Four IPOs and nine SPACs priced this week. Broker Clear Street (CLRS), which was also set to debut, postponed its IPO after slashing its proposed deal size by 65%. Four IPOs and three SPACs submitted filings.
Solar project builder SOLV Energy (MWH) priced its IPO at the top of the range to raise $513 million at a $5.0 billion market cap. SOLV Energy is a leading provider of infrastructure services to the power industry, including engineering, procurement, construction, testing, commissioning, operations, maintenance and repowering. It has constructed more than 500 power plants, representing 20 GWdc of generating capacity, and it currently provides operations and maintenance services under long-term agreements to 146 operating power plants. SOLV Energy has a fast-growing backlog that totaled $8 billion at the end of 2025, although it relies on long lead-time projects reliant on government subsidies and credits. It finished the week up 29%.
Brazilian consumer bank AGI (AGBK) priced its US IPO at the low end, after slashing its deal size by 65% the morning before its pricing, to raise $240 million at a $1.9 billion market cap. AGI operates as a technology-driven provider of specialized financial services in Brazil, focusing on underserved segments such as social security beneficiaries and public and private sector workers. It serves 6.4 million active clients across 1,101 asset-light Smart Hubs, which are paperless and cashless, in 723 cities as of September 30, 2025. AGI boasts strong profitability, with a sector-leading ROAE, although it operates in a tight regulatory environment, and was handed two suspensions in 2025. It finished the week down 8%.
Fuel distributor ARKO Petroleum (APC) priced its slightly upsized IPO at the bottom of the range to raise $200 million at an $830 million market cap. ARKO Petroleum, a subsidiary of ARKO (Nasdaq: ARKO) is a fuel distribution company having delivered 1.5 billion gallons in the nine months ended September 30, 2025 to gas stations, sub-wholesalers, and other purchasers. It operates three segments: Wholesale, supplying fuel to third-party dealer stations and ARKO Retail Sites under long-term cost-plus or consignment contracts; Fleet Fueling, operating proprietary and third-party cardlock locations and issuing fuel cards; and GPMP, which supplies retail sites on a cost-plus basis with a fixed adder per gallon. ARKO Petroleum distributes fuel to about 3,500 sites, generally under long-term agreements, although it is highly dependent on its parent, which accounted for about half of its 2024 revenue. It finished the week flat.
Uranium exploration company Jaguar Uranium (JAGU) priced its US IPO at the low end to raise $25 million at a $77 million market cap. Based in Canada, Jaguar Uranium is a pre-revenue junior mining company focused on three uranium exploration projects: one in Colombia and two in Argentina. Its principal exploration project is the Berlin Project in Caldas Province, Colombia, a sedimentary deposit hosting uranium together with vanadium, nickel, phosphate, rare earth elements, molybdenum and zinc. Jaguar Uranium finished the week down 17%.
Nine SPACs also priced this week, led by Idea Acquisition (IACOU), which raised $350 million to target businesses leveraging LLMs and other AI tools.
| 13 IPOs During the Week of February 9th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 02/13 |
| SOLV Energy (MWH) | $513M | $4,993M | 6% | +23% | +29% |
| Provides construction services for solar power and battery storage projects. | |||||
| Spring Valley Acq. IV (SVIVU) | $200M | $267M | 0% | +1% | +1% |
| Blank check company targeting the power infrastructure and decarbonization industries. | |||||
| HCM IV Acquisition (HACQU) | $250M | $325M | 0% | +1% | +1% |
| Fourth blank check company formed by Hondius Capital Management. | |||||
| Willow Lane Acq. II (WLIIU) | $125M | $176M | 0% | +1% | +1% |
| Second blank check company led by Luke Weil targeting consumer goods, gaming, and leisure. | |||||
| Spartacus Acquisition II (TMTSU) | $200M | $267M | 0% | +1% | +0% |
| Blank check company targeting the TMT industries. | |||||
| ARKO Petroleum (APC) | $200M | $830M | -5% | -3% | +0% |
| Distributes fuel to gas stations, sub-wholesalers and other purchasers. | |||||
| XFLH Capital (XFLHU) | $100M | $138M | 0% | n/a | +0% |
| Blank check company led by Chinese executives. | |||||
| Columbus Circle Cap. II (CMIIU) | $200M | $273M | 0% | +0% | +0% |
| Blank check backed by Cohen & Company. | |||||
| D. Boral Acquisition I (DBCAU) | $250M | $379M | 0% | +0% | +0% |
| Blank check company led by D. Boral Capital executives. | |||||
| Idea Acquisition (IACOU) | $350M | $438M | 0% | -1% | -1% |
| Blank check company targeting businesses leveraging LLMs and other AI tools. | |||||
| RF Acquisition III (RFAMU) | $100M | $139M | 0% | -1% | -1% |
| Blank check company based in Singapore targeting AI, quantum computing, and biotech in APAC. | |||||
| AGI (AGBK) | $240M | $1,919M | -27% | -10% | -8% |
| Brazilian neobank providing social security-backed loans to underserved customers. | |||||
| Jaguar Uranium (JAGU) | $25M | $77M | -20% | -23% | -17% |
| Developer of uranium exploration and mining projects in Colombia and Argentina. | |||||
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Four IPOs submitted initial filings this week. Japan-based mobile payment app PayPay (PAYP) filed for a US IPO this week that we estimate could raise up to $2 billion. Hong Kong-based human resources firm CALM Chain International (CCIL) filed to raise $18 million at a $120 million market cap. Cardiac device developer BioVentrix (BVXX) filed to raise $17 million. Hong Kong social media app Hacker Interstellar (SOUD) filed to raise $15 million.
Three SPACs also submitted initial filings. Fortress Value Acquisition V (FVAV), the sixth SPAC formed by Fortress Investment Group executives, filed to raise $250 million. Quantum Leap Acquisition (QLEPU) filed to raise $200 million to target AI, quantum computing, and blockchain technology. BHAV Acquisition (BHAVU) filed to raise $100 million to target robotics, EVs, drones, and fintech.
| 7 Filings During the Week of February 9th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Hacker Interstellar (SOUD) | $15M | Technology | Kingswood |
| Provides a voice-centric AI-powered social media app in emerging markets. | |||
| BioVentrix (BVXX) | $17M | Health Care | Benchmark |
| Medical device firm developing minimally invasive treatments for heart failure. | |||
| PayPay (PAYP) | $2,000M | Financials | Goldman |
| Japan-based mobile payment app and digital wallet. | |||
| BHAV Acquisition (BHAVU) | $100M | SPAC | Maxim |
| Blank check company targeting robotics, electric vehicles, drones, unmanned aerial systems, and fintech. | |||
| CALM Chain International (CCIL) | $18M | Consumer Discretionary | Pacific Century |
| Hong Kong-based human resources services provider. | |||
| Fortress Value Acq. V (FVAV) | $250M | SPAC | Deutsche Bank |
| Sixth blank check company by executives at Fortress Investment Group. | |||
| Quantum Leap Acquisition (QLEPU) | $200M | SPAC | A.G.P. |
| Blank check company targeting AI, quantum computing, and blockchain technology. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/12/2026, the Renaissance IPO Index was down 6.4% year-to-date, while the S&P 500 was down 0.1%. 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 17.8% year-to-date, while the ACWX was up 9.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.
