Wall Street had a packed Wednesday: SpaceX is days away from the largest IPO in history, OpenAI quietly filed a confidential S-1 with the SEC, WhiteHawk Minerals began trading on the NYSE, and earnings delivered beats from J.M. Smucker and Academy Sports — with more reports due after the bell.

SpaceX: the IPO that rewrites records

Space Exploration Technologies Corp. (SPCX) plans to price its IPO at $135 per share on Thursday, June 11, with trading set to begin on the Nasdaq on Friday, June 12. The company is offering roughly 555 million shares in what would be a record ~$75 billion raise.

At the offering price, SpaceX would command a post-IPO valuation of approximately $1.75–$1.77 trillion. Institutional demand has already exceeded $10 billion, and the company expanded its Japan retail tranche to $2.5 billion. The S-1 prospectus — filed publicly on May 20 — disclosed 2025 revenue of $18.7 billion and an estimated total addressable market of $28.5 trillion spanning space, Starlink connectivity, and AI infrastructure.

AI giants line up for public markets

The IPO pipeline extends well beyond SpaceX. OpenAI announced Monday that it submitted a confidential draft S-1 registration statement to the SEC. The company emphasized that no decision has been made on timing — noting that "certain initiatives are easier as a private company" — but the filing keeps an IPO option open, with potential public listing speculated for as early as September.

Anthropic filed its own confidential S-1 on June 1, following a Series H funding round that valued the company at $965 billion post-money. The company's annualized revenue run rate reportedly exceeds $47 billion.

WhiteHawk Minerals begins trading

WhiteHawk Minerals (WHK) — a natural gas mineral and royalty company focused on the Marcellus and Haynesville Basins — priced its upsized IPO at $26 per share on Monday, raising approximately $200 million. Shares began trading today on the NYSE. The company, rebranded from WhiteHawk Income Corporation, upsized its offering to 7.7 million shares from the initial 6.9 million.

ERock (EROC), which provides modular natural gas generator systems for data centers, is expected to price its IPO later this week at $20–$23 per share, targeting a ~$5 billion valuation.

J.M. Smucker beats big, stock jumps 13%

J.M. Smucker (SJM) reported strong Q4 FY2026 results before the open:

  • Adjusted EPS: $2.77, well above the $2.64–$2.65 consensus (up 20% YoY)
  • Revenue: $2.27 billion, up 6% from the prior year
  • Full-year free cash flow: approximately $1.2 billion

The stock surged roughly 13% on the report despite cautious FY2027 guidance — net sales expected to decline 3%–4% due to recent divestitures of sweet baked snack brands and the Voortman cookie line.

Academy Sports raises guidance

Academy Sports + Outdoors (ASO) reported a solid Q1 FY2026:

  • Adjusted EPS: $0.93, beating the $0.91 consensus
  • Revenue: $1.44 billion, up 6.7% YoY, in line with estimates
  • The company raised its full-year adjusted EPS guidance to $6.40–$6.80 from $6.10–$6.60

What else is reporting today?

Casey's General Stores (CASY) reports after the close, with consensus calling for EPS of $3.32 and revenue of $4.3 billion. Cracker Barrel (CBRL) also reports this evening — but expectations are weak: an estimated loss of $0.46 per share and revenue of $777 million, down 5.4% YoY.

At the index level, markets closed in the red. The Nasdaq fell 2% to 25,402, dragged down by chip and AI stocks. The S&P 500 slipped 0.4% to 7,374, and the Dow lost 0.55% to 50,506.

What to watch this week

  • SpaceX pricing: Thursday, June 11; trading begins Friday
  • Oracle (ORCL): Q4 FY2026 earnings after the close Thursday
  • CPI report: Monthly inflation data due later this week
  • ERock (EROC): IPO pricing expected in the coming days

The bottom line

The IPO market is on fire: SpaceX, OpenAI, and Anthropic are opening a new chapter on Wall Street, with potential combined raises reaching hundreds of billions. Meanwhile, earnings delivered a mixed picture — consumer brands Smucker and Academy Sports posted strong beats, while restaurant chains like Cracker Barrel signal a pullback in consumer spending.