US IPO Weekly Winners & Losers

New filings this week firmed up our expectations: we're in for a modest start to the March IPO market.

Just one major issuer joined the pipeline, senior housing REIT Janus Living (NYSE: JAN), which filed for an estimated $500 million offering.

Most tech IPO candidates continue to wait for the "right moment" at a time when shifting sands in the AI space can make or break performance. That dynamic was on display this week: Nvidia fell even after posting another strong quarter, while privately held OpenAI announced a $110 billion funding round.

That said, we still expect AI to be a major theme in the 2026 IPO market and beyond. And we believe the correction in tech stocks now will lay the foundation for an AI flood later.

Movement in the backlog supports our view. News broke this week that AI computing company Cerebras Systems is prepping another IPO attempt. Beyond the tech sector, dozens of “real economy” companies are signaling plans to go public.

Two IPOs launched roadshows this week, one of which also priced. Asthma-focused Generate Biomedicines (Nasdaq: GENB) raised $400 million in one of the biggest biotech listings in years, before it fell -21%. Medtronic's diabetes carve-out MiniMed (Nasdaq: MMED) is slated to raise $742 million in the week ahead.

Markets are still working to stabilize, and the IPO Index ended Friday down -1.3%, below the S&P 500 (-0.4%). Earnings were behind both the winner and loser this week, with stablecoin issuer Circle surging +32.4% and blockchain-powered lender Figure sliding -13.2%.