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

York Space Systems / Equity Capital Markets

<ul>
<li>York Space Systems (YSS US) revenues surged 59% in nine months, leveraging momentum and investor interest ahead of its late-January IPO.</li>
<li>The company plans to raise over $500 million, targeting a $4 billion valuation, with AE Industrial Partners maintaining a significant stake post-IPO.</li>
<li>Vertically integrated, cost-efficient, and technologically advanced, York leads the DoD’s PWSA program, offering scalable satellite platforms, mission services, and recurring revenue streams.</li>
</ul>


York Space Systems (YSS US) revenues surged 59% in nine months, leveraging momentum and investor interest ahead of its late-January IPO.
The company plans to raise over $500 million, targeting a $4 billion valuation, with AE Industrial Partners maintaining a significant stake post-IPO.
Vertically integrated, cost-efficient, and technologically advanced, York leads the DoD’s PWSA program, offering scalable satellite platforms, mission services, and recurring revenue streams.


York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

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>York Space Systems (formerly Yellowstone Midco Holdings II, LLC) headquartered in Denver, Colorado , has filed for an initial public offering of 16.0 million shares of common stock , with the company targeting a price range of $30.00 to $34.00 per share .</li><li>At the midpoint of the range, the offering implies an equity market capitalization of approximately $4.0 billion and a gross deal size of roughly $512 million .</li><li>The company has applied to list its shares on the New York Stock Exchange under the ticker symbol “YSS.” The IPO is led by Goldman Sachs, Jefferies, and Wells Fargo Securities as joint book-running managers, with J.P.</li></ul>

York Space Systems (formerly Yellowstone Midco Holdings II, LLC) headquartered in Denver, Colorado , has filed for an initial public offering of 16.0 million shares of common stock , with the company targeting a price range of $30.00 to $34.00 per share .At the midpoint of the range, the offering implies an equity market capitalization of approximately $4.0 billion and a gross deal size of roughly $512 million .The company has applied to list its shares on the New York Stock Exchange under the ticker symbol “YSS.” The IPO is led by Goldman Sachs, Jefferies, and Wells Fargo Securities as joint book-running managers, with J.P.

York Space Systems Targets IPO as Defense-Driven Space Infrastructure Demand Accelerates

<ul>
<li>York Space Systems, private-equity backed, targets a $3.75–$4.25B valuation in its end-of-January IPO, offering 16 million shares with multiple leading underwriters.</li>
<li>The company is the largest PWSA provider, offering vertically integrated satellite platforms and mission services, delivering faster, lower-cost, and advanced solutions for U.S. defense.</li>
<li>Revenue grew 59% YTD to $280.9M, with $642M backlog, recurring software and operations services, and acquisitions driving scalable, higher-margin growth opportunities.</li>
</ul>


York Space Systems, private-equity backed, targets a $3.75–$4.25B valuation in its end-of-January IPO, offering 16 million shares with multiple leading underwriters.
The company is the largest PWSA provider, offering vertically integrated satellite platforms and mission services, delivering faster, lower-cost, and advanced solutions for U.S. defense.
Revenue grew 59% YTD to $280.9M, with $642M backlog, recurring software and operations services, and acquisitions driving scalable, higher-margin growth opportunities.


York Space Station Inc. (YSS): Peeking at the Prospectus of the Next Space and Defense IPO

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

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

<ul>
<li>All eligible US IPOs that went public from 1 November 2025 to 31 January 2026 will be added to a major US index in March 2026.</li>
<li>
<a href="https://www.smartkarma.com/entities/medline-inc" target="_blank" data-smartkarma-citation="entities:45954:1" rel="noopener">Medline (MDLN US)</a> is expected to be the largest IPO addition in terms of market cap at a valuation of $60bn following its listing on 17 December 2025.</li>
<li>
<a href="https://www.smartkarma.com/entities/beta-technologies-inc" target="_blank" data-smartkarma-citation="entities:45894:1" rel="noopener">BETA Technologies (BETA US)</a> is projected to be included in the lower size segment following a 50% price tumble since its IPO on 4 November.</li>
</ul>


All eligible US IPOs that went public from 1 November 2025 to 31 January 2026 will be added to a major US index in March 2026.

Medline (MDLN US) is expected to be the largest IPO addition in terms of market cap at a valuation of $60bn following its listing on 17 December 2025.

BETA Technologies (BETA US) is projected to be included in the lower size segment following a 50% price tumble since its IPO on 4 November.


US Index IPO Forecast - Mar26: 8 Additions Including Medline & BETA Technologies

<ul><li>The IPO market delivered a wide range of outcomes in today’s triple-header, reinforcing how selective investors remain early in 2026.</li><li>While all three offerings successfully reached the public markets, trading action quickly diverged, with price discipline and intraday confirmation taking precedence over headline narratives.</li><li>From controlled range-bound trading to failed upside momentum and sustained weakness, today’s session highlighted the importance of monitoring real-time price behavior rather than relying solely on opening prints or thematic enthusiasm.</li></ul>

The IPO market delivered a wide range of outcomes in today’s triple-header, reinforcing how selective investors remain early in 2026.While all three offerings successfully reached the public markets, trading action quickly diverged, with price discipline and intraday confirmation taking precedence over headline narratives.From controlled range-bound trading to failed upside momentum and sustained weakness, today’s session highlighted the importance of monitoring real-time price behavior rather than relying solely on opening prints or thematic enthusiasm.

IPO Market Wrap: Mixed Signals as PicPay, York Space Systems Make Their Debuts

United States

York Space Systems, Inc. manufactures spacecraft platforms and satellite components. The Company designs and produces flight-proven satellites, ground systems, and mission control software. York Space Systems serves government and commercial sectors in the United States.

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York Space Systems (YSS US)

York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.

IPO Boutique

York Space Systems Targets IPO as Defense-Driven Space Infrastructure Demand Accelerates

York Space Systems (formerly Yellowstone Midco Holdings II, LLC) headquartered in Denver, Colorado , has filed for an initial public offering of...

IPO Prophet

York Space Station Inc. (YSS): Peeking at the Prospectus of the Next Space and Defense IPO

Private-equity backed York Space Systems targets a $3.75–$4.25B valuation in IPO, offering 16 million shares with leading underwriters, delivering...

IPO Boutique

US Index IPO Forecast - Mar26: 8 Additions Including Medline & BETA Technologies

MDLN is set to be the largest US IPO index addition in March with a $60bn market cap, while BETA and YSS are poised for significant September...

Dimitris Ioannidis

IPO Market Wrap: Mixed Signals as PicPay, York Space Systems Make Their Debuts

The IPO market delivered a wide range of outcomes in today’s triple-header, reinforcing how selective investors remain early in 2026. While all...

IPO Prophet

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York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

​York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.

IPO Boutique

York Space Systems Targets IPO as Defense-Driven Space Infrastructure Demand Accelerates

York Space Systems (formerly Yellowstone Midco Holdings II, LLC) headquartered in Denver, Colorado , has filed for an initial public offering of...

IPO Prophet

York Space Station Inc. (YSS): Peeking at the Prospectus of the Next Space and Defense IPO

​Private-equity backed York Space Systems targets a $3.75–$4.25B valuation in IPO, offering 16 million shares with leading underwriters, delivering...

IPO Boutique

US Index IPO Forecast - Mar26: 8 Additions Including Medline & BETA Technologies

MDLN is set to be the largest US IPO index addition in March with a $60bn market cap, while BETA and YSS are poised for significant September...

Dimitris Ioannidis

IPO Market Wrap: Mixed Signals as PicPay, York Space Systems Make Their Debuts

The IPO market delivered a wide range of outcomes in today’s triple-header, reinforcing how selective investors remain early in 2026. While all...

IPO Prophet

York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.

Private-equity backed York Space Systems targets a $3.75–$4.25B valuation in IPO, offering 16 million shares with leading underwriters, delivering...