IPO News – US IPO Weekly Winners & Losers

We’re weeks away from the most watched IPO of the decade.

This month’s confidential filing puts SpaceX on course for a June debut. It’ll be unusual, not just because of the anticipated $75 billion deal size.

• Indexes are racing to change their rules to add SpaceX early, a win for the new stock asset class. Fast entry into the Nasdaq-100 was supposedly a demand for listing on the exchange.

• Banks, lawyers, auditors, and any other firms working on the deal are reportedly being pushed to buy Grok subscriptions.

• Retail investors could be allocated up to 30% of shares, a far cry from the typical 5-10% granted in some IPOs.

Every new detail reveals that this will be an unconventional IPO. We’ll see if it’s a one-off, or a step towards rewriting the playbook.

No major listings this week, but Q2 is getting off to a promising start: Three deals are on tap for the week ahead, two of which plan to raise $1+ billion.

Madison Air Solutions (NYSE: MAIR) leads the lineup, targeting $2.2 billion in what will be the largest IPO year to date. The provider of commercial airflow and cooling products is poised to benefit from demand for data center buildouts. It’s joined by defense plays Arxis (Nasdaq: ARXS) and Aevex (NYSE: AVEX), timely listings given the current conflict in the Middle East.

The pipeline is slowly but surely building, supporting expectations of a gradual pickup through the spring. New filers mostly keep with themes of defense (HawkEye 360), biotech (Avalyn Pharma and Hemab Therapeutics), real estate (National Healthcare Properties and Blackstone Digital Infrastructure Trust), and consumer (Suja Life).

The Renaissance IPO Index surged +4.2% this week, outpacing the S&P 500’s +3.6% gain, as broader markets rose on a ceasefire with Iran. New AI contract wins were behind the week’s leaders Astera Labs (+27.2%) and CoreWeave (+24.0%). Cybersecurity firm SailPoint (-19.3%) appeared at the bottom among other enterprise software names.