Three IPOs and three SPACs priced this week. Seven IPOs and three SPACs submitted filings. This comes amid a backdrop of poor aftermarket returns from several recent listings, with SpaceX (SPCX) now below its IPO price, and SK hynix (SKHY) falling below its first day close.
Data center operator Csquare (CSQR) priced below the range to raise $1.1 billion at a $3.3 billion market cap. Csquare is a carrier-neutral colocation data center operator that provides enterprises, network service providers, and cloud platforms with space, power, and connectivity infrastructure to house and operate their IT equipment. As of March 31, 2026, the company operates 64 facilities across 21 major US metropolitan markets, offering services that include enterprise colocation, interconnection, and additional managed infrastructure solutions. Csquare’s adjusted EBITDA margin has improved to 40% in the LTM, up significantly from 9% in 2023, although the firm is extremely levered at 12.1x net debt/LTM adjusted EBITDA. It finished the week down 3%.
Small modular reactor fuel developer Standard Nuclear (STDN) downsized its IPO nearly 60% to raise just $150 million at a $2.7 billion market cap. Standard Nuclear designs, engineers, and manufactures TRISO fuel, an advanced nuclear fuel used in small modular reactors and microreactors. The company operates the only dedicated, privately funded industrial-scale TRISO production line in the United States, having acquired the underlying assets from Ultra Safe Nuclear through a bankruptcy auction in 2024. It generates revenue primarily through fuel development agreements with commercial customers and US government agencies, and had a total contract backlog of up to $245 million. However, its manufacturing is dependent on customers’ ability to procure enriched uranium feedstock, including HALEU, which currently has no commercial supply in the US. Standard Nuclear finished the week down 31%.
Cloud computing services provider QumulusAI (QMLS) also completed its direct listing on the Nasdaq. QumulusAI specializes in the deployment of GPU-powered solutions for AI applications, targeting small to mid-market customers as well as large enterprises. It operates over 800 GPUs across three colocation data centers in Marietta, Georgia and Kansas City, Missouri, and 60 MW of grid power in Watonga and Tulsa, Oklahoma, and an additional scheduled site in Denton, Texas which is not yet live, with plans to expand capacity to over 120 MW of IT load. QumulusAI finished up 9% from its $13.08 reference price.
Three SPACs also debuted this week. AMR Resources Acquisition (AMACU) raised $250 million to target the critical minerals sector. Jones Ventures INTL Acquisition1 (JONEU), backed by JonesTrading, raised $200 million. Research Alliance IV (RACD), the fourth blank check company formed by RA Capital, raised $75 million to target healthcare.
| 6 IPOs During the Week of July 13th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 07/17 |
| QumulusAI (QMLS) | $0M | $516M | 0% | +64% | +9% |
| Provides cloud computing services through owned and colocated data centers. | |||||
| Research Alliance IV (RACD) | $75M | $91M | 0% | +3% | +4% |
| Fourth blank check company formed by RA Capital targeting healthcare, life sciences, and healthtech. | |||||
| AMR Resources Acquisition (AMACU) | $250M | $340M | 0% | +0% | +0% |
| Blank check company targeting the critical minerals sector. | |||||
| Jones Ventures INTL Acq1 (JONEU) | $200M | $313M | 0% | -1% | -1% |
| Blank check company backed by JonesTrading. | |||||
| Csquare (CSQR) | $1,050M | $3,290M | -16% | -2% | -3% |
| Owns and operates 64 data centers across the US and UK, and provides colocation services. | |||||
| Standard Nuclear (STDN) | $150M | $2,727M | -23% | -18% | -31% |
| Manufactures TRISO fuel for small modular reactors across the US. | |||||
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Seven IPOs submitted initial filings this week, including Argentinian power producer YPF Energia Electrica (YLUZ), and biotechs Attovia Therapeutics (ATTO), Braveheart Bio (BRVE), BlossomHill Therapeutics (BLSM), and Latigo Biotherapeutics (LTGO).
Three SPACs also submitted initial filings. Churchill Capital XIII (XIIIU), founded by dealmaker and former Citi exec Michael Klein, filed to raise $300 million. Material Resource Acquisition (MTRLU) filed to raise $200 million to target minerals. Phalanx Acquisition I (PHAXU), backed by Puerto Rico’s Celeres Capital, filed to raise $175 million to target financial and fintech businesses.
| 10 Filings During the Week of July 13th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| BlossomHill Therapeutics (BLSM) | $100M | Health Care | JP Morgan |
| Phase 2-ready biotech developing small molecule cancer therapies. | |||
| Latigo Biotherapeutics (LTGO) | $100M | Health Care | Goldman |
| Phase 3-ready biotech developing non-opioid, oral therapies for acute and chronic pain. | |||
| NuvOx Therapeutics (NUOX) | $20M | Health Care | ThinkEquity |
| Phase 2 biotech developing oxygen therapeutics to treat hypoxia. | |||
| Phalanx Acquisition I (PHAXU) | $175M | SPAC | Cantor Fitz. |
| Blank check company backed by Puerto Rico's Celeres Capital targeting financial and fintech businesses. | |||
| Braveheart Bio (BRVE) | $100M | Health Care | Goldman |
| Phase 3-ready biotech developing oral small molecules for cardiovascular diseases. | |||
| Churchill Capital XIII (XIIIU) | $300M | SPAC | Citi |
| Blank check company founded by dealmaker and former Citi executive Michael Klein. | |||
| Vogenx (VOGX) | $75M | Health Care | JonesTrading |
| Phase 2b biotech developing therapies for endocrine and metabolic disorders. | |||
| Attovia Therapeutics (ATTO) | $100M | Health Care | Morgan Stanley |
| Phase 1 biotech developing biotherapeutics for immune-mediated diseases. | |||
| Material Resource Acq. (MTRLU) | $200M | SPAC | Lucid Cap. Mkts. |
| Blank check company targeting minerals and other materials. | |||
| YPF Energia Electrica (YLUZ) | $300M | Utilities | Goldman |
| Power producer spun out of Argentinian state-owned energy firm YPF. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/16/2026, the Renaissance IPO Index was up 16.9% year-to-date, while the S&P 500 was up 10.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) and Reddit (RDDT). The Renaissance International IPO Index was up 39.8% year-to-date, while the ACWX was up 13.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and CATL.
