Stories
Beyond Anthropic & OpenAI: Top AI IPOs Investors Are Watching
- •While Anthropic and OpenAI are highly anticipated, several other AI-linked companies are preparing for IPOs, offering investors a broader range of opportunities.
- •Nscale, a UK-based AI data center company partnered with Nvidia and Microsoft, has filed to list on the NYSE under the ticker NSCL.
- •Databricks, a data and AI company, closed a $5 billion funding round at a $190 billion valuation and its CEO indicated an IPO could happen as early as next year.
- •SB Energy, a SoftBank-backed power and data center developer, plans to list on Nasdaq under SBE with a reported $50 billion target valuation, though it is substantially dependent on OpenAI.
- •OpenAI, the company behind ChatGPT, remains a major potential listing, with discussions around a $1.2 trillion valuation and a widely expected 2027 IPO.
Key Questions Answered
Nscale has filed to list on the New York Stock Exchange under the ticker NSCL. In the first half of FY26, the company reported $104.6 million in revenue against a $1.02 billion net loss, with remaining performance obligations standing at $56.4 billion.
Databricks closed a $5 billion funding round at a $190 billion valuation in August, following a $134 billion valuation six months prior. Its revenue run rate has crossed $7 billion, and CEO Ali Ghodsi indicated an IPO could happen as early as next year.
SB Energy plans to list on Nasdaq under the ticker SBE with a reported $50 billion target valuation, while reporting a 66.4% rise in first-half FY26 revenue. However, the power and data centre developer has warned investors it is substantially dependent on OpenAI as both a tenant and an investor, and none of its data centres are operational yet.
