News from Washington halted the 2025 IPO market just as it was taking off. Again.<\/p>\n
The US \u201cgovernment shutdown\u201d has effectively closed the IPO market since the SEC can\u2019t review filings or approve pricings.<\/p>\n
The SEC says<\/a> its skeleton crew won\u2019t touch IPOs. However, nothing\u2019s certain. Weeks into the last shutdown in 2018-2019, mounting pressure caused the agency to dedicate some resources to IPO approvals.<\/p>\n October is usually Q4\u2019s busiest month, but the longer this drags on, the more deals get pushed back to Nov.\u2013Jan.<\/p>\n Other than that, market conditions are still ideal. Issuers want to go public, and investors want to buy IPOs. Several notable new deals filed: robo-advisor Wealthfront<\/a>, Jennifer Garner\u2019s baby food brand Once Upon a Farm<\/a>, and electric aircraft equipment maker BETA Technologies<\/a>.<\/p>\n More immediately, the IPO market still has a bit of gas in the tank: Two deals priced this past week, with two more set for the week ahead.<\/p>\n Priced<\/p>\n Fermi (Nasdaq: FRMI)<\/a>: The AI-dedicated power plant developer listed at a $14 billion market cap and popped +55%, before backpedaling on day 2. Without revenue, Fermi should mostly trade on AI sentiment until it starts reporting construction milestones and\/or tenant agreements.<\/p>\n Neptune Insurance (NYSE: NP)<\/a>: The flood insurance firm ended Friday with a +52% return from offer, much of which occurred after the initial pop. As I said last week, it\u2019s a well-run business in an attractive market with a tech edge.<\/p>\n Upcoming<\/p>\n Two PE-backed names with solid cash flow had their IPO filings declared effective right before the shutdown, and will trade on Thursday.<\/p>\n