Bankers are building a summer debut pipeline as biotech flotations outperform AI listings in the U.S. IPO market this year.
Biotech initial public offerings are leading U.S. IPO market returns in 2026, overtaking AI-related listings as bankers assemble a pipeline for summer debuts. The shift suggests investor appetite is favoring life sciences offerings over the technology themes that had recently dominated new listings, with the source framing it as "the lab coat" beating "the hoodie."