Three notable issuers are scheduled to list in the week ahead, led by software unicorn Figma (FIG).
Figma plans to raise $979 million at a $15.9 billion market cap. Originally a browser-based tool for designing user interfaces, Figma now offers eight products, including four that were launched in 2025. The company has delivered strong growth, and it has a sticky customer base, over three-quarters of which use multiple Figma products. The market for design tools is competitive and rapidly evolving, though, and further complicated by increased use of AI.
Medtech Shoulder Innovations (SI) plans to raise $100 million at a $432 million market cap. Shoulder Innovations is a commercial-stage medical technology company that currently offers advanced implant systems for shoulder arthroplasty. Its "ecosystem" is comprised of these systems, as well as enabling technologies, efficient instrument systems, specialized support, and surgeon-to-surgeon collaboration. The company will have to spend heavily on sales and marketing to maintain its growth.
Ambiq Micro (AMBQ) plans to raise $80 million at a $435 million market cap. The company provides ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute, especially at the edge. Ambiq shipped more than 42 million units in 2024, and it estimates that over 40% of them ran AI algorithms.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Ambiq Micro (AMBQ) Austin, TX | $80M $435M | $22 - $25 3,400,000 | BofA UBS |
| Designs ultra-low power chips for AI computing on devices and other uses. | |||
| Figma (FIG) San Francisco, CA | $979M $15,873M | $25 - $28 36,937,080 | Morgan Stanley Goldman |
| Provides browser-based design software. | |||
| Shoulder Innovations (SI) Grand Rapids, MI | $100M $432M | $19 - $21 5,000,000 | Morgan Stanley Goldman |
| Offers advanced implant systems for shoulder arthroplasty. | |||
Street research is expected for three companies in the week ahead, and five lock-up periods will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/24/2025, the Renaissance IPO Index was up 6.0% year-to-date, while the S&P 500 was up 9.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Reddit (RDDT). The Renaissance International IPO Index was up 29.8% year-to-date, while the ACWX was up 21.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
