Access IPOs Podcast

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Craig walks through the Anthropic IPO initial S-1 filing, highlighting five key insights that stand out. #4 is the most bullish (insane numbers, whoa).

Anthropic is the fastest-growing startup of all time. And the S-1 filing reveals a deep enterprise footprint and massive cash hoard, helping to explain the explosive revenue growth.

Q3 2026 numbers aren't included yet, but we'll learn more in the amended S-1 filing now expected around November 10th.

We also look at the current Anthropic IPO date and calendar timeline.

^Augment is a paid sponsor of the Access IPOs podcast. Augment Markets Inc. is a technology company. Brokerage services are offered through Augment Capital LLC, member FINRA/SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. This is for informational purposes only and does not constitute advice, a recommendation, an offer, or a solicitation to buy or sell any security, investment product, or advisory service. Private securities are speculative and illiquid. Investing involves substantial risks, including possible loss of the entire investment. Certain investment opportunities have minimum investments as low as $10,000, subject to eligibility and availability.

(0:00) Intro

(0:38) Anthropic S-1 Summary

(1:03) Compelling

(2:02) Sponsor: Augment

(3:09) Anthropic Retail IPO Access

(4:06) Anthropic IPO Price

(5:06) Anthropic IPO RetailBook UK

(5:45) Tired Narrative

(6:59) Anthropic S-1 Filing

(8:24) Insight #1 Investor Expectations

(10:38) Anthropic IPO Date

(12:38) Insight #2 Enterprise Adoption

(16:08) Insight #3 Revenue Growth

(17:45) Insight #4 Whoa!

(20:16) Use of Proceeds

(21:01) More Compute, More Revenue

(23:44) Anthropic Valuation

(24:00) Insight #5 Anthropic Lockups

(26:02) And Much Much More

(26:59) Corporate Peer Pressure

(28:12) Timeline

(28:42) Next Two Weeks

(29:36) Retail Investor Advocates

(31:02) Let's Connect

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Fidelity cut the IPO eligibility threshold to $25k from $500k, opening the door for thousands of new IPO investors.

Why did they do it? And does that mean fewer Anthropic IPO shares to go around?

Craig revisited the Fidelity IPO FAQs and rediscovered some nuance that can help us understand the scattered SpaceX IPO allocations, and prepare our portfolios for better allocations in future deals.

In IPO Radar news, investors push back on Nscale's planned IPO valuation. More Anthropic numbers leaked but where's the filing? And a $90 billion Anduril valuation after the latest tender offer.

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(0:00) Intro

(0:44) Fidelity IPO Eligibility

(1:35) Active Pipeline in 2027?

(2:40) Fidelity IPO FAQs

(3:01) Fidelity IPO Allocations

(3:48) Sponsored Message

(5:25) IPO FAQ Deep Dive

(9:49) Fidelity SpaceX Allocations

(13:17) Data Collection

(13:50) Why Lower?

(15:29) Improve Allocations at Fidelity

(18:44) IPO Radar Companies

(19:42) Nscale IPO Update

(21:05) Importance of the Anthropic IPO

(22:50) Anthropic S-1 Filing Numbers

(25:07) Anthropic IPO Dates

(26:24) Anduril Tender Offer

(28:36) Anduril Valuation

(29:05) Ways to Support the Show

Additional Disclosures: Seeking Alpha is a paid sponsor of the Access IPOs podcast. The host is long SpaceX stock, and Anthropic and Anduril equity exposure via venture funds VCX, RVI, and ARKVX. Access IPOs content is for informational purposes only, and the host does not recommend that investors buy or sell any stocks, funds, or private companies mentioned. Perform personalized due diligence and only invest with money you can afford to lose, as IPO and pre-IPO investments inherently carry a high degree of risk. Invest in IPOs and private companies at your own risk. The host may invest in upcoming IPOs mentioned in the show. His participation is not a recommendation or personalized financial advice.

We learned in the Oura S-1 filing that Coinbase will now offer access to IPOs. Oura postponed, but according to my guest, Coinbase has a solid pipeline of upcoming deals slated to land on the investing app.

Coinbase Co-CEO Brett Tejpaul joined the show to talk about the "Everything Exchange", as the company doubles down on crypto and tokenization to innovate the future of finance, while also embracing more traditional finance like stock trading and IPOs.

In today's conversation, Brett helps us understand what's happening in the institutional side of the crypto world, talks IPO allocations, and the debate about IPO flipping.

We also address tokenization of real-world assets like pre-IPO equity, and look back on the Coinbase direct listing.

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Disclosures: At the time of recording, the host is long Coinbase stock. Access IPOs is an affiliate partner with Coinbase and is compensated when a viewer uses a sponsored link to open an account and begins trading at no additional cost to them. ^Average award is $25. Access IPOs was not compensated for this interview. The host is long Robinhood stock. Access IPOs content is for informational purposes only, and the host does not recommend that investors buy or sell any stocks, funds, or private companies mentioned. Perform personalized due diligence and only invest with money you can afford to lose, as IPO and pre-IPO investments inherently carry a high degree of risk. Invest in IPOs and private companies at your own risk. The host may invest in upcoming IPOs mentioned in the show. His participation is not a recommendation or personalized financial advice. Consult a certified financial advisor with questions about your situation.

(0:00) Intro

(1:42) Welcome Brett Tejpaul

(2:52) The Everything Exchange

(9:10) Tokenized Stocks

(10:24) Oura IPO on Coinbase

(12:11) SpaceX IPO

(12:45) Coinbase IPO Access

(14:23) Coinbase IPO Allocations

(19:16) IPO Flipping

(24:12) Real-World Tokenization

(29:22) The Coinbase Direct Listing

(31:56) Takeaways

(33:46) Disclosures

(34:30) Like, Subscribe, Follow, Join

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Access Club on Patreon: 7-Day Free TrialSponsor: VCX — The public ticker for private tech. Visit ⁠getvcx.com⁠ for more infoOura postponed its IPO indefinitely for "dubious" reasons, according to Craig.

Will Anthropic delay its IPO due to an "uncertain IPO market"?

No. If Anthropic delays, it will be due to broader market conditions, such as bond yields and oil prices.

Anthropic IS the IPO market, and they can do whatever they want. But the health of both the public and private markets hinges on it going public.

In IPO Radar news, neocloud Lambda is raising funds at a $14.5 billion valuation and told investors it is planning a 2027 IPO.

OpenAI is raising ONLY $30 billion this round.

And Jeff Bezos declared his intent to land Blue Origin rockets on the moon and pursue an IPO "several years" from now.

(0:00) Intro

(0:36) OURA IPO Postponed

(1:34) IPO Uncertainty?

(2:15) Notable IPO Delays

(4:00) Sponsored Message

(5:15) Why Oura Postponed

(7:13) Priced too High

(8:45) SpaceX IPO vs. Oura

(10:00) Anthropic IPO: Delayed?

(11:12) Anthropic IPO Date

(12:46) Anthropic S-1 Filing Date

(13:54) Anthropic Q3 2026 Financials

(14:24) Leaked 2025 Financials

(15:06) The Anthropic Opportunity

(15:35) IPO Radar and Free Resources

(17:16) Lambda Valuation

(18:04) Nscale IPO Update

(18:30) Lambda IPO Plans

(20:16) OpenAI $30 Billion Raise

(21:38) Bezos: Blue Origin IPO

(25:05) Join, Subscribe, Links

Disclosures: At the time of recording, the host is long VCX and the Fundrise internet public offering (iPO). Access IPOs is an affiliate partner with Fundrise, and VCX is a paid sponsor of the Access IPOs podcast. The host is also long RVI, which owns stakes in Oura and OpenAI. VCX holds Anthropic and OpenAI. Access IPOs content is for informational purposes only, and the host does not recommend that investors buy or sell any stocks, funds, or private companies mentioned. Perform personalized due diligence and only invest with money you can afford to lose, as IPO and pre-IPO investments inherently carry a high degree of risk. Invest in IPOs and private companies at your own risk. The host may invest in upcoming IPOs mentioned in the show. His participation is not a recommendation or personalized financial advice.

Learn More about Augment

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Craig is joined by Noel Moldvai, Co-Founder and CEO of Augment, a pre-IPO investing platform for accredited investors.

Augment empowers retail investors to buy and sell SPV shares of private companies on its Private Liquidity Network. The interview covers investment minimums, how the platform works, transparency, integrations, liquidity, and investment structure.

We also learn about Noel's experience working at Rubrik in the early stages of growth and lessons learned from its leadership. Born in Eastern Europe, Noel shares what he's learned from being an immigrant founder.

(0:00) Intro

(1:57) Welcome Noel

(2:25) Augment's Mission

(4:57) User Experience and Integrations

(7:59) Transparency

(8:58) Accessibility

(9:09) Liquidity

(11:04) Investment Structures

(12:38) Investment Selection

(14:21) Primary Investing Rounds

(15:28) Exit Distributions

(16:22) Roadmap Innovation

(16:54) Minimum Investment Amounts

(22:03) Pricing

(25:26) Private Liquidity Network

(28:13) Self-Directed IRAs

(29:24) Tokenization

(32:31) Noel's Background: Rubrik

(34:56) Rubrik Lessons Learned

(39:44) Immigrant Roots

(41:30) Canadian Rock Bands

(42:24) Thanks

(42:51) Opportunities

(44:21) IPO Pipeline

(46:16) Interview Feedback

Disclosures: At the time of recording, Augment is an advertising partner with the Access IPOs podcast, but Access IPOs is not paid for referrals. Access IPOs content is for informational purposes only, and the host does not recommend that investors buy or sell any stocks, funds, or private companies mentioned. Perform personalized due diligence and only invest with money you can afford to lose, as IPO and pre-IPO investments inherently carry a high degree of risk, including the total loss of capital invested. Invest in IPOs and private companies at your own risk. The host may invest in upcoming IPOs mentioned in the show. His participation is not a recommendation or personalized financial advice. The host may be long startups mentioned on the show through SPVs, platform investments, or indirectly through pre-IPO funds. At the time of recording, the host has not invested in any private companies on the Augment platform.

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Craig updates viewers on the upcoming OURA IPO. The company set terms this week and is planning a September 30th OURA IPO date. Coinbase will be a group selling member, offering IPO access to customers for the first time in its history.

Nscale filed for an IPO on September 18th and is targeting a $35 billion IPO valuation. But is contracted revenue a reliable metric on which to base the IPO valuation? Craig walks through the S-1 filing as we anticipate a mid-October Nscale IPO date.

In IPO Radar news, four AI inference startups are on FIRE: Baseten, Modal Labs, Fireworks AI, and Together AI.

(0:00) Intro

(0:54) OURA IPO Date and Terms

(1:55) OURA Shareholders

(3:17) OURA Valuation

(4:29) Coinbase OURA IPO

(5:19) Coinbase IPO Flipping Policy

(5:48) Sign up/Disclosures

(6:09) Best IPO Brokers

(6:54) Fall IPO Pipeline

(7:18) Nscale IPO Preview

(12:34) Nscale Contracted Revenue

(13:32) Nscale Financials

(15:47) Concentration Risk

(17:34) Big Questions

(20:10) IPO Radar News

(20:39) AI Inference Startups

(21:10) Baseten Valuation

(21:53) Modal Labs

(22:57) Fireworks AI

(24:30) Together AI

(25:05) OpenRouter

(26:07) What is AI Inference?

(27:34) Still Here?

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Will the Anthropic IPO be delayed again? Craig doesn't think so.

The Anthropic IPO is still on track for the end of October. By disclosing the potential catastrophic risks, Anthropic lowers its securities fraud liabilities. Just one of the many benefits of going public!

Craig walks through the latest Anthropic IPO timeline as we countdown the days to the IPO.

In IPO Radar news, OpenAI's IPO is still planned for 2027 (after a brief head fake), and the company is considering raising new funds at a $1.2 trillion valuation. But will shares make it to the secondary platforms for retail investors to participate?

Plus, Motive has officially withdrawn its IPO filing after raising $1.3 billion from General Catalyst. And Travis Kalanick is getting back into robotaxis with his newly restructured company, ATOMS.

(0:00) Intro

(0:43) IPO Trio

(0:54) Oura Amended Filing

(1:24) Anthropic IPO Date

(3:05) AI Safety Concerns

(3:41) OpenAI Excuse

(4:23) Sponsored Message

(5:37) Should Anthropic Pause the IPO?

(6:23) Catastrophic AI Risk

(7:52) Benefits of Going Public

(9:23) #1 Anthropic On Nasdaq

(9:52) #2 NVIDIA Anchor Investor

(11:01) #3 Anthropic is Profitable?

(11:51) Disclosure

(13:01) IPO Radar News

(13:41) OpenAI IPO 2027

(14:16) OpenAI Funding Round

(16:02) Motive IPO Update and Raise

(17:45) Travis and ATOMS Robotaxis

(20:43) Outro Actions

Disclosures: At the time of recording, the host is long VCX and the Fundrise internet public offering (iPO). Access IPOs is an affiliate partner with Fundrise and Robinhood, and VCX is a paid sponsor of the Access IPOs podcast. At the time of recording, the host is also long RVI which owns a stake in Oura and OpenAI. VCX holds Anthropic and OpenAI. Access IPOs content is for informational purposes only and the host does not recommend that investors buy or sell any stocks, funds, or private companies mentioned. Perform personalized due diligence and only invest with money you can afford to lose, as IPO and pre-IPO investments inherently carry a high degree of risk. Invest in IPOs and private companies at your own risk. The host may invest in upcoming IPOs mentioned in the show. His participation is not a recommendation or personalize financial advice.

New show format: IPO Radar Rapid Fire! 8 startups, 60 seconds each. Start the timer!

Oura, Anthropic, Kraken, Carbon Robotics, Cognition, ElevenLabs, Ramp, Mistral.

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(0:00) Intro

(0:18) Robinhood Oura IPO

(1:22) Kraken IPO Delayed (Again)

(2:29) Anthropic IPO Doomsayers

(3:30) Carbon Robotics Weed Zapper

(4:20) Cognition Series E Valuation

(5:04) ElevenLabs IPO 2028

(6:10) Ramp $60 Billion Valuation

(7:10) Mistral AI $24 Billion Valuation

Disclosures: At the time of recording, the host is long Anthropic and Oura indirectly via VCX, RVI, and ARKVX. Access IPOs is an affiliate partner with Robinhood. Access IPOs content is for informational purposes only and the host does not recommend that investors buy or sell any stocks, funds, or private companies mentioned. This content should not be considered personalized financial advice. Perform personalized due diligence and only invest with money you can afford to lose, as IPO and pre-IPO investments inherently carry a high degree of risk. Invest in IPOs and private companies at your own risk.

^There's no obligation to buy. You'll simply be alerted to a special one-time "best-ever" "mega-deal!" upon the course launch. You'll also be subscribed to the Access IPOs Sunday Newsletter, the best newsletter out there (biased). Unsubscribe any time.

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Access Club on Patreon: 7-Day Free Trial Don't invest alone. Time to prepare for Anthropic and OURA. Join us.

The Oura IPO filing was released on Thursday September 3rd. Craig walks through S-1 highlights of this easy to understand business.

The Anthropic IPO filing is delay by about a month. We're now watching for a late-September filing, mid-October roadshow, and IPO date "days before the mid-term elections".

SB Energy filed for an IPO too, though it's reminiscent of Fermi, which didn't fair so well.

In IPO Radar news, Nvidia looks to invest in Perplexity at a perplexing valuation while Cognition's valuation approaches $50 billion.

Meanwhile, Pittsburgh is energized for the Westinghouse IPO, as the legacy nuclear leader has filed confidentially and could go public this year.

Disclosures: At the time of recording, the host is long VCX restricted shares and the Fundrise internet public offering (iPO). Access IPOs is an affiliate partner with Fundrise and Robinhood, and VCX is a paid sponsor of the Access IPOs podcast. At the time of recording, the host is also long RVI which owns a stake in Oura. VCX holds Anthropic. Access IPOs content is for informational purposes only and the host does not recommend that investors buy or sell any stocks, funds, or private companies mentioned. Perform personalized due diligence and only invest with money you can afford to lose, as IPO and pre-IPO investments inherently carry a high degree of risk. Invest in IPOs and private companies at your own risk.

(0:00) Intro

(0:38) Anthropic IPO DELAYED

(1:43) Anthropic IPO Demand

(2:19) Anthropic Valuation

(3:58) Sponsor: VCX

(5:19) SB Energy IPO

(6:43) Fermi Comparison

(7:38) Oura IPO Preview

(8:36) S-1 Filing Walkthrough

(9:06) Oura Robinhood

(9:45) Fidelity and Retail Access

(10:50) Oura Key Numbers

(11:47) Oura Business Model

(14:08) Oura Financials

(15:12) Read Prospectus Before Investing

(15:54) Oura Directed Share Program

(17:44) Oura IPO Date

(18:14) IPO Radar News

(18:38) Nscale IPO Update

(22:01) Cognition Valuation

(24:03) Perplexity Valuation

(26:07) Neo-Nuclear Resurgence

(26:48) Westinghouse IPO

(30:59) Pittsburgh Startup Scene

(32:37) Connectivity

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Episode #74: The Fall 2026 IPO pipeline is thin compared to last year. Just three notable deals are expected soon as this show goes live: The Oura Health IPO, Nscale IPO, and Anthropic IPO. The Anthropic IPO filing is now expected to arrive after the Labor Day, but the others could arrive as soon as next week. Updates on all three.

In IPO Radar news, Hugging Face was acquired by NVIDIA (but announced a new robo-duck), the Shein IPO story is coming to an end, and Lambda is raising new funds before its anticipated 2027 IPO.

Disclosures: At the time of recording, the host is long SPCX, and Anthropic and Oura Health indirectly via VCX, RVI, and ARKVX. Access IPOs content is for informational purposes only and the host does not recommend that investors buy or sell any stocks, funds, or private companies mentioned. This content should not be considered personalized financial advice. Perform personalized due diligence and only invest with money you can afford to lose, as IPO and pre-IPO investments inherently carry a high degree of risk. Invest in IPOs and private companies at your own risk.

^There's no obligation to buy. You'll simply be alerted to a special one-time "best-ever" "mega-deal!" upon the course launch. You'll also be subscribed to the Access IPOs Sunday Newsletter, the best newsletter out there (biased). Unsubscribe any time.

(0:00) Intro

(0:20) Fall IPO Pipeline

(1:57) Oura Health IPO

(4:20) Oura Health Funding Rounds

(4:44) Oura Sales Metrics

(5:31) Nscale IPO Update

(7:19) Nscale Valuation

(8:00) Nscale Anthropic Deal

(9:35) Anthropic IPO Date

(10:49) Anthropic IPO Valuation

(11:56) Buy Anthropic IPO?

(13:00) Anthropic $30 Trillion TAM

(14:25) IPO Radar News

(15:20) NVIDIA Acquires Hugging Face

(16:21) Hugging Face Microduck

(17:04) Hugging Face Funding Rounds

(17:54) Shein IPO Update

(20:08) Lambda Funding Round

(21:42) Neocloud IPOs

(22:43) I Ask For Help and Promote Things