The IPO market has hit its annual August pause.
The next two weeks should be light on pricings, heavy on filings.
Anthropic continues to dominate IPO headlines. After a reported 14x increase in quarterly revenue, the AI model developer is firming up plans for a possible October listing that could raise more than SpaceX.
More IPO hopefuls joined our fall watchlist, including General Atlantic, Nscale, Kakao Mobility, and a few public filers. Meanwhile, OpenAI’s CFO played down imminent IPO plans, but didn't rule out a Q4 listing either.
The final IPO of the summer was a dud: Defense contractor Lyntris (NYSE: LYNX) priced below the range and ended the week off -10%. The rare Evercore-led deal hit the market amid a sell-off in defense stocks, including several recent IPOs.
New stocks pulled back this week, dragged down by AI infrastructure companies amid bond-market volatility. The IPO Index retreated -4.7%, with the S&P 500 off -1.4%. Buy-now-pay-later lender Klarna dropped -31.1% after the company lowered guidance. AI-powered precision medicine company Tempus AI jumped +39.5% on positive results from partner Moderna’s cancer trial. Several digital asset plays also landed among the new stock winners.
Take care,
Bill Smith
CEO and Founder
Renaissance Capital
Weekly US IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| Tempus AI | TEM | 39.5% |
| Bullish | BLSH | 24.7% |
| Figure Technology Solutions | FIGR | 24.4% |
| Circle Internet Group | CRCL | 22.9% |
| Caris Life Sciences | CAI | 20.5% |
| Company | Ticker | Return |
|---|---|---|
| Klarna Group | KLAR | -31.1% |
| Madison Air Solutions | MAIR | -16.9% |
| CoreWeave | CRWV | -16.5% |
| Forgent Power Solutions | FPS | -16.3% |
| Fervo Energy | FRVO | -14.4% |
| Sector | Return |
|---|---|
| Health Care | 7.5% |
| Financials | 4.2% |
| Energy | 3.2% |
| Real Estate | 1.0% |
| Consumer Staples | -2.2% |
| Technology | -3.1% |
| Consumer Discretionary | -5.2% |
| Industrials | -9.4% |
| Utilities | -14.4% |
Renaissance IPO ETF (NYSE symbol: IPO) tracks the Renaissance IPO Index
The Renaissance IPO Index returned -4.7% last week vs. -1.4% for the S&P 500.
