Updated Monday, 8/4.
Five IPOs are currently scheduled to list in the week ahead, as the regular summer drop in IPO activity looks set to begin. Some more small names may join the calendar throughout the week.
Space and defense technology provider Firefly Aerospace (FLY) plans to raise $599 million at a $5.8 billion market cap. Firefly Aerospace provides mission solutions to national security, government, and commercial customers. The company's platform includes Launch and Spacecraft Solutions. Within Launch, Firefly has two offerings built on common technologies: Alpha, its operational launch vehicle that has completed four launches successfully; and Eclipse, a reusable and scaled up version of Alpha, which is in final development in partnership with Northrop Grumman and is expected to launch as early as 2026. Its Spacecraft Solutions include Blue Ghost Lander and Elytra, which are highly maneuverable spacecraft enabled by high performance rocket engine technology. The company has a backlog of over $1 billion, and peers have traded up recently. However, Firefly remains unprofitable, and just five of its customers account for 92% of its backlog.
Heart imaging software provider Heartflow (HTFL) plans to raise $200 million at a $1.4 billion market cap. Heartflow offers a non-invasive solution for diagnosing and managing coronary artery disease (CAD). As of March 31, 2025, the Heartflow Platform has been used to assess CAD in more than 400,000 patients, including 132,000 in 2024 alone. The platform creates a personalized 3D model of a patient's heart and deliver actionable insights on blood flow, stenosis, plaque volume, and plaque composition.
Cloud services provider WhiteFiber (WYFI) tentatively plans to raise $125 million at a $558 million market cap in the week ahead. The company, carved-out of Bit Digital, provides artificial intelligence (AI) infrastructure solutions, stating that its high-performance computing (HPC) data centers provide cloud-based services that rely on NVIDIA GPUs. The company expanded significantly last year with its acquisition of Canada-based Enovum for C$63 million, and this year has expanded its Montreal-area operations, in addition to recent plans to build out a North Carolina data center. WhiteFiber experienced a 84% growth in its cloud services business in the 1Q, but primarily relies on smaller, less-established, potentially less sticky customers.
California bank Avidbank Holdings (AVBH) plans to raise $60 million at a $242 million market cap. Avidbank is a full-service commercial bank serving SMBs, tech companies, and individuals with a portfolio of lending products, deposit services, and digital banking capabilities. It focuses on corporate banking, commercial real estate, and real estate construction lending in the Bay Area, while also maintaining a growing national presence in Venture Lending and Specialty Finance.
Japan-based web gaming platform CTW Cayman (CTW) is tentatively scheduled to raise $17 million at a $347 million market cap. The company’s main HTML5 platform, G123.jp, offers a selection of free-to-play games inspired by popular Japanese animations. The company currently has 28 games on its platform and 9 games in pre-registration.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Firefly Aerospace (FLY) Cedar Park, TX | $599M $5,826M | $35 - $39 16,200,000 | Goldman JP Morgan |
| Provides space and defense technology with launch vehicles and spacecraft. | |||
| Avidbank (AVBH) San Jose, CA | $60M $242M | $22 - $24 2,610,000 | Piper Sandler Stephens |
| California commercial bank focused on corporate banking and real estate in the Bay Area. | |||
| Heartflow (HTFL) Mountain View, CA | $200M $1,374M | $15 - $17 12,500,000 | JP Morgan Morgan Stanley |
| Offers imaging and diagnostics software for evaluating coronary artery disease. | |||
| CTW (CTW) Tokyo, Japan | $17M $347M | $5 - $6 3,000,000 | Kingswood TFI Securities |
| Japanese web-based gaming platform. | |||
| WhiteFiber (WYFI) New York, NY | $125M $558M | $15 - $17 7,812,500 | B. Riley Needham |
| Carve-out of Bit Digital that operates data centers to provide cloud services. | |||
Street research is expected for six companies in the week ahead, and six 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 7/31/2025, the Renaissance IPO Index was up 5.9% year-to-date, while the S&P 500 was up 8.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) 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 J&T Global Express.
