US IPO Weekly Winners & Losers

The US IPO market is wrapping up its year with a bit of sparkle.

Two IPOs priced this week—both in the upper half of their ranges—and rocketed over 40% on their opening day. Medical supplies powerhouse Medline (Nasdaq: MDLN) raised a staggering $6.2 billion in the biggest IPO since 2021, joined by tax advisory firm Andersen Group's (NYSE: ANDG).

Earlier this week, we released our US IPO Annual Review, where we summed up 2025 as a continuation of the market’s gradual, multi-year recovery. Sure, tariff chaos in April and the government shutdown in October threw some cold water on the action, but we still hit a four-year high for both deal count and proceeds. And here's what really matters—returns were strong across the board, which should have a lot of companies eyeing 2026 with serious interest.

Speaking of 2026: the rumor mill is churning with blockbuster names like SpaceX, Anthropic, OpenAI, and Databricks potentially going public. But our report also spotlights two dozen other compelling candidates worth watching. Don't miss it.

The IPO market ticked up +0.4% this week, compared to the S&P 500’s +0.1%. China-based robotaxi developer Pony AI was the IPO Index’s biggest winner, up +11.3%, while chip designer Arm Holdings fell -12.9% to take the bottom spot.

We're taking next two weeks off to enjoy the holidays, so no email. We'll be back in the new year—recharged and ready for what looks like a massive IPO wave ahead.