Global IPO Calendar: US and Europe Listings — 2026-09-02

Top developments

Shein’s Hong Kong Debut Disappoints

The highly anticipated initial public offering of Shein Global Holding, valued at approximately €22.6 billion ($24.5 billion), listed on the Hong Kong Stock Exchange on September 1, 2026, but struggled to maintain momentum. The retailer raised nearly €1.5 billion ($1.6 billion) in the offering, marking a significant valuation drop from its peak in 2022 due to intensifying competition from Temu and regulatory headwinds regarding tariffs and environmental standards. German financial outlet Börsen-Zeitung noted that the "sluggish" debut reflects the end of Shein’s hyper-growth era, raising questions about its long-term resilience in a maturing e-commerce sector.

Pasqal Lists on Nasdaq as First French Quantum Unicorn

Pasqal, a French quantum computing company co-founded by Nobel laureate Alain Aspect, completed its IPO on the Nasdaq on August 28, 2026, raising $360 million. The listing values the company at approximately $2 billion, making it the first French "unicorn" in the quantum sector to go public. This move highlights the growing trend of European deep-tech firms choosing US exchanges for better valuations and liquidity, despite domestic listings being available on Euronext.

Anthropic’s IPO Plan Squeezes the US Calendar

Anthropic PBC’s potential mega-IPO is creating significant congestion in the US listing pipeline for late September 2026. With the Labor Day holiday on September 7 acting as a natural deadline, other issuers are struggling to find windows that avoid competing for investor attention against the AI giant’s anticipated deal. This dynamic is forcing bankers to reassess pricing strategies and timing for mid-sized tech listings, potentially delaying several deals into October.

US Tech IPO Market Remains Selective

Despite high-profile names like SpaceX and OpenAI dominating headlines, the broader US tech IPO market is described as "another dud" when excluding mega-deals. Data suggests that outside of these two outliers, issuance volumes and first-day pops have been weak, indicating that investor demand remains highly concentrated on established leaders rather than emerging growth stories. This selectivity is pressuring underwriters to lower price ranges for mid-cap offerings to ensure successful debuts.

Local view

In France, media outlets are celebrating Pasqal’s listing as a national success story, emphasizing its status as a "French unicorn" even though it listed in New York. FranceTransactions highlighted the strategic decision to list on the Nasdaq to secure higher valuations compared to Euronext, noting the tension between national pride and capital market pragmatism. Meanwhile, German financial press is focused on the broader European context, with Börsen-Zeitung analyzing Shein’s debut as a warning sign for consumer-facing IPOs facing regulatory and competitive headwinds.

Context & numbers

• Shein Valuation: Approximately €22.6 billion ($24.5 billion), down from ~€90 billion ($97 billion) in 2022.
• Pasqal Proceeds: $360 million raised; $2 billion valuation.
• Europe IPO Backlog: PitchBook reports that while the window is open, the pipeline of high-quality candidates is narrowing, creating a "seller's market" for the few ready issuers.
• London Listing Drought: Bankers have largely given up hope for a London IPO revival in 2026, with EU and Swiss exchanges proving more attractive for new listings.

On the radar

• Labor Day Deadline: Issuers must file and price before September 7 to avoid the holiday blackout period, leading to a compressed calendar this week.
• Anthropic S-1 Watch: Investors are closely monitoring SEC filings for Anthropic, which could reset valuation benchmarks for AI companies if it proceeds with its mega-IPO.
• European PE Exits: Private equity firms are accelerating exits of remaining portfolio companies to capitalize on the open window before the candidate pool dries up completely.