This week in IPOs — Oura, SB Energy and Aggreko file
Oura's public S-1 showed 74% revenue growth, SB Energy filed with $3B from Nvidia, and Aggreko joined the data-center power IPO wave.
Three companies moved from "expected" to "on file" in the first days of September, and together they say something specific about where new-issue capital is going right now: not toward a single hot sector, but toward the infrastructure underneath one. A wearables company, a power-and-data-center developer, and a temporary-power rental firm all converted pipeline chatter into an actual S-1 or F-1 within a five-day span — the kind of concrete, dated activity that's more useful to track than headline IPO-market sentiment.
Oura's numbers finally became public
Oura filed a public S-1 on September 3, replacing the confidential draft it had submitted back in May. That matters because a confidential filing discloses nothing to the market — a public S-1 discloses everything. Zorro's IPO spotlight on Oura covered the valuation math while the numbers were still hidden; now they're not. Revenue reached $1.21 billion for the nine months through June 30, 2026, up 74% from $697.6 million a year earlier. Net loss attributable to stockholders over the same nine months was $924.3 million — a reminder that a growth rate this steep is still being bought with real cash burn, not manufactured for free. The company is targeting Nasdaq under ticker OURA, with Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Company and Jefferies leading a syndicate that runs to roughly a dozen banks. No share count or price range is set yet; that detail typically shows up in the first S-1 amendment, a few weeks ahead of the roadshow. Zorro's pipeline tracker has carried Oura since the original filing and will update the moment those terms land.
SB Energy: the largest bet on AI power demand yet
SB Energy, SoftBank's data-center and power infrastructure arm, filed its S-1 on September 1 targeting Nasdaq under ticker SBE, aiming to raise between $5 billion and $7 billion. The filing's most striking detail isn't the raise size — it's who's underwriting the demand. Nvidia has committed $3 billion, split between a private placement closing alongside the IPO and a prepaid forward contract, and SB Energy issued OpenAI 4.0 million warrants that the filing estimates are worth roughly $5.5 billion, tied to an Ohio data-center campus OpenAI leases from the company. That's two of the biggest names in AI compute effectively co-signing a power-infrastructure IPO before it has priced.
The financials underneath that backing are early-stage by design: for the first half of 2026, SB Energy posted about $139 million in revenue — almost entirely from its legacy energy business — against a net loss near $3.2 billion, and none of its data centers are operational yet. That combination (real strategic capital, a business still mostly on paper) is exactly what a growth-stage infrastructure IPO looks like before the projects it's financing come online. Whether the market prices SB Energy on the contracted backlog or the current loss rate is the open question the roadshow will answer.
Aggreko: the temporary-power incumbent joins the trade
Aggreko filed a Form F-1 on August 24 for an NYSE listing under ticker AGKO — a company that's the opposite profile from SB Energy in one important way: it already has decades of operating history as the world's largest temporary power and cooling rental business, serving industrial and utility customers with a fleet the filing puts around 120,000 assets. What's new is how fast the data-center slice of that existing business has grown: revenue from data-center customers rose from $96 million to $391 million across the two most recent fiscal years in the filing, more than a fourfold increase, pushing data centers to roughly 11% of net revenue. The F-1 lists a placeholder $100 million proceeds figure, which is standard boilerplate at this filing stage rather than a real estimate — bankers involved in the deal have been quoted expecting Aggreko to raise at least $1 billion once pricing is set.
Three different balance sheets, three different growth stories, one shared thesis: whoever is right about how much AI compute gets built, someone still has to power and cool it, and this week's filings are a bet on that second layer rather than the compute itself.
Not every listing this week was a traditional IPO
Worth noting for contrast: TurboGen, an Israeli microturbine developer already listed in Tel Aviv, began trading on the Nasdaq Capital Market under ticker TRBG on August 31 via a direct listing rather than a book-built IPO. Existing holders made roughly 2.07 million shares available for resale at about $4.42 each — call it $9 million changing hands among current shareholders — while the company itself raised zero new capital in the process, because that's what a direct listing is: a new venue for existing stock to trade, not a capital-raising event. It's a useful reminder that "went public this week" covers a range of mechanically different events, a distinction covered in more depth in why SPACs and operating-company IPOs shouldn't be read as one statistic — the underlying point generalizes past SPACs to direct listings too: know what kind of listing produced a given price move before drawing conclusions from it.
What to watch next
None of Oura, SB Energy or Aggreko has priced yet, so none of this is a signal about where any of the three will trade — it's a description of where the paperwork stands. The next concrete milestones are the same for all three: an S-1/F-1 amendment carrying an actual share count and price range, then a roadshow, then pricing. Zorro's recent-IPO tracker picks up each one the moment it prices, with day-one return and the same peak-analytics model applied across the board — the only point at which "IPO" stops being a filing and starts being a stock.