US IPO Weekly Recap: Firefly Aerospace Leads Diverse Debut Week with Strong Market Activity
The US IPO market experienced a dynamic week, with seven companies and two SPACs making their debut, alongside five small IPOs and seven SPACs submitting initial filings. The week’s standout performer was Firefly Aerospace, a space technology developer that captured market attention with a robust upsized IPO and strong post-listing momentum.
Firefly Aerospace Takes the Lead
Firefly Aerospace (FLY) priced its IPO above the upwardly revised range, raising $868 million at a $7.2 billion market capitalization. The company, which specializes in mission solutions for national security, government, and commercial clients, offers two primary platforms: Launch and Spacecraft Solutions. Within Launch, Firefly operates Alpha—an orbital launch vehicle with a proven track record—and Eclipse, a reusable second stage under final development in partnership with Northrop Grumman. Spacecraft Solutions includes Blue Ghost Lander and Elytra, both highly maneuverable spacecraft designed with advanced rocket engine technology.
Despite holding a backlog exceeding $1 billion, Firefly remains unprofitable, with 92% of its backlog concentrated in just five customers. Shares climbed 11% by week’s end, signaling strong initial investor confidence amid heightened interest in space technology ventures.
Heartflow Surges on Medical Innovation
Heart imaging software provider Heartflow (HTFL) impressed the market by pricing above range, raising $317 million at a $1.7 billion market cap. The company’s platform provides a non-invasive solution for diagnosing and managing coronary artery disease, with usage surpassing 400,000 patients as of March 2025. Heartflow’s revenue has grown by roughly 40% over six consecutive quarters, though it carries a $1 billion accumulated deficit. Shares closed the week up 51%, making it one of the week’s top gainers.
Mixed Results for WhiteFiber and Avidbank Holdings
Cloud services provider WhiteFiber (WYFI) raised $159 million at a $619 million market cap, focusing on AI infrastructure and high-performance computing. Despite recent geographic and capacity expansions, shares fell 10% in the first week, reflecting investor caution toward less-established cloud service providers.
California-based Avidbank Holdings (AVBH) priced its Nasdaq uplisting to raise $60 million at a $242 million valuation. Specializing in commercial banking and lending services, the bank has shown consistent organic deposit growth but remains geographically concentrated. Shares finished the week with a modest 1% gain.
International Listings See Varied Performance
Japan’s CTW Cayman (CTW), a web gaming platform operator, downsized its IPO to raise $12 million at a $312 million market cap. Despite a diverse game portfolio, shares sank 46% amid concerns over competition and market saturation.
Hong Kong’s Etoiles Capital (EFTY), an investor relations firm, priced at the bottom of its range to raise $6 million at an $80 million market cap, ending the week up 22%. Meanwhile, mobile game developer Darkrlis (DKI) matched that $6 million raise at a $70 million valuation, with shares gaining 37% on debut.
SPAC Market Activity
Two SPACs also entered the market: Quantumsphere Acquisition (QUMSU) raised $72 million targeting high-growth opportunities, while Starry Sea Acquisition (SSEAU), backed by Chinese executives, raised $50 million.
Outlook
This week’s IPO lineup underscores the breadth of investor appetite across industries—from aerospace and healthcare technology to cloud infrastructure and gaming. While high-profile names like Firefly Aerospace and Heartflow demonstrated strong early traction, others faced challenging market receptions. With the IPO pipeline remaining active, investor scrutiny on profitability, scalability, and sector tailwinds will likely dictate the trajectory of upcoming listings in the second half of 2025.
