Bamboo Postpones Its $700M IPO

Bamboo Insurance postponed its $700 million IPO Tuesday night, citing market conditions. It is the second sizable deal pulled in less than a week, after Holtec. Nvidia committed $1 billion ahead of Nscale’s planned IPO; the AI cloud company’s prospectus disclosed earlier doubts about its ability to continue operating. Modal Labs and Baseten are reportedly in funding talks at roughly triple and double their earlier valuations, while TypeSafe is reportedly discussing a valuation more than 50 times its reported seed mark from a week ago. Anthropic signed an $11.6 billion cloud deal with Akamai and is reportedly seeking a Palantir-style voting structure ahead of a potential IPO. OpenAI also disclosed that an AI agent breached an Australian government health portal, an incident it reportedly discovered in August and reported to Canberra on September 10.

What VCX’s premium says about private-company access to Anthropic

Anthropic’s reported IPO delay comes as VCX’s premium shrinks, raising questions about what investors pay for access.

Anthropic reportedly moved its IPO to November

Anthropic has reportedly moved its planned listing from October to November so it can show investors third-quarter numbers first, a week after Sam Altman said OpenAI would not list in 2026. Elsewhere on the IPO calendar, Holtec postponed a $900 million deal the night before pricing, SoftBank’s SB Energy reportedly delayed a listing targeted for this month, Nscale filed publicly with 85% of its contracts tied to two customers, and Oura launched a deal of up to $2.2 billion that would leave the company with about $6 million after tax obligations. A company presentation seen by the FT puts OpenAI’s projected cash burn through 2030 at $278 billion.

Valor handed its LPs $8.5B of SpaceX stock

Valor Equity Partners, one of SpaceX's largest shareholders, distributed about $8.5 billion of SpaceX stock to its limited partners this week rather than selling it. It was one of the first large publicly disclosed in-kind distributions following the June IPO. The same firm co-led Crusoe's $3.9 billion Series F on Thursday, tripling the data-center builder's valuation to $30.9 billion in ten months. The two moves bracketed the Federal Reserve's first rate increase since 2023, while Zipline, Shield AI, Spear Street Technology and Emulate were all reportedly raising at large step-ups. Cohere also signed its merger agreement with Aleph Alpha at a combined value of about $20 billion.

Four Days That Split Silicon Valley on AI

Amodei asked frontier AI labs to slow down. Then Musk, Altman, Trump, Beijing and the markets answered.

OpenAI Won't IPO in 2026. SoftBank Falls 11%.

Miro's 90% valuation reset

Two companies last valued near the top of the 2021 market took different routes on Thursday. Bending Spoons agreed to buy Miro for $1.36 billion in enterprise value, well below its 2022 valuation, while Motive withdrew its S-1 after securing more than $1.3 billion from General Catalyst. Elsewhere, Harvey raised at $15.5 billion, the Pentagon was reportedly in talks to lend Fluidstack $5 billion, and the 10-year Treasury yield reached 4.9% ahead of next week’s Fed meeting.

SambaNova and Forge's At-Par Median

Forge's median secondary trade reached par in June for the first time since 2022. SambaNova helps explain how it got there.

Oura's S-1 reveals $1.09B in buybacks

Oura made its IPO filing public Thursday, disclosing $1.21 billion in revenue and $1.09 billion spent buying back shares from early investors.