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IPO Winners & Losers

IPO Winners & Losers

IPO Winners & Losers: SpaceX Breaks, AI Cracks, and Software Strikes Back

Jul 18, 2026 · 17 min · 10 segments

Welcome back to Renaissance Capital's IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market…

Welcome back to Renaissance Capital's IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market. Get the newsletter in your inbox every week. This week: • SpaceX falls below its IPO price for the first time • Csquare and Standard Nuclear stumble as the AI infrastructure trade loses momentum • The IPO Index drops sharply alongside the broader AI selloff • Software names like SailPoint and Figma rally as investors rotate away from AI • Jersey Mike's and Cumberland Farms prepare to test demand for consumer IPOs We also discuss whether this week's pullback is a healthy repricing or the start of something bigger, what SpaceX's weakness could mean for OpenAI and Anthropic, and why the rotation into software and consumer names may be the most constructive signal beneath the selloff. Want to chime in? Send us a message!

Welcome back to Renaissance Capital's IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market…

Speakers: Avery MarquezHostMatt KennedyHost

Top entities: Space Exploration Technologies Corp.×24 Artificial intelligence×14 Initial public offering×5 Suja Juice×5 Renaissance Capital×5

Show Open & Context for the Week0:01 – 1:01

Avery MarquezHost

0:01

This week's winner, software names finally catching a bid.

Avery MarquezHost

0:05

This week's loser, the AI infrastructure trade from freshly priced IPOs all the way up to SpaceX.

M

Matt KennedyHost

0:11

And when the two dominant themes of 2026, AI infrastructure and mega IPOs, both crack in the same week, you have to ask, where do we stand? Is this a healthy reset or the start of something bigger? Let's get into it.

Avery MarquezHost

0:27

Welcome to the IPO Winners and Losers Podcast.

Avery MarquezHost

0:29

I'm your host, Avery Marquez, Renaissance Capital's Director of Investment Strategies.

M

Matt KennedyHost

0:34

And I'm Matt Kennedy, Senior Strategist at Renaissance Capital.

Avery MarquezHost

0:38

Quick note before we dive in, this podcast is for informational purposes only, and nothing we discuss should be taken as investment advice or recommendation to buy, sell, or hold any security.

Avery MarquezHost

0:48

Past performance does not guarantee future results, and one cannot invest directly in an index.

Avery MarquezHost

0:52

For the full disclosure, check the end of this recording.

Avery MarquezHost

0:55

So let's walk through the week, because for the first time in a while, the market didn't say no, it screamed.

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Space Exploration Technologies Corp.CompanyAerospace company
98%24 mentions
Artificial intelligenceEntityProfessional field
94%14 mentions
Initial public offeringEntity
90%5 mentions
Suja JuiceCompanyCompany
85%5 mentions
Renaissance CapitalCompanyCompany
81%5 mentions
Cumberland FarmsCompanyConvenience store chain
77%5 mentions
PodcastEntity
73%2 mentions
Jersey Mike's SubsRestaurantRestaurant company
69%3 mentions
SailPoint TechnologiesCompanyCompany
65%2 mentions
FigmaSoftware ApplicationSoftware
60%3 mentions
Astera LabsCompanyArtificial intelligence company
56%2 mentions
IranCountryCountry in the Middle East
52%2 mentions
OpenAICompanyGenerative AI company
48%3 mentions
Federal Reserve SystemGovernment OrganizationCentral bank
44%3 mentions
New YorkCityCity in New York State
40%2 mentions
AnthropicCompanyArtificial intelligence company
35%3 mentions
Holtec InternationalCompanyEnergy industry company
31%2 mentions
Cerebras SystemsCompanyCompany
25%1 mention
SK HynixCompanySemiconductor company
25%1 mention
AST SpaceMobileCompanyCompany
15%1 mention
CoreWeaveCompanyCompany
15%1 mention
Rocket LabCompanyCompany
15%1 mention
FacebookSoftware ApplicationSocial networking service
4%1 mention
MetaCompanyTechnology company
4%1 mention

InvestmentsBusiness > Finance
FinanceBusiness
StartupsTechnology
EconomicsBusiness
Investor BehaviorBusiness > Finance > Market Dynamics
Market TrendsBusiness > Finance > Investments > Initial Public Offerings
IPO PerformanceBusiness > Economics > Market Analysis
Venture CapitalTechnology > Startups
Risk AssessmentBusiness > Finance > Market Dynamics > Investor Behavior
Funding TrendsTechnology > Startups > Venture Capital
Market PerformanceTechnology > Artificial Intelligence > AI Infrastructure
Initial Public OfferingsBusiness > Finance > Investments
Market DynamicsBusiness > Finance
Market AnalysisBusiness > Economics
Technology
Business
AI InfrastructureTechnology > Artificial Intelligence
Artificial IntelligenceTechnology
Investor SentimentTechnology > Artificial Intelligence > AI Infrastructure > Market Performance
Sector RotationBusiness > Economics > Market Analysis > IPO Performance
Company ValuationTechnology > Startups > Venture Capital > Funding Trends

Show Open & Context for the Week0:01 – 1:01

Avery MarquezHost

0:01

This week's winner, software names finally catching a bid.

Avery MarquezHost

0:05

This week's loser, the AI infrastructure trade from freshly priced IPOs all the way up to SpaceX.

M

Matt KennedyHost

0:11

And when the two dominant themes of 2026, AI infrastructure and mega IPOs, both crack in the same week, you have to ask, where do we stand? Is this a healthy reset or the start of something bigger? Let's get into it.

Avery MarquezHost

0:27

Welcome to the IPO Winners and Losers Podcast.

Avery MarquezHost

0:29

I'm your host, Avery Marquez, Renaissance Capital's Director of Investment Strategies.

M

Matt KennedyHost

0:34

And I'm Matt Kennedy, Senior Strategist at Renaissance Capital.

Avery MarquezHost

0:38

Quick note before we dive in, this podcast is for informational purposes only, and nothing we discuss should be taken as investment advice or recommendation to buy, sell, or hold any security.

Avery MarquezHost

0:48

Past performance does not guarantee future results, and one cannot invest directly in an index.

Avery MarquezHost

0:52

For the full disclosure, check the end of this recording.

Avery MarquezHost

0:55

So let's walk through the week, because for the first time in a while, the market didn't say no, it screamed.