One IPO and six SPACs came to market this past week, and one major issuer joined the pipeline as February comes to a close.
Generate Biomedicines (GENB) priced its IPO at the midpoint to raise $400 million at a $2.2 billion market cap. The Flagship Pioneering-incubated biotech is using its AI platform, which combines programmable capabilities with biohardware and data, to develop drugs with both precision and scale. Its most advanced candidate is in Phase 3 trials for severe asthma. Generate finished down 21%.
The week’s six blank check IPOs were led by MOZAYYX Acquisition (MZYX.U), which raised $261 million to target fintech, energy, cybersecurity, and other high-growth areas.
| 7 IPOs During the Week of February 23rd, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 02/27 |
| Fortress Value Acq. V (FVAV) | $250M | $315M | 0% | +0% | +0% |
| Sixth blank check company by executives at Fortress Investment Group. | |||||
| TRG Latin America Acq. (TRGSU) | $200M | $252M | 0% | +0% | +0% |
| Blank check company led by Nicolas Rohatyn focused on Argentina and greater Latin America. | |||||
| APEX Tech Acquisition (TRADU) | $100M | $146M | 0% | n/a | +0% |
| Blank check company formed by Chinese manufacturing executives targeting US businesses. | |||||
| ClearThink 1 Acquisition (CTAAU) | $125M | $170M | 0% | +0% | +0% |
| Blank check company backed by ClearThink Capital targeting financial services in the US and other developed countries. | |||||
| MOZAYYX Acquisition (MZYX.U) | $261M | $326M | 0% | +0% | +0% |
| Blank check company targeting fintech, energy, cybersecurity, and other high-growth areas. | |||||
| Illumination Acq. I (ILLUU) | $200M | $272M | 0% | -1% | -1% |
| Blank check company formed by Lucid Capital Markets executives. | |||||
| Generate Biomedicines (GENB) | $400M | $2,249M | 0% | -21% | -21% |
| Phase 3 biotech using AI to develop therapies for immunology and oncology. | |||||
Three IPOs submitted initial filings this week, led by Healthpeak Properties’ senior housing REIT Janus Living (JAN), which we estimate could raise up to $500 million. They were joined by a direct listing, Canada-based The Metals Royalty Co. (TMCR).
Two SPACs also submitted initial filings. RMG ML Sports Holdings (SHOTU) plans to raise $261 million, and Dune Acquisition III (DUNU.RC) plans to raise $150 million.
| 6 Filings During the Week of February 23rd, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Janus Living (JAN) | $500M | Real Estate | BofA |
| Senior housing REIT being carved out of Healthpeak Properties. | |||
| RMG ML Sports Holdings (SHOTU) | $261M | SPAC | Santander |
| Blank check company led by Riverside's James Carpenter targeting sports. | |||
| The Metals Royalty Co. (TMCR) | $0M | Materials | |
| Canadian critical metals and mineral royalty acquirer with one asset in the Pacific Ocean. | |||
| UDynamics (UDUD) | $18M | Technology | Pacific Century |
| Hong Kong-based provider of web hosting, cloud, and IT services. | |||
| Guardian Metal Resources (GMTL) | $50M | Materials | BMO |
| Tungsten-focused exploration-stage mining company with projects in Nevada. | |||
| Dune Acquisition III (DUNU.RC) | $150M | SPAC | Clear Street |
| Blank check company targeting digital assets, sports and entertainment, SaaS, and AI. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/26/2026, the Renaissance IPO Index was down 0.6% 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 16.4% year-to-date, while the ACWX was up 11.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.
