Cerebras Systems made a strong public debut last week, opening at $350 after pricing its IPO at $185 a share, well above the expected range, as the company highlighted its WSE 3 chip as the “world’s largest and fastest commercialized AI processor.” Meanwhile, SpaceX is moving closer to its own blockbuster listing, with Reuters reporting the company aims to price its IPO as early as June 11 and has selected Nasdaq as its home.
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LATEST IPOS AND DIRECT LISTINGS:
- Exyn Technologies (EXYN) opened on May 15 at $6.75 per share. The company priced 2.5M units at $7.75 per unit. Exyn is a robotics and artificial intelligence company developing autonomous mapping and navigation systems for complex, GPS-denied environments.
- Vida Global (VIDA) opened on May 15 at $4. Vida Global, which calls itself “an AI Agent Operating System for modern businesses,” priced its initial public offering of 3.75M shares of its Class A common stock at a price to the public of $4.00 per share of common stock.
- Cerebras Systems (CBRS) opened on May 14 at $350. The company priced 30M shares at $185.00. The deal priced above the $150.00-$160.00 target range. Cerebras says its flagship technology, the Wafer-Scale Engine 3, is “the world’s largest and fastest commercialized AI processor,” which “uses a fraction of the power per unit compute while delivering inference up to 15 times faster than leading GPU-based solutions as benchmarked on leading open-source models.”
- EagleRock (EROK) opened on May 14 at $23.00. The company priced its initial public offering of 17.3M shares at a price to the public of $18.50 per share. EagleRock is a land management royalty company that controls acreage in the core of the Permian Basin.
- AIAI Holdings (AIAI) opened on May 14 at $12 after direct listing. AIAI Holdings, which describes itself as “an AI-enabled diversified holding company utilizing Transformational AI to enhance portfolio performance,” listed its common stock via a direct listing on the Nasdaq Global Market under the ticker symbol “AIAI.”
- Blackstone Digital opened on May 14 at $20. Blackstone Digital Infrastructure Trust (BXDC) priced 87.5M shares at $20.00. BXDC is a newly organized company, externally managed by an affiliate of Blackstone (BX), focused on acquiring and owning mission-critical data center assets. BXDC targets newly-constructed, income-generating, stabilized data center properties leased to investment-grade hyperscale tenants on long-term contracts.
- Micware (MWC) opened on May 14 at $8.10. The company priced 2.85M shares at $8.00. The deal size was increased to 2.85M shares from 2.15M and priced at the midpoint of the $7.00-$9.00 target range. Micware is a Japan-based provider of software development services and IT solutions mainly focused on the automotive and mobility sectors.
- GMR Solutions (GMRS) opened on May 13 at $13.50. The company priced 31.91M shares at $15.00. GMR is a provider of emergency medical services.
- Fervo Energy (FRVO) opened on May 13 at $36. The company priced 70M shares at $27.00. The deal priced above the $25.00-$26.00 target range. Fervo Energy offers large-scale deployment of geothermal systems that it says combines the application of horizontal drilling, fiber-optic sensing, and advanced reservoir engineering with “an innovative approach to power systems engineering.”
RECENT SPAC IPOS:
- Berto Acquisition II (GUAC) opened on May 15 at $10. The blank check company said, “While its focus is broad because of management’s perspective on technology, quantum computing and other growth industries, having looked at over a thousand acquisition targets over the past decade, it will be examining in particular, opportunities in artificial intelligence and the AI infrastructure and supply chain ecosystem, including mission critical components, data, energy, and infrastructure businesses enabling the scaling of AI.”
- Iron Dome Acquisition I (IDAC) opened on May 15 at $10.00. The blank check company intends to focus its search on a target business in the cybersecurity, defense tech, AI and data infrastructure industries.
PERFORMANCE: Prices as of 10:45 am ET on Monday, May 18 –
- Exyn Technologies – up about 4% at $5.40;
- Vida Global – down almost 7% at $2.35
- Cerebras Systems – down about 1% at $277.75;
- EagleRock – up more than 2% at $22.06;
- AIAI Holdings – down over 7% at $13.85;
- Blackstone Digital – up roughly 2% at $20.47;
- GMR Solutions – fractionally up at $13.39;
- Fervo Energy – down over 1% at $40.60.
RECENT IPOS TO WATCH: Yesway (YSWY), National Healthcare Properties (NHP) and Elmet (ELMT) are already seeing coverage roll out, while X-energy (XE) and Liberty Defense (DETX) are among stocks that could see new coverage this week as the quiet periods for banks that underwrote the companies’ IPOs expire.
UPCOMING IPOS: Upcoming IPO and direct listings expected include Innio (INIO), Inspire Brands, Csquare, Tarsier Pharma (TARX), and Quantinuum (QNT).
Click here to see upcoming IPO calendar on TipRanks.
- Innio announces that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common shares. The timing of the offering, number of shares to be offered and the price range for the proposed offering have not yet been determined. Innio has applied to list its common shares on the Nasdaq Global Select Market under the ticker symbol “INIO.” Innio designs, manufactures and services power systems under its Jenbacher and Waukesha brands. The company delivers power for applications including data centers, microgrids, grid stabilization, industrial energy and gas compression.
- Inspire Brands announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Inspire Brands expects to use the net proceeds of the proposed offering to repay outstanding indebtedness under its existing term loan facility and pay offering fees and expenses.
- Csquare filed confidentially for a U.S. initial public offering, a signal that more data center companies are lining up to sell shares for the first time over the coming year, Bloomberg’s Bailey Lipschultz reported. The provider of colocation and data center services announced on Friday that it had submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission. The Brookfield Infrastructure Partners (BIP)-backed company joins a rush of new listings as the companies building out the backbone to support AI’s energy needs seek to raise funds, the author notes.
- Tarsier Pharma Ltd. filed for an initial public offering of its ordinary shares and applied to list its ordinary shares on the NYSE American under the symbol “TARX”. The prospectus stated: “Tarsier Pharma is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma. We are attempting to address a significant, underserved market opportunity and have engaged closely with the FDA on our clinical development strategy, including a Special Protocol Assessment agreement for our planned pivotal trial… Although we are still early in this journey, I believe we have the technology, the team, the discipline, and the persistence required to build an enduring company.”
- Honeywell (HON) announced that Quantinuum (QNT) has publicly filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of shares of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Quantinuum intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “QNT.” J.P. Morgan and Morgan Stanley are acting as joint lead active book-running managers for the proposed offering. Jefferies and Evercore ISI are also acting as active book-running managers.
OTHER IPO NEWS: Elon Musk’s rocket and satellite maker SpaceX (SPCX) is planning to price its blockbuster IPO as early as June 11 and has picked Nasdaq as its listing venue, Reuters’ Echo Wang and Anirban Sen report, citing people familiar with the matter. SpaceX has accelerated its IPO timeline and is now aiming to flip its prospectus public as early as next Wednesday, with a roadshow launch targeted for June 4 and a market debut as early as June 12, according to three people familiar with the matter. Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.
“Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.