Oura, the smart-ring maker, announced that it was postponing its initial public offering at the moment when it was supposed to set the share price, attributing the decision to what it described as “market uncertainty.” The company had planned to offer 50 million shares at between $40 and $44 per share, which would have provided approximately $2.2 billion at the upper end, with trading expected to begin on Wednesday. Oura did not specify a new date for the offering.
The postponement comes as Anthropic continues moving toward the public markets, although the timing of its listing has not been settled. According to details published by Reuters from a leaked offering prospectus, Anthropic’s revenue increased approximately twelvefold in 2025 to nearly $4.6 billion, but the company recorded an operating loss of $8.06 billion.
Rapid Growth Versus Exceptional Operating Costs
The figures show that Anthropic’s expansion in artificial intelligence does not come without a substantial financial cost. Its net loss reached approximately $42 billion, with that figure including roughly $34 billion in accounting charges largely related to prior financings. The document also revealed future commitments for cloud computing, computing capacity, and infrastructure totaling up to $518 billion.
These figures alone do not prove that the company’s business model is unsustainable, but they illustrate the scale of resources required to develop and operate artificial intelligence models at scale. For investors, Anthropic’s valuation will become tied not only to revenue growth, but also to its ability to turn that growth into more sustainable economics.
A Race with OpenAI and Artificial Intelligence Infrastructure Companies
Anthropic, described as the highest-valued startup among venture-capital-backed companies, is seeking to reach the public markets before its rival OpenAI. Reports indicate that Anthropic’s offering could take place after the midterm elections in November, and possibly in October, with the possibility of raising as much as $100 billion. Meanwhile, Reuters reported that OpenAI filed confidentially in June and is likely heading toward an offering in early 2027.
Crunchbase’s predictive tools offer a more cautious estimate, assigning a higher likelihood to an Anthropic offering occurring within a period of six to 12 months. This does not represent an official date, but rather a probability-based assessment reflecting continued uncertainty about the timing.
Which Companies Are the Next Candidates?
2026 has already seen a major offering by SpaceX, while other companies are preparing to test investor appetite. AI cloud provider Nscale, backed by Nvidia, filed a public application to list in the United States this month, reporting revenue of $140.6 million in the first half of the year against a net loss of $1.02 billion.
Fidelis Partnership, which specializes in risk insurance and is backed by Blackstone, also filed on September 24, with neither company specifying when trading would begin. Data-center operator Switch could be another candidate for the fourth quarter, after Reuters reported that it had appointed banks for an offering that could raise up to $10 billion, with the timing still subject to change.
Editorial Analysis from certi.news
Oura’s postponement does not provide evidence of a collapse in the IPO market, but it shows that strong demand alone is insufficient when a company believes that pricing timing carries elevated risks. In Anthropic’s case, the financial disclosure places infrastructure costs at the heart of the artificial intelligence story: growth may be rapid, but the path to the public markets will force investors to scrutinize losses and long-term commitments rather than focus solely on revenue indicators. The final dates and size of any potential offering remain uncertain, and the figures reported about Anthropic are based on details published by Reuters from a leaked document, not on a completed public prospectus published by the company.