US IPO Weekly Winners & Losers

The first large tech IPO of the year stumbled, while a space and defense play soared.

Early reports signaled strong demand for SailPoint (Nasdaq: SAIL), and it sold more shares than expected at the high end of the upped range. That demand seemed to vanish at the open. The enterprise security firm broke issue on the first day, though it recovered to finish the week up +7%.

SailPoint's bumpy start may make tech unicorns rethink those premium price tags. Even with solid fundamentals, companies must prove they can deliver to earn high-end valuations. Investors are still cautious about the hype—especially with more big names queueing to go public.

The week's big winner was space and defense contractor Karman Holdings (NYSE: KRMN). The company upsized, priced above the range, and gained +37% on day one. It continued to climb from there. Karman sold investors on solid growth, high margins, and sector tailwinds.

The week’s other notable IPOs were underwhelming. Michigan-based bank Northpointe Bancshares (NYSE: NPB) traded flat, and metabolic disease biotech Aardvark Therapeutics (Nasdaq: AARD) sank below offer.

After solid weeks, the IPO scene stuttered, sliding -1.0% (vs. +1.5% for the S&P 500). Precision medicine play Tempus AI jumped +29.7% on news of a collaboration with the nonprofit IFLI. Chipmaker Astera Labs fell -13.3% over earnings concerns.