The financial week was defined by the largest IPO in history as SpaceX landed on the Nasdaq, while Oracle and Adobe delivered record-breaking quarterly results. Here is the full picture.

SpaceX: The Biggest IPO Ever Takes Flight

SpaceX (SPCX) went public on Friday, June 12, at $135 per share, raising approximately $75 billion through the sale of 555.6 million shares. The company was valued at approximately $1.75 trillion at the offering price.

On its first trading day, shares surged 19% to close at $160.95 — pushing the market cap above $2 trillion. In the following session, SPCX traded around $166.76, gaining another ~3.5%.

Analysts are divided on the outlook: Oppenheimer initiated with a Buy rating and a $190 price target; New Street Research set a $165 target. On the bearish side, CFRA Research issued a Sell rating with a $115 12-month target, arguing the valuation requires unrealistic growth assumptions.

Oracle: Record Cloud Quarter

Oracle (ORCL) reported its Q4 FY2026 results on June 10, posting record revenue of $19.2 billion, up 21% year-over-year.

The standout number: cloud infrastructure (IaaS) revenue surged 93% to $5.8 billion. Total cloud revenue crossed $9.9 billion, up 47%. Adjusted EPS came in at $2.11, above the $1.96 consensus estimate.

Adobe: Beat and Raise, but Shares Dip

Adobe (ADBE) reported Q2 FY2026 results on June 11 with record revenue of $6.62 billion, up 13%. Adjusted EPS was $5.96, also above consensus.

The company raised its full-year FY2026 guidance and noted that AI-first ARR more than tripled year-over-year, exceeding $500 million. Despite the beat, shares fell 5–7% in after-hours trading, partly due to CFO Dan Durn's announced departure and elevated market expectations.

Chewy and RH: Mixed Results

Chewy (CHWY) reported Q1 sales of $3.36 billion, up 7.7%. Net income was $94.8 million. Autoship sales accounted for 84.4% of total revenue.

RH reported revenue of $800.3 million, down 1.7% but above consensus. Adjusted EPS came in at -$1.97, better than the -$2.07 estimate.

Pipeline Watch: Anthropic, X-Energy, and More

Beyond SpaceX, the IPO pipeline remains active. Anthropic has reportedly filed preliminary S-1 paperwork. X-Energy, a small modular nuclear reactor developer, filed its prospectus in March and plans to trade under ticker XE.

Later this week, Kardigan (KARD) and First Carolina Financial Services (FCBM) are expected to price on June 18, alongside a queue of technology companies waiting in the wings.

The Bottom Line

This was an extraordinary week in the IPO market — SpaceX shattered records for both capital raised and valuation, and the remainder of the year is expected to be packed with large tech offerings. On the earnings front, Oracle and Adobe demonstrated that cloud and AI demand continues to drive unprecedented growth, even as markets price in increasingly high expectations.