US IPO Weekly Winners & Losers

Welcome to the IPO market’s "calm before the storm."

There were no major IPOs this week, as expected. However, two deals joined the calendar for next week, unusual given the MLK holiday on Monday.

EquipmentShare.com (Nasdaq: EQPT) leads the week, aiming to raise about $750 million for the construction equipment renter. Its powerful tech stack and unique financing program have translated to strong growth, though the valuation is being pitched at a higher multiple than traditional peers. It should be the first of many industrial IPOs this year.

The week’s other deal, crypto infrastructure player BitGo (NYSE: BTGO), is raising $189 million. The crypto space isn’t as hot as last year, but well-run companies at reasonable prices will still find an audience.

Five sizable deals submitted IPO filings, bringing the YTD total up to 10, above the historical average for this point.

Wall Street still isn’t quite valuing growth and ignoring losses to that extent that Silicon Valley wants, but conditions are nonetheless ripe for 2026 to be a banner year for the IPO market. After four consecutive years of disappointing issuance, the pipeline is close to bursting, encouraged by fiscal stimulus, falling rates, and AI advances.

The IPO market rose an impressive +1.5% this week, beating the S&P 500's -0.4% loss. Lending platform Figure Technology led the IPO Index this week with a +27.3% gain, followed closely by AI data center play CoreWeave at +26.3%. Design software platform (and 2025 IPO darling) Figma was the week's loser, off -20.8% amid insider sales.