The week of January 26-30, 2026, promises to be particularly interesting for those following the American IPO market. Four companies will debut on the New York and NASDAQ stock exchanges, bringing with them very different stories: from space economy to Brazilian fintech, including insurtech and SPACs. Let's take a look at what lies ahead.

GigCapital9 Corp. (NASDAQ: GIX)

Anyone who has been operating in the US markets for a few years is familiar with the name Avi Katz and his GigCapital network. We've reached the ninth iteration of this SPAC series, which will debut on the NASDAQ on Monday, January 27th under the ticker GIX at a fixed price of $10 per unit.

For those unfamiliar with the process, SPACs are investment vehicles that raise capital through an IPO with the goal of subsequently merging with a private company and taking it public. GigCapital9 aims to raise $220 million by offering 22 million units, with an estimated market capitalization of around $318 million.

What makes this SPAC interesting is its declared focus: aerospace and defense, cybersecurity, secure communications, command and control systems based on quantum technologies, artificial intelligence, and machine learning . These are sectors currently attracting huge investments, both public and private, and where demand for innovative solutions far exceeds supply.

Katz, a Palo Alto-based semiconductor industry veteran, has a mixed track record with his previous SPACs. GigCapital7 is currently pursuing a merger with Hadron, a developer of micronuclear reactors, while GigCapital8 completed its IPO in October 2025 and is currently searching for a target. Past merger outcomes have been mixed, with some deals performing well and others suffering significantly post-merger.

Ethos Technologies Inc. (NASDAQ: LIFE)

This is probably the IPO that piques my interest the most this week, and not just because of the apt ticker. Ethos Technologies represents what we might call the new generation of insurtech, namely those startups that are trying to revolutionize the insurance industry from within using technology.

Founded in 2016 by Peter Colis and Lingke Wang while attending Stanford Business School, Ethos has built a platform that radically simplifies the process of purchasing life insurance. No more mandatory doctor visits, endless questionnaires, or weeks of waiting: with Ethos, you can get a life insurance policy in minutes by answering a few health questions and letting machine learning algorithms do the rest.

The numbers are decidedly solid. In the nine months ending September 2025, the company posted revenues of $277.5 million with a net profit of $46.6 million . Yes, you read that right: Ethos is profitable, which is far from a given in the tech world. Year-over-year growth was 57%, and to date, over 480,000 policies have been activated on the platform.

The Austin, Texas-based company will go public with a valuation of between $1.2 billion and $1.3 billion, offering approximately 10.5 million shares at a price range of $18 to $20. About half of the shares up for sale will come from the company itself, with the other half from existing shareholders such as GV (Alphabet's venture arm) and General Catalyst. Sequoia and Accel, among the initial investors, will not sell shares.

An interesting detail: Ethos's early backers included the family offices of celebrities such as Will Smith, Robert Downey Jr., Kevin Durant, and Jay-Z. In 2021, the company reached a valuation of $2.7 billion after a round led by SoftBank. The current IPO valuation is therefore significantly lower, likely reflecting the reset in tech valuations in recent years.

PicS NV (NASDAQ: PICS)

PicPay, one of Brazil's largest digital banking platforms, hides beneath the somewhat cryptic name of PicS NV. The Dutch corporate structure is common for companies seeking to list in the United States, but the heart of the operation is entirely South American.

PicPay started as a simple digital wallet and has evolved into a comprehensive financial ecosystem serving 42 million active consumers each quarter and over 800,000 small and medium-sized businesses. If you're familiar with Mercado Pago or Nubank, we're in that territory: peer-to-peer payments, Pix (the Brazilian instant payment system), credit and prepaid cards, personal loans, insurance, investments. Virtually everything that once required a visit to the bank can now be done from an app.

The numbers are impressive. In the nine-month period ending in September 2025, PicPay processed a total payment volume of 392 billion reais (approximately $68 billion), generating revenues of $1.7 billion and a profit of $74 million. Year-over-year revenue growth was 92%, driven primarily by the expansion of lending and services for SMEs.

The IPO aims to raise approximately $400 million by selling nearly 23 million shares at a price range of $16 to $19, valuing the company at around $1.9 to $2.3 billion. The proceeds will be used to strengthen regulatory capital, finance the ongoing acquisition of Kovr (an insurance company), and support expansion. Citigroup, BofA Securities, and RBC Capital Markets are leading the transaction.

Brazil is one of the most dynamic fintech markets in the world, with a young population, high smartphone penetration, and a traditional banking system that has historically been inaccessible to the poor. PicPay competes directly with giants like Nubank (already listed), Mercado Pago, and the digital divisions of traditional banks, but has built a loyal user base and an ecosystem that generates value through multiple channels.

York Space Systems, Inc. (NYSE: YSS)

We close with what is, at least on paper, the largest IPO of the week. York Space Systems is listing on the NYSE with the goal of raising $512 million, selling 16 million shares at a price range between $30 and $34. The implied valuation is around $4 billion.

Founded in 2012 by Dirk Wallinger in Denver, Colorado, York Space has become a leading contractor in the American space economy, with a particular focus on national security. The company designs, builds, and operates satellites and space platforms for government and commercial clients, boasting what the industry calls a "full-stack" approach: proprietary hardware and software to cover the entire lifecycle of a space mission.

York's positioning is particularly interesting. The company is the number one supplier for the U.S. Department of Defense's Proliferated Warfighter Space Architecture (PWSA) program, with 33 spacecraft already in orbit, six active contracts, and the widest variety of contract types. Overall, York has completed 74 missions and accumulated over 4 million operational hours in orbit.

A distinguishing feature is cost: according to the company, York satellites cost about half as much as those of traditional competitors, while maintaining high performance standards. This cost-effectiveness, combined with speed of deployment, has made York the preferred partner for the new space architectures of the US defense industry, where the proliferation of smaller, less expensive satellites is replacing the old paradigm of a few ultra-expensive strategic satellites.

Revenue for the last twelve months stood at $357 million, with a backlog (orders in portfolio) of $642 million through September 2025. The company is still operating at a loss, like many companies in the sector in the scaling phase, but the trajectory is positive: in the nine months to September 2025, revenue grew from $177 million to $281 million year-over-year, while the overall loss narrowed from $73 million to $55 million.

York is controlled by AE Industrial Partners, a private equity firm specializing in aerospace and defense, which will retain control after the IPO. Goldman Sachs, Jefferies, and Wells Fargo are leading the operation. The market environment is favorable: the IPOs of other space companies such as Firefly Aerospace and Voyager Technologies have been well received, and investors appear to appreciate exposure to the space economy, especially when tied to defense budgets.

The complete picture of the week

Final considerations

Four IPOs in one week is a good sign for the US capital market. After a gradual recovery in prices in 2025, 2026 seems to be off to a good start, at least in terms of investor appetite for new issues.

The four companies going public this week offer very different profiles. GigCapital9 is pure SPAC risk, with the unknown target still to be identified. Ethos represents a mature insurtech, already profitable and with a proven business model. PicPay provides exposure to emerging Brazilian fintech, with all the risks and opportunities that entails. Finally, York Space offers direct exposure to the space economy and US defense budgets.

As always, we recommend doing your research before investing. IPOs are notoriously volatile in the first few days and weeks of trading, and opening prices can deviate significantly from the indicated range. Interested parties should monitor the final price and sentiment on the first day of trading before taking a position.