Five sizable IPOs are currently scheduled for the week ahead, joined by a direct listing.
AI chipmaker Cerebras Systems (CBRS) plans to raise $3.4 billion at a $34.7 billion market cap. Cerebras’ core innovation, the Wafer-Scale Engine (WSE), is 58 times larger than NVIDIA's B200 chip and has 2,625 times more memory bandwidth than NVIDIA's B200 package. While it is unprofitable and expects pressure on margins in the near term, the company has delivered explosive growth, and multiyear agreements with OpenAI and AWS provide some revenue visibility. The AI landscape is rapidly evolving though, with new products from NVIDIA and other competitors.
Blackstone Digital Infrastructure Trust (BXDC) plans to raise $1.8 billion at a $1.8 billion market cap. The newly-formed REIT is focused on acquiring and owning mission-critical data center assets that power the modern digital economy, planning to target newly-constructed, income-generating, stabilized data center properties leased to investment-grade hyperscale tenants on long-term contracts. As a REIT, BXDC plans to make quarterly distributions.
Geothermal energy developer Fervo Energy (FRVO) plans to raise $1.3 billion at a $7.0 billion market cap. While still early stage, Fervo aims to expand the scalability and geographic reach of geothermal energy as a source of firm, always-available power. The company has 500MW of power under construction, with the first commercial operation date in late 2026. Its project builds are highly capital intensive.
Emergency medical services provider GMR Solutions (GMRS) plans to raise $750 million at a $5.5 billion market cap. GMR provides emergency medical services and out-of-hospital care in the US and internationally, and is the largest provider of EMS services in the US. Its operations span a broad network of urban and rural communities, functioning as an entry point into the healthcare system and supporting care delivery across a range of situations. The company will be leveraged post-IPO at about 3.5x net debt/LTM adj. EBITDA.
Oil land acquirer EagleRock Land (EROK) plans to raise $320 million at a $2.4 billion market cap. EagleRock owns or controls approximately 236k acres of surface land in the core of the Permian Basin, earning fees and royalties by granting operators long-term access to its land while customers bear the operating and capital costs. The company is growing and profitable on EBIT.
Diversified holding company AIAI Holdings (AIAI) plans to direct list on the Nasdaq. AIAI says it intends to create an AI-powered ecosystem. The company plans to acquire six businesses, spanning civil construction, blockchain protocol, telehealth, edge analytics, case management services, and remarketing of office supplies and tech hardware.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Fervo Energy (FRVO) Houston, TX | $1,250M $6,959M | $21 - $24 55,555,555 | JP Morgan BofA |
| Developing next-generation geothermal energy projects. | |||
| GMR Solutions (GMRS) Lewisville, TX | $750M $5,467M | $22 - $25 31,914,893 | JP Morgan KKR |
| Leading provider of emergency medical services and alternate-site care in the US. | |||
| BX Digital Infrastructure (BXDC) New York, NY | $1,750M $1,750M | $20 87,500,000 | Goldman Citi |
| Newly-formed REIT by Blackstone targeting data centers leased to hyperscalers. | |||
| Cerebras Systems (CBRS) Sunnyvale, CA | $3,360M $34,669M | $115 - $125 28,000,000 | Morgan Stanley Citi |
| Designs and produces semiconductors and supercomputers, and provides AI services. | |||
| EagleRock Land (EROK) Houston, TX | $320M $2,407M | $17 - $20 17,300,000 | Goldman Barclays |
| Owns surface acreage used for oil and gas activity in the Permian Basin. | |||
| AIAI Holdings (AIAI) Dallas, TX | $1,390M $1,561M | $20 69,483,430 | |
| Diversified holding company with a licensed proprietary AI model. | |||
Street research is expected for five companies, and lock-up periods will be expiring for four companies. 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 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.
