Four IPOs and ten SPACs priced this week. Three IPOs and five SPACs submitted filings.
Satellite manufacturer York Space Systems (YSS) priced its upsized IPO at the top of the range to raise $629 million at a $4.3 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. 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. York Space systems finished the week flat.
Brazilian digital bank PicS (PICS) priced its US IPO at the top of the range to raise $434 million at a $2.5 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. PicS finished the week down 5%.
Life insurance platform Ethos Technologies (LIFE) priced its IPO ath the midpoint 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. Ethos has posed strong revenue growth and increasing profitability, although just three carriers account for 98% of its revenue. It finished the week down 21%.
Government relations services provider Public Policy Holding Company (PPHC) priced its US IPO at $12.25 to raise $51 million at a $363 million market cap. PPHC is a global communications and public affairs advisory group, providing government relations, corporate communications, and compliance services. The company serves approximately 1,400 active clients worldwide. 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. PPHC finished the week flat.
Ten SPACs also priced. The largest, Mountain Lake Acquisition II (MLAAU), raised $313 million. Other notable SPAC pricings included Kraken-backed KRAKacquisition (KRAQU), which raised $300 million, M Evo Global II (MEVOU), which raised $270 million to target critical miners, and Avi Katz-backed GigCapital9 (GIXXU), which raised $220 million.
| 14 IPOs During the Week of January 26th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 01/30 |
| Space Asset Acquisition (SAAQU) | $200M | $273M | 0% | +2% | +2% |
| Blank check company targeting the global space economy. | |||||
| KRAKacquisition (KRAQU) | $300M | $375M | 0% | +1% | +1% |
| Blank check company backed by Kraken, Tribe Capital, and Natural Capital. | |||||
| GigCapital9 (GIXXU) | $220M | $318M | 0% | +0% | +1% |
| Blank check company led by SPAC veteran Avi Katz targeting aerospace and TMT businesses. | |||||
| M Evo Global II (MEVOU) | $270M | $360M | 0% | +0% | +0% |
| Blank check company targeting the critical minerals sector in the US. | |||||
| K2 Capital Acquisition (KTWOU) | $120M | $175M | 0% | +0% | +0% |
| Blank check company targeting humanoid robotics and nuclear energy. | |||||
| Newbridge Acquisition (NBRGU) | $50M | $66M | 0% | +0% | +0% |
| Hong Kong-based blank check company targeting small-cap businesses. | |||||
| Muzero Acquisition (MUZEU) | $175M | $238M | 0% | +0% | +0% |
| Blank check company targeting technology-enabled businesses. | |||||
| PPHC (PPHC) | $51M | $363M | -16% | -8% | +0% |
| Provides lobbying and communications services for corporations and non-profits. | |||||
| Mountain Lake Acq. II (MLAAU) | $313M | $427M | 0% | +0% | +0% |
| Second blank check company led by the Chairman of Axos Financial. | |||||
| York Space Systems (YSS) | $629M | $4,339M | 6% | -1% | +0% |
| Makes satellites and mission-critical systems for space and defense programs. | |||||
| Xsolla SPAC 1 (XSLLU) | $200M | $271M | 0% | -1% | -1% |
| Blank check company led by executives from video game fintech Xsolla. | |||||
| PicPay (PICS) | $434M | $2,462M | 9% | +0% | -5% |
| Operates a digital banking platform in Brazil. | |||||
| Ethos Technologies (LIFE) | $200M | $1,307M | 0% | -11% | -21% |
| Provides an online life insurance marketplace and analytics platform. | |||||
| United Acquisition I (UACU) | $100M | $136M | 0% | n/a | n/a |
| Blank check company formed by Globis Capital Advisors founder Paul Packer. | |||||
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Three IPOs submitted initial filings this week. Option Therapeutics (OPTN), a liver disease biotech spun out of BioVie, filed to raise $25 million. V Capital Consulting (VCCG), a business consulting firm spun out of Malaysia’s VCI Global, filed to raise $15 million. AIAI Holdings (AIAI), a holdings company with a licensed proprietary AI model, filed for a direct listing on the Nasdaq.
Five SPACs also submitted initial filings. Averin Capital Acquisition (ACAAU) filed to raise $250 million to target health and life sciences. Iron Dome Acquisition I (IDACU) filed to raise $200 million to target Israeli tech. ClearThink 1 Acquisition (CTAAU) filed to raise $150 million to target financial services. Paloma Acquisition I (PALOU) filed to raise $150 million to target precious metals. Sky Acquisition Group (SKAIU) filed to raise $150 million to target AI.
| 8 Filings During the Week of January 26th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Averin Capital Acq. (ACAAU) | $250M | SPAC | Deutsche Bank |
| Blank check company positioned to pursue opportunities in health and life sciences. | |||
| Iron Dome Acquisition I (IDACU) | $200M | SPAC | D. Boral Capital |
| Blank check company targeting Israeli tech businesses in cybersecurity, defense, and AI. | |||
| Paloma Acquisition I (PALOU) | $150M | SPAC | Jefferies |
| Blank check company targeting gold, silver, and other precious metals. | |||
| Sky Acquisition Group (SKAIU) | $150M | SPAC | Maxim |
| Blank check company formed by CXApp CEO Khurram Sheikh targeting the AI industry. | |||
| V Capital Consulting (VCCG) | $15M | Industrials | D. Boral Capital |
| Business consulting firm spun out of Malaysia-based VCI Global. | |||
| ClearThink 1 Acquisition (CTAAU) | $150M | SPAC | D. Boral Capital |
| Blank check company targeting financial services in the United States and other developed countries. | |||
| AIAI Holdings (AIAI) | $0M | Financials | RBW Capital |
| Diversified holding company with a licensed proprietary AI model. | |||
| Option Therapeutics (OPTN) | $25M | Health Care | ThinkEquity |
| Phase 2 liver disease biotech spun out of BioVie. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/29/2026, the Renaissance IPO Index was up 1.2% year-to-date, while the S&P 500 was up 1.9%. 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 13.7% year-to-date, while the ACWX was up 6.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.
