This was one of the busiest weeks in recent IPO market history, with six companies beginning trading — headlined by two massive deals: Quantinuum (QNT) and INNIO (INIO).
The biggest event of the season — SpaceX (SPCX) — is still ahead, after the company filed final terms at $135 per share, implying a $1.77 trillion valuation, with trading expected to begin on the Nasdaq on Friday, June 12.
Quantinuum: $1.68 Billion at a Price Above Range
Quantinuum, a Colorado-based quantum computing hardware and software company, priced its IPO at $60 per share — $5 above the top of its range. The deal was upsized to 28 million shares, raising $1.68 billion.
On its Nasdaq debut Thursday, the stock opened at $68 — a 13.3% gain — on volume of about 4.06 million shares. Quantinuum's market cap stands at roughly $15.36 billion.
The IPO was described as more than 20 times oversubscribed. J.P. Morgan and Morgan Stanley served as joint lead book-runners. The company, which is not yet profitable according to its prospectus, is viewed as an early leader in quantum computing — positioned as the next wave beyond CPUs and GPUs.
INNIO: $2.43 Billion for Gas Engine and Power Systems Maker
INNIO, which manufactures reciprocating gas engines and power generation systems for the grid, data centers, and factories, raised $2.43 billion. The price was set at $27 — the top of its range — and the deal was upsized from 75 million to 90 million shares.
In its first trading day, the stock opened at $31, a 14.8% gain. INNIO's market cap is approximately $20.66 billion.
Goldman Sachs, J.P. Morgan, and Morgan Stanley led the underwriting. The only selling shareholder — co-owned by private equity firm Advent and the Abu Dhabi Investment Authority — was the sole seller; INNIO itself will not receive proceeds from the offering.
The Munich-based company sells engines under its Jenbacher and Waukesha brands, designed to run on natural gas, hydrogen blends, and alternative fuels.
Other IPOs This Week
Liftoff Mobile (LFTO), a mobile technology company, priced at $23 and climbed to $26.88 — a 16.9% gain. Sunshine Silver Mining (SSMR) closed at $14 versus its $13.50 IPO price. By contrast, Applied Aerospace & Defense (AADX) fell 12.3% below its $20 offer price.
On Friday, FutureCorp Space Acquisition 1 (FTRA), a SPAC, closed up 1.3%.
SpaceX: The Largest IPO in History
On Tuesday evening, SpaceX filed an amended S-1 with the SEC, setting a price of $135 per share, implying a $1.77 trillion valuation. The offering consists of 555.56 million shares and will raise $75 billion — the largest IPO ever.
Trading is expected to begin Friday, June 12, on the Nasdaq. Goldman Sachs and Morgan Stanley are the lead book-runners, alongside 21 additional banks. The company's request to allocate shares to retail customers through Schwab, Fidelity, Robinhood, and SoFi was included in the filing.
What's Coming Next Week
The coming week will bring ERock Inc. (EROC), expected to raise approximately $600 million; Parabilis Medicines (PBLS), targeting $450 million; and Forbright (FRBT), aiming for about $150 million. WhiteHawk Income (WHK) is expected to price on Tuesday at a $179 million valuation.
MetaOptics (MOT) will uplist during the week.
Earnings
Major U.S. retailers including Walmart, Target, and Costco reported their first-quarter results in prior weeks. The upcoming week is expected to be relatively quiet on the earnings front, with market attention focused squarely on the IPO pipeline.
The Bottom Line
The IPO market is experiencing one of its most active stretches in years. SpaceX's debut next week is likely to set the tone — or test the tone — for the broader market. For now, the trend is positive: most IPOs this week closed above their offer prices, and demand — particularly for Quantinuum — was exceptionally strong.
