Three IPOs are scheduled to list ahead, although some small deals may move around the calendar at the last minute.
AI-focused cloud computing provider CoreWeave (CRWV) is scheduled to raise $2.5 billion at a $29 billion market cap. The company rents out cloud-based computing hardware for enterprises, with a particular focus on AI. It claims its CoreWeave Cloud Platform is purpose-built for AI applications, and offers a uniquely efficient solution AI model training. At the end of 2024, the company boasted 32 data centers running more than 250,000 GPUs. CoreWeave counts Cohere, IBM, Meta, Microsoft, Mistral, and NVIDIA among its customers. The company grew revenue more than 8-fold from a year earlier to $1.9 billion in 2024, and has signed multi-year multi-billion dollar contracts with leading names such as Microsoft and OpenAI. However, Microsoft accounted for 62% of its 2024 revenue, and the company has a large negative free cash flow due to capital-intensive infrastructure investments.
Singapore-based oil & gas equipment maker OMS Energy Technologies (OMSE) is tentatively scheduled to raise $50 million at a $399 million market cap. The company manufactures surface wellhead systems and oil country tubular goods used in the oil and gas industry, primarily for onshore and offshore E&P activities in the Asia Pacific and the MENA Regions. The company counts Saudi ARAMCO as its largest customer (71% of revenue for the six months ended 9/30/24).
Network software firm FatPipe (FATN) is tentatively scheduled to raise $5 million at a $93 million market cap. Its core offerings include SD-WAN, secure access service edge, and network monitoring service software solutions, each of which is typically offered as a subscription service. FatPipe primarily serves customers in the US and India.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| CoreWeave (CRWV) Livingston, NJ | $2,499M $29,132M | $47 - $55 49,000,000 | Morgan Stanley JP Morgan |
| Provides cloud computing services with data centers optimized for AI workloads. | |||
| FatPipe (FATN) Salt Lake City, UT | $5M $93M | $5.75 - $7.75 740,740 | D. Boral Capital |
| Provides network software solutions for enterprises. | |||
| OMS Energy Technologies (OMSE) | $50M $399M | $8 - $10 5,555,556 | Roth Cap. |
| Singapore-based manufacturer of surface wellhead systems and oil country tubular goods. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/20/2025, the Renaissance IPO Index was down 10.0% year-to-date, while the S&P 500 was down 3.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Arm Holdings (ARM). The Renaissance International IPO Index was up 9.9% year-to-date, while the ACWX was up 9.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
