The filing does not set a price, share count, or price range, and none has been confirmed. Reuters reports that formal marketing of shares begins next week and that the listing is targeted for the week of November 16, but the company has not announced a date. Reports have placed the potential valuation between $1.5 trillion and $2 trillion, while the company's last private valuation was $965 billion, set in a $65 billion funding round. Revenue growth slowed to 47% quarter over quarter from 144% in the second quarter, and the filing flags new risks to the computing capacity behind its expansion. Reuters also notes that IPO activity is slowing broadly, with rising bond yields and expected rate hikes making investors more cautious.
For attorneys, the near-term items are the marketing start, the November 16 target, and the final pricing terms, which would be the largest IPO on record if the reported valuations hold. Investors will focus on when committed compute capacity comes online and whether revenue grows fast enough to cover those obligations, according to Neostellar principals. Counsel working on securities disclosure, governance, or AI safety policy should review the proposed Responsible Scaling Policy changes once the final prospectus is public.