The U.S. IPO market has started November at a virtual standstill, with no new public offerings scheduled to price this week. The slowdown follows a sharp stock market plunge on October 30 that marked the Nasdaq’s worst month since March 2025, alongside caution ahead of the November 3 U.S. mid-term elections. However, U.S. stocks rebounded on Monday, while Morgan Stanley strategists noted that the ongoing market correction may be nearing its conclusion.
Investor attention remains firmly fixed on AI powerhouse Anthropic, the creator of the Claude chatbot, which is preparing for what could become the largest IPO in history. In an S-1/A filing released November 2, Anthropic reported nearly $17 billion in third-quarter revenue—a staggering 12-fold year-over-year increase—though it also posted a net loss of $23.3 billion. The blockbuster offering, expected to raise between $75 billion and $100 billion, is anticipated to price prior to the Thanksgiving holiday.
Market watchers are also digesting broader economic signals, including the Federal Reserve’s recent split vote hinting at potential December rate hikes and Apple’s highly anticipated earnings report featuring new CEO John Ternus. With mid-term elections removing a major political overhang, market participants are looking to upcoming corporate earnings and macroeconomic data to guide the next phase of market activity.
