US IPO Weekly Winners & Losers

Two IPOs tested the AI infrastructure trade this week. Both stumbled.

Data center operator Csquare (NYSE: CSQR) priced below the range at a steep discount to peers and fell -2%. Early-stage nuclear fuel maker Standard Nuclear (NYSE: STDN) slashed its offering by more than half, then plunged -18%.

Both deals ran into a broader selloff in AI infrastructure stocks, where earlier tailwinds have been replaced by simmering concerns over bottomless, circular spending. The Iran war and shifting Fed policy added more turbulence.

Both faced their own specific challenges, too. Csquare’s rollup drew scrutiny for its high leverage and ongoing losses, while its closest peers offered a dividend. Standard Nuclear went public amid poor trading from recent IPO X-Energy and cooling interest in speculative growth plays.

SpaceX broke below its $135 offer price for the first time this week. Clearly, the dominant themes of the 2026 IPO market – AI infrastructure and mega-IPOs – aren’t bulletproof. And yet, despite the week’s pullback, the IPO Index is still up about +15% for the year.

We could see a few notable launches in the coming week, led by Jersey Mike's and Cumberland Farms. Both will test if there’s any appetite for consumer stories, which have been punished this year.

Expect a slightly busier calendar end of July into early August. Biotechs have led the recent new filers, joined by nuclear equipment (HNUC), men’s fashion (MENW), and power production (YLUZ).

The IPO Index was hit hard by the latest chip sell-off, falling -8.3% this week to underperform the S&P 500 (-1.6%). The losers were almost all AI names, and Astera Labs landed at the bottom (-26.5%). Some of the money rotating out of AI went to software, with SailPoint (+14.4%) and Figma (+13.5%) leading the winners.