Seven IPOs and two SPACs debuted this week, while five small IPOs and seven SPACs submitted initial filings.
Space tech developer Firefly Aerospace (FLY) priced its upsized IPO above the upwardly revised range to raise $868 million at a $7.2 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. It finished the week up 11%.
Heart imaging software provider Heartflow (HTFL) priced above the upwardly-revised range to raise $317 million at a $1.7 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. Its revenue has grown around 40% for the last six quarters, although it has a $1 billion accumulated deficit. Heartflow finished the week up 51%.
Cloud services provider WhiteFiber (WYFI) priced its upsized IPO at the top of the range to raise $159 million at a $619 million market cap. 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 an 84% growth in its cloud services business in the 1Q, but primarily relies on smaller, less-established, potentially less sticky customers. It finished the week down 10%.
California-based bank Avidbank Holdings (AVBH) priced its Nasdaq uplisting at the midpoint to raise $60 million at a $242 milion market cap. Avidbank is a full-service commercial bank serving small-to-medium sized businesses, technology 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 having a national presence in Venture Lending and Specialty Finance. The bank operates one branch and two loan production offices in California, and its Specialty Finance and Venture Lending divisions have bankers and customers located in 37 states across the US. Avidbank’s loans and deposits have grown organically at a 16-17% CAGR from 2017 to 2024, though it is highly concentrated in the Bay Area, and faces competition from significantly larger peers. The company finished the week up 1%.
Japan-based web gaming platform CTW Cayman (CTW) priced its downsized IPO to raise $12 million at a $312 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. CTW Cayman finished the week down 46%.
Hong Kong investor relations firm Etoiles Capital (EFTY) priced its US IPO at the bottom of the range to raise $6 million at an $80 million market cap. Through its operating subsidiary Etoiles Consultancy, the company provides integrated investor relation services in Hong Kong, such as the management of public relations, management of investor relations, tailored due diligence, and other value-added services, such as website design enhancement and promotional video production. It finished the week up 22%.
Hong Kong mobile game developer DarkIris (DKI) priced its US IPO at the proposed $4 price to raise $6 million at a $70 million market cap. DarkIris is engaged in the development, publishing, and operating of mobile digital games via various third-party digital storefronts. Its activities encompass game design, programming, and graphics, as well as distribution and operation of mobile games on various platforms. It finished the week up 37%.
Two SPACs also priced this past week. Quantumsphere Acquisition (QUMSU) raised $72 million to target businesses with growth potential. Starry Sea Acquisition (SSEAU), a blank check company led by Chinese executives, raised $50 million.
| 9 IPOs During the Week of August 4th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 08/08 |
| Heartflow (HTFL) | $317M | $1,705M | 19% | +51% | +51% |
| Offers imaging and diagnostics software for evaluating coronary artery disease. | |||||
| DarkIris (DKI) | $6M | $70M | 0% | +37% | +37% |
| Hong Kong-based mobile game developer. | |||||
| Etoiles Capital Group (EFTY) | $6M | $80M | -20% | +22% | +22% |
| Provides integrated investor relation services in Hong Kong. | |||||
| Firefly Aerospace (FLY) | $868M | $7,233M | 22% | +34% | +11% |
| Provides space and defense technology with launch vehicles and spacecraft. | |||||
| Avidbank (AVBH) | $60M | $242M | 0% | +1% | +1% |
| California commercial bank focused on the Bay Area. | |||||
| Quantumsphere Acquisition (QUMSU) | $72M | $100M | 0% | +0% | +0% |
| Blank check company targeting businesses with growth potential and defensible market positions. | |||||
| Starry Sea Acquisition (SSEAU) | $50M | $67M | 0% | +0% | +0% |
| Blank check company led by Chinese executives. | |||||
| WhiteFiber (WYFI) | $159M | $619M | 6% | -5% | -10% |
| Carve-out of Bit Digital that operates data centers to provide cloud services. | |||||
| CTW (CTW) | $12M | $312M | -9% | -11% | -46% |
| Japanese web-based gaming platform. | |||||
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Five small IPOs also submitted initial filings this week. Hong Kong-based drone distributor and STEM training provider Idea Tech Holding (IDTL) filed to raise $9 million at a $65 million market cap. Hong Kong-based civil engineering subcontractor KWF Group (KWFG.RC) filed to raise $8 million at a $108 million market cap. Australia-based marketing and PR agency Voltage X (VLTX.RC) filed to raise $8 million. Hong Kong-based investment bank Sibo Holding (SIBO) filed to raise $7 million. Hong Kong-based rebar prefabricator Benn NovaTech (BENN) filed to raise $6 million at a $125 million market cap.
In addition, seven SPACs listed below submitted initial filings.
| 12 Filings During the Week of August 4th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Bend NovaTech (BENN) | $6M | Industrials | Revere Sec. |
| Hong Kong-based provider of rebar prefabrication services. | |||
| BoluoC Acquisition (LBKXU) | $60M | SPAC | D. Boral Capital |
| Blank check company targeting businesses with high growth potential. | |||
| Idea Tech Holding (IDTL) | $9M | Technology | R. F. Lafferty |
| Distributes drones and provides STEM training in Hong Kong. | |||
| AEI CapForce II Inv. (AEIBU) | $100M | SPAC | R. F. Lafferty |
| Blank check company targeting "new economy" sectors in the Southeast Asia and APAC regions. | |||
| Hall Chadwick Acquisition (HCACU) | $180M | SPAC | Cohen & Company |
| Blank check company formed by Australian advisory firm Hall Chadwick targeting tech, minerals, and energy. | |||
| Spring Valley Acq. III (SVACU) | $150M | SPAC | Cohen & Company |
| Blank check company targeting the natural resources and decarbonization industries. | |||
| KWF Group (KWFG.RC) | $8M | Industrials | Pacific Century |
| Civil engineering subcontractor in Hong Kong. | |||
| Sibo Holding (SIBO) | $7M | Financials | R. F. Lafferty |
| Boutique investment bank and financial services provider in Hong Kong. | |||
| Voltage X (VLTX.RC) | $8M | Communication Services | WallachBeth |
| Australian marketing and public relations agency. | |||
| Iris Acquisition II (IRACU.RC) | $150M | SPAC | Cohen & Company |
| Blank check company led by executives from Arrow Capital targeting small to mid-market businesses. | |||
| M3-Brigade Acquisition VI (MBVIU) | $300M | SPAC | Cantor Fitz. |
| Blank check company led by turnaround veteran Mohsin Meghji targeting cryptocurrency and blockchain. | |||
| New America Acquisition I (NAAU.RC) | $300M | SPAC | Dominari Sec. |
| Blank check company targeting tech, healthcare, and logistics. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/7/2025, the Renaissance IPO Index was up 12.2% 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 Reddit (RDDT) and Astera Labs (ALAB). The Renaissance International IPO Index was up 28.9% year-to-date, while the ACWX was up 20.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and J&T Global Express.
