US IPO Week Ahead: OPay Is the Only Deal Before Anthropic

TL;DR: One IPO is on the US calendar this week: Africa-focused fintech OPay, seeking $320 million at a $4.2 billion market cap, according to Renaissance Capital. Anthropic has not made its S-1 public yet, though a filing is reported to be imminent. Its timing decides whether the roadshow can start November 9.

The week is quiet because the market is waiting. Renaissance Capital says OPay plans to raise $320 million at a $4.2 billion market cap, with a price range of $19 to $21 on 16 million shares, and Citi and Deutsche Bank are the top bookrunners. For an accredited investor who wants IPO exposure, that makes OPay the only new deal to study this week.

What is OPay, and what does the filing say about it?

OPay is an Africa-focused digital bank and fintech platform serving Nigeria and other emerging markets. Renaissance Capital reports that it holds a 9.9% share of the finance-app market in Africa and the Middle East by monthly active users in the first half of 2026. It also reports that gross transaction value grew 143% in that period and operating margin reached 28%.

The same report names the risk plainly: the company depends heavily on Nigerian consumer spending. One country's consumers carry a lot of this story. That's a concentration risk, and it's the first line to weigh against the growth figures, ahead of anything the pricing committee decides. We covered the revenue side of the filing in OPay's US IPO Filing Shows Revenue More Than Doubled.

OPay deal term	What Renaissance Capital reports
Deal size	$320 million
Market cap	$4,214 million
Price range	$19 to $21
Shares filed	16,000,000
Top bookrunners	Citi, Deutsche Bank

It's a mid-sized deal. Next to what is coming from Anthropic, it barely registers.

Where does Anthropic's filing stand?

Anthropic has not made its S-1 public. Renaissance Capital says recent reports indicate a public filing is imminent, and that a late-October filing would line up with a reported mid-November listing target, though the absence of a filing on Friday may signal a debut after Thanksgiving.

The clock comes from SEC rules. According to Yahoo Finance, companies using the confidential process must make their registration materials available 15 calendar days before the formal investor roadshow starts. IFR reports that Anthropic plans to launch its roadshow on November 9 and price the deal the following week. A roadshow on that date needs a public filing about two weeks earlier. Every day without one squeezes the schedule.

The plan could still move. Treat every date here as reported, not confirmed, until the S-1 is on EDGAR.

What numbers are being reported, and how much can you trust them?

Renaissance Capital says Anthropic told investors that third-quarter revenue reached $16.8 billion and that it is profitable on an adjusted basis. Those are figures the company gave investors in a meeting, not audited statements. IFR reports a target of up to $100 billion at a $2 trillion valuation, according to a person familiar with the matter.

Valuation talk isn't settled. PYMNTS reports that most of the first-half loss came from a $72 billion accounting charge tied to bonds that could turn into shares, not cash operating costs, and that some investors are weighing a valuation near $1.2 trillion. A $2 trillion target and a $1.2 trillion investor view are far apart. The S-1 will show which numbers hold up.

For background, see Anthropic's Leaked IPO Filing: The Investor Read and our earlier week-ahead note on the empty calendar.

Why does a quiet IPO calendar matter to you?

Other issuers are staying out of Anthropic's way. According to Tzaneen Voice, which cites Reuters, two people said other companies do not want to compete with Anthropic for the attention and money of big institutional investors. The market for new shares is also soft. As of 10/22/2026, Renaissance Capital says its IPO Index was up 6.0% year-to-date while the S&P 500 was up 13.0%.

New issues are trailing the broad market, and one very large deal could pull demand from everything else. If you hold private AI exposure, the S-1 is also the first document that lets you compare a public price to the private marks on your statement. Verify before you trust either number.

Common mistakes

The biggest one is treating leaked or investor-meeting numbers as filed numbers. Revenue told to investors hasn't been signed under securities law, and the gap between a reported figure and a filed one can be wide.

A second slip is reading OPay's growth rate without the concentration risk beside it. Growth of 143% in transaction value and a dependence on Nigerian consumer spending come from the same page, so both belong in the decision.

Then there's planning around a single date. Renaissance Capital says a missing Friday filing may push the debut past Thanksgiving, so a November 9 roadshow is a target, not a promise.

FAQ

Which AI IPO is coming?

Anthropic is the one to watch. Renaissance Capital says it has not yet made its S-1 public, though a public filing is reported to be imminent. IFR reports a plan to launch the roadshow on November 9 and price the following week.

What is the next big IPO coming?

Anthropic. IFR reports it is targeting up to $100 billion at a $2 trillion valuation, according to a person familiar with the plan. Until the S-1 is public, treat the size, price and timing as reported and unconfirmed.

Will Anthropic be the biggest IPO in history?

Yahoo Finance says the debut is expected to surpass SpaceX's June IPO, which IFR reports raised $86.25 billion. That depends on Anthropic completing a raise near its reported $100 billion target.

What was the big IPO this week?

There is only one on the calendar: OPay, an Africa-focused digital bank and fintech platform, seeking $320 million at a $4.2 billion market cap, per Renaissance Capital. Its price range is $19 to $21 a share.

What to do today

Set an alert on SEC EDGAR for Anthropic's S-1. When it posts, go straight to the beneficial ownership and risk factor sections, and compare the audited revenue to the $16.8 billion that was reported.

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