Two dates
September 28 edition, checked September 29. US prices use September 25 closes; weekly changes compare September 18 with September 25.
Week of 28 September 2026 · EU / US
AI Infrastructure IPO Radar
Plain-English weekly dashboard for AI chips, data centers, power, cooling, defense AI, space systems and high-upside IPO candidates.
1 · Roadshow launched
Accelevation sets terms
2 · Financing
Nscale secures funding
September 25: $3.36bn financing includes $2.36bn at closing and $1bn NVIDIA funding expected in November. Company
3 · Memory catalyst
Micron reports September 30
Watch HBM demand, margins, capital spending and guidance. Results are still ahead as of September 29. Official events
How returns work
(Checked price ÷ offer price − 1) × 100. Excludes dividends, fees, tax and currency changes; each IPO starts on a different date.
EU numbers
Company sales, orders and margins are operating results, not stock returns. Periods and definitions appear beside each figure.
Research priorities
Power and chip suppliers have visible operating evidence. No attractive entry price or valuation target is established. Research only; not personalized investment advice.
EU Market
European exchanges, policy catalysts, access routes, IPO-watch names, and measurable EU infrastructure signals.
What Changed in Europe
September 21–29 developments; distinguish orders, options and future targets from current earnings.
Naval systems pipeline
September 24: Leonardo’s 49%-owned OSN venture signed a €3.7bn destroyer contract including €1.3bn options. Leonardo’s expected subcontract is about €1.7bn including €480m options; not all firm orders. Primary release
Industrial AI expands
Mistral opened its Munich hub September 28, naming Siemens Energy among collaborators. Its 1GW European compute ambition is a 2030 target, not installed capacity. Company
Copper supply security
September 23: Prysmian and Aurubis announced a long-term wire-rod agreement. No contract volume or value disclosed; assess supply reliability and margins. Company
EU infrastructure
Up to 7 AI gigafactories
July 30 call: up to €10bn public support intended to unlock at least €20bn private capital. Plans are not supplier revenue. Commission
EU rollout
19 AI factories
Work has begun; the majority are expected operational by end-2026. Network includes 13 antennas. Commission overview
EU policy
Chips Act 2.0 proposal
Proposed June 3, 2026. Track implementation and funding; a proposal is not enacted law. Proposal
Theme Map: Listed And Future Names
European companies and global peers grouped by theme; market access varies by company.
AI Compute, Semiconductors And Photonics
Europe's edge is chip-making equipment, lithography, power chips, photonics, sensors and quantum.
- Listed examples: ASML, ASM, BESI, IFX, STM, SOI, AIXA, IQMX, PSQL
- Listing watch: IQM and Pasqal are now public; Ephos and other photonics startups remain private-watch names
- Watch trigger: Chips Act 2.0, EUV, advanced packaging, silicon carbide, photonic chips
- Risk: weak frontier GPU/cloud platforms and export-cycle exposure.
Power For AI Data Centers
AI factories turn grid equipment, switchgear, cables, turbines and energy software into strategic infrastructure.
- Listed examples: SU, ENR, ABBN, LR, NEX, PRY, ALFEN, RWE, ENEL
- Upcoming/not listed: grid software, battery backup, geothermal, small nuclear and flexibility platforms
- Watch trigger: AI factories, grid upgrades, data-center power deals and electrification backlogs
- Risk: permits, regulated returns and political electricity-price pressure.
Cooling, Grid And Data Centers
Power access and permitting are key constraints to track.
- Listed examples: OVH, SU, LR, SPIE, VRT, EQIX, DLR
- Upcoming/not listed: nLighten, Data4-style operators, liquid cooling, edge compute
- Watch trigger: 19 AI factories in rollout, up to 7 AI gigafactories, sovereign cloud and local inference
- Risk: grid queues, local opposition, water use and bargaining power from the biggest cloud customers.
Defense AI, Space And Autonomy
European defense spending and sovereign-space pressure create local versions of the Anduril and SpaceX themes.
- Listed examples: RHM, LDO, HO, AM, SAAB, HAG, KOG, R3NK, AIR
- Upcoming/not listed: Helsing, STARK, Isar Aerospace, The Exploration Company, ICEYE
- Watch trigger: NATO spending, drone autonomy, satellite-intelligence software, launch and secure communications
- Risk: slow government buying cycles, export controls and fragmented EU demand.
EU Technology & Listing Watch
Ten European-origin companies, including UK issuers and two public quantum companies. New developments are dated; older milestones retain their original dates.
1
Mistral AI PRIVATE · INDUSTRIAL AI
September 28: opened Munich hub and disclosed work with Siemens Energy and BMW. Targets 1GW European compute capacity by 2030.
Research next: A capacity target is not installed compute. Require contract economics and paid adoption.
2
Helsing PRIVATE WATCH
July 13 Series E: $1.8bn at $18bn valuation.
Research next: Watch autonomous-platform deployments and factory output; private value is not a traded price.
3
IQM · IQMX PUBLIC · CUSTOMER AGREEMENT
September 17: purchase agreement with Brazil’s Eldorado for IQM’s first quantum computer in South America.
Research next: Require delivery milestones and revenue recognition; no new IPO return is inferred.
4
Pasqal · PSQL COMBINATION CLOSED
Business combination closed August 27 with about $360m cash; Nasdaq trading scheduled August 28.
Research next: Watch cash runway and commercial deliveries; merger pricing is not a conventional IPO price.
5
STARK PRIVATE WATCH
September 4: announced Raydiant RF acquisition for electronic-warfare capability.
Research next: Watch integration, product demonstrations and funded contracts.
6
Isar Aerospace PRIVATE · LAUNCH MILESTONE
September 5: Spectrum reached orbit and deployed satellites, according to ESA. June funding agreement remains €270m.
Research next: Watch repeat launch reliability and commercial cadence. The September 5 milestone is retained with its original date.
7
The Exploration Company PRIVATE WATCH
Company reports 10 missions booked; Nyx cargo capsule and Storm engine in development.
Research next: Watch delivery milestones and customer payments; mission bookings are not completed revenue.
8
ICEYE PRIVATE · ESA STUDY
September 17: ESA selected the ICEYE-led ARISE consortium for a 12+8-month architecture study for sovereign Earth observation.
Research next: A study is not a full constellation deployment award. Contract value was not disclosed.
9
Nscale · NSCL UK · IPO FILED
September 25 financing includes $2.36bn initial tranche plus $1bn NVIDIA commitment expected in November.
Research next: Watch dilution and delivery. More than $103bn company-reported contracted value is not current revenue.
10
nLighten PRIVATE INFRASTRUCTURE
July 14: Arqit collaboration on sovereign public-cloud workloads; backed by I Squared Capital.
Research next: Watch occupancy, power access and returns on new capacity. Distinct from listed nLIGHT.
EU Public Companies: Results That Matter
Ten listed companies. Operating figures retain their original reporting periods; reviewed September 29; retain original reporting periods below. Click a company for its source.
| Company / market | Theme | Reported figures | What to check next |
|---|---|---|---|
| ASML · ASML Amsterdam | Chip equipment | Q2 2026: €9.326bn sales; 54.0% gross margin. FY sales outlook €43–45bn. Published 2026-07-15 | Customer spending and export controls can shift deliveries. |
| SU · Schneider Electric Paris | Power / cooling | Q2 2026: €11.5bn sales, +17% organic. H1 adjusted EBITA margin 19.3%. Published 2026-07-30 | Group growth is broader than AI; execution and valuation still matter. |
| ENR · Siemens Energy Xetra | Grid / turbines | Q3 FY2026: €11.4bn sales, +18.5% comparable; €162bn backlog. Published 2026-08-05 | Orders take years to deliver; wind recovery and cash conversion matter. |
| RHM · Rheinmetall Xetra | Defense | H1 2026: €5.227bn sales, +39%; €80.5bn backlog. Published 2026-08-06 | H1 operating free cash flow –€1.616bn; canceled programs can cut guidance. |
| HO · Thales Paris | Defense / cyber / space | H1 2026: €12.471bn orders, +21%; €10.949bn sales. Published 2026-07-23 | F126 termination hit net income by €331m; orders are not revenue. |
| LDO · Leonardo Milan | Defense / space | H1 2026: €10bn sales, +12%; approximately €16bn orders, +45%. Published 2026-07-30 | Free operating cash flow remained negative at –€249m. |
| IFX · Infineon Xetra | Power semiconductors | Q3 FY2026: €4.172bn sales; 19.1% segment margin. Published 2026-08-05 | Capacity reservations and negotiations are not recognized sales. |
| STM · STMicroelectronics Paris / Milan | Power chips / photonics | Q2 2026: $3.49bn sales; 34.8% gross margin; $75m free cash flow. Published 2026-07-23 | Data-center revenue above $1bn in 2026 is management ambition, not a completed result. |
| NEX · Nexans Paris | Grid cables | H1 2026: €3.249bn standard sales; electrification organic growth 4.5%. Published 2026-07-29 | Standard-metal sales differ from current-metal sales; project timing affects delivery. |
| PRY · Prysmian Milan | Cables / data links | Q2 2026: €6.021bn sales, +9.4% organic; Digital Solutions +18.0% organic. Published 2026-07-30 | Acquisitions and metal-price definitions affect comparisons. |
Reported Sales Growth
Magnitude ordered on a 0–40% scale. Periods and definitions differ, as labeled: these are not like-for-like stock returns or investment scores.
Research Next
Leonardo’s expected subcontract offers a systems opportunity. Separate firm scope from options, then track awards, delivery milestones and cash conversion; vessels are due in 2033 and 2035.
Industrial AI Check
Mistral’s distribution and industrial partnerships merit research, but customer names and compute targets do not establish profitable share gains. Require paid deployment evidence.
Supply Chain Watch
Prysmian’s copper agreement supports supply planning. It does not quantify incremental sales. Watch working capital, price pass-through and capacity utilization.
Potential Market-Share Opportunities
Research priorities for upcoming contracts and results; no quantified share-gain forecast.
1 · Grid, power and cables
SU, ENR, NEX, PRY: power and fiber investment remain key AI-site needs. Prysmian’s transaction must close and earn adequate returns to strengthen the case. Confirmation: signed orders become profitable deliveries. Rejection signal: delays or weaker cash conversion.
2 · Chip equipment and power chips
ASML, IFX, STM: monitor deliveries and recognized AI-related sales. Customer deferrals, export controls or lower margins weaken the case.
3 · Defense electronics and autonomy
RHM, HO, LDO and private Helsing/STARK: monitor funded procurement and output. Cancellations, working-capital pressure and expensive valuations remain risks.
US Market
US listings and prospective US offerings, including international issuers.
Theme Map: IPOs And Public Stocks
Concrete names behind the US signals. Public stocks are companies to compare for the theme.
AI Compute And Semiconductors
AI accelerators, networking, memory, photonics, chip equipment and data-center connectivity.
- Recent IPOs: CBRS, QNT, SKHY, ALAB
- Upcoming/not listed: Syntiant, OpenAI, Anthropic, Databricks
- Public stocks: NVDA, AMD, AVGO, MRVL, ARM, TSM, ASML, MU
- Watch trigger: Nvidia data-center revenue, big-cloud spending, AI chip and memory supply constraints
Power For AI Data Centers
Reliable electricity, nuclear, geothermal, grid equipment and power infrastructure.
- Recent IPOs: INIO, FPS, FRVO, FISN, STDN, MWH, XE
- Upcoming/not listed: Holtec (postponed), SB Energy, CoVolt, CFS, Helion
- Public stocks: GEV, CEG, VST, NRG, ETN, PWR, SMR, CCJ
- Watch trigger: utility connection queues, nuclear contracts, data-center power contracts
Cooling, Grid And Data Centers
Cooling, HVAC, electrical gear, data-center REITs and buildout contractors.
- Recent IPOs: MAIR, BXDC, CSQR
- Upcoming/not listed: Nscale, Accelevation, data-center builders, cooling specialists
- Public stocks: VRT, ETN, PWR, TT, CARR, JCI, MOD, EQIX, DLR
- Watch trigger: AI data-center backlog, margins, lead times, capacity shortages
Defense AI, Space And Autonomy
Autonomous defense systems, space analytics, satellite networks and sovereign AI infrastructure.
- Recent IPOs: SWMR, SPCX, AADX, AVEX, HAWK
- Upcoming/not listed: Anduril, Shield AI
- Public stocks: PLTR, RKLB, KTOS, LMT, RTX, ASTS, IRDM
- Watch trigger: defense AI contracts, launch pace, satellite-data revenue growth
Upcoming / Pre-IPO Radar
Ten US offering-watch names including international issuers. Checked September 29. Proposed ranges and reported dates are not confirmed pricings.
1
Holtec Nuclear · HNUC POSTPONED
September 17 Reuters report: US IPO suspended. The earlier $15–$18 proposed range was not a completed pricing.
Research next: Require a fresh launch and final terms. Reactor funding and licensing remain central risks.
2
SB Energy FILING · REPORTED DELAY
Public filing remains; Axios reported a delayed timetable September 23. No confirmed new listing date or final pricing verified.
Research next: Review financing and customer concentration; filing is not a completed IPO.
3
Accelevation · ACCV OFFER LAUNCHED
September 22: 30m shares at a proposed $20–$24; 8.64m newly issued and 21.36m sold by existing holders. Calendar estimates September 30.
Research next: Check final terms, debt repayment and seller proceeds. Most base-offer shares do not raise new company capital.
4
Syntiant PUBLIC FILING
Physical-AI chips and software; July public filing retained. No new price range or confirmed listing date verified in this review.
Research next: Check gross margin, losses, customer mix and updated terms.
5
Aggreko FILING WATCH
Energy and temperature solutions remain in the US filing pipeline; pricing is pending.
Research next: Separate data-center demand from wider rental activity.
6
Nscale · NSCL IPO FILED · FINANCING
September 25 convertible financing totals $3.36bn: $2.36bn at closing plus $1bn NVIDIA funding expected mid-November. IPO terms remain pending.
Research next: Assess conversion dilution and cash needed to deliver contracts; financing is not revenue.
7
Anthropic REPORTED · NOVEMBER
The Wall Street Journal now reports a planned November IPO, later than October expectations. This is reported timing, not a confirmed offer date.
Research next: Wait for public documents and formal terms; distinguish annualized revenue from audited sales.
8
OpenAI 2026 LISTING RULED OUT
September reporting of Altman’s interview says no IPO this year; the prior confidential filing does not confirm a later date.
Research next: Monitor a revised timetable and future public disclosure.
9
Amaero · AMRO US LISTING POSTPONED
September 24 reporting confirms the proposed US cross-listing was postponed. The old September 23 estimate is no longer active.
Research next: Require a new timetable and final terms. The Australian listing is distinct from a US IPO.
10
Anduril WATCH · NO DATE
Defense technology candidate; no priced offering or listing date verified.
Research next: Watch funded contracts, deliveries and any public filing.
Recent IPO Leaderboard
USD price returns through September 25, verified September 29. Same ten-name cohort, not all IPOs. Offer-date and price register. Weekly figures compare September 18 and 18 closes.
| # / Company | IPO date / price | Checked close / price | Since IPO | Sep 18–25 / starting price | Measured period | Theme |
|---|---|---|---|---|---|---|
| 1. SWMR · Swarmer | 2026-03-17 $5.00 | 2026-09-25 $20.73 | +314.6% | -13.6% from $23.98 | 2026-03-17 → 2026-09-25 | Drone autonomy / defense AI |
| 2. FPS · Forgent Power | 2026-02-05 $27.00 | 2026-09-25 $38.97 | +44.3% | -1.2% from $39.44 | 2026-02-05 → 2026-09-25 | Power equipment |
| 3. SKHY · SK hynix | 2026-07-10 $149.00 | 2026-09-25 $191.56 | +28.6% | +2.2% from $187.50 | 2026-07-10 → 2026-09-25 | AI memory / US listing |
| 4. DPC · DPC Holdings / Doncasters | 2026-06-25 $33.00 | 2026-09-25 $41.03 | +24.3% | +0.7% from $40.76 | 2026-06-25 → 2026-09-25 | Aerospace components |
| 5. CBRS · Cerebras | 2026-05-14 $185.00 | 2026-09-25 $206.75 | +11.8% | +4.2% from $198.37 | 2026-05-14 → 2026-09-25 | AI chips |
| 6. SPCX · SpaceX | 2026-06-12 $135.00 | 2026-09-25 $148.68 | +10.1% | -2.6% from $152.71 | 2026-06-12 → 2026-09-25 | Space / connectivity |
| 7. MAIR · Madison Air | 2026-04-16 $27.00 | 2026-09-25 $25.16 | -6.8% | +4.8% from $24.01 | 2026-04-16 → 2026-09-25 | Cooling / HVAC |
| 8. QNT · Quantinuum | 2026-06-04 $60.00 | 2026-09-25 $49.53 | -17.4% | -4.0% from $51.58 | 2026-06-04 → 2026-09-25 | Quantum computing |
| 9. INIO · INNIO | 2026-06-04 $27.00 | 2026-09-25 $19.12 | -29.2% | -9.6% from $21.15 | 2026-06-04 → 2026-09-25 | Data-center power |
| 10. FISN · Deep Fission | 2026-06-18 $16.00 | 2026-09-25 $6.25 | -60.9% | -26.2% from $8.47 | 2026-06-18 → 2026-09-25 | Nuclear power |
Ranked Performance Graph
Offer-to-close price returns; verified September 29. Excludes dividends, fees, tax and FX.
Common linear scale: –100% to +400%. Zero is the offer price; gains extend right, losses left. USD prices and full date basis appear below each bar.
–100%0%+400%
Research Next
Accelevation is the near-term infrastructure test. Compare new company capital with seller proceeds, debt repayment and capacity spending. No attractive entry valuation is established. Terms
Weekly Price Split
MAIR gained 4.8% ($24.01 → $25.16), while FISN fell 26.2% ($8.47 → $6.25), September 18–25, 2026. Full IPO bases and price links appear in the table.
Do Not Miss
Micron’s September 30 financial call is the next memory-demand checkpoint. Watch profitable HBM growth and spending discipline. Calendar
Potential Market-Share Opportunities
Research priorities for upcoming contracts and results; no quantified share-gain forecast.
1 · Compute and memory
CBRS, SKHY, NVDA, AMD, AVGO: monitor product wins and customer spending. Share gains need delivery and margin evidence; a rally alone is insufficient.
2 · Power systems
FPS, INIO, GEV, ETN; watch Holtec and SB Energy: Forgent’s new backlog strengthens the demand evidence. Track conversion into cash and margins; financing delays weaken the thesis.
3 · Defense and space
SWMR, SPCX, PLTR, RKLB; postponed AMRO: watch repeat contracts, supplier qualifications and deployment reliability. Stock-price performance is not market share; dilution and cash runway matter.
EU / UAE Access
EU: IPO subscriptions depend on each offering, broker and retail eligibility; buying after listing is a separate route. DEGIRO’s current FAQ says availability is offer-dependent.
UAE: IBKR lists the UAE among supported countries; Saxo UAE/MENA advertises global stocks. These establish potential routes, not guaranteed account approval or IPO allocation.
Before an order: confirm residence eligibility, exact security and exchange, fees, FX costs, custody and tax-reporting obligations. A European company listed in the US still needs access to that US security.