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Happy Monday.
Let’s get right into it.
Last week, as I wrote on Sunday evening, we didn’t have anything in the week’s IPO queue. But two days later, Goldman was back and testing the waters with Generate Biomedicines, Inc. (Nasdaq: GENB)…
Which debuted on Friday.
I sent an alert on it to IPO Stream Premium members, giving GENB a 50/50 chance its stock is higher one year from now.
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Today, Goldman is back again.
And they’re back again with what could be a very powerful IPO.
Premium members, you’ll get an update with all the goodies about the Goldman IPO, and the other one you’ll see below.
So…
Here we go; underwriters, deal sizes, estimated pricing, and why each one matters in today’s market environment.
MiniMed Group, Inc.
Expected Trading Date: March 5, 2026 (Nasdaq)
Estimated Deal Size: $784 million target
Pricing Range: $25.00–$28.00 per share
Underwriters: Goldman Sachs, BofA Securities, Citigroup, Morgan Stanley (lead syndicate)
MiniMed Group, the diabetes care division carved out of Medtronic, is gearing up to debut this week.
It’s not a Silicon Valley high-growth darling, but rather a real business with real revenue… selling insulin pumps, continuous glucose monitors, and related tech that serve a massive market of people with diabetes worldwide.
The company plans to hand off some proceeds to Medtronic and repay internal obligations, while also giving investors a chance to own a pure-play diabetes technology company.
At a potential nearly $8 billion valuation, it could be one of the biggest U.S. traditional IPOs of early 2026. Given the broader market’s focus on profitability and predictability, MiniMed’s spin-off appeal is precisely that: established products and cash flows in an essential healthcare niche rather than speculative growth.
Why it’s interesting to me: Investors have been wary of unprofitable tech IPOs lately, so a seasoned MedTech business with steady demand could draw more conservative and institutional interest. Its success (or lack thereof) might signal a shift toward quality over hype in this IPO cycle.
However, we must remember…
Medtronic spun this division off for a reason.
Swarmer, Inc.
Expected Trading Date: March 3, 2026 (Nasdaq)
Estimated Deal Size: $15 million
Pricing Range: $4.00–$6.00 per share
Underwriter: Lucid Capital Markets (sole bookrunner)
Swarmer is a very different story than MiniMed…
A much smaller, highly speculative IPO compared to the former Medtronic diabetes division. This company develops autonomous drone operating software, with a focus on defense and military applications.
It’s tiny on revenue today, and its IPO is more about raising visibility and early growth capital than funding mature operations.
At a planned 3 million shares and a modest price range, Swarmer’s public debut gives investors a shot at owning a piece of cutting-edge defense tech… but it also comes with notable risk and uncertainty.
The drone software market is crowded and strategy-dependent, so Swarmer’s ability to stand out will matter a lot once it’s public.
Why it’s interesting to me: While the headline size is small, this IPO reflects broader investor appetite (or skepticism) for frontier tech plays. In a market that’s currently parsing through artificial intelligence, aerospace tech, and defense automation, companies like Swarmer offer a risk-on optionality… appealing mostly to speculators and thematic investors rather than traditional value buyers.
Wrapping It Up
This week’s U.S. traditional IPO calendar is light:
MiniMed represents a large, established healthcare tech spin-off that appeals to income-seeking and growth-adjacent shareholders as markets grapple with valuation discipline.
Swarmer is a small, speculative tech entrant targeting niche defense automation, perfect for thematic risk-takers.
Right now, underwriters and issuers are sensitive to market volatility and investor caution; meaning bigger, profitable businesses (like MiniMed) may attract steadier demand, while the speculative offerings (like Swarmer) might see choppier trading early on.
IPO Stream Premium members, keep an eye out later today. You’ll be receiving my odds of 1-year success for each of these IPOs, as well as suggested limit orders should you choose to get in.
Also, if any other interesting IPOs are announced for this week, I’ll email all Premium members with the details.
-Tim
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