1,269,480 shares to 5,077,860. The international book covered 36.76 times. Dealings commenced at 9:00 a.m. on January 9 under a Chapter 18C listing, which is Hong Kong’s specialist technology route for pre-commercial and early-commercial issuers. Implied market capitalisation at the offer price, on 309,255,668 shares in issue: HK$51,027,185,220. We publish no dollar equivalent because we have not sourced a dated exchange rate. Source: MiniMax Group Inc., Announcement of Final Offer Price and Allotment Results, HKEXnews (primary)

March 27, 2025 — CoreWeave prices below range at $40.00

ipo_pricing · United States · Nasdaq: CRWV

The cycle’s opening act, and the only cut in the log. The S-1/A carried 49,000,000 shares at an expected $47.00 to $55.00; the final prospectus carried 37,500,000 at $40.00 — 23% fewer shares at 22% below the range midpoint. Gross proceeds landed at exactly $1,500,000,000, with net proceeds to the company of approximately $1.4 billion. Microsoft accounted for 62% of 2024 revenue on $1,915,426 thousand of revenue and an $863,448 thousand net loss. Immediately after closing, CoreWeave issued OpenAI $350.0 million of stock at the offer price, or 8,750,000 shares, under its master services agreement — a customer paid partly in equity, which is a structure worth remembering every time this sector reports a backlog. Implied market capitalisation at the offer price, on 464,099,446 shares: $18,563,977,840. Source: SEC Form 424B4, Registration No. 333-285512 (primary) · Range basis: SEC Form S-1/A

The Axis IPO Pricing Power Ratio (PPR™)

Every AI listing gets described as “hot” or “cold” by people who watched the first day of trading. First-day pops measure allocation scarcity. What we wanted was a number that measures the moment the issuer and the book actually negotiate: the gap between what the underwriters told investors the shares were worth and what investors ultimately paid.

Formula (v1.0): PPR = final offer price ÷ midpoint of the last publicly disclosed indicative price range.

Above 1.00, the deal priced above the range midpoint. Below 1.00, demand did not clear the marketed price. Both inputs come from documents in the fact table; nothing is drawn from trading data, so the ratio can be recomputed from public filings by anyone.

Issuer	Range midpoint	Final price	PPR™	Source of range
Cerebras Systems	$120.00	$185.00	1.54	S-1/A, May 4, 2026
MiniMax	HK$158.00	HK$165.00	1.04	Prospectus, December 31, 2025
SpaceX	$135.00	$135.00	1.00	S-1/A, June 3, 2026
CoreWeave	$51.00	$40.00	0.78	S-1/A

Inaugural baseline reading, as of September 26, 2026: median 1.02, mean 1.09, n = 4. This is a baseline, not a trend. We have not computed readings for periods before this tracker existed, and we will not describe any future reading as a high or a low until there is a series to compare it against.

Stated limitations. Three of the four cases are imperfect in ways worth naming. SpaceX published a single expected price rather than a range, so its PPR is 1.00 by construction and carries no information. The Cerebras range was verified on August 26 against Amendment No. 1 to its Form S-1, which resolves an earlier open flag: press reports of an upward revision to $150–$160 exist, but no filed amendment supports them, so the denominator stays at the $120.00 midpoint and the reading stays at 1.54. MiniMax’s ratio is computed in Hong Kong dollars, which is the correct treatment — a currency conversion would add exchange-rate noise to a pricing measurement.

Which AI Companies Have Filed But Not Priced?

Three, at two very different stages.

Nscale is the only one that has filed publicly, and is therefore the only one whose financials this tracker can log. Its next loggable event is an amendment carrying a share count and price range.

Anthropic and OpenAI remain confidential. Anthropic submitted its draft on June 1 and, as of this update, no public Anthropic filing exists on EDGAR — 117 days later. Reported timelines moved from “after Labor Day” to “late September” without a filing appearing. We log none of that, because a reported timeline is not an event; what we can state from the record is the gap itself. On September 12, Sam Altman said publicly that OpenAI will not list in 2026, which is a statement about intent rather than a filing, and it changes nothing in the log.

A confidential submission is not a queue position. It is an option, and the SEC review that follows is invisible until the issuer files publicly.

What We Did Not Log, and Why

The exclusions are as much a part of the method as the entries.

Banker-hiring and roadshow reports. Lambda, Switch, Cohere, and Perplexity have all appeared in 2026 IPO coverage without a filed registration statement we could locate. No document, no row. Nscale left this list on September 18 when it filed publicly.

Confidential draft amendments. Nscale’s DRS/A submissions of May 11, June 26 and August 12, 2026 became visible on EDGAR when the public S-1 was filed. They are confidential submissions the issuer never announced, so under the event test only the September 18 public filing is logged.

SharonAI Holdings (Nasdaq: SHAZ). An Australian neocloud that reached Nasdaq in February 2026, but not through an IPO: it became public via a business combination with Roth CH Acquisition Co. in December 2025 and later uplisted alongside a $125 million underwritten offering. Its August 12, 2026 Form S-1 is a resale shelf for shares issued on conversion of notes, not an offering by the company. Business combinations and resale registrations are both outside the event test, so it does not enter the log.

Zhipu. Reported to have received CSRC approval for a Hong Kong listing. We have not fetched a primary filing and therefore have not logged it; it is on the open-items list in the maintenance protocol.

SK hynix’s July 10, 2026 US listing. An ADR listing by an issuer already trading in Korea is a secondary listing, not an IPO, whatever its size.

Quantinuum. Quantum computing is a different technology with a different demand curve, and folding it in would make the sector boundary meaningless.

Methodology

Every entry begins with a fetched document. We retrieve the filing from SEC EDGAR or HKEXnews, read the cover page and the offering table, and record the figures with the URL and retrieval date. Where a figure is computed rather than read, the CSV axis_calculated column is set to yes and the method_note column states the arithmetic.

Two calculations recur. Implied market capitalisation at the offer price multiplies the total shares stated in the prospectus “The Offering” table — after the offering, before any over-allotment exercise — by the final offer price. That is a narrower measure than the fully diluted valuations widely quoted for these deals, which include options, RSUs, and warrants; the difference between our $39.8 billion for Cerebras and the higher figures in circulation is a share-count definition, not an error in either direction, and we publish ours because it is reproducible from one table in one document. The PPR is defined above.

Every source named in an entry is a primary document and is hyperlinked to it, per our linking discipline: primary sources are linked in body text, non-primary sources are named in plain text and never linked. Inside tables, a link is earned only by a .gov domain or an official exchange disclosure site.

Figures are recorded in the currency of the offering. No cross-currency totals are published, because we have not adopted a dated FX source; that is an open item, not an oversight.

About this dataset

ai-ipo-tracker.csv contains all ten logged events with full provenance: source_org, source_document, source_url, retrieved_date, is_primary, axis_calculated, method_note, and verification_flag. One row is one event. Values are raw — no currency symbols, no separators — with dates in ISO 8601. Released under CC BY 4.0.

Cite as: Axis Intelligence Research, AI IPO Tracker, 2026.

Frequently Asked Questions

Has Nscale gone public?

Not yet. Nscale Limited filed a public Form S-1 on September 18, 2026 and has applied to list on the NYSE under NSCL. No share count, price range, or offer price has been filed.

How many AI companies have gone public in 2026?

Three AI-sector offerings have priced in 2026 as of August 2: MiniMax on HKEX in January, Cerebras Systems on Nasdaq in May, and SpaceX on Nasdaq and Nasdaq Texas in June.

Has Anthropic filed for an IPO?

Anthropic, PBC confirmed on June 1, 2026 that it had confidentially submitted a draft registration statement on Form S-1. No public S-1, price, ticker, or date has been announced.

Has OpenAI filed for an IPO?

OpenAI confirmed a confidential S-1 submission on June 8, 2026 and stated that timing remains undecided.

What was the largest AI-related IPO?

SpaceX, at $74,999,999,925 in gross proceeds at a $135.00 offer price, is the largest offering in this log. It is classified as an AI-inclusive conglomerate rather than a pure-play, because its AI segment sits alongside launch and connectivity businesses.

Why is SpaceX in an AI IPO tracker?

Because it acquired xAI effective February 2, 2026, recast its financials to consolidate it, and reports AI as one of three segments — including $3,201 million of AI-segment revenue in 2025.

How often is this tracker updated?

Within 48 hours of any qualifying filing, with a full sweep of SEC EDGAR and HKEXnews every Monday. The update log lives in the maintenance protocol.

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