Analysis
Pulse has already mapped which 2026 IPOs have actually cleared the market's bar and which are still just filed: one AI-linked debut popped on day one backed by real revenue and a marquee customer, a smaller infrastructure listing priced below range and kept sliding, and two of the biggest names on paper still haven't priced at all. Lay those outcomes next to each other and fundamentals alone don't explain the gap -- the smaller listing's revenue is comparable in scale to what carried the AI-linked debut, and arguably more mature relative to its raise.
The nuclear sector is running a similar split in miniature -- private funding into nuclear startups is climbing even as nuclear-adjacent public equities have turned bearish, which Pulse covered separately as Nuclear Funding Booms While Public Markets Turn Bearish. Private and public investors are pricing the same underlying thesis differently depending on which market they're in, and that gap -- not the aggregate 'is the IPO window open' headline -- is the thing to watch heading into 2027's listing calendar.
