Listing of Nvidia rival, SpaceX and a record debut in Europe: What's important about IPOs by Ma. 10

US AI chip developer Cerebras, a direct competitor of Nvidia, is set to launch what may be the biggest Wall Street IPO since the start of this year next week. Elon Musk will retain full power over the company after SpaceX's listing, severely curtailing the rights of minority shareholders. Robotaxi chip maker Silex Micro made its strongest European debut in more than a decade. The main IPO market events of the week are in our selection.

- Nvidia rival Cerebras is aiming to raise up to $3.5 billion in an IPO to challenge rivals. The AI chip developer will offer 28 million shares at prices ranging from $115 to $125. Including the option, the offering could raise more than $4 billion and the diluted valuation of the business could be $33 billion, Bloomberg calculated. This is the company's second attempt to go public. According to Bloomberg, underwriting banks have already collected preliminary bids to buy securities worth more than $10 billion. Pricing is scheduled for Ma. 13. The startup is actively cooperating with the largest players in the AI market: Amazon will use its chips, and OpenAI has signed a multi-year contract for the lease of computing power.

- The SpaceX IPO will unprecedentedly increase Elon Musk's power at the expense of shareholder rights, Reuters reported after examining the prospectus for the world's most expensive aerospace company. According to the agency, the special Class B securities will retain "virtually unlimited" powers for the billionaire. He will combine three major positions, and no one will be able to fire him. Investors' rights will be severely curtailed: they will be banned from class actions and arbitration will be imposed. Only owners of shares worth $1 million or more will be allowed to put issues to a vote, the article says. SpaceX plans to hold the world's largest IPO for $75 billion at the end of June, timed to coincide with Musk's birthday and a parade of planets.

- Search giant Baidu, the Chinese equivalent of Google, has planned a dual IPO in Shanghai and Hong Kong of its Kunlunxin chip manufacturing unit. According to local newspaper South China Morning Post, the valuation of the business on the Hong Kong listing could reach 100 billion yuan ($14.7 billion). At the same time back in December 2025 chipmaker was worth $3 billion. After the announcement of the IPO Kunlunxin shares Baidu jumped in price by 4.1%. Jefferies analysts expect the placement in the third quarter.

- Geothermal energy source developer Fervo Energy expects to raise up to $1.33 billion in a U.S. IPO as more companies look to monetize growing data center demand for power. The firm will offer investors 55.56 million shares in a range from $21-24, with pricing scheduled for Ma. 12. The offering at the top end of the range will value the business at $6.5 billion. By the end of 2026, Fervo will launch its 500-megawatt Cape Station project in Utah, expandable to 2 gigawatts, equal in capacity to two standard nuclear units. Although geothermal energy is still a small share of global generation, Fervo's borrowed technology from the oil and gas industry promises to lower costs and expand geographic production.

- The stock exchange debut of chip maker Silex Micro was the best in Europe since REC Solar listed in 2013. On the first day of trading on Nasdaq Stockholm, the company's shares soared 178% to the IPO price. The placement brought Silex Micro and its Chinese shareholder Sai MicroElectronics about $220 million. The bulk of the securities were immediately bought by anchor investors. Demand for the remaining shares exceeded the offer 50 times, leaving hundreds of buyers with nothing, Bloomberg writes. Silex microchips track movement in smartphones and control lasers in robotaxi lidars.

- Shares of satellite intelligence provider Hawkeye 360 jumped 31% on the first day of trading after its IPO on the New York Stock Exchange. The company raised $416 million in the offering at the upper end of its $26 per share range, which it will use to pay down debt. Operating a network of more than 30 small satellites, Hawkeye 360 intercepts radio signals and processes classified data for U.S. authorities. Historically, radio frequency intelligence has been handled by government agencies, but Hawkeye has found a "critical gap" in it that it does not name. Its order book for 2025 has grown sixfold to $303 million.

- Compass Gas e Energia, which operates Brazil's largest gas distributor Comgás, held the country's first IPO in almost five years. In the course of the offering, shareholders raised about $650 million. The listing took place without an additional issue: the entire volume of the offer was provided by existing shareholders. Compass was preparing a listing back in 2020, but canceled it due to the downturn in stock exchanges. Bloomberg attributes the revival of the Brazilian IPO market to the influx of foreign investment, which provided an unprecedented growth of local shares. The company is scheduled to make its stock exchange debut on Ma. 11.

- One of Africa's largest mobile operators Airtel has postponed the IPO of mobile payment service Airtel Money in London due to unfavorable market conditions. The operator warned of the risks of reduced profitability due to high energy costs caused by the war in Iran, and postponed the placement from the first to the second half of 2026. Airtel is controlled by Indian billionaire Sunil Mittal. The company initially considered the UAE for the listing, but then opted for the British capital.

- SpaceX and Anthropic mega-IPOs have the potential to halt stock market gains, Bank of America warns. BofA strategist Savita Subramanian considers the growth of indices due to the multi-year reduction in the number of available shares completed and expects an oversupply. The fact is that to buy new products, index funds will start selling off securities of current tech giants. This will bring down prices and destroy the previous driver of the rise in quotations - the shortage of tradable assets, Subramanian pointed out. SpaceX is scheduled to list with a valuation of over $2 trillion in June, while Anthropic is expected to go public in October at a valuation of over $900 billion.

- Artillery shell supplier Czechoslovak Group (CSG) has rejected accusations by short-seller Hunterbrook of hiding data in its January IPO in Amsterdam, one of Europe's biggest in recent years. Hunterbrook said CSG's business is all about resale and "the resale model is dependent on global [shell] inventories, which can run out." The company called it a misrepresentation of the facts: it manufactures shells at plants in various countries, produced 630,000 rounds of ammunition last year, and will increase its own output by 20% this year. However, the denial did not help the shares: On Ma 4, they collapsed by 13% and have not recovered from the collapse until now. CSG produces shells for the Ukrainian military and also acts as an intermediary in purchases for Kiev from third countries, the Financial Times points out.

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