IPOX® U.S. Composite Hits Record High on Earnings Strength, IPO M&A Action
The IPOX® U.S. Composite Index (IPXC), the broad-based benchmark for the U.S. new listings universe, rose +1.11% to a record closing high of 3,202.96 on October 29, extending its year-to-date gain to +11.47%. The index gained +3.19% this week, from Friday, October 23’s close through Thursday, October 29, with select gainers across health care, industrial technology and data-center infrastructure pushing the portfolio above its August closing peak.
Covering around 950 companies, IPXC captures the performance of newly public businesses, spin-offs and related corporate actions, including IPO M&A. Its framework follows innovation beyond the listing, retaining exposure through select acquirers of recently public companies. IPXC also provides the selection universe for the IPOX® 100 U.S. (IPXO), the U.S. IPO benchmark tracked by the First Trust US Equity Opportunities ETF (FPX).
IPOX® U.S. Composite reaches a new closing high
As of October 29, 2026
Source: IPOX®.
IPXC closed at 3,202.96, up +11.47% YTD, surpassing the previous closing high of 3,198.32 set on August 13.
Health care set the pace on the record session. Serial IPO acquirer Eli Lilly (LLY US: +6.63% on the day) advanced after raising its full-year revenue outlook to $91–92 billion. Third-quarter revenue rose +39% to $24.4 billion, led by Mounjaro and Zepbound. Ophthalmic pharmaceutical and medical technology company Glaukos (GKOS US: +33.65% on the day) surged after reporting +58% sales growth and increasing its 2026 sales guidance. Software and technology provider Roper Technologies (ROP US: +2.04% on the day) extended its advance following an October 22 earnings report that included higher full-year earnings guidance.
The strength extended across other areas of the IPOX® universe. Data-center power and cooling specialist Vertiv (VRT US: +26.55% this week) raised its full-year outlook after quarterly sales rose +61% and organic orders more than doubled. Electrification and power-equipment supplier GE Vernova (GEV US: +8.94%) increased its financial guidance and announced a $9 billion agreement to acquire high-voltage grid equipment maker Trench Group. Life-sciences tools provider Thermo Fisher Scientific (TMO US: +5.25%) also advanced following quarterly revenue growth of +9% and adjusted earnings-per-share growth of +15%. These week-to-date returns cover October 23–29.
Select gainers in the IPOX® U.S. Composite
Share-price returns this week, from Friday, October 23’s close to Thursday, October 29’s close.
- Glaukos (GKOS US): +35.55%
- Vertiv (VRT US): +26.55%
- Lumentum Holdings (LITE US): +21.60%
- GE Aerospace (GE US): +9.60%
- GE Vernova (GEV US): +8.94%
- Arm Holdings (ARM US): +8.77%
- Teledyne Technologies (TDY US): +8.32%
- Eli Lilly (LLY US): +7.87%
- Thermo Fisher Scientific (TMO US): +5.25%
- Roper Technologies (ROP US): +2.63%
IPO M&A remained in focus. DoorDash agreed to acquire grocery technology platform Instacart for approximately $17 billion in equity value, offering $65 per share, a premium of approximately 26% to the October 22 close before sale reports emerged. Instacart (CART US: +10.51% since October 22) retained much of its advance, while DoorDash (DASH US) rose +5.61% on October 29, when it also reported quarterly results. The acquisition remains subject to shareholder and regulatory approvals, with completion expected at the end of 2027 or in the first half of 2028.
Optical component maker Lumentum (LITE US: +21.60% this week) was another gainer. Reuters reported that Marvell Technology was in advanced acquisition discussions, with a possible announcement the following week. Lumentum added +0.61% on October 29 following the report, while Marvell fell -13.24%, underscoring the different market responses to the prospective transaction.