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

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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.

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