Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

The IPO-pocalypse sure didn't last long.

What's happening: Three months after WeWork pulled its offering, we're expecting an offering above $1 billion this week and another next week. It also appears that mattress maker Casper will push forward with its listing, albeit as an "undercorn."

  • First up will be Reynolds Consumer Products, which is best known for its aluminum foils, plastic wraps and Hefty trash bags. At the top of its range, it would raise around $1.3 billion at a $5.7 billion market cap.
  • Next week we should get PPD, a private equity-owned pharma contract research group that could raise $1.6 billion at a $9.2 billion market cap.

Yes, both of these are profitable, well-established companies. And few pundits seem to care about the unprofitable biotechs that also expect to price this week (sorry biotechs — maybe you should do something more interesting than curing our diseases and saving our lives... have you considered scooters?).

So that brings us to Casper Sleep, the unprofitable, upstart mattress maker that was inexplicably valued like a tech company by venture capitalists.

  • Casper this morning set IPO terms that seemed to acknowledge how the private markets erred.
  • If it prices at the top of its range, the company would be valued at around $744 million, which is well shy of the unicorn valuation it previously received (no, the fully-diluted value doesn't get you there either).
  • But, but, but: The very fact it's launching its road-show, in the face of ongoing skepticism, suggests that the macro IPO chill has thawed. Or at least that bankers are willing to take the reputational risk.

The bottom line: No one company's failings, no matter how massive, can single-handedly derail the broader equity or capital markets. That's true whether it's WeWork, Boeing, or whatever misery comes next.

Go deeper

Two officers shot in Louisville amid Breonna Taylor protests

Police officers stand guard during a protest in Louisville, Kentucky. Photo: Ben Hendren/Anadolu Agency via Getty Images

Louisville Metro Police Department said two officers were shot downtown in the Kentucky city late Wednesday, just hours after a grand jury announced an indictment in the Breonna Taylor case.

Driving the news: Metrosafe, the city's emergency services, said it received reports of a shooting at South Brook St. and Broadway Ave., near the area where protests were taking place. A police spokesperson told a press briefing the injuries of both officers were not life-threatening. One officer was "alert and stable" and the other was undergoing surgery, he said.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 31,778,331 — Total deaths: 974,436 — Total recoveries: 21,876,025Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 6,943,078 — Total deaths: 201,930 — Total recoveries: 2,670,256 — Total tests: 97,459,742Map.
  3. Health: CDC director says over 90% of Americans have not yet been exposed to coronavirus — Supply shortages continue to plague testing.
  4. Politics: Missouri Gov. Mike Parson tests positive for coronavirus — Poll says 51% of Republicans trust Trump on coronavirus more than the CDC.
  5. Technology: The tech solutions of 2020 may be sapping our resolve to beat the coronavirus
  6. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  7. Sports: Less travel is causing the NBA to see better basketball.
  8. Future: America's halfway coronavirus response

Biden: Breonna Taylor indictment "does not answer" call for justice

Former Vice President Joe Biden. Photo: Leigh Vogel/Getty Images

Former Vice President Joe Biden on Wednesday condemned the grand jury indictment of a Louisville police officer who entered Breonna Taylor's home in March in a botched drug raid that led to her death, saying in a statement the decision "does not answer" for equal justice.

The big picture: Biden called for reforms to address police use of force and no-knock warrants, while demanding a ban on chokeholds. He added that people "have a right to peacefully protest, but violence is never acceptable."

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