Four IPOs are currently scheduled in the week ahead, and some smaller issuers may join the calendar throughout the year.
Satellite manufacturer York Space Systems (YSS) plans to raise $512 million at a $4.0 billion market cap. York is a space and defense primary contractor, providing design, manufacturing, integration, and operation of spacecraft platforms. York is the number one provider to the Department of Defense PWSA program by spacecraft operating in orbit (33), number of contracts (6), and variety of contract types, and has logged over 4 million on-orbit hours across 74 missions and 17 flight-heritage products. The company is the first and only name to demonstrate Link-16 connectivity from space, and has an order backlog of over $640 million, although it is unprofitable and faces significant competition from new and legacy defense contractors.
Brazilian digital bank PicS (PICS) plans to raise $400 million at a $2.3 billion market cap. PicS operating under the name PicPay, provides a digital financial services platform in Brazil for consumers (76% of 9mo25 net revenue) and SMEs (18%), catering to both consumers and businesses, with 42 million quarterly active consumers and about 812,000 active businesses accepting its payments network as of September 30, 2025. The company has posted strong recent top-line growth, although it faces numerous regulatory risks.
Life insurance platform Ethos Technologies (LIFE) plans to raise $200 million at a $1.3 billion market cap. The company operates a digital platform that integrates distribution, underwriting, policy issuance, payments, and administration for life insurance. The platform processes applications and servicing for consumers, provides agents with sales and policy management tools, and supports carriers with underwriting and administration. As of September 30, 2025, 480,000 policies have been activated on the platform. Ethos has posed strong revenue growth and increasing profitability, although just three carriers account for 98% of its revenue.
Government relations services provider Public Policy Holding Company (PPHC) plans to raise $58 million at a $418 million market cap. PPHC is a global communications and public affairs advisory group, providing government relations, corporate communications, and compliance services through a portfolio of 12 member firms. The company serves approximately 1,400 active clients worldwide across industries such as healthcare, finance, energy, technology, and transportation. PPHC operates through offices across the United States, the United Kingdom, China, and the UAE. The company boasts a blue-chip client base with a strong retention rate, although its organic growth has slowed to the mid-single digits in recent periods.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| PPHC (PPHC) Washington, DC | $58M $418M | $14.08 4,150,000 | Oppenheimer Canaccord |
| Provides lobbying and communications services for corporations and non-profits. | |||
| Ethos Technologies (LIFE) San Francisco, CA | $200M $1,307M | $18 - $20 10,526,315 | Goldman JP Morgan |
| Provides an online life insurance marketplace and analytics platform. | |||
| PicPay (PICS) Sao Paulo, Brazil | $400M $2,268M | $16 - $19 22,857,143 | Citi BofA |
| Operates a digital banking platform in Brazil. | |||
| York Space Systems (YSS) Denver, CO | $512M $4,022M | $30 - $34 16,000,000 | Goldman Jefferies |
| Makes satellites and mission-critical systems for space and defense programs. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/22/2026, the Renaissance IPO Index was up 3.8% year-to-date, while the S&P 500 was up 1.1%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include CoreWeave (CRWV) and Kenvue (KVUE). The Renaissance International IPO Index was up 11.7% year-to-date, while the ACWX was up 4.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.
