Five IPOs and three SPACs priced this week. Five IPO and two SPACs submitted filings.
Signal processing platform HawkEye 360 (HAWK) priced at the top of the range to raise $416 million at a $2.8 billion market cap. HawkEye 360 is a defense technology company that provides space-based radio frequency signals intelligence and analytics to government and allied customers. The company designs and operates a constellation of small satellites that collect RF data, then processes that data through proprietary signal processing and AI-enabled analytics software to detect, geolocate, classify, and track emitters such as radars, jammers, vessels, and communications networks. HawkEye 360 boasts strong revenue growth, and a rapidly growing backlog, but remains unprofitable on a GAAP operating basis. It finished the week up 28%.
Autoimmnue diseases biotech Odyssey Therapeutics (ODTX) priced its upsized IPO at the top of the range to raise $279 million at a $911 million market cap. Odyssey is a biotech focused on developing targeted therapies for autoimmune and inflammatory diseases. Its lead programs include oral small-molecule candidates targeting RIPK2 and SLC15A4, with its most advanced drug showing early clinical efficacy in ulcerative colitis and others in preclinical development. Odyssey Therapeutic has a broad pipeline, and targets a new clinical-stage candidate every 12-14 months, but competes with many approved therapies. It finished the week down 9%.
Soft drink producer Suja Life (SUJA) priced at the bottom of the range to raise $187 million at an $813 million market cap. Suja Life is a beverage platform focused on functional and health-oriented drinks. Through its Suja Organic, Vive Organic, and Slice brands, the company sells cold-pressed juices, wellness shots, and functional sodas designed for different daily consumption occasions. Suja Life commands a leading position in the cold-pressed juice and wellness shots categories, but faces the risk of shifting consumer preferences. It finished the week down 15%.
Nerve stimulation device maker Mobia Medical (MOBI) priced at the midpoint to raise $150 million at a $549 million market cap. Mobia's Vivistim Paired Vagus Nerve Stimulation System is the first and only clinically-validated, FDA-approved solution for chronic ischemic stroke survivors with moderate to severe upper extremity impairments. The system includes an implanted pulse generator and lead that deliver stimulation during functional movement in order to increase neuroplasticity and durably restore motor function. Mobia Medical has the only approved treatment for the chronic phase of post-stroke impairment, but it remains very early on in its commercial rollout. It finished the week down 22%.
Exploration-stage mining company Rare Earths Americas (REA) priced its upsized IPO at the top of the range to raise $63 million at a $399 million market cap. Rare Earths Americas is an exploration-stage critical miners company with a portfolio of three material projects: the Shiloh Project in Georgia, and the Alpha and Constellation Projects in Brazil. The projects are all focused on heavy rare earth elements including neodymium-praseodymium, dysprosium, and terbium, which are used primarily in high-performance permanent magnets. It finished the week up 23%.
Three SPACs also priced this week. Shreya Acquisition (SAGUU) raised $100 million to target hospitality, wellness, media, and other sectors. Starlink AI Acquisition (OTAIU) raised $100 million to target businesses in the Americas, Europe, and Asia. Vernal Capital Acquisition (VECAU) raised $100 million to target businesses in the APAC region.
| 8 IPOs During the Week of May 4th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 05/08 |
| HawkEye 360 (HAWK) | $416M | $2,840M | 4% | +31% | +28% |
| Provides space-based radio signals intelligence for defense applications. | |||||
| Rare Earths Americas (REA) | $63M | $399M | 6% | +0% | +23% |
| Exploration-stage rare earths mining company with projects in Brazil and the US. | |||||
| Starlink AI Acquisition (OTAIU) | $100M | $129M | 0% | n/a | +0% |
| Blank check company targeting businesses in the Americas, Europe, and Asia. | |||||
| Shreya Acquisition (SAGUU) | $100M | $145M | 0% | n/a | +0% |
| Blank check company targeting the hospitality, wellness, media, and other sectors. | |||||
| Vernal Capital Acq. (VECAU) | $100M | $129M | 0% | +0% | +0% |
| Blank check company targeting businesses in the APAC region. | |||||
| Odyssey Therapeutics (ODTX) | $279M | $911M | 6% | -9% | -9% |
| Phase 2 biotech developing precision therapies for autoimmune diseases. | |||||
| Suja Life (SUJA) | $187M | $813M | -7% | -15% | -15% |
| Producer of branded cold-pressed juices and other soft drinks. | |||||
| Mobia Medical (MOBI) | $150M | $549M | 0% | -22% | -22% |
| Sells a nerve stimulation implant for chronic ischemic stroke. | |||||
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Five IPOs submitted initial filings this week. Quantum computer developer Quantinuum (QNT) filed to raise an estimated $1.5 billion. Aerospace and defense equipment producer Applied Aerospace (AADX) filed to raise an estimated $350 million. E-scooter rental platform Lime (LIME) filed to raise an estimated $250 million. Coastal-focused property and casualty insurer Safepoint Holdings (SFPT) filed to raise an estimated $250 million. Singapore-based optical lens maker MetaOptics (MOT) filed to raise $23 million.
Two SPACs submitted initial filings. Keystone Acquisition (KEYYU) filed to raise $250 million to target energy, shipbuilding, semiconductors, and other industries. Futurewave Acquisition (FWACU) filed to raise $50 million to target businesses with long-term growth potential.
| 7 Filings During the Week of May 4th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Applied Aerospace (AADX) | $350M | Industrials | Morgan Stanley |
| Manufactures equipment and components for aerospace and defense uses. | |||
| Lime (LIME) | $250M | Industrials | Goldman |
| Operates an e-scooter and e-bike rental platform across 230 cities globally. | |||
| Quantinuum (QNT) | $1,500M | Technology | JP Morgan |
| Quantum computer developer being carved out of Honeywell. | |||
| Safepoint Holdings (SFPT) | $250M | Financials | Deutsche Bank |
| Property and casualty insurance underwriter and platform focusing on coastal areas. | |||
| Futurewave Acquisition (FWACU) | $50M | SPAC | Polaris |
| Blank check company targeting long-term growth potential and defensible market positions. | |||
| Keystone Acquisition (KEYYU) | $250M | SPAC | Cohen & Company |
| Blank check company targeting energy, shipbuilding, semiconductors, and digital infrastructure. | |||
| MetaOptics (MOT) | $23M | Technology | Roth Cap. |
| Singapore-based designer and manufacturer of ultra-thin flat optical lenses. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/7/2026, the Renaissance IPO Index was up 10.6% year-to-date, while the S&P 500 was up 7.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include CoreWeave (CRWV) and Arm Holdings (ARM). The Renaissance International IPO Index was up 30.9% year-to-date, while the ACWX was up 13.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.
