The biggest IPO in history, a memory-maker up 277% this year, and an Ethereum treasury closing in on 5% of supply are set to define this quarter. These 5 companies across AI and crypto carry the stories investors will follow through December.
1. Anthropic
Anthropic, the company behind Claude AI, filed to go public in the US after its last funding round was valued at $965 billion. Recently, its prospectus gave investors a look at the numbers behind the company.
- Revenue increased 12x to nearly $4.6 billion by the end of 2025
- Net loss also increased to $42 billion
- The company is committing $518 billion to computing infrastructure over the next decade.
- A quarter of its revenue comes from only two unnamed customers.
Anthropic is likely to be the biggest and most highly anticipated IPO in stock market history. However, the risks are hard to ignore. The company’s whole financial bet is based on how AI continues to develop and is perceived over the next decade.
Morgan Stanley, Goldman Sachs, JPMorgan, and Citi are working on the deal. The target valuation is around $2 trillion. At that level, Anthropic would overtake SpaceX’s $1.77 trillion June debut as the largest IPO in history.
2. Micron Technology
- The AI memory leader: Micron is the only US-based producer of high-bandwidth memory (HBM), a critical component used in AI accelerators.
- Stock momentum: Micron shares are up roughly 277% in 2026, making it one of the year’s strongest AI trades.
- Growth is still accelerating: Fiscal Q4 revenue reached a record $54.23 billion, while DRAM revenue jumped 343% to $39.8 billion.
- Key catalysts ahead: Buybacks begin on December 9, while Micron’s next earnings report is expected in mid-to-late December.
Wall Street has also become more bullish.
D.A. Davidson raised its target to $2,100, Rosenblatt moved to $1,900, and Barclays maintained a $2,000 target.
Goldman Sachs remains more cautious, raising its target to $1,250 while keeping a Hold rating. The wide range of forecasts shows that expectations are already high, making Micron’s next earnings report particularly important.
3. Nvidia
- The AI bellwether: Nvidia supplies the accelerators powering much of the AI buildout, so its results often set the tone for the wider sector.
- New record high: The stock hit an intraday record of about $237.83 on October 2 and closed at $233.95, up roughly 25% in 2026.
- Big quarter ahead: Fiscal third-quarter earnings are expected on November 17, with Nvidia guiding for about $108 billion in revenue.
- Wall Street sees more upside: Every tracked analyst rates Nvidia a Buy, with price targets ranging from $275 to $400.
Wall Street remains heavily bullish. Bernstein has the highest target at $400, followed by Rosenblatt at $390. Cantor Fitzgerald and Bank of America sit at $350, while several major firms cluster around $300 to $325.
Even Barclays, the most cautious of the tracked bulls, has a $275 target. That still implies further upside from current levels. With Nvidia already near record highs, the November earnings report will show whether its growth can keep pace with those expectations.
4. Blockchain.com
- IPO before year-end: Blockchain.com filed a confidential S-1 in May and is targeting a public listing before the end of 2026.
- $4 billion to $6 billion valuation: Bloomberg reported that the company wants to raise about $500 million.
- A major valuation reset: The proposed range is well below the $14 billion valuation Blockchain.com reached in 2022.
- A test for crypto IPOs: Its debut could show whether public markets are ready to back another large crypto company after several weak 2025 listings.
Blockchain.com is pitching investors on adjusted profits in each of the past three years, which could help it stand out in a difficult IPO market.
BeInCrypto previously tracked how many 2025 crypto listings fell below their offer prices, while Kraken delayed its own IPO until 2027.
Blockchain.com is also expanding beyond its core crypto business, signing an agreement with the NYSE on September 23 to give users access to tokenized US equities.
5. BitMine Immersion Technologies
- The biggest ETH treasury: BitMine is the world’s largest Ethereum treasury company and has been buying ETH every week since June 30, 2025.
- Almost at its 5% target: Holdings passed 6 million ETH on September 27, equal to about 4.9% of supply and roughly 98% of the way to its goal.
- Staking adds income: Around 84% of its ETH is staked, with annualized staking revenue projected at about $358 million.
- The key Q4 catalyst: BitMine needs roughly another 100,000 ETH to reach 5% of supply, a milestone Tom Lee has said could come before year-end.
The bigger question is what happens once BitMine reaches that target. The company has built its ETH position mainly through equity issuance, which exposes shareholders to dilution.
That matters because crypto treasury stocks have struggled with the same problem this year, with only four of the top 20 trading above the value of their holdings.
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Source: BeInCrypto
