US IPO Weekly Winners & Losers

We’re down to the final 2 weeks of the 2025 IPO market, and the deal calendar is filling up.

Three companies kicked off IPOs that list next week, and we expect several more to join the calendar on Monday. Next week’s deals:

• Construction firm Cardinal Infrastructure (Nasdaq: CDNL) trades on Wednesday.

• Outpatient radiology specialist Lumexa Imaging (Nasdaq: LMRI) on Thursday.

• Robo-advisor investing platform Wealthfront (Nasdaq: WLTH) on Friday.

For context, the sell-off at the start of the quarter threatened to freeze the December IPO market, but a new rebound sets the stage for solid finish to the year.

The Renaissance IPO Index jumped +3.1% this week, outperforming the S&P 500 (+0.3%). The IPO Index was led by data and security platform Rubrik (+24.5%) and AI data center play CoreWeave (+20.8%). Product testing firm UL Solutions was the week’s loser, off -16.0% amid a secondary sale.

It’s a safe bet that the alternating fear & optimism around the AI supercycle will continue for some time, though it’s our belief that new stocks broadly will zig up more often than they zag down. Year-to-date, the IPO market is now sitting on a +9.0% gain.

Some big news this week on AI model developer Anthropic gearing up for a late 2026 IPO, according to the FT. Last valued at $183 billion, Anthropic is said to be trying to list ahead of OpenAI, itself a rumored IPO candidate for 2026-2027.

Lastly, we don’t normally highlight SPAC activity, but this past week was too big to ignore. Seven deals raised a combined $1.5 billion. More than 150 SPACs are now hunting for companies to take public, and another 100 have pending mergers.