Global IPO Calendar: US and Europe Listings — 2026-09-09
The global IPO pipeline remains bifurcated, with major US tech names like OpenAI pushing listings to 2027 while European and Asian exchanges prepare for significant debuts. In Europe, French defense-tech firm D.A.T.E. launched its Euronext listing this week, while London’s market continues to struggle with a shrinking pipeline. Meanwhile, India’s NSE is set to price a record-breaking $55 billion IPO, signaling that the "window" is open but highly selective. <!-- /headline --> OpenAI Misses September Window; NSE Targets $55B Debut <!-- /headline -->
Global IPO Calendar: US and Europe Listings — 2026-09-09
The global IPO pipeline remains bifurcated, with major US tech names like OpenAI pushing listings to 2027 while European and Asian exchanges prepare for significant debuts. In Europe, French defense-tech firm D.A.T.E. launched its Euronext listing this week, while London’s market continues to struggle with a shrinking pipeline. Meanwhile, India’s NSE is set to price a record-breaking $55 billion IPO, signaling that the "window" is open but highly selective.
<!-- /headline -->OpenAI Misses September Window; NSE Targets $55B Debut
<!-- /headline -->Top developments
OpenAI Postpones Listing to 2027
CFO Sarah Friar confirmed that OpenAI will not list in September 2026 as previously speculated, citing the need for further preparation despite having a confidential S-1 on file and annualized revenues hitting $40 billion. The company now targets 2027 for its public debut. This delay removes one of the most anticipated "mega-IPOs" from the immediate calendar, potentially cooling sentiment for other high-valuation AI firms waiting for a clear market signal.
France’s D.A.T.E. Launches Euronext IPO
French thermal solutions provider D.A.T.E. officially launched its introduction to the Euronext Paris market on September 9, 2026. The company, which provides cooling systems for deep tech and defense sectors (including radars and submarines), is listing 47 years after its founding to accelerate international industrial deployment. The move highlights continued investor appetite for European defense and industrial hardware companies, even as broader tech valuations face headwinds.
NSE Targets $55 Billion Valuation in Record IPO
The National Stock Exchange of India (NSE) is scheduled to price its IPO on Thursday, September 11, with a target valuation of up to $55 billion. Recent reports indicate the price band may be set between ₹1,700 and ₹1,785, with a reduced stake on offer compared to initial plans. This listing would be India’s largest-ever stock exchange debut, underscoring the divergence between Asian market activity and the slower European pipeline.
London IPO Outlook Darkens for 2026
Financial News reports that the London IPO market outlook has rarely looked bleaker, with firms increasingly eyeing a 2027 window. Fundraising in the first half of 2025 fell to a three-decade low, and senior bankers suggest EU and Swiss exchanges are proving more tempting for issuers. This trend reinforces the narrative that London is losing ground to Frankfurt, Paris, and Zurich for new listings.
Local view
Germany (Finanzen.net): Local analysts highlight that while SpaceX captured headlines, a "silent" IPO in the small-cap sector delivered a doubling of value for early investors, outperforming major tech listings. The coverage suggests that selective, smaller-scale German listings may offer better risk-adjusted returns than the volatile mega-cap tech sector.
France (BFM Bourse/Tradingsat): French media focused heavily on D.A.T.E.’s entry into the bourse, framing it as a rare success story for a long-established SME in the defense sector. The coverage notes that while giants like Thales and Dassault dominate the index, smaller specialized firms like D.A.T.E. are finding new avenues for capital through Euronext Growth.
Context & numbers
- OpenAI Revenue: Annualized revenue reached $40 billion prior to the postponed listing.
- London H1 2025 Fundraising: Just five debuts raised a combined £160 million ($218.6 million), marking a three-decade low.
- Mistral AI Funding: French AI firm Mistral raised €3 billion at a valuation exceeding €21 billion, staying private but signaling strong institutional demand for AI assets outside of public markets.
- SpaceX Stock Performance: Shares have dropped 34% from their post-IPO high, influencing valuation expectations for other space and deep-tech candidates.
On the radar
- NSE Pricing (Sept 11): Watch for the final price band announcement for the National Stock Exchange of India.
- Anthropic IPO Speculation: German outlet Finanzen.net reports growing speculation about Anthropic’s potential NASDAQ debut, with some analysts comparing its potential scale to SpaceX. No official filing date is confirmed.
- Vincorion Roadshow: German biotech Vincorion has started roadshows with Berenberg Bank targeting US investors, with shares currently trading above their issue price since its Frankfurt debut.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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