The U.S. IPO market is expanding into the semiconductor, energy, and biotechnology sectors... while the software industry remains cautious.

Startups’ CEOs mentioning IPO plans are not uncommon, but the key indicator of whether a first-time public offering (IPO) is truly imminent lies in whether they have filed a publicly available securities registration statement, the ‘S-1’ form. Recently in the U.S., venture-backed startups have been entering the public listing process one after another, signaling a rebound in the IPO market.

U.S. IPO Market Expands into Semiconductor, Energy, and Biotechnology Sectors

Most notably is Cerebras Systems, which designs semiconductors for artificial intelligence inference. The company submitted a public filing last week aiming for an IPO of approximately $2 billion (about 2.955 trillion KRW). Market estimates suggest its valuation target exceeds $35 billion (about 51.7125 trillion KRW). Considering Cerebras’ previous suspension of its listing plans last fall and its renewed efforts, this move is seen as an ‘important signal’ for the U.S. semiconductor IPO market. According to Crunchbase data, if successful, this could become the largest IPO in U.S. semiconductor company history.

Clean Energy IPO Boom… Nuclear and Geothermal Companies Also Enter the Fray

The clean energy sector is also experiencing large-scale IPO attempts. Maryland-based nuclear startup X-energy has set an offering price of $23 per share, aiming to raise about $1 billion (approximately 1.4775 trillion KRW). This exceeds initial expectations, and its stock price rose 27% on the first day of trading.

Houston-based geothermal energy company Fervo Energy is also pushing for a NASDAQ listing. The company filed for an IPO last week, with Renaissance Capital estimating its fundraising scale at around $250 million (about 29.55k KRW). Analysts note that as AI and electricity demand grow and energy security issues intertwine, power generation and infrastructure companies are replacing traditional software firms, attracting investor attention.

Biotech IPOs Restarted… Obesity Treatment and Early Diagnostics in Focus

The biotech IPO market is heating up rapidly. Massachusetts-based Kymera Therapeutics raised $718 million (about 1.06145 trillion KRW) on NASDAQ with oral and injectable treatments targeting obesity and metabolic diseases. California’s Alamar Biosciences also went public with early disease diagnostic technology based on proteomics, with an estimated valuation of about $1.6 billion (about 2.364 trillion KRW).

Several other candidate companies are also in the pipeline. Austin-based Mobia Medical, developing neural stimulation devices for stroke survivors, recently filed for an IPO. Previously, Boston’s Cerevance Therapeutics submitted an S-1 for neuropsychiatric disorder treatments such as depression and anxiety, and Denmark’s Hemab for blood clotting disorder treatments. The recent trend in biotech IPOs is that ‘commercialization potential’ and ‘market size of indications’ are replacing pure R&D expectations as core evaluation criteria.

Aerospace and Defense Sector Anticipates Growth… SpaceX’s Public Filing Draws Attention

The aerospace and defense sector is also gaining IPO interest. Notably, Texas-based SpaceX reportedly submitted a confidential IPO filing weeks ago, with an estimated valuation of around $1.75 trillion (about 2,586.625 trillion KRW). If the company proceeds with the IPO this June, the public filing could follow in the coming weeks.

Meanwhile, smaller in scale but also notable, Virginia-based HawkEye 360, which provides RF data services to military clients, has filed to list on the New York Stock Exchange earlier this month. Geopolitical tensions and expectations of increased defense budgets are fueling demand for defense technology investments, which is seen as a key factor behind its IPO.

Software Sector Remains Quiet… AI Disruption Alters IPO Landscape

However, not all startup sectors are equally favored. Notably, enterprise software, especially Software-as-a-Service (SaaS), is almost absent from the current IPO candidate list. Although it was a mainstay in the IPO market, recent concerns that AI could disrupt existing software business models have dampened investor enthusiasm.

Ultimately, the current U.S. IPO market is better described as a ‘selective recovery’ rather than an ‘unconditional revival,’ characterized by a clear divergence in capital flow across industries. Sectors with explicit structural growth narratives—semiconductors, energy, biotech, aerospace, and defense—are seeing renewed investment. Conversely, industries like software, facing risks of AI-driven restructuring, remain in a wait-and-see mode. The recent flow of public filings can be interpreted as signals of which future industries investors are willing to pay premiums for.

TP AI Notes: This summary is generated based on the TokenPost.ai language model. The main content of the original text may be omitted or not fully aligned with facts.