US IPO Weekly Winners & Losers

Last week, the September calendar was a question mark. Now it’s an exclamation point.

Four major issuers joined the pipeline this week, and four more on file refreshed their papers. The fall pickup is gaining momentum.

Key themes from the latest filings:

• AI infrastructure. SoftBank-backed SB Energy (Nasdaq: SBE) was the leader this week, filing for an IPO that could reportedly raise $5+ billion. The operations are still early stage, so its pitch is based on a portfolio of under-construction data centers and a monster $439 billion backlog. LBO’d data center equipment maker Accelevation (Nasdaq: ACCV) also submitted a new filing, and edge AI chip designer Syntiant (Nasdaq: SYTN) updated financials.

• Consumer. Smart ring brand Oura (Nasdaq: OURA) flipped its S-1 this week to test investor appetite for its wearable + subscription model. It was joined by KKR-backed beauty giant Wella (NYSE: WELA), the owner of brands like Clairol and OPI. Men’s apparel retailer Tailored Brands (Nasdaq: MW) and convenience store chain Cumberland Farms (Nasdaq: CMBY) filed updates.

• Software. Less of a theme and more of a data point worth highlighting, property management platform Entrata (NYSE: ENT) revived its IPO after initially filing back in May. Software has been mostly absent this year, with just one sizable offering to date (Liftoff Mobile).

These new filings and updates mean we should see a steady flow of deals through September and into October. All eyes are now on the post-Labor Day week. By our count, we could see up to eight launches (including Aggreko, CoVolt, Orion180, and Holtec Nuclear).

Of course, the real showstopper would be Anthropic's public filing, which could hit any day now.

After a dip early in the week, the IPO Index surged 2.4%, blowing past the S&P 500 (+0.1%). Geothermal energy developer Fervo led the winners, up +23.0% on a big contract win with Google. Design software provider Figma landed at the bottom, off -16.3% on questions about its AI spending.