Canyon Edge - Companies that have IPO'd Recently

Welcome to the 6th edition of Canyon Edge - with Figma filing their S-1 this week, we take a look at some companies that decided to take their talents to the public markets this year.

IPO Intelligence

Coreweave - $CRWV

What does Coreweave Do?

CoreWeave is a cloud computing company that rents out super-powerful computers to businesses, especially those working on artificial intelligence (AI). These computers use advanced graphics chips (GPUs), which are great for handling complex tasks like training AI models, generating images and video effects, or running big data projects.

The company has data centers in the U.S. and Europe and offers fast, flexible services that help companies get results quicker and at a lower cost than traditional cloud providers. Big names like Microsoft, OpenAI, and Nvidia use CoreWeave’s platform.

CoreWeave actually started out in 2017 mining cryptocurrency, but in 2019, it shifted focus to AI computing, using its massive supply of GPUs to meet the growing demand for AI power.

What are Investors Betting on?

Investors are drawn to CoreWeave due to its explosive growth, strong AI market positioning, and high-profile partnerships. The company’s revenue jumped over eightfold in 2024 to $1.9 billion, with Q1 2025 alone bringing in nearly $1 billion, a 420% year-over-year increase. CoreWeave provides GPU-based cloud infrastructure optimized for AI and machine learning, serving major clients like OpenAI and Microsoft. Its $12 billion deal with OpenAI and backing from NVIDIA, BlackRock, and others signal strong institutional confidence. Since going public in March 2025, its stock has surged over 250%, with a market cap exceeding $83 billion. CoreWeave operates 32 advanced data centers housing more than 250,000 GPUs, and its infrastructure scale and early access to NVIDIA’s latest chips differentiate it from traditional cloud providers. The company is also expanding globally, investing nearly $1 billion in U.K. data centers and planning further European growth.

How did it Perform on Day 1?

On day 1, Coreweave ended the trading day flat; it even opened $1 below its IPO price. Something I thought was interesting was how Coatue bought $500mm at $37 a share and has booked a huge gain so far.

Venture Global - $VG

What does Venture Global Do? 

Venture Global LNG is a U.S.-based company that produces and exports liquefied natural gas (LNG) to foreign countries. Headquartered in Arlington, Virginia, the company owns and operates facilities along the Gulf Coast that cool natural gas into liquid form, making it easier and more efficient to transport overseas.

Venture Global generates revenue in two main ways: through long-term contracts, often up to 20 years, where it sells LNG to governments or energy companies at lower fixed prices, and through spot market sales, where it profits from the price gap between cheap U.S. natural gas and higher prices abroad. Its competitive edge is that it builds its LNG facilities in smaller parts (modules) ahead of time, then puts them together on site. This method is faster, cheaper, and lets the company start making money sooner than traditional LNG projects that build everything at once.

The stock IPO’d at $25 in January but sold off to $6.75 because of arbitration concerns and LNG market volatility. Now up 129% off the lows, sentiment is starting to turn as investors recognize the strength and execution potential of Venture Global’s modular development model.

What are investors betting on?

Investors are betting on Venture Global’s ability to successfully construct and bring online all five of its planned LNG export facilities (Calcasieu Pass, Plaquemines, CP2, CP3 and Delta), which would significantly scale the company’s production capacity and global market share. The company has already completed two major projects, Calcasieu Pass, which is in the commissioning phase and actively delivering LNG under long-term contracts, and Plaquemines LNG, which is still under construction and expected to come online in phases.

Global demand for LNG is expected to nearly double by 2030, driven by the energy transition, industrial growth in Asia, and a shift away from coal. Europe, in particular, has accelerated its move away from Russian pipeline gas following geopolitical tensions, turning more towards the U.S. as a more reliable and secure source of LNG. This shift presents a massive opportunity for Venture Global. Investors point out that with VG’s faster buildout strategy, the company is well-positioned to capture a significant share of this surging demand and become a key player in reshaping global energy security.

Bull Case:

Execution on CP2 

The completion of CP2 on time and on budget will be a major credibility win for Venture Global. It will prove their ability to execute massive infrastructure projects and show that Calcasieu Pass wasn’t a one-off success. Once CP2 is online, VG will surpass Cheniere to become the largest LNG exporter in the U.S.

Secure financing of CP3 and Delta

The next leg of growth comes from CP3 and Delta, two massive LNG export projects that will cement VG's dominance. The key catalyst here is securing financing, which looks increasingly likely given VG’s long-term offtake agreements and existing relationships with global buyers.

Resolution of Arbitration with key customers

Winning or settling arbitration cases with customers like BP and Shell would remove a significant overhang. Positive outcomes will strengthen VG’s reputation as a credible long-term supplier.

Airo Group Holdings - $AIRO

What Does Airo Do?

AIRO is one of the top IPOs on the street, with bankers strategically timing the IPO during the rise of the Iran-Israel conflict, leading to a 140% surge on day one as investors saw AIRO as a clear beneficiary of this situation. The Chicago-based company currently generates most of its revenue by selling affordable, lightweight drones designed to help soldiers in close combat with surveillance and landmine detection. AIRO also brings in revenue from selling advanced flight systems, cockpit technology, and military training programs. While not yet contributing to revenue, the company is developing electric vertical takeoff and landing aircraft (eVTOLs), and this technology could potentially be a huge market in the future.

What investors are betting on?

Investors are betting that AIRO can really establish credibility in the government defense sector. With the company entering a booming drone and defense market projected to surpass $47 billion by 2029, the timing is ideal. A recent $5.7 billion contract win for military training only adds to the momentum, signaling that AIRO is starting to gain serious traction with federal defense agencies.

On the longer-term, investors are betting on AIRO’s ability of developing eVTOLs, which could become a new wave of transportation, essentially air taxis that move people more efficiently across cities. These aircrafts could also be used for logistics and delivery of goods and critical supplies. While it’s still early, AIRO’s involvement in this space gives them exposure to a high-upside, revolutionary transportation market that could add beyond their core defense business over time.

Bull Case:

Strong Position in Defense Drones: 

AIRO’s established position in affordable, combat-ready drones positions the company to benefit from rising global defense budgets and ongoing geopolitical tensions, supporting both near-term cash flow and long-term growth.

eVTOL Certification Catalyst:  

Getting certified for their eVTOL aircraft by 2027 would unlock access to the fast-growing urban air market, creating a significant new revenue stream outside of defense.

Government Contract Growth:

Securing more government contracts, even in the $15–$20 million range, could drive meaningful revenue growth and potentially send the stock soaring, especially as it builds momentum off its recent $5.7 billion military training deal. 

Hinge Health - $HNGE

What Does Hinge Health Do?

Hinge Health is a digital health company specializing in virtual physical therapy and musculoskeletal (MSK) care to address joint and muscle pain. The company leverages artificial intelligence and advanced technology to deliver personalized exercise therapy programs tailored to conditions such as back, knee, hip, neck, shoulder, and pelvic pain. These programs, accessible through the Hinge Health mobile application, consist of concise 10- to 15-minute sessions designed by licensed physical therapists based on an individual’s medical history and specific needs.

What are Investors Betting On?

Investors are placing their bets on Hinge Health’s ability to shake up musculoskeletal care with its AI-powered platform, offering tailored exercise plans and wearable tech like the Enso, which cuts pain by 68% for users. The company’s May 2025 IPO raised $437 million, with shares jumping 23% from the $32 IPO price, backed by big names like Insight Partners and Tiger Global, even with a valuation dip from $6.2 billion in 2021 to $2.98 billion. Hinge Health’s $390 million in 2024 revenue, a swing toward profitability in Q1 2025, and cost savings of about $2,400 per member make it a solid pick. With just 5% of its massive market tapped, there’s room to grow into employer and Medicare spaces. Still, some investors are wary of market ups and downs and the spotty track record of digital health IPOs.

Thanks for reading the 6th edition of the Canyon Edge, as always - subscribe for more and all inquiries should be directed to;

[email protected]