Six IPOs debuted this week, raising a combined $1.8 billion. Four SPACs also listed. One IPO and seven SPACs submitted initial filings.
Leading the pack, electric aircraft manufacturer Beta Technologies (BETA) priced its upsized IPO above the range to raise $1.0 billion at a market cap of $8.3 billion. The company designs, manufactures, and sells high-performance electric aircraft, advanced electric propulsion systems, charging systems, and components, flying nearly 83,000 nautical miles. Beta Technologies ended the week down 6%.
Molecular diagnostics company BillionToOne (BLLN) priced its upsized IPO above the range to raise $273 million at a $3.2 billion market cap. BillionToOne is focused on the field of molecular diagnostics, using its single molecule next-generation sequencing (smNGS) platform to develop prenatal and oncology diagnostic products. BillionToOne ended the week up 67%.
Mexican airline Grupo Aeromexico (AERO) priced its IPO at the midpoint of the range to raise $223 million at a $2.8 billion market cap. The company is the only full service carrier in Mexico, offering both international and domestic destinations. Grupo Aeromexico ended the week up 2%.
Insurtech carve-out Exzeo (XZO) priced its IPO at the midpoint of the range to raise $168 million at a $2.0 billion market cap. Exzeo provides insurance technology solutions for property and casualty carriers and their agents through its proprietary Exzeo Platform, which currently includes nine software and data analytics applications. Exzeo ended the week down 8%.
Chronic inflammatory disease biotech Evommune (EVMN) priced its IPO at the midpoint of the range to raise $150 million at a $544 million market cap. The company’s pipeline includes EVO756, an oral MRGPRX2 antagonist in a Phase 2b trial for CSU and AD with results expected in 2H26, and EV0301, a long-acting IL-18 binding fusion protein being developed for AD and UC, with a Phase 2 UC trial planned for 2026. Evommune ended the week up 15%.
Broadband network provider Elauwit Connection (ELWT) priced its IPO at the expected price to raise $15 million at a $60 million market cap. The company provides of broadband internet networks for the multifamily and student housing property sector. Elauwit finished the week down 21%.
Four SPACs also priced. Cantor Fitzgerald’s fourteenth SPAC Cantor Equity Partners V (CEPV) raised $220 million. Led by healthcare entrepreneur Prashant Patel, Crown Reserve Acquisition I (CRACU) raised $150 million. Tailwind 2.0 Acquisition (TDWDU) also raised $150 million to target energy and compute infrastructure. Westin Acquisition (WSTNU) raised $50 million to target businesses in the APAC region.
| 10 IPOs During the Week of November 3rd, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 11/07 |
| BillionToOne (BLLN) | $273M | $3,170M | 15% | +82% | +67% |
| Develops prenatal and oncology diagnostics with single-molecule sensitivity. | |||||
| Evommune (EVMN) | $150M | $544M | 0% | +26% | +15% |
| Phase 2 biotech developing therapies for chronic inflammatory diseases. | |||||
| Cantor Equity Partners V (CEPV) | $220M | $281M | 0% | +3% | +3% |
| Fourteenth blank check company formed by Cantor Fitzgerald. | |||||
| Grupo Aeromexico (AERO) | $223M | $2,772M | 0% | +7% | +2% |
| Restructured Mexican airline. | |||||
| Crown Reserve Acq. I (CRACU) | $150M | $202M | 0% | +1% | +1% |
| Blank check company led by healthcare entrepreneur Prashant Patel. | |||||
| Tailwind 2.0 Acquisition (TDWDU) | $150M | $205M | 0% | +0% | +0% |
| Blank check company targeting the intelligence layer of energy and compute infrastructure. | |||||
| Westin Acquisition (WSTNU) | $50M | $70M | 0% | +0% | +0% |
| Blank check company targeting businesses in the APAC region with significant growth prospects. | |||||
| BETA Technologies (BETA) | $1,015M | $8,320M | 13% | +6% | -6% |
| Makes small electric aircraft and propulsion systems. | |||||
| Exzeo (XZO) | $168M | $1,989M | 0% | +0% | -8% |
| Property and casualty underwriting and analytics platform being carved out of HCI Group. | |||||
| Elauwit Connection (ELWT) | $15M | $60M | -10% | -20% | -21% |
| Provides broadband internet for the multifamily and student housing sector. | |||||
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One company submitted an initial filing this week. Hong Kong-based cross-border logistics services provider Speed Group Holdings (SPED) filed to raise $11 million at a $79 million market cap.
Seven SPACs also submitted initial filings this week. Crane Harbor Acquisition II (CRANU) filed to raise $250 million to target tech, real assets, and energy. Launchpad Streetlight Acquisition (LPSLU) filed to raise $200 million to target restaurants, hotels, and hospitality. Safeguard Acquisition (SAC.U) filed to raise $200 million to target aerospace and defense. Arc Group Securities Acquisition I (FJDIU) and Arc Group Securities Acquisition II (FDARU), both led by ARC Group executives, filed to raise $150 million apiece. HCM IV Acquisition (HACQU), the fourth blank check company formed by Hondius Capital Management, filed to raise $150 million. Bluerock Acquisition (BLRKU), led by executives from alternative asset manager Bluerock, also filed to raise $150 million.
| 8 Filings During the Week of November 3rd, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| HCM IV Acquisition (HACQU) | $250M | SPAC | Cantor Fitz. |
| Fourth blank check company formed by Hondius Capital Management. | |||
| Launchpad Streetlight Acq (LPSLU) | $200M | SPAC | Cantor Fitz. |
| Blank check company targeting restaurants, hotels, and hospitality. | |||
| ARC Group Securities I (FJDIU) | $150M | SPAC | Arc Group Securities |
| Blank check company led by ARC Group executives. | |||
| ARC Group Securities II (FDARU) | $150M | SPAC | Arc Group Securities |
| Second blank check company led by executives of ARC Group. | |||
| Bluerock Acquisition (BLRKU) | $150M | SPAC | Cantor Fitz. |
| Blank check company led by executives from alternative asset manager Bluerock. | |||
| Safeguard Acquisition (SAC.U) | $200M | SPAC | Jefferies |
| Blank check company targeting aerospace, defense, government, and security. | |||
| Speed Group Holdings (SPED) | $11M | Industrials | R. F. Lafferty |
| Hong Kong-based provider of cross-border freight forwarding and logistics services. | |||
| Crane Harbor Acq. II (CRANU) | $250M | SPAC | Cohen & Company |
| Blank check company targeting technology, real assets, and energy. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/6/2025, the Renaissance IPO Index was up 6.3% year-to-date, while the S&P 500 was up 15.5%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Kenvue (KVUE). The Renaissance International IPO Index was up 41.9% year-to-date, while the ACWX was up 28.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
