June 4, 2026, was one of the busiest days of the year for IPOs and earnings. Three companies began trading on Nasdaq, SpaceX kicked off its investor roadshow for what would be the largest IPO ever, and dozens of quarterly earnings reports crossed the wire.
Three IPOs Hit the Nasdaq: INNIO, Quantinuum, Liftoff
INNIO (INIO) — the Munich-based gas engine manufacturer powering data centers — opened at $31 per share, a 15% gain from its $27 IPO price. The upsized offering raised $2.43 billion on 90 million shares, valuing the company at over $23 billion on its first day. INNIO's natural gas engines serve the booming AI data center power market.
Quantinuum (QNT) — the Honeywell-backed quantum computing company — debuted at $68, up 13% from its $60 IPO price. It raised $1.68 billion selling 28 million shares in a deal that was upsized and up-priced from earlier ranges of $45–$50. It is one of the largest tech IPOs of the year.
Liftoff Mobile (LFTO) — the Blackstone-backed mobile advertising and adtech company — raised $437 million at $23 per share, above the marketed $20–$22 range. The company had withdrawn a larger IPO attempt in February 2026 before refiling in April. Goldman Sachs, Jefferies and Morgan Stanley led the offering.
A SPAC — InterPrivate Investment Partners V — also priced, raising $175 million.
SpaceX Launches the Largest Roadshow in History
Beyond the three IPOs that began trading, Elon Musk's SpaceX officially kicked off its investor roadshow. The company is targeting a $75 billion raise at $135 per share, implying a valuation of roughly $1.75 trillion. The stock will trade under the ticker SPCX on Nasdaq, with pricing expected June 11 and the market debut on June 12. It would be the largest IPO of all time by a wide margin.
Ciena: Beat, Raise, and a 15% Rout
Ciena (CIEN) reported strong fiscal Q2 results before the open — and promptly fell 14–15% intraday to around $530 from Wednesday's close of $620.
Revenue came in at $1.57 billion, up 40% year-over-year and roughly $70 million above consensus. Adjusted EPS of $1.64 beat estimates by $0.18 (+12%). The company also raised its full-year revenue guidance to a range of $5.7–$6.1 billion.
Yet the stock sold off hard. Analysts described it as a textbook "buy the rumor, sell the news" reaction. Ciena shares had rallied sharply in recent months on AI-driven optical networking demand, and expectations had run so high that even a strong beat and raise weren't enough to sustain momentum.
Lululemon Reports After the Close
Lululemon (LULU) reported fiscal Q1 earnings after the bell. Revenue of $2.4 billion grew 7% year-over-year. Adjusted EPS of $2.60 came in well ahead of analyst expectations of roughly $1.67–$1.69. The stock was trading around $125 during the regular session, down modestly from the prior close.
The report is one of the most closely watched this earnings season. Lululemon, formerly a high-growth retail darling, has lost roughly 39% year-to-date and over 60% from its 52-week high.
Other Earnings of Note
Samsara (IOT), Planet Labs (PL), Rubrik (RBRK), Guidewire Software (GWRE), The Cooper Companies (COO), and Argan (AGX) all reported after the close. DocuSign (DOCU) also reported post-market.
Why It Matters
The market is experiencing one of the busiest IPO weeks of the year, with SpaceX dominating headlines while three major tech companies actually began trading. The gap between strong fundamentals and negative market reactions — as seen in Ciena — underscores how elevated expectations have become in key corners of the market.
