US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

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In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Accelevation Holdings / Equity Capital Markets

<ul>
<li>Accelevation targets a $4.5-$5.4 billion valuation, offering investors exposure to the rapidly expanding AI and data center infrastructure buildout.</li>
<li>Revenue surged 176% in 1H26, while $1.1 billion of backlog and a 2.5x book-to-bill provide significant forward revenue visibility.</li>
<li>Olympus Partners is selling 21.4 million shares, making the IPO primarily a secondary offering, while proceeds will repay approximately $180 million of debt.</li>
</ul>


Accelevation targets a $4.5-$5.4 billion valuation, offering investors exposure to the rapidly expanding AI and data center infrastructure buildout.
Revenue surged 176% in 1H26, while $1.1 billion of backlog and a 2.5x book-to-bill provide significant forward revenue visibility.
Olympus Partners is selling 21.4 million shares, making the IPO primarily a secondary offering, while proceeds will repay approximately $180 million of debt.


Accelevation Holdings (ACCV): Another AI Infrastructure Company Sets Terms, Seeking $5b+ Valuation

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>OpenAI, Anthropic and Google released frontier models, while OpenAI cancelled GPT-6.1 Astra after safety tests and the FTC opened a probe into AI-agent safety.</li>
<li>Anthropic's IPO prospectus showed Q2 revenue of USD 11.5bn, OpenAI sought at least USD 30bn at a USD 1.4tn valuation, and Meta launched an enterprise AI platform.</li>
<li>Amazon explored moving USD 8bn of Nvidia chips into a leaseback vehicle, AMD agreed to buy World Labs for USD 8.2bn, and Firmus priced its ASX IPO.</li>
</ul>


OpenAI, Anthropic and Google released frontier models, while OpenAI cancelled GPT-6.1 Astra after safety tests and the FTC opened a probe into AI-agent safety.
Anthropic's IPO prospectus showed Q2 revenue of USD 11.5bn, OpenAI sought at least USD 30bn at a USD 1.4tn valuation, and Meta launched an enterprise AI platform.
Amazon explored moving USD 8bn of Nvidia chips into a leaseback vehicle, AMD agreed to buy World Labs for USD 8.2bn, and Firmus priced its ASX IPO.


This Week in AI (Sep 27-Oct 3): OpenAI Drops Astra for Sol; Sonnet 5.5 Nears Opus at 1/2 the Price

<ul>
<li>Anthropic, OpenAI, xAI, Xiaomi and Stepfun all shipped model updates, with price cuts and open weights at the center of the week.</li>
<li>AI infrastructure financing stayed active across Akamai, Nscale, Firmus, Oracle-linked data centers, CoreWeave facilities and SoftBank debt.</li>
<li>Regulatory and security news focused on Pentagon supply-chain controls, OpenAI evaluation incidents and US review before UK model testing.</li>
</ul>


Anthropic, OpenAI, xAI, Xiaomi and Stepfun all shipped model updates, with price cuts and open weights at the center of the week.
AI infrastructure financing stayed active across Akamai, Nscale, Firmus, Oracle-linked data centers, CoreWeave facilities and SoftBank debt.
Regulatory and security news focused on Pentagon supply-chain controls, OpenAI evaluation incidents and US review before UK model testing.


This Week in AI (Sep 20-26): Opus 5.5 and GPT-6 Launch Cheaper; Data Center IPO Delays

<ul>
<li>Biotech remains the IPO market’s lone bright spot, with TRex Bio testing investor appetite as broader September IPOs struggled and Oura postponed. </li>
<li>TRex Bio is seeking $117–$133 million at a $384–$439 million valuation, backed by a Phase 1 lead program and a Lilly collaboration. </li>
<li>Lilly provides a significant validation signal, with a 23.9% pre-IPO stake and TRex Bio eligible for up to $577.5 million in additional milestones plus royalties.</li>
</ul>


Biotech remains the IPO market’s lone bright spot, with TRex Bio testing investor appetite as broader September IPOs struggled and Oura postponed. 
TRex Bio is seeking $117–$133 million at a $384–$439 million valuation, backed by a Phase 1 lead program and a Lilly collaboration. 
Lilly provides a significant validation signal, with a 23.9% pre-IPO stake and TRex Bio eligible for up to $577.5 million in additional milestones plus royalties.


TRex Bio (TRXB): Biotech Sector Remains Open as Lilly Backed Bio Sets Terms for IPO

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

<ul>
<li>Two qualifying IPOs are scheduled to price Tuesday and begin trading Wednesday: Oura and Accelevation Holdings.</li>
<li>Together they represent approximately $2.76 billion of base proceeds at midpoint and make this the most consequential new-issue day since the summer window.</li>
<li>The books are constructive. Oura was heard approximately 3x covered before its Boston roadshow, while Accelevation was heard 3–4x covered as of Friday. </li>
</ul>


Two qualifying IPOs are scheduled to price Tuesday and begin trading Wednesday: Oura and Accelevation Holdings.
Together they represent approximately $2.76 billion of base proceeds at midpoint and make this the most consequential new-issue day since the summer window.
The books are constructive. Oura was heard approximately 3x covered before its Boston roadshow, while Accelevation was heard 3–4x covered as of Friday. 


U.S. IPO & Equity Capital Markets Brief 9/28/2026

United States

Accelevation Holdings Corp. operates as a holding company. The Company, through its subsidiaries, provides a vertically integrated infrastructure platform that designs, manufactures, and installs power distribution and white space infrastructure products for mission-critical environments. Accelevation Holdings serves clients in the United States.

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Accelevation Holdings (ACCV US)

Accelevation Holdings (ACCV): Another AI Infrastructure Company Sets Terms, Seeking $5b+ Valuation

Accelevation brings a $1.1B backlog and 176% 1H26 revenue growth to the AI data center boom, but Olympus’ large secondary sale bears watching.

IPO Boutique

This Week in AI (Sep 27-Oct 3): OpenAI Drops Astra for Sol; Sonnet 5.5 Nears Opus at 1/2 the Price

This week in AI: OpenAI scrapped GPT-6.1 Astra and shipped Sol, Anthropic released Sonnet 5.5 at half Opus's price, and Google launched Gemini 4...

Ke Yan, CFA, FRM

This Week in AI (Sep 20-26): Opus 5.5 and GPT-6 Launch Cheaper; Data Center IPO Delays

This week in AI: Anthropic and OpenAI cut frontier-model costs, Grok 4.7 entered major coding channels, and financing stress hit infrastructure.

Ke Yan, CFA, FRM

TRex Bio (TRXB): Biotech Sector Remains Open as Lilly Backed Bio Sets Terms for IPO

TRex Bio brings a Treg-focused biotech platform to market with a Phase 1 lead asset, strong existing investors and Eli Lilly backing as biotech...

IPO Boutique

U.S. IPO & Equity Capital Markets Brief 9/28/2026

Period: September 28–October 2, 2026 Coverage: Traditional U.S. operating-company IPOs and consequential ECM transactions of at least $100 million...

IPO Prophet

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