US IPO Weekly Winners & Losers

No major IPOs this week, but two more joined the calendar.

Stablecoin issuer Circle Internet (NYSE: CRCL) is set to raise $600 million at a $6.2 billion market cap in the coming week. Its target valuation is above secondary market reports from 2024, but well below the price tag from its canceled 2022 SPAC merger ($9B).

Circle should benefit from tailwinds in the crypto space, as well as US stablecoin legislation expected to pass this year. And in rare fashion, Cathie Wood’s ARK has indicated on a quarter of the deal. Back in 2021 that alone would have caused a retail trading frenzy, so we’ll see if that’s still the case.

Chronic care platform Omada Health (Nasdaq: OMDA) is also on for next week, planning to raise $150 million. Its $1.2 billion market cap would be a modest up-round. The company’s focus on diabetes and obesity gives its digital tools a long runway for growth.

Like recent listings, both deals have a tech angle, growth, and some tariff resistance. Valuation is still top-of-mind for IPO buyers as well. We expect these trends to carry the anticipated IPO pickup, especially as tech issuers continue to outperform.

Further out, the CFO of OpenAI set off a firestorm of speculation when she said the company’s new corporate structure allows it to IPO. We don’t expect a publicly-traded OpenAI for at least several years, but it’s yet another reminder that if you want to invest in AI pure-plays, the IPO market is the place to watch. Our AI Screen on IPO Pro can help with that.

More turns in the tariff saga led to mixed trading in the short holiday week. The IPO Index slid -0.5%, while the S&P 500 rose +1.9%. Social media platform Reddit led the winners, up +11.5%. Precision medicine firm Tempus AI sank -11.8% after a dig at management from activist short seller Spruce Point.