SchusterWatch #855 (08/10/2026)
IPOX® Strategies Surge: Earnings trump Rates on AI, gains in Metals & Miners.
Fresh All-Time Highs for IPOX® Growth Infusion U.S., IPOX® 7% Dividend.
Big Movers: COHR, U, CRWV, SPCX, 2513 HK, SN, DPM CT, VALT LN.
IPOs: U.S. Biotech IPO Strength continues. Quiet on the IPO front.
WEEKLY OVERVIEW: Amid falling global risk (VIX: -6.82%), solid earnings and renewed momentum around the global AI and Metals & Mining trade helped the IPOX® Indexes recoup more of the July losses, outweighing the headwinds from elevated and sticky U.S. long-run rates. Specialty strategies, including the ESG-aware IPOX® Alpha Plus (IPXT), stood out, with IPOX® Growth Infusion (GNDX) and IPOX® High Dividend 7% (IXSM) closing at weekly all-time highs.
UNITED STATES: The IPOX® 100 U.S. Index (IPXO), tracked by the First Trust U.S. Equity Opportunities ETF (Ticker: FPX) and CME IPOX® 100 U.S. Emini Futures (IPOU6), added +2.20% to +10.83% YTD last week, lagging the S&P 500 (SPX) by -138 bps. 68% of holdings rose, with the average (median) equally weighted stock adding +3.59% (+2.32%), well ahead of the applied market-cap-weighted IPOX® 100 U.S. (IPXO) anew, underscoring the continued impact of large swings amongst our heavyweights, including hedge-fund-heavy spin-off memory chip maker Sandisk (SNDK US: -0.22%) and electrification leader GE Vernova (GEV US: +0.00%). While earnings season has remained broadly positive, the market’s reception to earnings remained notably mixed, with last week’s focus on tech plays Coherent (COHR US: +44.22%), Unity (U US: +35.60%), CoreWeave (CRWV US: +26.33%) and SpaceX (SPCX US: +22.83%), while select health care exposure slumped, including Medline (MDLN US: -10.31%) and BillionToOne (BLLN US: -32.62%).
Exhibit: Aftermarket IPO Investing with the IPOX® 100 U.S. Index (IPXO) since live launch (Source: IPOX® Schuster LLC, Bloomberg, LP).
INTERNATIONAL: On the back of a stellar week for the IPOX® Global China (CNI: +9.24%), IPOX® Japan (IPJP: +2.03%) and IPOX® 100 Europe (IPOE: +4.47%), the IPOX® International (IPXI), tracked by the First Trust International Equity Opportunities ETF (Ticker: FPXI), soared by +4.73% to +21.55% YTD, +923 bps YTD ahead of the International Market. Renewed Global AI Momentum, stellar individual corporate results and surging commodities underpinned the strong showing, with a focus on ever-volatile Z AI (2513 HK: +26.18%), consumer play and innovative household appliances maker Shark Ninja (SN US: +14.68%), Canada’s IPO M&A DPM Metals (DPM CT: +25.04%), Swiss specialty pharma Sandoz (SDZ SW: +10.68%), miners IPO M&A Rio Tinto (RIO US: +4.39%) and spin-off Valterra Platinum (VALT LN: +18.15%), as well as Austrian IPO M&A financial BAWAG (BG AV: +4.39%).
THE IPOX® SPAC INDEX: The Index gained +3.50% last week, bringing year-to-date gains to +10.53%. Space launch and satellite systems company Rocket Lab (RKLB US: +27.53%) was the best performer after successfully completing a satellite launch mission and securing a U.S. Space Force contract ahead of earnings next week. Cryptocurrency miner and data center operator Cipher Mining (CIFR US: -23.03%) was the worst performer following an earnings miss. Three SPACs announced merger targets, including Pono Capital Four (PONO US) with reusable spacecraft developer Blackstar Orbital Technologies. No SPACs completed business combinations during the week. In de-SPAC M&A, parking infrastructure owner Mobile Infrastructure Corporation (BEEP US: +35.52%) received a preliminary indication of interest from Bombe Asset Management, with terms undisclosed. Five new SPAC IPOs launched in the U.S. during the week.
ECM REVIEW: 26 companies went public globally last week, raising $4.3 billion. New listings gained an average of +43.73% from offer price to Friday’s close (Median: +12.99%). U.S. issuance was notable for a slew of biotech deals, led by cardiovascular biotech Braveheart Bio (BRVE US: +66.67%, $440 million). Painkiller drug developer Latigo Biotherapeutics (LTGO US: +1.39%, $346 million), immunology biologics firm Attovia Therapeutics (ATTO US: +18.65%, $332 million), and cancer specialist Blossomhill Therapeutics (BLSM US: +0.00%, $150 million) also went public. Outside the U.S., intelligent driving assistance systems provider NASN Intelligent Tech Zhejiang (2261 HK: +64.11%, $77 million) listed in Hong Kong.
This week, the IPO calendar is set to quieten, with two sizable offerings expected. Chinese EV battery copper foil producer Londian Wason New Energy Tech (FOIL US, $79 million) headlines activity as the largest U.S. listing by a Chinese company in more than a year. Reuters cited IPOX® Associate Lukas Muehlbauer on the IPO, noting that the relatively small offering would be encouraging rather than signal a definitive reopening of the U.S. market for Chinese firms. South Korean capillary disease biotech developer Ingenia Therapeutics (952509 KS, $41 million) is also lined up.
