The IPOX® Update 7/31/2026
U.S.
CyrusOne Prepares Potential Multibillion-Dollar Return to Public Markets
CyrusOne is reportedly laying the groundwork for a potential U.S. IPO four years after KKR and Global Infrastructure Partners acquired the data-center operator in a transaction valued at approximately $15 billion including debt. An offering could help the company repay debt accumulated during its data-center expansion and provide liquidity to its private-equity owners. No exchange, offer size or listing timetable has been announced, although reports suggest its valuation could be comparable to rival Switch, which has discussed private financing at a valuation near $50 billion. (Source 1) (Source 2)
Westinghouse Confidentially Files for Potentially Major U.S. IPO
Westinghouse Electric confidentially submitted a draft registration statement for a proposed U.S. IPO, although the company has not disclosed the exchange, number of shares, price range or expected listing date. Brookfield and Cameco acquired the nuclear-technology supplier in 2023 in a transaction valued at approximately $7.9 billion, while market estimates indicate that a future valuation could reach the tens of billions of dollars. IPOX® Research Associate Lukas Muehlbauer said Westinghouse offers investors exposure to nuclear growth through an established operating company and recognized American industrial name, with energy-security concerns and rising data-center electricity demand strengthening market sentiment toward nuclear power. (Source 1) (Source 2) (Source 3)
Jersey Mike’s Raises Roughly $1 Billion in NYSE IPO Despite Weak Debut
Jersey Mike’s raised roughly $1 billion in its NYSE IPO, demonstrating continued investor demand for large and established consumer brands. The sandwich chain’s shares opened 8.7% below their $23 IPO price, giving the company a valuation of approximately $6.7 billion. IPOX® Associate Lukas Muehlbauer cautioned against overinterpreting the first-day decline because broader equity-market volatility is affecting new listings, while U.S. IPO activity continues to recover across consumer, technology, defense and industrial sectors. (Source)
Reformation Reaches $886 Million Valuation in NYSE Debut
Reformation, the Permira-backed womenswear retailer, was valued at approximately $886.1 million after its shares opened at the $15 IPO price on the NYSE, below its earlier target of as much as $1 billion. IPOX® Vice President Kat Liu said investors are prioritizing financial performance over sustainability narratives, although environmental positioning can still reinforce brand identity and customer loyalty. She highlighted Reformation’s returning-customer base and direct-to-consumer model as supportive of retention, pricing control and predictable revenue, while noting that these advantages must compete with price, fashion trends and convenience as the company expands its stores and product portfolio. (Source 1) (Source 2)
Braveheart Bio Targets Up to $318.8 Million in Nasdaq IPO
Braveheart Bio plans to offer 18.75 million shares at $15–$17 each, potentially raising approximately $318.8 million and achieving a valuation of as much as $1.2 billion. The clinical-stage biotechnology company intends to list on the Nasdaq Global Market under the ticker BRVE, with Fidelity Management & Research indicating interest in purchasing up to $75 million of shares. Proceeds are expected to support development of BHB-1893, an oral treatment for obstructive and non-obstructive hypertrophic cardiomyopathy, as well as additional research and corporate expenses. Goldman Sachs, Jefferies, TD Cowen, Stifel and Cantor are leading the offering. (Source 1) (Source 2)
Space-Eyes Agrees to $638 Million Nasdaq Listing Through SPAC Merger
Space-Eyes agreed to go public through a merger with McKinley Acquisition Corp. that values the combined defense-technology company at approximately $638 million. The transaction could generate up to $251.7 million of gross proceeds from McKinley’s trust account and a planned private investment. Space-Eyes develops artificial-intelligence-powered counter-drone and geospatial-intelligence systems, although its limited current revenue makes the valuation dependent on future contracts and commercialization. Subject to regulatory and shareholder approvals, the merger is expected to close in the fourth quarter of 2026, after which the company would trade on Nasdaq under the ticker CUAS. (Source 1) (Source 2)
Karman Line Acquisition Files for $200 Million Space-and-Defense SPAC IPO
Karman Line Acquisition Corp. filed to offer 20 million units at $10 each, targeting gross proceeds of $200 million before any exercise of the underwriters’ over-allotment option. Each unit consists of one Class A ordinary share and one-third of a redeemable warrant, with the SPAC seeking a Nasdaq listing under the ticker XTERU. Karman Line has not identified a merger target but plans to focus on businesses connected to space infrastructure, aerospace and defense. Cohen & Company Capital Markets is acting as underwriter, and the eventual investment outcome will depend on the SPAC’s future acquisition. (Source 1) (Source 2)
Vogenx Sets Terms for Approximately $75 Million Nasdaq IPO
Vogenx plans to offer 6.25 million shares at $11–$13 each, producing potential gross proceeds of approximately $68.8 million–$81.3 million and about $75 million at the midpoint. The metabolic-disease biotechnology company has applied to list on the Nasdaq Capital Market under the ticker VOGX. Proceeds are expected to finance clinical development of mizagliflozin, an SGLT1 inhibitor for gastrointestinal and metabolic disorders, and extend the company’s operating runway through approximately 2028. As an early-stage biotechnology issuer, Vogenx remains exposed to clinical-development, regulatory and future financing risks. (Source 1) (Source 2)
Weak U.S. IPO Debuts Increase Pressure on Issuer Pricing Expectations
IPOX® Founder and CEO Josef Schuster told Bloomberg that elevated equity risk and mixed first-day performances are making U.S. IPO investors more selective. Following the muted debuts of Jersey Mike’s and Reformation, he said prospective issuers may need greater flexibility regarding IPO pricing and fundraising targets. Bloomberg also referenced the IPOX® 100 U.S. as a benchmark for recently listed large U.S. IPOs and spinoffs during volatile market conditions. (Source)
Europe
Nscale Begins Investor Outreach for Potential Multibillion-Dollar IPO
Nscale, a UK-based provider of GPU cloud and artificial-intelligence infrastructure, has reportedly begun meeting prospective investors and preparing presentation materials for a possible multibillion-dollar IPO. The company was valued at approximately $14.6 billion following a $2 billion Series C financing earlier in 2026 and has expanded through data-center investments and agreements involving companies such as Microsoft and OpenAI. No exchange, filing date, offer size or final timetable has been confirmed. The investor outreach indicates that preparations are advancing, although any transaction remains dependent on financing conditions and public-equity demand. (Source 1) (Source 2)
Asia-Pacific
NASN Intelligent Tech Launches Up to $82.1 Million Hong Kong IPO
NASN Intelligent Tech launched an offering of approximately 57.6 million H shares at HK$10.42–HK$11.18 each, targeting proceeds of up to HK$643.9 million, or approximately $82.1 million. The driving-motion-control specialist is expected to price the IPO on August 5, 2026, and begin trading on the Hong Kong Stock Exchange on August 7 under stock code 2261, with a 15% over-allotment option. Proceeds are intended for research and development, product expansion, manufacturing capacity, brand development and working capital. Revenue increased 46.6% during the first quarter of 2026, although the company’s net loss widened to RMB55 million. (Source)
Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.
