WSJ: Wall Street's hopes for a blockbuster IPO season are fading as Oura postpones its $2.2B offering and other listings slip
What happened
The Wall Street Journal reported Tuesday evening that Wall Street's expected blockbuster fall IPO season is unraveling. Smart-ring maker Oura was the latest to postpone, delaying its offering citing "uncertainty in the IPO market" — it had aimed to raise as much as $2.2 billion at a ~$15.6 billion valuation, but investors balked, questioning the valuation and whether revenue growth would suffer as consumers feel the pinch of higher prices and interest rates. SoftBank-backed data-center company SB Energy delayed its IPO date after valuation pushback; Nvidia-backed cloud startup NScale's expected roadshow launch as early as next week may slip; nuclear-reactor company Holtec withdrew its IPO filing earlier this month citing unfavorable market conditions; and Dunkin' owner Inspire Brands is now unlikely to go public this year unless restaurant rival shares trade better. The fall parade was expected to be headlined by a gigantic, record-setting Anthropic offering, now also in doubt.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- Private-market names (Anthropic, Oura, SB Energy, NScale, Holtec, Inspire Brands) — direct impact on listing plans and valuations
- Investment banks (e.g., Goldman Sachs, Morgan Stanley, JPMorgan) — IPO/advisory fee pipelines at risk
- AI-trade proxies broadly — IPO window is a barometer of risk appetite; closure signals demand for equity risk is weakening
- Semiconductors and AI capex names (Nvidia, Micron) — NScale roadshow timing is tied to the AI-infrastructure trade
Sources