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- IPO debut within last 24 months
- Market cap >US$5B
- Minimum average daily turnover >US$50M
Circle Internet Group Inc. Class A Common Stock
Circle Internet Group operates a critical stablecoin and blockchain application platform, issuing the USD-denominated stablecoin (USDC). The company is a key player in the evolving digital currency space, offering essential infrastructure, but faces a volatile regulatory environment and intense competition. Its business model leverages growing demand for digital payments.
CoreWeave Inc. Class A Common Stock
CoreWeave, Inc. is a leading AI infrastructure provider leveraging a specialized cloud platform to meet surging demand for GenAI compute. The company's rapid data center expansion and strong partnership with Nvidia underpin its high growth, but profitability remains negative amidst significant investment.
Figma Inc. Class A Common Stock
Figma is a leading developer of collaborative, browser-based design tools, characterized by high gross margins. While currently operating at a net loss, its strong revenue growth signals increasing adoption in the design software market. The business model benefits from a sticky ecosystem and continuous product innovation.
Chime Financial Inc. Class A Common Stock
Chime Financial, Inc. is a leading financial technology company offering mobile-first banking solutions that address core consumer needs. While the company demonstrates strong revenue growth, it is currently operating at a significant net loss, signaling an early-stage, growth-focused business model.
Reddit Inc. Class A Common Stock
Reddit operates a highly engaged digital community platform, primarily monetizing through advertising and data licensing. Its robust, interest-based ecosystem fosters strong user loyalty and valuable content, but the business model is susceptible to evolving digital ad markets and competitive pressures.
Astera Labs Inc. Common Stock
Astera Labs (ALAB) is a leading provider of intelligent connectivity solutions for cloud and AI infrastructure, benefiting from robust demand in high-growth markets. The company exhibits strong revenue growth and healthy margins, underpinned by its specialized semiconductor products and integrated software platform. Its strategic focus positions it well within the evolving data center landscape.
Rubrik Inc. Class A Common Stock
Rubrik, Inc. provides critical data security solutions across cloud, SaaS, and on-premises environments. While operating in a high-growth market with a strong subscription model, the company faces stiff competition and is currently unprofitable. Its unified platform addresses modern cyber threats, but profitability remains a key challenge.
Amer Sports Inc. Ordinary Shares
Amer Sports, with its diverse portfolio of iconic outdoor and sports brands, demonstrates strong revenue growth driven by technical apparel and outdoor performance segments. However, the company operates with a notable debt load, which could impact its financial flexibility despite its strong market position and brand recognition.
ServiceTitan Inc. Class A Common Stock
ServiceTitan is a leading cloud-based software provider for the home and commercial services industries, offering a comprehensive platform that integrates various business workflows. The company exhibits strong revenue growth driven by increasing demand for digital transformation in the trades, but it currently operates at a loss as it invests heavily in expansion and product development.
Nebius Group N.V. Class A Ordinary Shares
Nebius Group N.V. is building full-stack infrastructure for the global AI industry, supported by diverse offerings like data annotation, edtech, and autonomous driving. Despite significant revenue growth, the company faces profitability challenges with negative operating income and free cash flow. Its focus on AI infrastructure positions it in a high-growth market.
Viking Holdings Ltd Ordinary Shares
Viking Holdings Ltd operates a diversified fleet across river, ocean, and expedition segments, targeting the premium and luxury travel market. Its global reach and focus on cultural enrichment provide a strong business model, capitalizing on the growing demand for experiential travel. The company's disciplined approach to fleet expansion supports its market positioning.
Lineage Inc. Common Stock
Lineage, Inc. is the world's largest temperature-controlled warehouse REIT. Its extensive global network and integrated supply chain solutions position it as a critical infrastructure provider for the food and beverage industry, demonstrating a resilient business model despite recent negative net income.
Contemporary Amperex Technology Co., Limited
Contemporary Amperex Technology Co., Limited (CATL) is a global leader in power and energy storage battery systems, offering comprehensive solutions from materials to recycling. The company boasts a strong market position due to its extensive product portfolio and focus on innovation, but faces intense competition and potential supply chain disruptions.
Haier Smart Home Co., Ltd.
Haier Smart Home is a leading global smart home appliance manufacturer with a strong brand presence and an integrated smart home ecosystem. The company demonstrates solid profitability and consistent revenue growth, despite facing a competitive market landscape.
S.F. Holding Co., Ltd.
S.F. Holding Co., Ltd. is a leading integrated logistics provider in China, benefiting from a vast network and a strong brand in the premium express delivery segment. Its diversified services support the booming e-commerce market and offer a resilient business model despite a highly competitive environment.
BeOne Medicines Ltd.
BeOne Medicines AG is a Switzerland-based oncology company focused on developing and commercializing a diverse pipeline of cancer treatments, including marketed products and clinical-stage therapies. While demonstrating strong revenue growth, the company currently operates with low profit margins, reflecting its heavy investment in R&D and drug development.
BOC Aviation Limited
BOC Aviation is a leading global aircraft operating leasing company, deriving consistent revenue from long-term leases essential to the airline industry. Its business model offers stability through its diversified portfolio, but it navigates significant debt and the cyclical nature of air travel.
Midea Group Co., Ltd.
Midea Group is a dominant global player in home appliances, robotics, and smart building technology, demonstrating strong operational capabilities and a commitment to innovation. Its diversified portfolio and strong market positions, particularly in China, underpin a solid business model.