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IPO Winners & Losers: Anthropic’s Mega IPO, OpenAI Steps Back, and AI Infra Cracks

Welcome back to Renaissance Capital’s IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market. Click here to get the newsletter in your inbox every week.

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US IPO Weekly Winners & Losers

The IPO market has hit its annual August pause.

The next two weeks should be light on pricings, heavy on

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International IPO Weekly Winners & Losers

International IPO Index: International markets seesawed but ended on a strong note. The Renaissance International IPO Index closed up +1.3%, outpacing the ACWX ex-US ETF's +0.1% gain. Hong Kong-listed gold miner Zijin Gold International took the Int'l IPO ... read more

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IPO ETF

IPO International ETF

U.S. IPO Performance

Ticker Company Ticker
Trade
Date
Shares (M) Price Range Deal Size ($M) Underwriters
ADBT Advasa Holdings ADBT 00/00/00 94.1 $10.00 - $10.00 $ WestPark Capital

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Ticker Company Ticker Offer Date Deal Size ($M) Current Price Today's Change Return from IPO
FBDT First Breach FBDT 08/20/26 $ $3.99
$0.00
(0.0%)
-50.1%
LYNX Lyntris LYNX 08/18/26 $298 $15.71
$0.00
(0.0%)
-10.2%
FOIL Londian Wason FOIL 08/11/26 $94 $22.88
$0.00
(0.0%)
4.0%

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The IPO price is the price the underwriters will sell stock to institutional and accredited investors. Learn more at IPO University

Q2 2026 US Market Review

2026 Q2 US Review cover
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Pricing Activity

IPO Proceeds Raised

IPO ETF

NEW STOCKS ONLY
(Avg. Age 1.3 Years)

0.1%
overlap*

S&P 500

OLDER STOCKS
(Avg. Age 43 Years)

*By Weight, as of 01/01/2025

Seek to Diversify Your Portfolio

The IPO ETF has almost NO Overlap with the S&P 500

The IPO ETF only contains New Stocks

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