Three AI companies have completed IPOs in 2026. One has filed. The largest two in the sector have not,
and one of them has said plainly that it will not this year. This page sorts every name by what has
actually happened rather than what is rumoured, and is updated when a filing, a pricing or a listing
lands.
STATUS RIGHT NOW
● Listed:
Cerebras (Nasdaq: CBRS), MiniMax and Zhipu AI (both Hong Kong)
● Filed:
Anthropic - draft S-1 reported 20 October 2026
● Expected:
OpenAI pointing at 2027, StepFun named as China next contender
● Biggest number on the page:
Anthropic $80.7 billion first-half net loss
Every AI IPO by status
| Company |
Status |
Date |
Where |
Key figure |
| Cerebras Systems |
Listed |
14 May 2026 |
Nasdaq, CBRS |
$185.00 a share |
| MiniMax |
Listed |
2026 |
Hong Kong |
Beat OpenAI to market |
| Zhipu AI |
Listed |
2026 |
Hong Kong |
Beat OpenAI to market |
| Anthropic |
Filed - ANT |
26 Oct 2026 |
Not yet set |
$16.3B H1 revenue |
| OpenAI |
Not filed |
2027 window |
Not yet set |
Up to $1T targeted |
| StepFun |
Not filed |
- |
Expected Hong Kong |
Named next contender |
Listed: Cerebras Systems
Cerebras is the one that actually happened, and the figures come from the company own pricing release
rather than from reporting. It priced 30,000,000 Class A shares at $185.00 on
13 May 2026, with a 30-day underwriter option on a further 4,500,000 shares, and began trading on the
Nasdaq Global Select Market under CBRS on 14 May 2026.
At the base offer size that is $5.55 billion of gross proceeds before underwriting discounts, and the
deal was reported as closing at $6.38 billion once the option was taken into account. The stock rose
68% on its first day, making it the largest US listing of 2026 to that point. Cerebras builds
wafer-scale AI accelerators, so it is an infrastructure listing rather than a model-company one, which
matters when comparing it to the names below.
Listed: MiniMax and Zhipu AI
The detail most Western coverage skips is that two Chinese model companies reached public markets in
2026 before any US model company did. MiniMax and Zhipu AI both listed in Hong Kong, and the exchange
itself described AI listings as driving a strong start to the year. They took different routes to get
there, but the headline is the same: the first publicly traded large-model companies are not American.
Filed: Anthropic
The Wall Street Journal reported on 20 October 2026 that it had viewed a draft IPO prospectus carrying
Anthropic first-half 2026 financials. Anthropic declined to comment. The numbers in that draft are the
most consequential figures in the sector this year:
● H1 2026 revenue:
$16.3 billion, up from $1.1 billion a year earlier
● H1 2026 net loss:
$80.7 billion, against $13 billion a year earlier
● Compute commitments:
reported as potentially reaching $750 billion
Revenue growing roughly fifteen-fold year on year is the part that gets quoted. The loss is the part
that decides how the listing is received, and at $80.7 billion it is roughly five times the revenue it
sits against. A draft S-1 is not a public filing and terms can move substantially before any listing,
so treat the date and the valuation as unset.
Not filed: OpenAI
OpenAI is not listing in 2026. Reporting through the year has consistently pointed at a 2027 window,
with groundwork being laid for an offering at up to a $1 trillion valuation and some accounts citing
talks well above that. There is no S-1, draft or otherwise, in public view. Anyone selling you an
OpenAI IPO date today is guessing.
What moves next
Three things would change this table. Anthropic converting its draft into a public S-1 filing, which
starts a clock measured in weeks rather than quarters. OpenAI confirming a bank syndicate, which is
usually the first hard signal a listing is real. And StepFun filing in Hong Kong, which would make it
three Chinese model companies public before the first American one.
How this page works. It is a tracker, not a prediction. A
company moves from Expected to Filed only when a filing is reported by a primary outlet, and from
Filed to Listed only when shares actually trade. Figures are taken from company releases where one
exists and attributed to the reporting outlet where one does not. This is not investment advice and
nothing here is a recommendation to buy or sell anything.
Frequently asked questions
Has any AI company actually IPO'd in 2026?
Yes. Cerebras Systems listed on Nasdaq on 14 May 2026 under CBRS at $185.00 a share. MiniMax and Zhipu AI both listed in Hong Kong during 2026.
When is the Anthropic IPO?
No date is set. A draft S-1 was reported on 20 October 2026 showing $16.3 billion of first-half revenue and an $80.7 billion net loss. A draft is not a public filing, and Anthropic declined to comment on it.
Can I buy OpenAI stock?
Not on a public exchange. OpenAI has not filed and is pointing at a 2027 window. Any product offering OpenAI exposure today is a private-market or derivative structure, not the stock.
Which AI IPO was the biggest of 2026?
Cerebras, reported as closing at $6.38 billion and described as the largest US listing of 2026 at the time. It rose 68% on its first trading day.
Why is Anthropic losing $80.7 billion?
The draft prospectus has not been published in full, so the composition of that loss is not public. What is reported alongside it is compute spending that could reach $750 billion, against $16.3 billion of first-half revenue.
Is SpaceX an AI IPO?
No. SpaceX appears on many AI IPO lists because of its size, not its business. This tracker covers companies whose product is AI models, AI tooling or AI hardware.
Sources
Cerebras pricing and ticker from the company own release,
Cerebras Systems announces pricing of initial public offering.
Anthropic draft S-1 figures as reported by The Wall Street Journal and carried by
Bloomberg
and
Yahoo Finance.
Hong Kong listings context from
HKEX
and
Rest of World.
Last updated 26 October 2026.
UPDATE - 27 OCTOBER 2026
● Anthropic has filed.
A Form S-1 went to the SEC on 26 October 2026. This is a public filing, not the draft reported on 20 October.
● Ticker:
ANT, on the Nasdaq Global Select Market
● Still undetermined:
share count and price range, per Anthropic itself
● Reported valuation:
$1.5 trillion to $2 trillion under discussion, Goldman Sachs and Morgan Stanley leading
● On the $80.7bn loss:
$72.4bn of it is a non-cash convertible-note revaluation. The half-year operating loss was $693m and Q2 operating income was positive $974m.
Filing confirmed on Anthropic's newsroom.
Accounting breakdown via Yahoo Finance.
Last updated 27 October 2026.
UPDATE - 28 OCTOBER 2026
● The compute number is bigger than first reported.
Anthropic's S-1 discloses about $630 billion of compute commitments across seven contracts, not the $120.5 billion SpaceXAI arrangement alone - that is one of the seven.
● Non-cancellable portion:
approximately $441 billion
● Annual sales needed to cover it:
at least $60 billion, against $17 billion of first-half 2026 revenue
● Customer base:
11,000 enterprises spending over $100,000 a year, up from 1,500
Figures from Fortune's reading of the prospectus, 27 October 2026.
Last updated 28 October 2026.