The final week of May 2026 was heavy with IPO activity, featuring a wave of S-1 filings, completed offerings, and anticipation of a historic SpaceX debut in June.
The standout event came from SpaceX, which publicly filed its S-1 on May 20, revealing its financials for the first time. The company plans to list on the Nasdaq under ticker SPCX, targeting a valuation of $1.75–$2 trillion — which would make it the largest IPO in history. The filing showed 2025 revenue of approximately $18.6 billion, with Starlink contributing roughly $11.4 billion. Q1 2026 revenue came in at $4.69 billion. The company posted substantial net losses — around $4.3 billion in Q1 — driven by heavy investment in Starlink, Starship, and AI infrastructure. The roadshow is expected to begin around June 8, with trading potentially starting June 12.
Lincoln International (LCLN), a global investment bank, priced its NYSE IPO on May 19 at $20 per share — the top of its marketed range — raising approximately $421 million. The stock popped 12.6% on its first trading day and currently trades near $22.82, implying a ~$2.3 billion market cap.
Why It Matters
SpaceX's IPO is set to be an unprecedented event in US capital markets. The up-to-$2 trillion target valuation reflects not just its space operations, but the Starlink constellation, NASA's deep-space contracts, and expansion into AI infrastructure. Meanwhile, Lime and Blockchain.com are joining the 2026 IPO wave, which has seen an 8.57% increase in listings compared to the same period last year.
Lime (Neutron Holdings), the Uber-backed micromobility company, filed its S-1 on May 7–8, planning a Nasdaq listing under ticker LIME. The company operates in roughly 230 cities across 29 countries, with revenue reaching ~$887 million in 2025, up from $521 million in 2023. However, Lime is not yet profitable, and its filing included a "going concern" warning due to significant debt maturities within 12 months. The company is targeting a valuation of around $2 billion.
Blockchain.com announced on May 21 that it had confidentially submitted a draft S-1 to the SEC. Founded in 2011, it is one of the oldest crypto platforms, reporting over $1.1 trillion in total transaction volume and adjusted profitability for three consecutive years. The company was valued at roughly $7 billion in its last funding round in 2023.
Blackstone Digital Infrastructure Trust (BXDC), a data center REIT sponsored by Blackstone, completed its $1.75 billion IPO on May 14. The deal expanded to $2 billion with the full exercise of the over-allotment option. Shares began trading at $20 and are currently near $22.34. The vehicle, which has not yet acquired any assets, identified roughly $25 billion in near-term opportunities across key markets including Northern Virginia, Ohio, and Phoenix.
On the earnings front, Cango Inc. (CANG) — a company that pivoted from Chinese auto finance to Bitcoin mining and AI infrastructure — is reporting Q1 results today (May 31). Consensus estimates call for revenue of roughly $100.4 million and an EPS of -$0.19. The company mined 496.35 BTC in January alone and held approximately 7,474 BTC at month-end. Its revenue mix spans mined Bitcoin sales, AI/HPC compute operations, and a smaller used-car export business.
The Bottom Line
The IPO market continues to build momentum. SpaceX is unquestionably the year's defining event — with the potential to surpass Saudi Aramco's record and open a new chapter in public markets. Lime and Blockchain.com represent two very different sectors — micromobility and crypto — but both are moving toward public markets with positive tailwinds. Meanwhile, the earlier IPOs of Lincoln International and Blackstone Digital Infrastructure Trust show that traditional finance and infrastructure plays are also finding public-market demand.
