US IPO Weekly Winners & Losers

In uncertain markets, IPO investors need to have a targeted approach to make money. Take this week's two deals.

Crypto infrastructure player BitGo (NYSE: BTGO) priced above the range, but returned -19% by Friday. Pricing up usually means a hot deal, but clearly traders bet on a quick pop that didn't materialize. When a new stock starts crashing, look out below.

The crypto space may have lost some luster, but fast-growing industrials are gaining steam. The week's far larger deal, equipment rental platform EquipmentShare (Nasdaq: EQPT) raised $747 million and surged +33%.

Several sizable IPOs are scheduled for the week ahead, ranging from a Brazilian fintech (PICS), to a satellite defense company (YSS), to a life insurance platform (LIFE).

The list of 2026 IPO hopefuls got even longer this week, with news that razor brand Harry’s was working on a listing. The Wall Street Journal also reported that Elon Musk wants to take SpaceX public by July.

Geopolitical shocks caught up with stocks this week, as the IPO market declined -1.8%, while the S&P 500 shed -0.4%. Struggling LNG exporter Venture Global was the IPO Index’s weekly winner, up +12.3% on a legal win, extending its YTD gain to +45%. One of 2025’s top-performing IPOs, blockchain-enabled lender Figure, was the loser with a -15.0% loss, joined by a few crypto names near the bottom.

Despite a brief spike in the VIX on Monday, the IPO window is still open. Or, as open as it can be during the slower January-February season.