US IPO Weekly Winners & Losers

The fall IPO market is underway, though not yet at full speed.

The calendar added 3 deals, below the 4–5 we had expected.

Holtec Nuclear (Nasdaq: HNUC) leads next week’s lineup, targeting an $825 million raise at a $9.4 billion market cap. Holtec combines an established nuclear services business with next-gen SMR development, leaving it further along than the year's other nuclear IPOs (XE, FISN, STDN), whose poor trading likely still forced it to trim its deal size. Rounding out the calendar are a home insurer (OIG) and a Hawaiian bank (ASBH).

The takeaway: many companies are preparing IPOs, but in an uncertain market, few issuers want to make the first move. Expect a gradual pickup in deal activity this fall that could accelerate if market conditions improve.

That wait-and-see approach extends to the market’s biggest prospective deal. Anthropic’s IPO filing went from “any day now” to “any week now,” with reports now pointing to an S-1 at the end of September and a listing in late October.

This week we released our Fall Preview, covering dozens of likely US listings over the next few months and into 2027. View the intro here, but the full version is only on IPO Pro.

The IPO Index pulled back -4.0% this week, finding support at the 200-day moving average, while the S&P 500 lost -0.8%. August CPI came in hot at 3.4%, oil topped $100 a barrel, and 10-year Treasuries approached 5%. SaaS provider ServiceTitan was the IPO Index’s loser, down -37.8% after its smallest earnings beat to date and muted guidance. Natural gas exporter Venture Global was the week’s new stock winner, up +9.6% on rising energy prices.