US IPO Weekly Winners & Losers

This past week was the IPO market’s calm before the storms.

The first storm: Seven IPOs are lined up for the week ahead, tying the record for the busiest week since 2021, in terms of deals raising at least $100 million. Two aim to raise $1 billion or more.

The deal list features many of the same themes that have dominated 2026 to date: aerospace and defense (AADX), AI infrastructure and power (INIO), moonshot growth (QNT), and energy (WHK). Next week also features an important first: Liftoff Mobile (LFTO) re-filed aiming to be the first software IPO of the year.

The second storm: SpaceX (Nasdaq: SPCX) is rumored to launch its IPO roadshow late next week, pricing in mid-June.

SpaceX couldn’t have asked for a better market. The Renaissance IPO Index had another breakout week and leapt +6.6%, compared to +1.4% for the S&P 500. The IPO Index is now up +23.9% year-to-date, more than double the S&P 500’s +10.7%.

To reiterate: this is the IPO market we’ve been waiting for. Until recently, the window was open to companies in a select few industries. Those themes will continue to drive activity, but the rebound over the past two months puts far more IPOs into play.

Case in point: Real estate management platform Entrata filed for an estimated $500 million offering, a strong signal to the long list of software IPO candidates. Entrata’s filing also tells us that SpaceX’s mega IPO won’t entirely crowd out the June IPO calendar after its listing.

Another new development in the AI IPO race: Anthropic raised $65 billion at a $965 billion post-money valuation. That is more than double its $380 billion value from February. Press reports show nearly $11 billion in quarterly revenue (+130% y/y) with an operating profit. Anthropic’s IPO is now anticipated in the fall.

That means each of the “Big Three” mega-IPOs in the pipeline – SpaceX, OpenAI, and Anthropic – are all gearing up for 2026 listings.

A healthy amount of FOMO can drive outsized returns, and experienced investors know to own IPOs across market cycles. At the same time, recent corrections are still fresh in investor memories, and Cerebras has fallen over -20% from its first-day close. Next week will be an important test for the level of hype vs. pricing discipline in the IPO market.

This week's IPO Index winners included several software names, but social media platform Reddit took the #1 spot, up +24.2%. Energy and aerospace landed at the bottom this week, amid hopes for an end to the Iran conflict.