Global IPO Pipeline Freezes as Valuation Skepticism and AI Jitters Halt Listings

Key points

• US IPO activity has slowed to a trickle, with EG Group, Oura, SB Energy, Holtec, and Bamboo Insurance pausing their listings in recent weeks.
• Anthropic, targeting a valuation above $2tn, is expected to list in mid-November after US midterm elections, while OpenAI has pushed its IPO to 2027.
• Tech listings have fallen an average of 23% since their first day of trading, causing investors to demand significant valuation discounts.
• AS Watson delayed its $30bn dual listing in London and Hong Kong due to pending regulatory approvals in China.
• In Europe, Waterstones and Loveholidays postponed listings, while hospitality groups Ennismore and Hotel Investment Partners face uncertain timelines.

Background

This cooling follows a strong first half of 2026, highlighted by SpaceX’s record $86bn IPO in June. Earlier this year, Shein’s Hong Kong listing also faced valuation gaps, pricing well below its private peak. Recent archive coverage noted that Anthropic’s potential $1.5tn to $4tn valuation faced scrutiny over revenue sustainability and competition from OpenAI. The current freeze contrasts with the record $287.5bn in global IPO proceeds year-to-date, driven largely by a few mega-deals like SK Hynix.

How outlets are covering it

The Financial Times attributes the slowdown primarily to 'tone deaf' valuations and fears of an AI downturn, noting that investors are currently focused exclusively on Anthropic. Renaissance Capital agrees that the market is not closed but has narrowed, emphasizing that investors are scrutinizing deals and demanding discounts, with the VIX remaining low. Trending Topics highlights the paradox of a record-breaking year for proceeds alongside a freeze in new listings, noting that the Nasdaq hit a record high despite the IPO drought. Kalkine India provides broader context on AI companies raising private capital before going public, suggesting a structural shift in how tech firms approach public markets, though it offers less specific detail on the current freeze than the other outlets.

Why it matters

The pause in IPOs signals a shift in investor sentiment from growth-at-all-costs to valuation discipline. It indicates that public markets are no longer absorbing the high valuations assigned to AI and data center companies, forcing firms to rely on private funding or delay listings. This could impact innovation funding and corporate strategy across the tech and infrastructure sectors.

What to watch

Watch for Anthropic’s marketing launch in the week of November 9. Monitor if EG Group or other paused deals resume in 2027 or if they pivot to private acquisitions, as Stonepeak has shown interest in EG Group. Also, track regulatory approvals for AS Watson in China, which may unblock its listing.