CXMT's 466% Debut, Shein's Losses, and Trump's Son's Investments: The Top IPO Stories as of August 2

Fast fashion giant Shein has disclosed its financial results in detail for the first time ahead of its planned IPO in Hong Kong, reporting a loss and a decline in revenue for the first quarter. Data center operator CyrusOne, owned by KKR and BlackRock Global Infrastructure Partners, has begun preparations for an IPO that could be one of the largest offerings of 2027. Eric Trump, son of the U.S. president, has endorsed the IPO of Space-Eyes, a company developing AI systems for reconnaissance and drone detection. Check out our roundup of the week’s top events in the initial public offering market.

— Shein has disclosed its financial results in detail for the first time ahead of its planned IPO in Hong Kong: In the first quarter of 2026, the company reported a net loss of $99 million, compared to a profit of $395 million a year earlier, while revenue growth slowed to 1.1%, reaching $9.05 billion. Amid tariffs, intensifying competition from Temu, and a slowdown in sales growth and user activity, the retailer expects to raise $2–3 billion through the IPO; however, the weak results are putting additional pressure on its valuation. An additional risk is an investigation by the U.S. Federal Trade Commission (FTC), which is examining Shein’s operations for possible violations of consumer protection laws, Bloomberg reported. The company warned that the investigation could result in significant monetary fines and stated that it is cooperating with the regulator.

— Space-Eyes, a company that develops AI systems for drone detection and geospatial intelligence, will go public through a merger with the SPAC McKinley Acquisition Corp in a deal valuing the combined business at $638 million, Reuters reports, citing sources. The deal could raise up to $251.7 million. Shares of the combined company are scheduled to be listed on Nasdaq under the ticker symbol CUAS. One of Space-Eyes’ largest private investors is U.S. President Donald Trump’s son, Eric Trump, who will become a strategic advisor to the company once the deal is completed. Space-Eyes currently generates about $1 million in annual revenue, but is negotiating contracts worth approximately $35 million over five years and expects demand for anti-drone technology to grow amid rising defense spending.

— CyrusOne, a data center operator owned by KKR and BlackRock Global Infrastructure Partners, has begun preparations for an IPO that could be one of the largest offerings of 2027, The Information reports, citing sources. The company is preparing to select underwriters, and the proceeds may be used to reduce its debt burden and facilitate a partial exit by current owners. Analysts value CyrusOne at a level comparable to that of another data center operator, Switch, which is preparing for an IPO with a potential valuation of more than $65 billion, including debt.

— GrubMarket, an American company that provides software and an e-commerce platform for fresh food retail, has privately filed for an IPO in the U.S., according to Bloomberg. In February, GrubMarket raised $50 million at a pre-IPO valuation of $4.5 billion. Founded in 2014, the company is actively expanding through M&A deals: over the past year, it has acquired the Canadian online grocery delivery service SPUD, distributors Delta Fresh Produce and Coast Citrus Distributors, and software developer Procurant. In June, GrubMarket also enhanced its AI platform by adding an agent to automate operations in its wholesale food sales departments.

— Shares of Chinese chipmaker CXMT surged 466% on their first day of trading on the Shanghai Stock Exchange, and its market capitalization reached 3.7 trillion yuan ($547 billion), briefly making it China’s most valuable publicly traded company. In what was Asia’s largest IPO this year, the chipmaker raised 57.9 billion yuan ($8.5 billion), which it will use to expand production and develop DRAM memory. CXMT turned profitable amid the AI boom and high demand for memory chips, but assessments of its prospects differ: Nomura forecasts that the stock will rise another 137% from its first-day closing price, while some investors and analysts believe the stock is overvalued and warn that a technological lag caused by U.S. restrictions on access to EUV lithography could hinder the company’s further development.

— Shares of the sandwich chain Jersey Mike’s Subs fell 6% on their first day of trading following its U.S. IPO, in which the company and its shareholders raised $1 billion by selling shares at $23 per share—the midpoint of the stated price range, Bloomberg reports. At the close of trading, the chain’s market capitalization stood at $6.9 billion. Despite the weak debut, the offering was oversubscribed by approximately 15 times. In 2025, Jersey Mike’s revenue grew by 11% to $724 million, and adjusted EBITDA rose to $339 million, compared with $263 million a year earlier. The chain has more than 3,300 restaurants in the U.S. and Canada and plans to expand its U.S. network to approximately 7,500 locations.

— Shares of women’s clothing manufacturer Reformation remained virtually unchanged on the first day of trading following its U.S. IPO. The company raised $210.9 million by pricing its shares at the lower end of the price range—$15 per share. Following its debut, the company’s market capitalization stood at approximately $890.9 million. Founded in 2009, Reformation focuses on sustainable production and direct-to-consumer sales, which accounted for about 90% of its revenue in 2025. Last year, the brand’s net revenue grew to $507.1 million, and the number of active customers exceeded 1 million. The chain currently has 70 stores in the U.S., the U.K., Canada, and France, and the company plans to more than double that number over the next five years.

— DeepSeek founder Liang Wenfeng was one of the main beneficiaries of the IPO of Chinese chipmaker CXMT, according to Bloomberg: his High-Flyer investment funds received the largest allocation of shares among private funds—20.2 million shares. After CXMT’s shares surged 466% on the first day of trading, the value of this stake increased by approximately 820 million yuan ($121 million). Strong interest in the offering was driven by demand for AI companies and government support for the semiconductor industry: the retail portion of the IPO was oversubscribed 212 times, and investors submitted subscription applications totaling 7.07 trillion yuan, the agency reported.

— The IPO of Chinese chipmaker CXMT marked the first major Asian test for cryptocurrency futures on pre-IPO company shares, according to Bloomberg. Contracts on the Hyperliquid platform almost exactly predicted the company’s initial market valuation. By the close of trading, CXMT shares were trading at around $7.24, corresponding to a market capitalization of approximately $488 billion. The agency notes that the growing popularity of such perpetual futures is fueling debate over whether they can become a fully-fledged tool for determining market price ahead of an IPO, although experts caution that these contracts do not confer ownership of the shares and remain a highly speculative instrument.

This article was AI-translated and verified by a human editor