IPO Winners & Losers

Welcome back to Renaissance Capital’s IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market.

Get the newsletter in your inbox every week.

This week:
• Software stocks surge as the sector hits a year-to-date high  
• Biotech’s hot IPO streak gets a reality check after two weak debuts  
• Iambic and City Therapeutics prepare to test whether stronger biotech names can still command demand  
• DayOne Data Centers and African fintech OPay join a growing IPO pipeline  
• Wall Street waits on Anthropic as the broader IPO market treads water  

We also discuss why investors are getting more selective, why companies with a real need for growth capital are still finding a path to market, and whether the software rally could finally convince well-funded tech unicorns to come off the sidelines.

Want to chime in? Send us a message!

Welcome back to Renaissance Capital’s IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market.

Get the newsletter in your inbox every week.

This week:
• Oura postpones its $2.1 billion IPO as investors push back on valuation
• Accelevation gets its deal done, but only after pricing below the range
• Four IPOs are pulled in two weeks as buyers demand bigger discounts
• Software stocks rally while AI hardware names lose momentum
• Anthropic’s expected November IPO begins to shape the entire Q4 calendar

We also discuss why the IPO market may be narrowing rather than closing, why strong demand still isn’t enough when buyers and sellers disagree on price, and whether the rotation into software could finally reopen one of the market’s most frozen IPO categories.

Want to chime in? Send us a message!

Welcome back to Renaissance Capital’s IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market.

Get the newsletter in your inbox every week.

This week:
• Oura prepares to test the market with a nearly $15 billion valuation
• ADARx Pharmaceuticals rises after a $446 million biotech IPO backed by AbbVie
• Bamboo Insurance postpones its offering as buyers push back on valuation and deal structure
• Accelevation tests whether demand for AI infrastructure IPOs is still alive
• The IPO Index keeps outperforming even as the bond market sells off

We also discuss why the IPO market may have a pricing problem more than a demand problem, why investors are asking issuers to bring back the traditional IPO discount, and whether Oura and Accelevation can prove that buyers are still willing to step up when the valuation is right.

Want to chime in? Send us a message!

Welcome back to Renaissance Capital’s IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market.

Get the newsletter in your inbox every week.

This week:
• The Fed raises rates for the first time in three years, forcing IPO issuers to rethink timing and valuation
• Holtec Nuclear postpones its $825 million IPO as the AI power trade cools
• American Savings Bank stands out as the only new listing to trade higher
• The fall IPO pipeline stays deep, with AI infrastructure, consumer, software, and financial names still waiting in the wings
• SpaceX officially joins the Renaissance IPO Index at the latest quarterly rebalance

We also discuss why higher rates hit growth IPOs first, whether Holtec’s postponement signals a broader problem or just another AI mini-cycle, and why the next round of launches will tell us whether this week was simply a hiccup — or a real hurdle for the fall IPO market.

Want to chime in? Send us a message!

Welcome back to Renaissance Capital’s IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market.

Get the newsletter in your inbox every week.

This week:
• The fall IPO market gets moving, but launches come in lighter than expected
• Holtec Nuclear prepares to test investor appetite for a battered nuclear theme
• Anthropic delays its filing timeline again, pushing a potential listing deeper into the fall
• Hot CPI, $100 oil, and near-5% Treasury yields pressure growth stocks and IPO sentiment
• Venture Global rallies while ServiceTitan plunges after a weak earnings setup

We also discuss why the fall IPO market looks cautious rather than closed, what Holtec’s debut could signal for the broader pipeline, and why Anthropic’s timing may shape the calendar for every other major issuer waiting in the wings.

Want to chime in? Send us a message!

Welcome back to Renaissance Capital’s IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market.

Get the newsletter in your inbox every week.

This week:
• The fall IPO calendar comes alive with up to eight potential launches after Labor Day
• Anthropic’s public filing could land at any moment and reshape the entire quarter
• SB Energy files for a potential $5 billion-plus IPO backed by a massive data center backlog
• Oura enters the pipeline as consumer IPO activity continues to broaden
• Entrata revives its IPO plans as software finally shows signs of thawing

We also discuss whether investors will pay up for AI infrastructure built on future backlog, why Oura’s subscription economics could determine how the market values the company, and whether the return of software filings signals that one of the IPO market’s most frozen sectors is finally reopening.

Want to chime in? Send us a message!

Welcome back to Renaissance Capital’s IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market.

Get the newsletter in your inbox every week.

This week:
• Anthropic reportedly prepares to file after Labor Day for a fall IPO
• Aggreko joins the pipeline with a $1.5 billion AI-power offering
• The fall IPO pipeline builds more slowly than expected as issuers wait on the tape
• Nvidia’s latest earnings reaction offers a potential positive signal for AI infrastructure
• Tech names lead while aerospace stocks retreat on earnings and valuation concerns

We also discuss whether Anthropic could reshape the entire fall IPO calendar, why improving AI sentiment may give infrastructure deals another opening, and why the next few weeks of filings will determine whether September delivers a true IPO wave or a more modest rebound.

Want to chime in? Send us a message!

Welcome back to Renaissance Capital’s IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market.

Get the newsletter in your inbox every week.

This week:
• Anthropic moves closer to a potential October IPO that could top SpaceX’s record
• OpenAI appears to step back from the near-term IPO race
• Lyntris closes out the summer calendar with a disappointing debut
• Klarna plunges 31% after lowering guidance despite a strong quarter
• Tempus AI jumps 40% as investors reward a real catalyst amid broader AI weakness

We also discuss why Anthropic could become the defining IPO of the fall, how bond-market volatility is pressuring AI infrastructure stocks, and why the market is still rewarding strong catalysts even as investors become more selective.

Want to chime in? Send us a message!

Welcome back to Renaissance Capital's IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market.

Get the newsletter in your inbox every week.

This week:
• Anthropic investors reportedly eye a $2 trillion valuation for a potential October IPO
• SpaceX’s record as the largest IPO ever could be broken just months after it was set
• CoreWeave rebounds sharply as AI infrastructure stocks regain momentum
• Biotech quietly extends one of the strongest IPO streaks of 2026
• Lyntris prepares to close out the summer IPO calendar with a defense tech listing

We also discuss whether public investors will support Anthropic at a $2 trillion valuation, why the AI rebound is rewarding companies with real revenue over speculative stories, and how two straight weeks of IPO Index outperformance could set the stage for a much busier fall IPO market.

Want to chime in? Send us a message!

Welcome back to Renaissance Capital's IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market.

Get the newsletter in your inbox every week.

This week:
• The IPO Index surges 8.6%, reversing three straight down weeks and climbing back above 20% for the year
• Biotech goes four-for-four, led by Braveheart Bio’s 65% first-week pop
• SpaceX rallies 23% through its first earnings report and closely watched lock-up release
• The summer IPO window enters its final week as issuers decide whether to launch now or wait for September
• AI diagnostics split sharply, with Caris Life Sciences soaring while BillionToOne tumbles

We also discuss why SpaceX’s lock-up rally could improve the odds of a fall mega-IPO from OpenAI or Anthropic, why biotech remains one of the market’s most reliable deal engines, and whether the sharp rebound in AI and new stocks marks a real shift in sentiment — or one last burst before the August lull.

Want to chime in? Send us a message!