US IPO Weekly Winners & Losers

New stocks had another volatile week on Wall Street, but still managed to beat the S&P 500.

The Renaissance IPO Index ticked down -0.1% for the week, compared to the S&P 500’s -1.9% loss. LNG exporter Venture Global led the IPO Index winners, up +20.7% this week as a key LNG terminal in the Middle East was damaged. Software and fintech stocks continued to struggle, with BNPL platform Klarna off -20.7% to a post-IPO low.

Three notable IPOs priced this past week. Senior housing REIT Janus Living (NYSE: JAN) raised $840 million in its carve-out from parent Healthpeak Properties. Janus popped +18.0%, a strong debut for a REIT. Meanwhile, London-listed tungsten miner Guardian Metal Resources (NYSE: GMTL) raised $60 million and traded flat in its US IPO. Drone software developer Swarmer (Nasdaq: SWMR) raised $15 million and popped more than +500%, which can happen when a small float meets a hot space.

We don’t count it as an IPO, but Fundrise’s closed-end fund VCX soared when it listed on the NYSE this week. The fund finished Friday trading at more than 4x its NAV. That’s in stark contrast to Robinhood’s new public venture fund (RVI) which trades at a discount to NAV. Notably, VCX owns some of the hottest private names, like Anthropic, OpenAI, Anduril, and SpaceX.

Clearly, there’s still plenty of aftermarket demand for the right growth stories. That partly explains why bankers are striking an optimistic tone for the summer IPO market, despite the fact that most 2026 IPOs are in the red. But for now, expect a relatively light deal calendar until volatility settles down.