IPO News – US IPO Weekly Winners & Losers

Another week, another win for New Stocks.

While the Fed’s hint at a future rate hike rattled markets, the Renaissance IPO Index jumped +6.8% this week, strongly outpacing the S&P 500’s +0.9% return. The IPO Index is now up +30.3% year-to-date, triple the S&P 500’s +9.6%.

Not all growth indexes saw the same gains (e.g. NDX, RLG). Differentiated returns are one reason why we believe the new stock asset class is key to a balanced portfolio.

It’s debatable whether SpaceX’s successful debut is a bellwether for the broader IPO market or just for a few mega-IPOs, but the IPO Index’s recent rally sets a solid foundation for a wider rebound in listings.

Speaking of SpaceX, all eyes stayed on its aftermarket trading. The company surged ahead before retreating, and finished the week up +15%. Expect this kind of volatility in the near-term; its first lock-up release arrives in August. SpaceX closed the week at a market cap of $2.4 trillion, right behind Amazon.

All we need now are IPO filings. The pipeline was quieter than expected, with just one major new filing from data center owner Csquare. There are still plenty of notable names on file, but July’s outlook hinges on more additions in the next week or two.

Three deals priced in the short holiday week, led by cardiovascular disease biotech Kardigan (Nasdaq: KARD). The drug developer upsized, priced at the high end, and traded up +38%. It was joined by smaller listings from community bank First Carolina (NYSE: FCBM) and pre-revenue nuclear tech firm Deep Fission (Nasdaq: FISN).

More big news from OpenAI this week: leaked financials show a $21 billion operating loss on $13 billion in revenue for 2025. It’s not exactly a glowing picture, and much depends on how sustainable that 250% growth rate is, but the leak may prevent some surprises when the S-1 hits.

The winners in the IPO Index this week featured a mix of AI-related names, though construction rental firm EquipmentShare.com topped the list, up +32.1% after a wave of insider buying. Battered energy firm Venture Global landed at the bottom, off -15.8%.