Companies don't normally price US IPOs during holiday weeks, but two deals are scheduled for the week ahead. Both offerings are being led by Goldman, and feature plays on both physical and digital infrastructure.
EquipmentShare.com (EQPT) aims to raise $747 million at the midpoint, for a fully diluted market cap north of $6.7 billion. The company calls itself one of the largest and fastest-growing equipment rental providers in the US, offering a variety of general construction equipment (e.g. telehandlers, excavators, compact track loaders, dozers, compressors). Driving that growth is its capital-light financing program OWN, as well as its proprietary tech platform T3, which provides tracking, management, and predictive maintenance for its fleet. The company will carry about $3 billion in net debt post-IPO, and generated adj. EBITDA of roughly $670 million in 2025 (+11% y/y) on $4.3 billion in revenue (+15% y/y).
BitGo Holdings (BTGO) plans to raise $189 million at a $2 billion market cap. The company enables its more than 5,000 mostly institutional clients to seamlessly store, trade, lend, and stake over 1,550 supported crypto assets through a single integrated technology stack. Known for its self-custody wallet solutions, BitGo said it helped pioneer institutional-grade multi-sig security architecture and cold storage solutions. At year-end, BitGo had approximately $82 billion in assets on platform (AoP). In 2025, operating income turned positive, from -$7 million to about $3 million.
The IPO pipeline features a long list of names that could launch on Tuesday morning. York Space Systems (YSS) jumped the gun and set terms on Friday, for an IPO expected the week of January 26.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| BitGo (BTGO) Palo Alto, CA | $189M $1,998M | $15 - $17 11,821,595 | Goldman Citi |
| Provides a digital asset custody, lending, and infrastructure platform. | |||
| EquipmentShare.com (EQPT) Columbia, MO | $747M $6,724M | $23.50 - $25.50 30,500,000 | Goldman Wells Fargo |
| Rents and sells construction equipment from its digital platform and over 300 stores. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/15/2026, the Renaissance IPO Index was up 4.5% year-to-date, while the S&P 500 was up 1.5%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include CoreWeave (CRWV) and Reddit (RDDT). The Renaissance International IPO Index was up 8.5% year-to-date, while the ACWX was up 4.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.
