The week ending May 22 brought a wave of IPO and earnings news, headlined by SpaceX's long-awaited S-1 filing — potentially the largest IPO in history.
SpaceX: The IPO Everyone Is Watching
On Friday, Elon Musk's SpaceX submitted a draft S-1 to the SEC, in what analysts are calling "the largest IPO in history" at an estimated $75+ billion offering size. The filing marks a dramatic milestone for the US IPO market, which has recently seen a flurry of smaller S-1 filings. SpaceX, currently valued at over $350 billion in the private market, is expected to give investors a rare look at its financials when the full S-1 is published.
The upcoming week is expected to be particularly heavy, according to Renaissance Capital's US IPO Week Ahead report, which warns of a "wave of potential launches set to crash over a quiet IPO calendar."
Other IPOs and Filings This Week
Beyond SpaceX, IPO activity remained brisk. AMASS Brands completed a Nasdaq direct listing. Optimi Health, a Canada-based psychedelics manufacturer, priced its US IPO at $6.25 — within the stated range. Parabilis Medicines, a Phase 3-ready cancer biotech, filed for a $100 million IPO.
On the international front — Kepler Group, a Hong Kong-based insurance broker, refiled and upsized its deal ahead of a $35 million US IPO. Neucleus Group, a Malaysia-based parental counseling services provider, filed for a $20 million offering.
Earnings Season: Retail in Focus
Earnings season continued with a focus on retail. Walmart traded at $120.27 with 7.3% revenue growth but thin 3.1% margins — a sign of intensifying competition. Costco stood out with 21.5% revenue growth and EPS of $19.23. Ross Stores posted 20.6% revenue growth with 37.4% earnings expansion.
Dell Technologies continues riding the AI boom with 39.5% revenue growth, driven primarily by AI server demand. NVIDIA, the undisputed AI leader, showed 85.2% revenue growth and EPS of $6.52, with a consensus price target of $294 — well above its current $215 price, implying significant upside potential according to analysts.
Market Snapshot: Weekly Performance
Major indices posted a positive week. The S&P 500 (via SPY) rose from 738.65 to 745.64 — a 0.95% gain. The Nasdaq (QQQ) climbed from 705.88 to 717.54, up 1.65%. The standout was small caps: the Russell 2000 (IWM) jumped from 275.97 to 285.12 — a 3.3% surge — signaling a rotation into more cyclical sectors.
Why It Matters
SpaceX's S-1 filing could reshape the IPO landscape. If the offering proceeds at a $75B+ raise (with the company's private valuation at $350B+), it would be among the most anticipated public offerings ever, drawing institutional and retail interest and potentially opening a new era of mega-IPOs.
The Bottom Line
The IPO market is heating up, with SpaceX and a pipeline of mid-tier offerings waiting in the wings. Earnings season continues to paint a mixed picture — strong growth in tech and AI alongside competitive pressure in retail. Markets closed the week with cautious optimism, led by small caps signaling growing confidence in the broader economy.
