Cardinal Infrastructure Group Inc. Class A Common Stock

CDNL

Market cap $1.1B

Shares of Cardinal Infrastructure Group surged nearly 40% post-IPO, reflecting investor enthusiasm for its integrated infrastructure growth story. Revenue growth is robust, driven by both organic expansion and acquisitions, though distinguishing between the two remains challenging. Shares now trade at a stretched 30x earnings, as the post-IPO rally has tempered immediate valuation appeal despite a $646 million backlog.

Four IPOs and six SPACs debuted this week. Eight IPOs and four SPACs submitted initial filings. While the government shutdown pushed many IPOs to next year, 2025 still has more notable listings in store.