Global IPO Calendar: US and Europe Listings — 2026-10-20
The 2026 IPO market continues to show a stark divide between US and European activity, with US listings surging despite selective investor demand. While Anthropic faces valuation pushbacks and Nscale sees investor resistance, smaller biotech and tech firms in the US are successfully pricing offerings and seeing strong first-day pops. In Europe, the pipeline remains thin, with the UK seeing its lowest listing levels since 2023 and Frankfurt struggling to attract major new issues.
Global IPO Calendar: US and Europe Listings — 2026-10-20
Top developments
Anthropic and Nscale Face Valuation Headwinds
Investors are tempering expectations for high-profile AI listings, with reports indicating a potential lower valuation for Anthropic due to concerns over revenue growth slowdowns and AI financing costs. Similarly, Nscale is facing investor pushback over its targeted $30 billion valuation, with some investors seeking a range of $16 billion to $19 billion before formal marketing begins. These developments highlight the increasing scrutiny on AI-related IPOs as the market matures.
US Biotech IPOs See Strong Debut Performance
Despite broader market caution, smaller US IPOs are performing well. City Therapeutics raised $230 million in an upsized Nasdaq IPO, demonstrating strong demand for biotech listings. Other recent Nasdaq listings, including Iambic and City, jumped over 16% on their first trades, while Exascale surged 75% following an $8.2 million Nvidia server deal.
UK IPO Listings Hit Multi-Year Lows
The UK IPO market faced its lowest listing levels since 2023 in Q3 2026, according to EY data. While the pipeline is building for a potential recovery, the current drought in London listings is narrowing exit routes for private capital firms. This contrasts sharply with the US market's relative resilience.
European Markets Show Mixed Sentiment
European markets faced downward pressure in early October, with the DAX falling amid skepticism toward high tech valuations and rising bond yields. However, recent data shows some recovery, with the TecDAX rising and the MDAX gaining at the end of trading sessions.
Local view
In Germany, financial media reports that the DAX has seen its recent recovery stall, with the index sinking 1.18% in a recent session, reflecting investor caution. Meanwhile, French media highlights that Euronext NV shares are trending upward, with Citigroup raising its recommendation to "buy" and increasing its price target to €200.
Context & numbers
The 2026 IPO market has priced 109 offerings raising $146.5 billion through mid-September, indicating a historically strong year for capital raises. However, the frequency of IPOs lags behind proceeds, as investors have become more selective. Global IPO proceeds have surged to record levels, driven primarily by large US and Chinese emissions, while Europe continues to struggle with a shrinking pipeline of high-quality listing candidates.
On the radar
- Upcoming Listings: Primagrove Ltd is scheduled to list on October 26, 2026, with an expected price range of $4–$6 and a $31 million raise.
- Withdrawn/Postponed Deals: Several high-profile IPOs, including Firmus, Oura, and PhonePe, have been withdrawn or delayed in 2026 due to market volatility and valuation concerns.
- Euronext Activity: N4 Group has launched its IPO on Euronext Growth Paris with an initial offer of €50 million, including a €7 million capital increase.
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.
Powered by
