Three sizable IPOs are currently scheduled in the week ahead, and some smaller issuers may join the calendar throughout the week.
Indoor air systems provider Madison Air Solutions (MAIR) is set to raise $2.2 billion at a $12.9 billion market cap, in what will be 2026’s largest IPO so far. Madison Air Solutions develops and manufactures mission-critical indoor air quality and air-management technologies for commercial and residential environments. Its products regulate, cool, circulate, and purify air in demanding settings such as data centers, semiconductor fabrication facilities, workplaces, and homes, with brands including Nortek Air Solutions, Nortek Data Center Cooling, AprilAire, and Big Ass Fans. The company states that it generates a significant portion of revenue from its large installed base—about half of 2025 net sales came from replacement and upgrade demand and roughly 10% from aftermarket parts and services—helping provide recurring revenue and stability across economic cycles. Madison Air Solutions’ backlog more than doubled to $2 billion in 2025, although much of its recent growth has come from acquisitions that have left it highly levered.
Defense electronics manufacturer Arxis (ARXS) is set to raise $1.0 billion at a $10.9 billion market cap. The company designs and manufactures specialized electronic and mechanical components used in high-performance and demanding environments. Its products include connectors, cable assemblies, RF and microwave components, sensors, and precision mechanical parts such as bearings and seals, which are integrated into aerospace, defense, and space systems, as well as applications in medical technology, semiconductor testing, and industrial automation. Since being formed in 2019 from a number of processor companies, Arxis has completed 32 acquisitions. Recent acquisitions include Kaman Corporation, Spira Manufacturing, and Oldham Seals Group. Arxis is profitable with expanding EBITDA margins and FCF, although it is highly levered at 4.2x pre-IPO net debt/LTM EBITDA.
Defense systems developer Aevex (AVEX) is set to raise $312 million at a $2.2 billion market cap. The company develops unmanned and autonomous systems for defense applications, with a focus on AI-enabled aerial platforms used in missions such as surveillance, reconnaissance, and precision strike. Its products include loitering munitions and other unmanned systems designed to operate in complex or GPS-denied environments, supported by proprietary software for navigation and sensor integration. The company primarily serves the US government (78% of 2025 revenue), as well as allied partners, and generates revenue through the sale of systems and related services across its tactical and global solutions segments. Aevex expects to recognize 97% of its funded backlog in 2026, which increased substantially in 2025, although it has a 6.1x net debt to LTM EBITDA ratio, and is unprofitable on a net and cash flow basis.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Arxis (ARXS) Bloomfield, CT | $1,000M $10,936M | $25 - $28 37,735,849 | Goldman Morgan Stanley |
| Aerospace and defense electronics and components manufacturer. | |||
| Madison Air (MAIR) Chicago, IL | $2,150M $12,933M | $25 - $27 82,692,304 | Goldman Barclays |
| Owns a portfolio of brands that make residential and commercial airflow products. | |||
| Aevex (AVEX) Solana Beach, CA | $312M $2,181M | $18 - $21 16,000,000 | Goldman BofA |
| Provides military unmanned aircraft systems and services. | |||
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Street research is expected for three companies in the week ahead, and five lock-up periods will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/9/2026, the Renaissance IPO Index was down 4.5% year-to-date, while the S&P 500 was flat. 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 17.1% 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.
