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5 companies explained

IPOs explained

Companies that have filed to list on Nasdaq or the NYSE, explained from their latest SEC registration statement: what the business does, how the offering works and where the money goes.

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

S-1 filed

The company has publicly filed its registration statement (Form S-1 or F-1) with the SEC. No price range is set yet.

  • Anthropic

    S-1 filed

    Information Technology

    Anthropic sells use of its Claude AI models. Revenue was $16.3 billion in the six months to Jun 30, 2026, with a net loss of $80.7 billion.

    Based on the S-1 dated Oct 26, 2026

  • Nscale

    S-1 filed

    Information Technology

    Nscale rents NVIDIA chip capacity to AI firms. In the six months to Jun 30, 2026, revenue was $140.6 million and the net loss $1,020.1 million.

    Based on the S-1 dated Sep 18, 2026

  • SB Energy

    S-1 filed

    Power and data centers

    SB Energy runs solar and battery plants, mainly in Texas and California, and is building AI data center campuses leased to SoftBank and OpenAI affiliates. None of the data centers is operating yet.

    Based on the S-1/A dated Sep 21, 2026

  • Wella

    S-1 filed

    Consumer Staples

    Wella sells salon hair color, Clairol home dye, OPI nail polish and ghd hair tools in more than 100 countries, with $2,939.1M of revenue in the year to Jun 30, 2026.

    Based on the S-1/A dated Sep 23, 2026

Postponed

The company has said it postponed the offering. Its registration statement is still on file with the SEC.

  • Oura

    Postponed

    Consumer Durables

    Oura sells a smart ring that tracks sleep and heart rate, then charges a monthly fee for the app that explains the data.

    Based on the S-1/A dated Sep 21, 2026