Editor’s Note: My new AI algo – the AI Profit Predictor – selects new trades every week. And the initial results have been downright impressive.
113% in NEXTERA in 2 days. 100% in Gilead Sciences in 3 days. 151% in Microsoft in 2 days.
SpaceX plans to borrow at least $20 billion. There were 3 IPOs this week. And a heart-drug developer was the biggest winner.
Kardigan (Nasdaq: KARD) raised $400 million on Wednesday. The IPO priced 25 million shares at $16 — the top of its range. That gave the company a market cap of $1.7 billion.
That's a large haul by historical standards. The stock opened only modestly above the offer price on Thursday. And shares ended the day 37.5% above the IPO price.
Kardigan is a clinical-stage company developing precision medicines for cardiovascular diseases. The company is led by former executives from MyoKardia — a 2015 IPO that Bristol-Myers bought for $13 billion in 2020.
Its leading drug candidate is called danicamtiv. It was in-licensed from BMS and targets a genetic form of dilated cardiomyopathy. Top-line Phase 2b data is expected in the first half of 2027. Backers include Arch Venture and Perceptive Advisors.
It's the second biotech winner in a row, after Parabilis the week before. That reinforces what's driving the 2026 IPO market: AI and AI infrastructure, aerospace and defense, and biotech.
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The other two deals didn’t see the same market reaction.
North Carolina community bank First Carolina Financial (NYSE: FCBM) priced below its range at $12.50, raised $69 million, and inched up 1%. Nuclear developer Deep Fission (Nasdaq: FISN) cut its offering sharply - raising just $40 million. The stock fell 9%.
The Renaissance IPO Index is up 26.3% year-to-date, against 9.0% for the S&P 500. This means IPOs are performing. And the “IPO window” is definitely open for new companies looking to go public.
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Ian Wyatt
Editor, IPO Watch