US IPO Weekly Winners & Losers

The IPO market is dominating the dog days of summer.

After last week’s rebound, the Renaissance IPO Index climbed another +2.8%, beating the S&P 500 again (+0.4%). Risk sentiment is back on, and new stocks are cheering.

It’s a good sign for the fall pipeline, which will start building in the coming weeks. At the top of our radar: Anthropic. Its investors are hoping for a $2 trillion valuation in an October listing, according to a new report from the FT. That would make it the largest IPO of all time, eclipsing the record just set by SpaceX in June. Based on August’s rebound, we’re not counting out a Q4 IPO from OpenAI, either.

For now, the calendar and pipeline are mostly quiet. A couple mid-sized deals got done this week, Chinese copper foil producer Londian Wason (NYSE: FOIL) and metabolic disease biotech Vogenx (Nasdaq: VOGX). Both traded well on light volume. While not included in our stats, Robinhood’s second closed-end fund RVII had a rocky debut.

Up next, defense tech roll-up Lyntris (NYSE: LYNX) is slated to raise $492 million in the coming week. It’ll likely be the last major deal until the August lull is over.

Tech disruptors led the IPO Index's winners, with CoreWeave (+16.1%) at the top. Steep losses walloped the loser, geothermal energy developer Fervo (-23.6%).