US IPO Weekly Winners & Losers

The summer IPO market is a wrap. Now all eyes are on the fall pipeline – and it’s building slower than expected.

What filed this week: A few sizable deals, led by power solutions provider Aggreko (NYSE: AGKO), which filed for an IPO we estimate could raise $1.5 billion. It’s the latest play on rapid data center expansion, though it’s filing into a shaken AI infrastructure trade. That said, Nvidia’s latest earnings blowout was met with strong trading for the first time in four quarters, so the space may be regaining some footing.

What we’re still waiting for: Most of the names that will go public this fall. There are about a dozen sizable deals in the active pipeline, a few of which are primed for post-Labor Day launches (CoVolt, Orion180, Holtec Nuclear). But we’ll need to see more filings next week to support a robust September calendar.

One name we’re watching closely: Anthropic, which is reportedly planning to flip its S-1 after Labor Day. That would put it on track for a late September or early October listing. As we noted with SpaceX, having a high-profile mega IPO on the calendar could weigh on broader activity. A strong backdrop may encourage other issuers to test investor attention anyway.

The IPO Index slipped -2.1%, compared to a +0.5% return for the S&P 500. Klaviyo led a tech-heavy list of winners, up +9.9% on positive response to its AI offerings. Aerospace names took a hit on underwhelming earnings and valuation pullbacks. BETA Technologies landed at the bottom, off -18.5%.