US IPO Weekly Winners & Losers

Like the fading light of a distant star, the deals already reviewed by the SEC continue to power the IPO market, for now.

No deals pricing next week, but seven sizable issuers are on the IPO calendar for late October and early November. Without a staffed SEC, each is going public using the 20-day rule. On the bright side, our analyst team doesn’t mind having more time to study deals.

Six very small companies began trading this week, including two volatile direct listings. A whopping nine new SPACs submitted initial filings, since those don’t require much SEC input.

We saw a few new IPO filers (CDNL, GLOO), but until the SEC reopens, the number of eligible listings will narrow by the week. Luckily the long-term pipeline is in good shape, and pre-IPO companies continue to hire banks, file confidentially, and discuss listing plans.

Broader stock indexes rebounded from the recent tariff-driven sell-off, with the S&P 500 gaining +1.7%, though the IPO Index declined -2.9% as volatility-weary investors sold out of high-flying growth names. Data center chipmaker Astera Labs dipped -22.5% as investors grappled with new developments that could change data connectivity standards. A different chipmaker led the week, with Arm Holdings up +7.0% on trade deal optimism and a possible OpenAI partnership.