US IPO Weekly Winners & Losers

I have a rule for clothes shopping: If it’s not a hell yes, it’s a no.

IPO investors now have the same rule.

Three IPOs priced this week, but the big news is what didn’t get done. Fast-growing capital markets platform Clear Street planned to raise $1 billion, before it slashed the deal size and then postponed. Here are the takeaways, from broadest to narrowest:

1. Volatile markets are the primary culprit. Half of 2026 IPOs are in the red, so investors don’t feel much FOMO right now when passing on a deal.

2. Tech & fintech stocks are especially under pressure, as investors weigh the risk that competitors use AI to close the gap.

3. Clear Street’s relatively weak Q4 didn’t help, nor did the lack of an obvious peer to benchmark valuation.

Of the three IPOs that did price, power plant builder SOLV Energy (Nasdaq: MWH) was the largest and top performer, returning +29.4%, helped by its AI data center angle. A Brazilian neobank (AGBK) and a US fuel distributor and dividend play (APC) priced down and broke issue.

A whopping 10 SPACs went public this past week. That's striking given recent headwinds on the de-SPAC side from both crypto treasury companies and larger listings (RKLB, IONQ, OKLO). Still, when the IPO rebound does come, SPAC sponsors want to be ready.

Another volatile week in markets, with the IPO Index off -1.8%, compared to a -1.4% loss for the S&P 500. AI-focused power plant developer Fermi was the week’s winner, rebounding +28.6% from recent lows. Data connectivity chip maker Astera Labs dropped -23.9% despite an earnings beat, likely due to uncertainty around AI valuations.

No deals currently on the calendar, as the IPO market enters its annual “February lull” when companies focus on producing audited year-end financials. One notable filing this week: Japanese fintech PayPay, which could raise $2 billion in March.

Overall it may be harder to say 'hell yes' to new stocks right now, but some of the best long-term opportunities do emerge during periods like this.