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:
• Jersey Mike's raises more than $1 billion but struggles to deliver a convincing debut
• Reformation shows consumer IPOs can work when they price (arguably) conservatively
• Apnimed surges 56% as biotech remains one of the market's strongest themes
• Ionic Digital completes the largest direct listing since 2021
• SpaceX prepares for its first earnings report and a massive lock-up release

We also discuss whether the IPO window is finally broadening beyond AI, why consumer companies may need to accept discounted valuations, and how the market absorbs more than 900 million newly tradable SpaceX shares could shape confidence in the mega-IPO market.

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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: 
• Scribe Therapeutics pops 44%, with strategic investments from Eli Lilly and Sanofi 
• Jersey Mike's preps the largest consumer IPO in 2+ years at an $8.9 billion valuation 
• Reformation prepares to be the market's first DTC name in years 
• Ionic Digital's direct listing tests the bitcoin-miner-to-data-center pivot 
• The IPO Index slips alongside a broader growth selloff on AI concerns and the Iran war

We also discuss whether the consumer IPO is finally back after a year on the bench, what Jersey Mike's pricing means for the entire restaurant pipeline behind it, and why biotech's 60%+ average returns keep pulling the next wave of deals forward.

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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:
• SpaceX falls below its IPO price for the first time
• Csquare and Standard Nuclear stumble as the AI infrastructure trade loses momentum
• The IPO Index drops sharply alongside the broader AI selloff
• Software names like SailPoint and Figma rally as investors rotate away from AI
• Jersey Mike's and Cumberland Farms prepare to test demand for consumer IPOs

We also discuss whether this week's pullback is a healthy repricing or the start of something bigger, what SpaceX's weakness could mean for OpenAI and Anthropic, and why the rotation into software and consumer names may be the most constructive signal beneath the selloff.

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:
• SK hynix raises $26.5 billion in one of the largest new listings ever
• US IPO proceeds approach 2021’s all-time record after a massive 30-day run
• AI infrastructure continues to define the 2026 IPO market
• Csquare and Standard Nuclear test demand for data centers and nuclear fuel
• IPO volatility stays high beneath a calm-looking VIX

We also discuss why SK hynix’s US listing could become a template for foreign AI supply-chain companies, why mega IPOs and AI infrastructure are driving this year’s record-setting market, and why investors still need to watch concentration risk as the IPO rebound goes global.

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 caps off its best quarter in years, outpacing the S&P 500 by a wide margin
• Bending Spoons pops after pricing above the range, showing software can still find demand
• Lime finally gets its IPO window after years of waiting
• SK hynix prepares for a massive US cross-listing tied to the AI memory boom
• Jersey Mike's and Cumberland Farms enter the pipeline as consumer IPOs test the waters

We also discuss whether Q2's IPO momentum can carry into the summer, why CopperTech’s postponement shows investors are still selective, and why the IPO pipeline is starting to broaden from AI infrastructure to software, chips, and even sandwiches.

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, new stocks, and Wall Street sentiment.

Get the newsletter in your inbox every week.

This week:
• The IPO market caps off a blowout Q2, with the IPO Index absolutely ripping
• AI-linked new stocks pull back as Cerebras breaks below its IPO price for the first time
• Doncasters soars by tapping into aerospace and AI power demand
• DSC Holdings delivers one of the worst IPO debuts in decades
• SK hynix files for a potential $25 billion-plus US listing as the mega-IPO pipeline deepens

We also discuss why Q2 may have confirmed the IPO market’s breakout, why the second half could be more volatile, and why theme, valuation, and pricing discipline are separating the winners from the losers.

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, new stocks, and Wall Street sentiment.

Get the newsletter in your inbox every week.

This week:
• The IPO Index keeps surging, up more than triple the S&P 500 year-to-date
• SpaceX holds up in the aftermarket and reaches a market cap near Amazon
• The IPO rally looks strong, but new filings remain the missing piece
• Kardigan leads a mixed holiday-week IPO lineup as biotech stays hot
• OpenAI’s leaked financials show huge growth — and massive losses

We also discuss why new stocks are separating from the broader market, whether the SpaceX IPO is a true bellwether for the broader IPO rebound, and why the next few weeks of filings could determine whether July has real momentum — or starts to thin out.

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, new stocks, and Wall Street sentiment.

Get the newsletter in your inbox every week.

This week:
• SpaceX IPO makes history and delivers a "Goldilocks" debut
• The stock rises 19% on day one, validating demand without flashing obvious froth
• OpenAI officially joins the IPO backlog after SpaceX validates the playbook
• Parabilis completes a record biotech IPO while other deals fall flat in SpaceX’s shadow
• The IPO Index keeps outperforming, but software remains a fragile spot in the market

We also discuss why SpaceX's debut may have reopened the mega-IPO window, why missing the day-one trade may not be the end of the story, and why the mixed results beneath the surface show a market that is selective — not euphoric.

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, new stocks, and Wall Street sentiment.

Get the newsletter in your inbox every week.

This week:
• SpaceX sets terms for what could be the largest IPO in history
• Retail investors may get a record allocation in the SpaceX offering
• INNIO pops while Quantinuum gives quantum IPOs a reality check
• Liftoff Mobile opens the door for the first major software IPO of the year
• Anthropic confidentially files as the mega-IPO race accelerates

We also discuss why SpaceX's $1.75 trillion target market cap is only part of the story, how a shakier tape could affect IPO demand, and why this week’s winners, losers, and pulled deals show a market that is open — but still selective.

If you follow IPOs, AI infrastructure, market psychology, or disruptive growth companies, this is the place to stay ahead of the next wave of public market stories.

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, new stocks, and Wall Street sentiment.

Get the newsletter in your inbox every week.

This week:
• The IPO market rallies as recent new stocks continue to outperform
• Seven IPOs line up for one of the busiest weeks since 2021
• SpaceX prepares to launch its roadshow into a red-hot market
• Liftoff Mobile tests whether the software IPO window is finally reopening
• OpenAI, Anthropic, and SpaceX reshape the 2026 mega-IPO calendar

We also discuss why the IPO market may be shifting from a narrow rebound to broader participation, what Cerebras’ pullback says about pricing discipline, and why the next two weeks could reveal whether investor demand is truly deep — or just chasing hype.

If you follow IPOs, AI infrastructure, market psychology, or disruptive growth companies, this is the place to stay ahead of the next wave of public market stories.

Want to chime in? Send us a message!