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.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

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

<ul>
<li>Fermi set terms for its IPO on Wednesday afternoon and will offer 25 million shares at $18-$22 and to debut on Wednesday, 10/1.</li>
<li>One of Fermi's founders is former energy sector director, Rick Perry.</li>
<li>The underwriters have reserved for sale at the initial public offering price up to 5% of the shares of common stock for sale through a directed share program.</li>
</ul>


Fermi set terms for its IPO on Wednesday afternoon and will offer 25 million shares at $18-$22 and to debut on Wednesday, 10/1.
One of Fermi's founders is former energy sector director, Rick Perry.
The underwriters have reserved for sale at the initial public offering price up to 5% of the shares of common stock for sale through a directed share program.


Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation

<ul>
<li>Their mission is to deliver up to 11 gigawatts on-demand power directly to the world’s most compute-intensive businesses with 1 GW of power projected to be online by 2026.</li>
<li>A pair of hyperscalers have gone public and have been well-received by the market: CoreWeave (CRWV US) and Whitefiber (WYFI US).</li>
<li>The company has no revenues and was formed in January meaning investors will have to exercise extreme patience with this developmental company. </li>
</ul>


Their mission is to deliver up to 11 gigawatts on-demand power directly to the world’s most compute-intensive businesses with 1 GW of power projected to be online by 2026.
A pair of hyperscalers have gone public and have been well-received by the market: CoreWeave (CRWV US) and Whitefiber (WYFI US).
The company has no revenues and was formed in January meaning investors will have to exercise extreme patience with this developmental company. 


Fermi Inc. (FRMI): Peeking at the IPO Prospectus of a Hyperscaler Development Company

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Alliance Laundry Holdings / Index Rebalance

<ul>
<li>All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.</li>
<li>The largest forecasted IPO additions in terms of market cap are <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a>, <a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/fermi-llc" target="_blank" data-smartkarma-citation="entities:45788:1" rel="noopener">Fermi (FRMI US)</a>.</li>
<li>The largest forecasted IPO additions in terms of passive fund impact include <a href="https://www.smartkarma.com/entities/legence-corp" target="_blank" data-smartkarma-citation="entities:45669:1" rel="noopener">Legence (LGN US)</a>, <a href="https://www.smartkarma.com/entities/via-transportation-inc" target="_blank" data-smartkarma-citation="entities:45670:1" rel="noopener">Via Transportation (VIA US)</a> and <a href="https://www.smartkarma.com/entities/avidia-bancorp-inc" target="_blank" data-smartkarma-citation="entities:46007:1" rel="noopener">Avidia Bancorp (AVBC US)</a>.</li>
</ul>


All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.
The largest forecasted IPO additions in terms of market cap are Bullish US (BLSH US), FT Intermediate (FIGR US) and Fermi (FRMI US).
The largest forecasted IPO additions in terms of passive fund impact include Legence (LGN US), Via Transportation (VIA US) and Avidia Bancorp (AVBC US).


US: 19 IPOs Forecasted for Index Addition in December 2025

<ul>
<li>CoreWeave priced a downsized IPO — 37.5 million shares at $40.00 — well below the marketed $47–$55 range.</li>
<li>He debut was muted (opened at ~$39 and closed at the $40 IPO price), but the stock ripped higher in the weeks that followed and peaked at $187 in June.</li>
<li>By late October CoreWeave ranked among the top performing 2025 IPOs, sitting behind Circle Internet Group and Karman Holdings in aftermarket returns.</li>
</ul>


CoreWeave priced a downsized IPO — 37.5 million shares at $40.00 — well below the marketed $47–$55 range.
He debut was muted (opened at ~$39 and closed at the $40 IPO price), but the stock ripped higher in the weeks that followed and peaked at $187 in June.
By late October CoreWeave ranked among the top performing 2025 IPOs, sitting behind Circle Internet Group and Karman Holdings in aftermarket returns.


CoreWeave Inc (CRWV): Six Month Summary: AI Hyperscaler that Re-Priced the IPO Playbook

United States

Fermi LLC operates as an energy development company. The Company focuses on building electric grids that deliver redundant power at gigawatt scale to create next-generation artificial intelligence.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Fermi (FRMI US)

Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation

Fermi, co-founded by Rick Perry, sets terms for IPO with 25 million shares priced at $18-$22, debuting on 10/1. Underwriters reserve 5% for...

IPO Boutique

Fermi Inc. (FRMI): Peeking at the IPO Prospectus of a Hyperscaler Development Company

New company aims to provide 11 GW of on-demand power to compute-intensive businesses, with 1 GW projected by 2026. The IPO is anticipated in October.

IPO Boutique

US: 19 IPOs Forecasted for Index Addition in December 2025

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

CoreWeave Inc (CRWV): Six Month Summary: AI Hyperscaler that Re-Priced the IPO Playbook

CoreWeave's IPO initially priced below expectations but saw significant gains in the following weeks, becoming one of the top performing 2025 IPOs.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation

​Fermi, co-founded by Rick Perry, sets terms for IPO with 25 million shares priced at $18-$22, debuting on 10/1. Underwriters reserve 5% for...

IPO Boutique

Fermi Inc. (FRMI): Peeking at the IPO Prospectus of a Hyperscaler Development Company

​New company aims to provide 11 GW of on-demand power to compute-intensive businesses, with 1 GW projected by 2026. The IPO is anticipated in October.

IPO Boutique

US: 19 IPOs Forecasted for Index Addition in December 2025

​Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

CoreWeave Inc (CRWV): Six Month Summary: AI Hyperscaler that Re-Priced the IPO Playbook

​CoreWeave's IPO initially priced below expectations but saw significant gains in the following weeks, becoming one of the top performing 2025 IPOs.

IPO Boutique

Fermi, co-founded by Rick Perry, sets terms for IPO with 25 million shares priced at $18-$22, debuting on 10/1. Underwriters reserve 5% for...

New company aims to provide 11 GW of on-demand power to compute-intensive businesses, with 1 GW projected by 2026. The IPO is anticipated in October.

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

CoreWeave's IPO initially priced below expectations but saw significant gains in the following weeks, becoming one of the top performing 2025 IPOs.