US IPO Weekly Winners & Losers

The latest new AI stock should hit the Nasdaq next week.

Pony AI (Nasdaq: PONY), a Chinese developer of robotaxi systems, aims to list at a nearly $5 billion valuation. Both the business and deal structure are similar to WeRide, which began trading in New York last month. No word yet on an IPO from the US’s leading robotaxi unicorn, Waymo, which raised over $5 billion privately a few weeks ago.

AI startups are already disrupting multiple industries. If you want to invest in them, keep an eye on the IPO market.

This week the Fed threw cold water on the post-election rally, with Powell saying they were in no hurry to lower rates given the strength of the US economy.

IPO investors were quick to take gains after the prior week’s upswing, and the IPO index retreated -4.8%, vs. -2.1% for the S&P 500. Healthcare diagnostics and data firm Tempus AI landed at the bottom, off -29.0%, reversing much of its gain from the prior week. Marketing tech platform Klaviyo topped the IPO index with a +5.4% return.

This past week’s only notable IPO candidate postponed, relatively small oil and gas producer Peak Resources LP. High-dividend energy LPs used to draw a crowd, but investors now favor more reliable yield plays, especially while interest rates are elevated.

The other major news this week came from our shadow backlog. Buy-now-pay-later firm Klarna announced it filed confidentially, putting the $10 billion company on track for an IPO in early 2025 IPO. And Bloomberg reported that energy firm Venture Global LNG is close to filing for a possible $3 billion IPO that could squeeze in a 2024 listing.

More and more buy-side firms are looking to quickly ramp up their research capacity ahead of the 2025 IPO pick-up, and there’s no better way than IPO Intelligence. If your fund is active in recent IPOs, reach out to us about a demo.