One small issuer and four blank check companies went public this past week as the IPO market continued to weather the recent volatility.
Facial recognition software provider Rank One Computing (ROC) upsized and priced at the high end to raise $24 million at a $114 million market cap. ROC operates in an intensely competitive space, developing proprietary AI software for biometric identification, video analytics, and digital evidence analysis, in addition to providing R&D services. The company serves both government agencies and regulated commercial sectors. ROC finished up 3%.
The week’s four blank check IPOs were led by Averin Capital Acquisition (ACAAU), which raised $250 million. Led by former Flagship partner David Berry, the SPAC plans to target businesses at the intersection of technology and health.
| 5 IPOs During the Week of February 16th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 02/20 |
| ROC (ROC) | $24M | $114M | 9% | +3% | +3% |
| Provides AI-powered facial recognition and biometric verification software. | |||||
| Averin Capital Acq. (ACAAU) | $250M | $315M | 0% | +0% | +0% |
| Blank check company backed by Averin Capital targeting health and technology businesses. | |||||
| Paloma Acquisition I (PALOU) | $150M | $193M | 0% | +0% | +0% |
| Blank check company targeting gold, silver, and other precious metals. | |||||
| Armada Acquisition III (AACIU) | $225M | $308M | 0% | +0% | +0% |
| Third blank check company led by the former CEO of Cantaloupe Inc. targeting fintech, SaaS, and AI. | |||||
| Abony Acquisition I (AACOU) | $200M | $273M | 0% | +0% | +0% |
| Blank check company targeting defense, advanced computing, software, and media. | |||||
A couple smaller names joined the pipeline, led by medtech Medical 21 (MAVG), which filed to raise $25 million. Four SPACs also submitted initial filings, led by two that plan to raise $175 million: NewHold Enterprises’ NewHold Investment IV (NHIVU) and energy-focused Dynamix IV (DYNXU).
| 6 Filings During the Week of February 16th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Forefront Tech Acq. (FTHAU) | $100M | SPAC | BTIG |
| Blank check company targeting blockchain-enabled AI, digital trade identities, and robotics. | |||
| Medical 21 (MAVG) | $25M | Health Care | ThinkEquity |
| Developing a synthetic regenerative graft for coronary bypass surgery. | |||
| NewHold Investment IV (NHIVU) | $175M | SPAC | BTIG |
| Blank check company formed by NewHold Enterprises targeting industrial technology. | |||
| Dynamix IV (DYNXU) | $175M | SPAC | Cohen & Company |
| Blank check company targeting the energy and power value chain. | |||
| EIR Biopharma (EIRB.RC) | $17M | Health Care | Kingswood |
| Preclinical biotech developing in-licensed therapies for eye diseases. | |||
| Plutonian Acquisition II (PLUNU) | $100M | SPAC | A.G.P. |
| Blank check company targeting energy storage, telecom, and consumer sectors. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/19/2026, the Renaissance IPO Index was down 2.0% year-to-date, while the S&P 500 was up 0.4%. 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 17.6% year-to-date, while the ACWX was up 9.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.
