The IPO market heated up this past week, with five listings raising a combined $4.5 billion. The group featured two billion-dollar deals, including the year’s largest offering to date, as well as the largest US biotech IPO ever. In the pipeline, Cerebras Systems (CBRS) led the week’s additions, filing for an estimated $2 billion offering.
HVAC giant Madison Air Solutions (MAIR) completed the year’s largest IPO to date, pricing at the high end to raise $2.2 billion at a $13.4 billion market cap. The company develops and manufactures mission-critical indoor air quality and air-management technologies for commercial and residential environments, with growing demand from data centers. Madison Air’s backlog more than doubled to $2 billion in 2025, although much of its recent growth has come from acquisitions that have left it highly levered. Madison Air finished the week up 20%.
Defense electronics manufacturer Arxis (ARXS) upsized and priced at the high end to raise $1.1 billion at an $11.6 billion market cap. The company designs and manufactures specialized electronic and mechanical components with applications in aerospace, defense, and space systems, as well as medical technology, semiconductor testing, and industrial automation. Arxis is profitable with expanding EBITDA margins and free cash flow, although it has some revenue concentration and is exposed to the cyclical nature of aerospace and defense spending. Arxis finished up 36%.
Obesity biotech Kailera Therapeutics (KLRA) upsized and priced at the high end to raise $625 million at a $2.0 billion market cap, in the largest US biotech IPO by proceeds ever. Kailera’s lead candidate, ribupatide, is currently being evaluated in global Phase 3 trials as a once-weekly injectable GLP-1/glucose-dependent insulinotropic polypeptide receptor dual agonist peptide. The company is expanding its ribupatide franchise by developing a once-daily oral tablet formulation. Kailera finished up 63%.
Defense systems developer Aevex (AVEX) priced above the midpoint to raise $320 million at a $2.2 billion market cap. Primarily serving the US government, Aevex develops unmanned and autonomous systems for defense applications, with a focus on AI-enabled aerial platforms used in missions such as surveillance, reconnaissance, and precision strike. While it has historically generated a large portion of sales from two programs, the company should continue to benefit from increasing defense spending. Aevex finished up 35%.
Protein biomarker detection platform Alamar Biosciences (ALMR) upsized and priced at the high end to raise $191 million at a $1.2 billion market cap. The company’s proteomics platform combines proprietary instruments, consumables, and software to detect and analyze protein biomarkers at very low concentrations in biological samples such as blood. With a strong base of 300+ customers, Alamar saw revenue and gross margin explode in 2025, though it remains unprofitable. Alamar finished up 29%.
A wave of companies joined the pipeline this week, led by AI chipmaker Cerebras (CBRS), which filed for an estimated $2 billion IPO after canceling its previous IPO attempt in October 2025.
