The trading week ending May 22 was packed with quarterly reports — the last round of what has become the strongest earnings season in years — alongside SpaceX's public S-1 filing, one of the most anticipated IPOs in history.
All three major U.S. indexes posted weekly gains. The Dow Jones Industrial Average climbed 2.1% to a record close of 50,579. The S&P 500 added 0.9%, extending its winning streak to eight consecutive weeks — the longest since late 2023. The Nasdaq Composite rose 0.5% to 26,344.
NVIDIA: Record Revenue, Falling Stock
NVIDIA reported on May 20 after the close with record Q1 FY2027 revenue of $81.6 billion — up roughly 85% year-over-year and above the $79.2 billion consensus estimate. Adjusted EPS came in at $1.87 versus the $1.78 expected.
Despite the beat, the stock sold off: from $223.47 at the May 20 close to $215.33 two sessions later. The options market had priced in a potential 5.5%-6.5% swing, and investors took profits after an extended rally. Data center and AI revenue continued to drive growth, nearly doubling year-over-year.
SpaceX Files Public S-1
The week's biggest IPO story was SpaceX's public S-1 filing on May 20. The company plans to list on the Nasdaq under the ticker SPCX, with Goldman Sachs, Morgan Stanley, and Bank of America as lead underwriters. A roadshow is targeted for early June.
The filing revealed SpaceX's financials for the first time:
- 2025 revenue: $18.7 billion
- Starlink (connectivity segment): $11.39 billion — 61% of total revenue
- 10.3 million paid Starlink subscribers in Q1 2026, more than double the prior year
- Net loss of $4.9 billion in 2025, driven by heavy capex on Starship ($3 billion) and AI infrastructure
Reports peg the potential valuation at $1.75-$2 trillion, with proceeds possibly exceeding $75 billion — making it the largest IPO on record. A dual-class structure gives Elon Musk majority voting control, classifying SpaceX as a "controlled company" under Nasdaq rules.
Other Notable Earnings
Zoom (ZM) reported on May 21 with Q1 FY2027 revenue of $1.24 billion (above the high end of guidance by $14 million) and non-GAAP EPS of $1.55 (beating by $0.13). The company raised its full-year guidance, and shares jumped roughly 8%.
Take-Two Interactive (TTWO) beat estimates and confirmed the Grand Theft Auto VI release timeline. Shares gained over 3%.
Ross Stores (ROST) delivered stronger-than-expected results and raised its full-year sales and earnings guidance. Shares rallied about 6% in pre-market trading.
IPO Pipeline
Beyond SpaceX, smaller S-1 filings this week included Flux Power Holdings (FLUX), Hyperliquid Strategies (PURR), and BW Industrial Holdings (BWGC), the latter expected on the NYSE American at $6-$7 per share.
The Bottom Line
Q1 2026 earnings season wraps up with one of the highest beat rates in years — 84% of S&P 500 companies topping EPS estimates, with blended earnings growth of 27%-29% year-over-year, the strongest since Q4 2021. Meanwhile, SpaceX's S-1 filing serves as a reminder that the IPO window — at least on the speculative end — is very much open.
