*as of 11/8; Sources: S&P, BTC, FTSE, DJRE, GOLD

While Anthropic’s highly anticipated IPO is still on track to take place in the next couple of weeks, which our next investor briefing will cover, the overall IPO market has slowed down considerably. Through the first three quarters of the year, 112 companies with a market cap of at least $50 million went public, a 30% decrease from the first three quarters of 2025, which was also a slow year but saw 161 such IPOs. A number of prominent companies, including healthtech startup Oura and data center companies Nscale and Firmus, have delayed their IPOs recently. And while the IPO “backlog” may be a myth, only 20% of Pitchbook’s top IPO candidates went public in 2025, with significantly more no longer looking like strong candidates to IPO in the next three years.

➨ TAKEAWAY: This was supposed to be the year in which the floodgates would open after SpaceX’s record-breaking IPO. That hasn’t happened, and SpaceX’s flat performance hasn’t helped, but the blame can go more to the general economic environment. Higher interest rates and recent market jitters over AI spending are causing more companies to delay IPO plans. Even Anthropic’s IPO has been affected, with rumors of a $2 trillion valuation giving way to a $1.5 trillion valuation that could go even lower. With rates only projected to go higher and a volatile stock market, don’t expect the trend of companies staying private for longer to change anytime soon.

In the newest episode of Smart Humans, Vincent's Slava Rubin and Sacra’s Jan-Erik Asplund discuss why nuclear and alternative energy have become compelling sectors in Pre-IPO investing. Featuring Commonwealth Fusion Systems, TerraPower, X-energy, Helion Energy, and more, they explore the technologies, market forces, and capital driving the next generation of energy companies, and why investors are paying close attention.

📊 Strong jobs report: The U.S. economy added 165,000 jobs in October, more than double the expected number, and both the August and September numbers were revised upwards. The strength of the labor market could encourage the Fed to raise interest rates in its December meeting to combat inflation - the CME FedWatch tool now puts the odds of a hike at 76%.

🤖 Shield AI raise and acquisition: The defense tech startup announced it acquired counter-drone radar startup Echodyne in a $5.3 billion deal that will be financed in part by a $1 billion fundraise at a $28.8 billion valuation. That is more than double its $12.7 billion valuation from March.

🪙 Democrats eyeing crypto bill: House Democrats are reportedly looking to enact a broad crypto market structure bill that would incorporate elements of the failed Clarity Act to give the SEC more power over the industry. While Democrats are viewed as less crypto-friendly than Republicans, any kind of bill could be good for the market, as it will increase investor confidence in the asset class.

💵 Election effect on PE: Major private equity firms could face congressional investigations next year as Democrats have raised concerns over the industry’s role in healthcare, housing, and more.

🏡 Active inventory still rising: Despite new listings continuing to decline, active U.S. housing inventory is up 8.8% annually. Even with a higher level of listings with price reductions, buyers are remaining on the sidelines.

🚀 Zipline fundraise: The drone delivery startup is raising a $1.5 billion round at a $21.5 billion valuation, nearly triple its valuation from January. The company also announced a significant expansion of its partnership with Wal-Mart.

Tuesday: NFIB small business optimism index released; Consumer price index (CPI) inflation report released.

Wednesday: Veteran’s Day holiday in the U.S., stock markets will be open but bond markets will be closed.

Thursday: Existing home sales report released; Heritage’s Ultimate Star Wars auction, featuring a screen-used lightsaber with a $1.28 million current price.

Friday: Producer price index (PPI) inflation report released.

Sunday: The WTA women’s tennis year-end finals conclude in Indian Wells, CA.