The first trading day of June opened with mixed action on Wall Street as major indexes hovered near record levels. But the real focus was on the earnings calendar — with roughly 42 companies reporting today alone and a heavy week ahead.

HPE: Sharp Rally Into the Print

Hewlett Packard Enterprise shares surged about 7% in regular trading to close near $46 before reporting Q2 FY2026 results after the bell. The rally extended a strong run driven by AI and server-sector momentum following Dell's impressive results late last week.

HPE posted quarterly revenue of $9.68 billion, within its guided range of $9.6-10.0 billion. However, GAAP net earnings came in at $175 million — or $0.11 per share — well below the non-GAAP consensus of $0.53-0.54. The market awaited the after-hours reaction following the 5 PM ET conference call.

The headline numbers reflect significant year-over-year revenue growth, driven by momentum in networking and AI infrastructure after the Juniper Networks acquisition.

CRDO: 155% Revenue Growth on Tap

Credo Technology is set to report its Q4 FY2026 results after market close. Expectations are high: consensus revenue of $430-433 million — up roughly 155% year-over-year — with non-GAAP EPS around $1.03.

The AI connectivity provider already delivered $407 million in revenue last quarter, representing 201% YoY growth. Analysts remain bullish on continued expansion given surging demand for AI infrastructure.

SAIC Delivers a Beat

Science Applications International Corp reported EPS of $3.23, crushing the $2.28 consensus estimate by 41.8%. The $4.4B market-cap defense and IT services firm stands out as one of the day's clearest positive earnings surprises.

SpaceX: The Largest IPO in History?

On the IPO front, SpaceX is marching toward its public market debut. The company filed its public S-1 on May 20 and plans to list on Nasdaq under ticker SPCX. The roadshow is expected to begin the week of June 8, with a potential pricing and listing around June 12.

Valuation discussions range from $1.5 to $2 trillion, which would make it one of the largest IPOs ever. The expected raise could hit $40-80 billion, with Goldman Sachs leading the underwriter consortium.

INNIO: Roadshow Underway for $19B IPO

INNIO Holding GmbH, the natural-gas-engine manufacturer carved out of General Electric, continues its IPO roadshow for a Nasdaq listing under ticker INIO. The price range is set at $24-27 per share, with final pricing expected June 3 and trading to begin June 4.

The offering comprises 75 million shares (entirely secondary, by the selling shareholder), with gross proceeds of approximately $1.9 billion at the midpoint. Goldman Sachs, J.P. Morgan, and Morgan Stanley are the lead bookrunners.

What's Ahead This Week?

This week is shaping up to be one of the busiest of the current earnings season. Tuesday brings Palo Alto Networks, and Wednesday features Broadcom and CrowdStrike — two of the most influential reports for cybersecurity and semiconductor sentiment.

Meanwhile, IPOs for INNIO and Quantinuum (QNT) are expected to price this week, offering a critical gauge of market appetite for new listings at a time of record index levels.

The Bottom Line

The first day of June served as a reminder that earnings season is still in full swing. Alongside strong results from SAIC and positive momentum for HPE and CRDO, the IPO pipeline is heating up with SpaceX and INNIO in the queue. Investors will watch the remainder of the week for signals on where markets are headed through the summer months.