US IPO Weekly Winners & Losers

The last “busy” week of the 2025 IPO market was mostly a bust.

Broader markets were hit by a sell-off in disruptive tech stocks, which sent the IPO Index down -5.1%, below the S&P 500 (-1.6%) but above the ARK Innovation ETF (-9.2%).

The week’s five deals fared alright, considering that backdrop:

• Molecular diagnostics company BillionToOne (Nasdaq: BLLN) was the clear standout, soaring +67%. The company pitched a superior product and a price that showed clear upside.

• Electric aircraft maker BETA Technologies (NYSE: BETA) generated buzz when it priced above the range to raise $1 billion, but the IPO struggled as close peers Joby and Archer went into freefall, and it ended the week off -6%.

• Evommune (NYSE: EVMN) showed that the IPO window is once again open to biotechs, as the inflammation drug developer jumped +15%.

• Insurtech Exzeo (NYSE: XZO) traded off -8%. While some cracks are forming in the insurance space, related-party transactions were the bigger issue here, and investors likely wanted to see proof it can succeed independent of the parent.

• Restructured airline Aeromexico (NYSE: AERO) rose +2% in its US/Mexico dual listing. Hard to get too excited here, but the valuation looked fair.

No major IPOs expected in the week ahead, but two sizable deals are tentatively scheduled for November (Gloo Holdings and Central Bancompany). Despite the SEC being closed, Medline filed Q3 numbers, which clears the way for a possible December listing. A few others are also eligible, but with the senate still in a stalemate, and the holidays fast approaching, be ready for a quiet end to 2025.

Within the IPO Index, Chinese autonomous driving play Pony AI landed at the bottom with a -24.8% loss. Mobile banking platform Chime was the winner, jumping +18.5%.