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OURA IPO DRAWS 4X DEMAND
Oura’s IPO is about four times oversubscribed, with banks expected to stop taking orders Monday afternoon, per Bloomberg.
The smart-ring maker is offering 50M shares at $40-$44, implying up to a $2.2B deal. Oura itself is selling 13.5M shares, while existing shareholders are selling 36.5M.
At the top of the range, Oura would be valued at about $14.1B, or roughly $15B fully diluted.
Pricing is expected Sept. 29, with shares set to trade on Nasdaq under $OURA.
Source: Bloomberg
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CORTEVA SETS OCT. 1 VYLOR SPINOFF
Corteva will complete the separation of its seed and genetics business Vylor into an independent public company on Oct. 1.
Shareholders of record as of Sept. 24 will receive 1 Vylor share for every 1 Corteva share held.
Vylor will begin regular trading on the NYSE under ticker $VYLR on Oct. 1.
The SEC has declared Vylor’s Form 10 registration effective, clearing the final regulatory step for the separation.
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SK HYNIX’S SOLIDIGM COULD BECOME THE BIGGEST U.S. CHIP IPO EVER
Solidigm is weighing a 2027 U.S. listing that could raise about $15B at a valuation of up to $150B.
That would put it far above Arm’s roughly $54B valuation at its 2023 debut and Cerebras’s roughly $56B valuation in its 2026 IPO.
Solidigm was built from Intel’s former NAND and SSD business, which SK Hynix acquired for about $9B, and now supplies enterprise storage used across cloud and AI data centers.
The company has already started meeting with banks for potential IPO roles.
Source: Reuters
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COGNITION AI HITS $1B REVENUE RUN RATE
AI coding startup Cognition is on track to reach ~$1B in annualized revenue based on September performance, roughly doubling from $492M in May, per Bloomberg.
The company had already crossed $900M earlier this month, driven by demand for its Devin coding agent.
Cognition raised $2B this month at a $48B valuation, up from $26B roughly three months earlier.
Its customers include Nvidia, Citigroup and Mercedes-Benz.
Source: Bloomberg
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NSCALE RAISES $3.36B AHEAD OF NYSE IPO
Nvidia-backed AI cloud provider Nscale raised $3.36B through convertible notes led by Third Point.
The round includes $2.36B at closing plus a separate $1B commitment from Nvidia, expected to fund in mid-November.
The notes will automatically convert into equity when Nscale completes its IPO, with Nvidia receiving non-voting shares.
Nscale says it now has more than $103B in total contracted value across its AI infrastructure platform, which spans power, liquid-cooled data centers and large-scale GPU clusters.
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FORMER TESLA DOJO TEAM’S AI CHIP STARTUP NEARS $10B VALUATION
DensityAI, founded just a year ago by former leaders of Tesla’s Dojo supercomputer program, is in advanced talks to raise hundreds of millions of dollars at a ~$10B valuation, per The Information.
The startup has told investors that AWS has agreed to buy its future chips if they meet certain performance requirements.
DensityAI is developing AI inference chips using 3D DRAM stacking, placing memory directly above compute to reduce data movement and potentially improve speed and energy efficiency.
Andreessen Horowitz is reportedly in talks to lead the round.
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ANTHROPIC SEEKS FOUNDER CONTROL AHEAD OF IPO
Anthropic is asking shareholders to approve a new structure that would give its seven co-founders a combined 50.1% of voting power on most corporate matters, per The Information.
The structure would let the founders retain control despite relatively small economic stakes. CEO Dario Amodei currently owns about 2%.
Anthropic’s Long-Term Benefit Trust would still control the appointment of most board members, while founder-appointed seats would increase from 2 to 3.
The company was valued at $965B in May and is reportedly targeting at least a $1.5T valuation in an IPO now expected around late October or November.
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LESLIE’S PREPARES FOR CHAPTER 11
Pool-supplies retailer Leslie’s $LESL is preparing to file for Chapter 11 as soon as next week in Houston and is expected to hand control to lenders, per WSJ.
The company has been hit by weaker post-pandemic pool demand and a heavy debt load. Q3 sales fell 8.4% Y/Y, while total debt stood at ~$787M as of July 4, with ~$757M due in 2028.
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HIGGSFIELD EYES $1B REVENUE RUN RATE
AI video startup Higgsfield says annualized revenue is on track to top $1B, with contracted business revenue up 10x since June as brands spend more on AI-generated ads.
The company has 32M+ users and nearly 1M paying subscribers, while subscriptions now account for just over 60% of revenue as usage-based spending grows.
Higgsfield raised $400M in August at a $5.4B valuation and says it has been roughly cash-flow breakeven in recent months.
Source: Bloomberg
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NEURALINK RIVAL PRECISION NEUROSCIENCE RAISES $250 MILLION
Brain-computer interface startup Precision Neuroscience closed an oversubscribed $250M Series D, co-led by Bill Ackman’s Pershing Square and the Ackman Oxman Institute.
The round brings total funding to ~$430M.
Precision, co-founded by former Neuralink co-founder Ben Rapoport, is developing its Layer 7 brain interface to let people with paralysis control digital devices using their thoughts.
The company has now completed 100+ patient procedures across 18 major medical centers.
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AI CYBERSECURITY STARTUP ISLAND RAISES $400M AT $6.4B VALUATION
Island, which builds a security-focused enterprise browser that lets companies control and monitor employee web activity, raised a $400M Series F led by Evolution Equity Partners.
The company says ARR has doubled every fiscal year since its 2022 launch, as enterprises spend more on securing browsers and AI-agent activity.
Island plans to use the funding for R&D and international expansion, while growing its workforce from ~1,000 to 1,500 by mid-2027.
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DEEPSEEK REVENUE DOUBLES AS IT FINALIZES $75 BILLION VALUATION
DeepSeek’s annualized revenue has reached ~$1B, up from less than $500M just a few months ago, as the company works to raise $7.5B at a $75B valuation by the end of October.
The company is also preparing for a Shanghai IPO.
DeepSeek raised API prices by 2.3x-4.5x last month but reportedly saw no decline in its customer base. Its API business generated an 82.9% gross margin in the first seven months of the year.
More than 70% of DeepSeek’s compute is still being allocated to model training, with less than 30% used for inference.
Source: The Information
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BLACKSTONE-BACKED AI DATA CENTER FIRMUS PLANS $5 BILLION IPO
Australian data center operator Firmus is preparing to raise ~$5B in what would be Australia’s second-largest IPO ever, behind Telstra’s 1997 listing.
Firmus, whose customers include Nvidia, Meta and OpenAI, is expected to post a ~$77M loss for the first half of its financial year, according to its draft prospectus.
The company could reportedly be valued at up to $60B and is separately seeking ~$10B in financing to buy Nvidia chips for an Indonesian data center.
Books are expected to open Oct. 6, with ASX trading targeted for Oct. 22.
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U.S. IPO FUNDRAISING JUST SURGED NEARLY 5X Y/Y
U.S. companies raised $137.9B across 208 IPOs in H1 2026.
• IPO proceeds: +398% Y/Y
• Number of IPOs: +16% to 208
• Follow-on equity raised: $111.3B, +33%
• Corporate bond issuance: $876.1B, +28%
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ONDAS ACQUIRES 3 DEFENSE TECH FIRMS FOR $56M
$ONDS is acquiring Insignito, Ottopia Defense and Caribou Labs for a combined $56M in cash or stock, with up to another $32M tied to performance milestones through 2028.
Ondas says the purchase price is less than 3x the businesses’ expected 2027 revenue.
The acquisitions add passive acoustic counter-drone detection, software for remotely managing unmanned ground and aerial systems, and communications/positioning technology for GPS-denied environments.
Several of the technologies are already deployed in active conflict zones.
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QUALCOMM TO ACQUIRE PICKNIK ROBOTICS
$QCOM is buying PickNik, the company behind MoveIt, a major open-source robotics manipulation framework used across industrial automation, service robotics and mobile manipulation.
Qualcomm says MoveIt will remain open-source and plans to integrate it with its Dragonwing robotics platforms and Arduino VENTUNO Q boards.
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AI BIOTECH ENVEDA DOUBLES VALUATION TO $2B
Enveda has raised new funding led by Catalio Capital alongside Iconiq, doubling its valuation to $2 Billion.
The company uses AI to discover drugs from plants and microbes and has produced 17 candidates since 2019, including pills targeting post-GLP-1 weight maintenance, atopic dermatitis and inflammatory bowel disease.
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ANTHROPIC IN TALKS FOR UP TO 1GW OF DIRECT DATA CENTER CAPACITY
Anthropic is in early talks to lease up to 1GW from Apollo-backed Stream Data Centers, potentially its largest direct data center deal yet, per The Information.
The sites could house Google/Broadcom TPUs, with Google potentially providing a credit guarantee.
A 1GW buildout could require at least $40B in capital.
The move would give Anthropic more direct control over compute and could reduce its reliance on cloud providers like AWS and Google.
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FIRMUS SEEKS $10B GPU FINANCING AHEAD OF AUSTRALIAN IPO
Nvidia-backed Firmus Technologies is in talks to raise roughly $10B to buy $NVDA chips for its 360MW AI data center campus in Batam, Indonesia, per Bloomberg.
The financing is expected to include about $7.5B of debt and $2.5B of equity, potentially making it one of Asia’s largest AI infrastructure financings.
Nvidia is also expected to provide revenue-sharing and credit support for the deal.
Firmus is separately preparing for an Australian IPO in late October that could raise up to $5B.
The company has been scaling aggressively, after securing a $10B loan earlier this year and another $2B equity investment in August.
Source: Bloomberg
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