IPO

100 words.Leapfrog Acquisition Corp priced its IPO at $10 per unit, selling 12.5 million units for $125 million in gross proceeds. The units, each containing one Class A share and half a warrant (exercise price $11.50), will begin trading on Nasdaq under the ticker “LFACU” on Dec 5 2025, with warrants later listed as “LFACW.” BTIG serves as sole book‑runner and may purchase an additional 1.875 million units under a 45‑day over‑allotment option. The SPAC targets mergers or acquisitions in the global energy supply chain and critical‑minerals sectors.

words.Anthropic, the AI startup behind Claude, is preparing for a potential IPO—the largest slated for next year—by hiring law firm Wilson Sonsini and consulting banks. The company may raise a private round valued over $300 billion, with $15 billion pledged by Microsoft and Nvidia. It has hired former Airbnb IPO lead Krishna Rao and announced a $50 billion data‑center expansion. Rival OpenAI is also weighing a public listing, positioning both firms to test market appetite for fast‑growing, loss‑making AI ventures.

Kraken, a major crypto exchange, has confidentially filed for a U.S. IPO, following successful debuts by Bullish and Gemini. Founded in 2011, Kraken offers digital asset trading and tokenized equities. A recent $800 million funding round, including investment from Citadel Securities, valued the company at $20 billion. Kraken plans to use the funds for global expansion and enhanced payment services. The IPO’s outcome could indicate future success for other crypto firms seeking public listings amid regulatory scrutiny and market volatility.

Klarna (KLAR) reported its first earnings post-NYSE debut, exceeding revenue expectations with $903 million for Q3, a 26% increase YoY. While revenue grew, the company reported a net loss of $95 million, reflecting investments in growth and a competitive BNPL landscape. US expansion fueled GMV growth significantly. The Klarna Card has gained 4 million customers. Elliott Investment Management will acquire $6.5B of Klarna’s “fair financing” loans. Klarna projects continued growth for Q4, exceeding FactSet estimates. The company is also integrating AI to improve customer service.

StubHub’s stock plummeted 24% after it withheld current quarter financial guidance, citing a “long-term” focus, unsettling investors despite reporting solid Q3 revenue and GMS growth. Revenue rose 8% to $468.1 million and GMS increased 11% to $2.43 billion, exceeding expectations. A net loss of $1.33 billion was attributed to IPO-related stock compensation. Concerns persist around near-term visibility, competition and achieving sustainable profitability. Wedbush maintains an outperform rating despite expressing surprise at the lack of guidance.

StubHub (STUB) shares fell 5% after hours following its first earnings report post-IPO in September 2025. While Q3 revenue beat expectations at $468.1 million, the company reported a significant $1.33 billion net loss, or $4.27 per share, attributed to a $1.4 billion IPO-related stock compensation charge. Gross Merchandise Sales (GMS) increased 11% year-over-year to $2.43 billion, but analysts cited challenging comparisons due to the prior year’s “Swift lift.” Since its $23.50 IPO, the stock has declined roughly 20%.

Firefly Aerospace (FLY) shares rose 15% after Q3 results surpassed expectations. Revenue jumped 38% year-over-year to $30.8 million, prompting an upward revision of full-year revenue guidance to $150-$158 million. Despite a $140.4 million net loss, attributed to IPO and other one-off costs, the report signals potential recovery. Since its August IPO, FLY has faced volatility and a rocket test failure, but secured a $177 million NASA contract and acquired SciTec. Investors should monitor cost management, operational efficiency, and contract execution for long-term success.

Key takeaways include potential delays in economic data releases due to government shutdown impacts on labor market reports and concerns over “ghost jobs.” A proposed tariff rebate faces skepticism, while importers await a Supreme Court ruling on tariffs. The Senate is drafting digital asset market structure legislation. On, a sportswear company, reported strong earnings, while Oura projects significant sales growth. Consumer sentiment is linked to stock ownership levels.

CoreWeave, an AI-focused cloud provider, reported strong Q3 earnings, exceeding revenue expectations with $1.36 billion, a 134% year-over-year increase. While reporting a net loss, it was significantly improved compared to the previous year. The company boasts a $55.6 billion contracted backlog and secured major partnerships with OpenAI and Meta. Since its March IPO, the stock has risen 164%. However, a proposed acquisition of Core Scientific was rejected. Investors are watching for updates on capacity expansion and profitability strategies.

Pony.ai and WeRide, Chinese autonomous driving firms, experienced stock declines in Hong Kong after raising a combined $1.17 billion in IPOs. The companies aim to use the capital to advance Level 4 autonomy, expand globally, and compete with Baidu’s Apollo Go and Alphabet’s Waymo. Regulatory hurdles in the U.S. and allegations between the companies add to the challenges. They also aim to partner with Uber and expand in China, the Middle East, Europe and Asia.