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Jamie Wilde4/16/24

The long, brutal winter may finally be over for the IPO market

IPOs hit record highs in 2021 then hit the brakes, slowing down massively through 2023. But following last month’s successful public debuts of AI startup Astera Labs and social platform Reddit, a flurry of tech companies filed their S-1s.

Two highly-hyped startups are expected to hit public markets as soon as this week. Microsoft-backed data-security software co Rubrik is said to be looking to raise $700M and its AI adjacency adds to its investor appeal, though the company is not profitable. Rubrik’s sales pitch claims that advancements in AI could make its cybersecurity software more necessary and already works with Oracle and Amazon.

The other company expected to IPO this week is a profitable unicorn: Ibotta, a platform that gives users cash back and other rewards for online purchases. The Walmart-funded startup said it turned a profit of $38M last year and is targeting a $2.5B valuation when it goes public.

Ibotta and Rubrik could warm markets up for a hot IPO summer: event ticket marketplace StubHub is reportedly looking to go public this summer at a whopping $16.5B valuation.

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Avocado, toast?

Meta reportedly delays the launch of its new AI model because it’s just not that good

Meta’s AI leaders have “instead discussed temporarily licensing Gemini to power the company’s AI products, though no decisions have been reached,” according to the New York Times.

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Hims & Hers sees surge turn sour in its biggest reversal since the 2025 stock market bottom

Hims & Hers erased gains of more than 5% in early trading to close down more than 7% on Thursday.

It’s the first time the telehealth company saw an intraday gain of 5% or more turn into a loss of 5% or more since April 8, 2025, which marked that year’s bottom for the S&P 500 amid the tariff-induced tumult.

Hims has been on an absolute tear this week after reaching a renewed partnership with Novo Nordisk to sell its weight-loss drugs, a pact that resolves the massive legal overhang that had been plaguing the stock. The momentum continued as Wall Street scrambled to boost its outlook on the shares following this arrangement.

There’s not much in the way of company-specific news to point to: Hims, like many other firms, tanked after the market opened as oil climbed.

Perhaps this is just a consolidation period — the so-called pause that refreshes — or a potential sign that the stock has squeezed all the juice it could out of one catalyst as the overall market wobbles under the weight of high oil prices brought about by the ongoing war in the Middle East.

Tasha Matsumoto

Stocks tumble as Brent crude closes above $100

Investors were plagued by inflation fears amid rising oil prices and ongoing private credit concerns.

Black Bear in Yukon Territory

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Matt Phillips7h

Firefly Aerospace rockets higher as traders snap up calls

Firefly Aerospace shares soared after Wednesday’s successful liftoff of its Alpha rocket for the first time in almost a year was followed by a flurry of call buying in the options market.

Shortly before 3 p.m. ET on Thursday, roughly 36,000 call options on Firefly had changed hands, more than twice the average over the previous 20 days.

The Cedar Park, Texas-based designer and manufacturer of space launch vehicles has lost some serious altitude since its August 2025 IPO. It’s down about 60% since then, even after Thursday’s surge.

Vandenberg rocket launch visible across West Coast. Here's a recap

Vandenberg rocket launch visible across West Coast. Here's a recap

The Cedar Park, Texas-based designer and manufacturer of space launch vehicles has lost some serious altitude since its August 2025 IPO. It’s down about 60% since then, even after Thursday’s surge.

Woe de toilette

Spiking oil prices have investors turning up their noses at fragrance stocks

Estée Lauder and International Flavors & Fragrances are among the worst-performing stocks since the kinetic conflict in the Middle East started.

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