Initial public offering, a company’s first sale of its shares to the public. Chapter 10.
From The AI Compute Race. Read the book
Where the book uses it
- Chapter 10 — The Lender’s Decision
Who is lending the money and who bears the loss: the bonds, leases and guarantees behind the largest campuses, and how the paper reaches ordinary retirement accounts.
Where the record uses it
- Campus Project Matador / HyperGrid
Sources that use it
- Morningstar Indexes, “SpaceX Lands in Morningstar Market Indexes,” Index IP page, 23 June 2026 (Morningstar, Inc. has owned the CRSP Market Indexes since February 2026; SpaceX “was officially added to the CRSP Market Indexes” on 18 June after the close, “effective Monday, June 22, at the opening of US markets”, “five days after its record setting IPO”; it “entered the US Total Market Index, currently followed by more than $2 trillion in investor assets, at a 0.15% weight, making it the 106th largest security in the index by weight”; its float-adjusted market capitalization of $109.2 billion was “just 4.5% of its total market capitalization of $2.4 trillion at June 18”, admitted under float eligibility rules Morningstar adjusted in April 2026). In the Sources
- OpenAI, “Confidential submission of draft S-1 to the SEC,” 8 June 2026 (OpenAI said it had recently submitted a confidential draft S-1, had not decided the timing and that “it may be a while”; the notice’s own words are “We recently submitted a confidential S-1. We expect it to leak so we’re just announcing it”, made “pursuant to Rule 135 under the Securities Act of 1933”; it gives no submission date beyond “recently”, no share count, no price and no underwriter); Yahoo Finance, “OpenAI may delay blockbuster IPO to 2027,” 25 June 2026 (attributing the 2027 possibility to The New York Times, whose own report is at neither address here). In the Sources
- SK hynix, “Solidigm to Discontinue Review of Potential IPO, Reaffirming Commitment to Long-Term Growth and Shareholder Value,” newsroom statement, 23 October 2026 (“Solidigm has explored various funding options, including a potential IPO, to finance a new fab in the U.S. to meet growing AI memory demand”; “Solidigm will halt its review of potential pre-IPO and IPO options”; “in light of recent capital market conditions and share price trends”; neither Dalian nor any condition is named). In the Sources
- SoftBank Group Corp., “Follow-on Investments in OpenAI,” 27 February 2026 (USD 30.0 billion into OpenAI Group PBC via SoftBank Vision Fund 2 in three USD 10 billion tranches dated 1 April, 1 July and 1 October 2026, Japan time, at a pre-money valuation of USD 730 billion, for preferred shares automatically convertible on an IPO; cumulative investment expected to total USD 64.6 billion for approximately 13 percent; closing dates for the second and third tranches “may be subject to acceleration in the event of a public listing of OpenAI shares”; the LTV policy footnote — “SBG manages LTV below 25% under normal market conditions, with an upper threshold of 35% even in times of emergency”; the consideration “expected to be financed initially through bridge loans”). In the Sources
- SoftBank Group Corp., press releases, 24 August to 24 September 2026 (the seven releases on its “Press Releases” page between the Q1 FY2026 report of 6 August and 27 September 2026: 24 August, “Issuance of the 70th Unsecured Straight Corporate Bond”; 28 August, the LINE MAN acquisition’s completion timing and “Comment on Moody’s Release Related to Unsolicited Ratings”; 2 September, SB Energy’s IPO registration; 4 September, the 70th bond’s terms; 9 September, “Early Repayment of Bridge Loans”; 24 September, “Issuance of Foreign Currency-Denominated Senior Notes”; none names Vision Fund 2’s loan agreement on the OpenAI shares, each searched for the fund, the shares, the loan and its margin; read by the close sweep on 5 October 2026). In the Sources
And 46 more: search the Sources.
Related terms
From the glossary of The AI Compute Race.
How to cite this page
Dryburgh, Lee S. “IPO.” In The AI Compute Race. DRYBURGH. https://dryburgh.com/vol1/glossary/ipo (accessed 2026-11-01).
BibTeX
@misc{dryburgh-ipo-2026,
author = {Dryburgh, Lee S.},
title = {{IPO}},
howpublished = {In \emph{The AI Compute Race}, DRYBURGH},
year = {2026},
url = {https://dryburgh.com/vol1/glossary/ipo},
note = {Accessed 2026-11-01}
}