Citi’s co-head of global equity capital markets, Aloke Gupte, says investors are becoming more selective about IPOs linked to artificial intelligence. They are concerned about the rising cost of AI infrastructure and whether companies can keep financing their expansion, particularly through debt. Neocloud providers are under particular pressure, as illustrated by CoreWeave, whose shares fell more than 3% on October 20, 2026 and reportedly lost nearly 25% over the week. Several offerings have been delayed, including Anthropic’s move to mid-November and OpenAI’s placement in 2027, while investment-grade technology debt issuance has run at more than twice last year’s pace. Large providers with substantial capacity are better positioned to cope with challenging financing conditions.
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