Ives Ultra AI Opportunities Inc. raised $200M in its initial public offering (IPO) on September 30, 2026, pricing 20M shares at $10 each on the New York Stock Exchange (NYSE). The offering is the first of its kind for a closed-end investment fund focused exclusively on AI.
TL;DR
- Ives Ultra AI Opportunities Inc. raised $200M in its NYSE IPO, pricing 20M shares at $10 each.
- The offering is the first of its kind for a closed-end investment fund focused exclusively on AI.
- The fund will invest at least 80% of its net assets in AI and AI infrastructure companies.
What happened
Ives Ultra AI Opportunities Inc. priced its IPO of 20,000,000 shares of common stock at $10.00 per share on September 30, 2026, raising $200M according to the company's announcement. The shares began trading on the NYSE the same day, and the offering closed on October 1, 2026, subject to customary closing conditions.
Cohen & Company Capital Markets, Inc. acted as the sole bookrunner for the offering. The company granted the underwriter an option to purchase up to 3,000,000 additional shares to cover over-allotments within 45 days after closing.
The underwriter will be paid a sales load of up to $14,000,000, equal to 7.0% of gross proceeds, or $0.70 per share. At closing, the underwriter will deduct an upfront fee of $2,000,000, equal to 1.0% of gross proceeds, with the remaining 6.0% as a deferred fee payable only on shares that remain outstanding following the completion of a tender offer.
Why it matters
This IPO marks the first time a closed-end investment fund has focused exclusively on AI, providing public market investors with access to private AI companies. The fund intends to invest at least 80% of its net assets in companies whose primary business is AI or AI infrastructure, primarily through equity and equity-related securities of late-stage private companies.
The fund operates under a Tender Offer Policy, approved by the independent members of its Board of Directors, under which it must successfully complete a tender offer within the first 12 months following the IPO to repurchase shares of its common stock at the Redemption Value. Until a qualifying tender offer is completed, IPO proceeds will sit in an interest-bearing trust account maintained by U.S. Bank N.A. as trustee, invested exclusively in money market funds.
The fund's 2.00% annual management fee on average gross assets accrues but is not payable unless and until the tender offer is completed. The prospectus states the policy is intended to mitigate the tendency of newly listed closed-end funds to trade at discounts to net asset value while their portfolios are being assembled.
Key facts
- Ives Ultra AI Opportunities Inc. raised $200M in its NYSE IPO on September 30, 2026.
- The offering priced 20,000,000 shares at $10.00 per share.
- Cohen & Company Capital Markets, Inc. acted as the sole bookrunner for the offering.
- The underwriter has an option to purchase up to 3,000,000 additional shares to cover over-allotments.
- The underwriter will be paid a sales load of up to $14,000,000, equal to 7.0% of gross proceeds.
- The fund intends to invest at least 80% of its net assets in AI and AI infrastructure companies.
- The fund must complete a tender offer within the first 12 months following the IPO to repurchase shares of its common stock at the Redemption Value.
- IPO proceeds will sit in an interest-bearing trust account until a qualifying tender offer is completed.
Context
Ives Ultra AI Opportunities Inc. is the first publicly listed closed-end investment fund dedicated to providing public market investors with access to private AI companies. The fund's investment policy focuses on companies whose primary business is AI or AI infrastructure, primarily through equity and equity-related securities of late-stage private companies in the United States and, to a lesser extent, abroad.
The fund's Adviser, Ives Ultra Capital Management LLC, is an SEC-registered investment adviser. On September 2, 2026, YA II PN Ltd., an affiliate of Yorkville Ives & Co., acquired a 49.9% ownership interest in the Adviser. The prospectus states that Yorkville Advisors Global, LP, which controls the investment decisions of YA II PN Ltd. and is controlled by Mark Angelo, has no involvement in the fund's investment decisions and is not acting as a sub-adviser.
The fund's portfolio manager, Ed Leathers, CFA, also sits on the Adviser's board of managers. The fund's five-member board includes independent directors Renée Motley, Andrew Fleiss, and Daniel Lee. The fund will publish its net asset value and portfolio-exposure information on its website at least monthly, and underlying portfolio-company holdings at least quarterly on up to a 60-day lag.
