Thursday, May 28 was one of the busiest days of the year for IPOs and earnings. The S&P 500 climbed to a new 52-week high of 7,566 points, while at least four companies filed notable S-1 registration statements — spanning quantum computing, property management software, space analytics, and pharmaceuticals.
The S-1 bonanza: Quantinuum, Entrata, HawkEye 360, Apotex
Quantinuum, the Honeywell-backed quantum computing company, filed for its U.S. IPO. This is among the most anticipated S-1 filings of the year and marks the quantum sector's formal entry into mainstream public markets. The company was formed through the merger of Honeywell Quantum Solutions and British startup Quantinuum, and develops both quantum hardware and software.
Entrata, the Silver Lake-backed property management software company, filed for a NYSE listing and disclosed a 23% revenue jump. The company provides an integrated platform for multifamily real estate management — a segment growing rapidly as the rental housing industry digitizes its operations.
HawkEye 360, a space-based radio frequency analytics company, filed its S-1 and reported a 74% revenue surge in 2025. The company operates a satellite constellation for signal collection and provides geospatial intelligence to government and commercial clients.
Apotex, the Canadian generic drugmaker, filed for an IPO on the Toronto Stock Exchange.
Janus IPO raises $880M
The Janus IPO raised $880 million, while Healthpeak lifted its 2026 earnings outlook alongside the deal. It ranks among the larger IPOs this month.
ClickHouse charts a path to IPO
ClickHouse, the real-time analytical database company, said its annualized revenue hit $250 million — tripling year-over-year — and is building toward a public listing. The company is considered one of the fastest-growing data infrastructure firms globally and is expected to file its S-1 later this year.
OpenAI misses targets, IPO uncertain
According to a Wall Street Journal report, OpenAI fell short of both revenue and user targets, casting doubt on its planned IPO. Meanwhile, Anthropic has overtaken OpenAI in valuation to become the world's most valuable AI startup.
Earnings today: Costco, Arxis, and BRP
Costco (COST) reported its latest quarterly results, with the market watching the retail giant's performance in a moderating inflation environment.
Arxis (ARXS), a recent IPO, posted a record first quarter and raised its full-year guidance, benefiting from the IPO cash infusion.
BRP, the Canadian powersports vehicle manufacturer, cut its full-year guidance citing the impact of U.S. tariffs.
Market snapshot: S&P 500 at record, Europe soft
The S&P 500 hit a new 52-week high of 7,566.91, completing a roughly 30% rally from its 52-week low. European markets closed slightly lower: the DAX fell 0.34%, the FTSE 100 dropped 0.75%, and the CAC 40 slipped 0.23%.
The bottom line
Thursday was a standout day in the IPO pipeline with multiple S-1 filings, at least one major priced deal (Janus at $880M), and a batch of earnings that moved individual stocks. The S&P 500's new high reflects broad optimism, but tariff uncertainty (BRP) and missed targets (OpenAI) serve as reminders that the path to all-time highs is not smooth for everyone.
