Eight IPOs raised a combined $29.3 billion in July, joined by three direct listings. New listings raised more than six times July’s 10-year historical average ($4.7B), driven almost entirely by Korea-listed SK hynix (SKHY), which raised $26.5 billion in the largest ever US equity offering from a foreign issuer. Persistent volatility related to AI spending fears and the Iran war held back deal flow, which came in well below the historical mean (20 IPOs). The year’s familiar IPO themes of AI infrastructure and biotech remained in focus. Data center operator Csquare (CSQR) completed one of the month’s largest listings, while drug developer Apnimed (APMD) was the top performer. The IPO window started to broaden more noticeably in July, though, with consumer names testing the waters. Sub sandwich chain Jersey Mike’s (JMKE) led the charge and raised $1 billion, but was met with muted demand. Returns for the rest of the month’s IPOs were mixed but positive overall, with a 6% return from offer on average. After a run-up in the 2Q26, the rotation out of areas like tech and AI infrastructure weighed on the Renaissance IPO Index, which sank -14% in July, underperforming the S&P 500 (0%). New filing activity held a brisk pace, boosted primarily by biotechs seeking to capitalize on strong recent debuts in the sector, though the pipeline also had defense and consumer names on tap at month end. We expect to see several deals slip in before the IPO market’s annual summer pause, with some already on the calendar for early August. Beyond that, fluctuating sentiment around AI will continue to impact the many tech names in the IPO backlog. Continued strength in biotech and broadening appetite for other spaces like consumer are a positive sign for activity in the coming months, if conditions improve. 
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