US IPO Weekly Winners & Losers

SK hynix's (Nasdaq: SKHY) highly-anticipated US listing raised $26.5 billion, the second-largest equity offering ever for a new listing after SpaceX.

Already listed in Korea, the high-bandwidth memory chip maker priced its US IPO at $149, a slight premium to its volatile Korean share price, and traded up +12.8%. That’s an impressive return for a large cross-listing with liquid trading abroad.

The message to the global AI supply chain is loud and clear: US markets are open for business. SK hynix shows that foreign-listed tech companies can raise billions in capital here, potentially at a premium to local markets.

SK hynix also cements two dominant IPO themes for the year. 2026 is now:

• The Year of the Mega IPO

• The Year that financed the AI Revolution’s infrastructure

It’s hard to overemphasize how much 2026 public (and private) markets have been dominated by AI and related infrastructure deals. Money spent on the chips, power, equipment, buildings, and construction of vital data centers.

Two IPOs are on the docket for next week, and both fit the AI infrastructure theme. Formed by PE firm Brookfield, data center operator Csquare (NYSE: CSQR) is similar to REITs like Equinix or Digital Realty, but pitched at a discount to those peers to make up for its low margins and lack of a dividend. Standard Nuclear (NYSE: STDN) is an early-stage manufacturer of specialized nuclear fuel for small modular reactors.

And the rest of July? Moderate activity, based on recent filings: expect about 2-4 IPOs per week until the annual August pause.

The IPO Index was flat this week, compared to a +1.2% gain for the S&P 500. Technology distributor Ingram Micro led the IPO Index winners, up +13.3%, alongside energy (VG) and AI data center (CRWV) stocks. Aerospace and defense brought up the rear, with Firefly Aerospace off -16.6%.

Lastly, we see IPO investors wrestling with high volatility, even if it doesn’t show up in the VIX. The tug-of-war between bulls and bears: