The last week of May brought a wave of blockbuster earnings and IPO filings that could reshape public markets for years. While investors cheered blowout results from Dell and Marvell, the bigger story was SpaceX's first-ever public financial disclosure — setting the stage for what could be the largest IPO in history.
Why It Matters
The late-May 2026 snapshot is unmistakable: AI infrastructure demand continues to drive unprecedented growth at hardware suppliers, while the IPO market is heating up at levels not seen since the pandemic-era boom. SpaceX alone could raise as much as $75 billion — more than any IPO in history.
Earnings Highlights: Dell Shatters Records
Dell Technologies (DELL) reported Q1 fiscal 2027 results on May 28, posting a record-breaking quarter: $43.84 billion in revenue, up 88% year-over-year. Non-GAAP EPS came in at $4.86, well above analyst expectations around $3.00. The stock surged over 30% in after-hours trading.
The real story: AI servers. Dell's Infrastructure Solutions Group (ISG) brought in roughly $29 billion in revenue, with AI-optimized server sales hitting $16.1 billion — a staggering 757% year-over-year jump. The AI server backlog stood at $51.3 billion exiting the quarter.
Dell raised its full-year guidance sharply: FY2027 revenue of $165–169 billion, with AI server revenue alone projected at $60 billion.
Marvell Technology (MRVL) delivered its own record quarter: $2.42 billion in revenue, up 28% year-over-year. The data center segment (76% of total revenue) grew 27% year-over-year. Non-GAAP EPS was $0.80. Marvell raised its FY2027 revenue target to approximately $11.5 billion, with accelerating growth expected through the year.
Costco (COST) reported solid Q3 fiscal 2026 results: net sales of $69.15 billion, up 11.6% year-over-year. Net income hit $2.19 billion, or $4.93 per share. Digital sales jumped 21.5%, and membership fee income reached $1.37 billion.
IPO Market: The Big One Is Coming
SpaceX (SPCX) filed its public S-1 registration statement on May 20, revealing its finances for the first time in over two decades: 2025 consolidated revenue of $18.7 billion, with Starlink contributing $11.4 billion (61% of total). The company is targeting a $1.75–$2 trillion valuation and plans to raise roughly $75 billion. The IPO is expected around mid-June, led by Goldman Sachs. Key risk: Q1 2026 net loss of approximately $4.3 billion, driven partly by heavy AI-related investments.
Quantinuum (QNT), the Honeywell-backed quantum computing company, is planning an IPO at a ~$12.7 billion valuation, with a $45–50 per share price range. Reports from May 29 indicate the company is considering increasing both the share count and price range by roughly 10% due to overwhelming demand. Pricing and trading are expected in early June.
INNIO (INIO), the gas-engine maker positioned for the AI data center power boom, launched its roadshow on May 26 at $24–27 per share, targeting a valuation up to $20.25 billion in a secondary offering from existing shareholders Advent and ADIA. Trading is expected to begin around June 4 on the Nasdaq.
Other notable names in the pipeline: Applied Aerospace (AADX) — $634 million deal, Liftoff Mobile (LFTO) — $399 million listing, and Blockchain.com which filed a confidential S-1 with the SEC. Year-to-date, 152 U.S. companies have gone public — up from 2025 levels.
The Bottom Line
This week tells two parallel stories: the AI infrastructure wave continues to deliver outsized profits for suppliers like Dell and Marvell, while the IPO market gears up for one of its biggest events ever with the SpaceX listing. June is shaping up to be a packed month on Wall Street.
