IPO Watch

IPO Watch is a data page on the Calendar desk of Glassbox Auditing. Anthropic's planned listing step by step: the index rules a first trade would be tested against, the revenue against the compute bill, the loss and its non-cash charge, the suppliers tied to its spending, and every figure with its basis (filed, company claim, reported, derived).

Last updated: 7 Nov 2026.

What is the latest reading?

Starlink revenue per subscriber, a month (final prospectus): $81 as of 31 Dec 2025, -18.0 pts since Dec 2023. Source: SEC EDGAR IPO prospectuses (424B4 / 424B1 cover pages: offer price, shares, symbol).

What is on this page today?

OpenAI had no public S-1 on EDGAR as of 8 Nov; it said in June 2026 that a confidential draft went to the SEC — last closed round $852B post-money, 31 Mar (company claim, OpenAI) · round in talks: up to $30B at $1.25T pre-money (reported, CNBC), first reported at $1.4T (reported, Bloomberg) · CFO named 2027 to staff (reported… (OpenAI, SEC EDGAR, CNBC, Bloomberg, 7 Nov 2026)
Anthropic's S-1/A is on EDGAR, filed 2 Nov — price range — (not on the cover yet) · raise talked about: up to $100B (reported, Reuters) · valuation talk about $1.5T (reported, Reuters) to $2T (reported, Bloomberg) · Nasdaq-100 Fast Entry for the reported… (SEC EDGAR, Nasdaq, Reuters and Bloomberg (reported), 1 Nov 2026)
Anthropic's compute took 58% of revenue in Q3 2026, down from 251% in Q1 2025; in dollars it rose 10.4 times — Revenue grew 45.1 times over the same quarters · the operating result was $974M in Q2 2026 and -$567M in Q3 2026 · revenue growth on the quarter before was +46.7% against +144.2% (derived) · Revenue growing faster than… (SEC EDGAR (Anthropic S-1/A), 29 Sep 2026)
Anthropic's cash and short-term investments are 1.9 times the commitments due within 12 months — Operating cash flow in Q3 2026 was $2,640M (derived: the nine months, S-1/A, less the first half, S-1), against $17.4B of commitments per quarter if the 12-month total arrives evenly (derived): 15%. · SpaceXAI compute… (SEC EDGAR (Anthropic S-1/A), 29 Sep 2026)
Amazon: -$0.7B from revaluing its investments in Q3 2026, -3% of its net income — Other income (expense), net: -$0.7B against a net income of $20.7B · A revaluation lowers the reported result of one company and raises it at the other side of the contract; adjusted figures that leave it out show the… (SEC EDGAR (10-Q and S-1/A filings), 29 Sep 2026) AMZN
Anthropic: -$21.9B from the change in fair value of its convertible securities in Q3 2026, -94% of its net loss — Change in fair value of convertible notes, derivatives and SAFEs: -$21.9B against a net loss of $23.3B · A revaluation lowers the reported result of one company and raises it at the other side of the contract; adjusted… (SEC EDGAR (10-Q and S-1/A filings), 29 Sep 2026)
Alphabet: -$8.7B from revaluing its equity securities in Q3 2026, -33% of its net income — Gain (loss) on equity securities, net: -$8.7B against a net income of $26.5B · A revaluation lowers the reported result of one company and raises it at the other side of the contract; adjusted figures that leave it out… (SEC EDGAR (10-Q and S-1/A filings), 29 Sep 2026) GOOGL
AI took 76% of SpaceX's capital spending in Q1 2026, up from 10% in 2023, in the filed record — Connectivity earned $4,423M from operations in 2025, the AI segment lost $6,355M and the net loss was $4,937M · Starlink revenue per subscriber -18% since 2023 ($99 to $81 a month) while subscribers went from 2.3… (SEC EDGAR (SpaceX final prospectus, Form 424B4), 11 Jun 2026)

Where does the data come from?

Items on this page come from OpenAI, SEC EDGAR, CNBC, Bloomberg; SEC EDGAR, Nasdaq, Reuters and Bloomberg (reported); SEC EDGAR (Anthropic S-1/A); SEC EDGAR (10-Q and S-1/A filings); SEC EDGAR (SpaceX final prospectus, Form 424B4). Each item links to its own source. All sources, how items are checked.

What does this page lead to?

AI Supply Chain (AI): Anthropic's compute bill is paid to data-center landlords, neo-clouds and chip makers under multi-year contracts, so a new lease, a funding round or a delay tends to show first in those suppliers' shares. (moves the same way; on each contract or funding round; sector scale) Source: CoreWeave news releases.
IPO History (Calendar): A new listing's first sessions are measured on the same fixed windows as past big IPOs, so its first trade gets a comparison set the day it prices. (either way, depending on the cause; the first year after listing; company scale) Source: SEC EDGAR IPO prospectuses (424B4 / 424B1 cover pages: offer price, shares, symbol).
Debt & Interest (Macro): A large stock sale, the AI companies' bond sales that fund data centers and the Treasury's note and bond auctions draw on the same investors' cash; auction demand and hyperscaler issuance are on Debt & Interest. (either way, depending on the cause; the weeks around the sale; economy scale) Source: U.S. Treasury FiscalData, Treasury securities auctions (results by auction).
Company Research (Companies): If the company lists on Nasdaq and ranks among the 40 largest members, the fast-entry rule adds it after 15 trading days (later when a quarterly rebalance falls in that month), adding weight to the largest names shown on Company Research. (moves the same way; about 15 sessions after listing; economy scale) Source: Nasdaq-100 Index methodology (Fast Entry for new listings, effective 1 May 2026).

What feeds this page?

Upcoming (Calendar): Upcoming lists IPO registration filings as they reach EDGAR; the largest listing in preparation, Anthropic's, is followed on IPO Watch from its confidential draft to its first trade. (either way, depending on the cause; on each filing; company scale) Source: SEC EDGAR IPO prospectuses (424B4 / 424B1 cover pages: offer price, shares, symbol).