US IPO Weekly Winners & Losers

This week’s big news: what didn’t happen. No public filing from Anthropic as fresh volatility gripped AI stocks.

We’ve been here before. New stocks are volatile, and while we can’t predict when growth stocks will recover, sharp sell-offs can give way to equally sharp rebounds.

As for Anthropic, the mega IPO is running out of time for a pre-Thanksgiving listing. If the S-1 doesn’t land by Monday, a December debut becomes increasingly likely.

AI stocks have been walloped over the past month, particularly data center and other infrastructure plays. Concerns about spending, debt, and of course, valuations have permeated the broader sector.

The downturn has sidelined the larger AI deals on file, including SB Energy, Nscale, and DayOne Data Centers. These names in particular have a lot riding on Anthropic’s IPO. Plenty of other issuers are eligible to launch, but many are waiting for market conditions to improve. The key phrase we’re hearing is “IPO optionality.”

Still, some issuers are moving ahead. Africa-focused fintech OPay (NYSE: OPAY) has set terms for its proposed listing, while other potential near-term launches include biotechs and medical products companies vVardis, Aspen Neuroscience, Bambusa Therapeutics, and Centinel Spine.

On the pricing front, one biotech priced after just a two-day roadshow. Allergy and autoimmune-focused Lycia Therapeutics (Nasdaq: LYCA) upsized and priced at the high end, valuing it at a notable premium to its closest peer. It soared +66.7%.

The IPO Index ended the week off -1.1% as a midweek drop erased earlier gains, while the S&P 500 slipped -0.5%. Software once again led the winners, as AI infrastructure names got crushed. Software developer Netskope topped the index, jumping +27.8% on a rally in cybersecurity stocks. Electrical equipment maker Forgent landed at the bottom, off -23.6%.