SpaceX went public on Friday under the ticker SPCX on the Nasdaq, in what is now the largest IPO in U.S. history. Shares priced at $135, opened at $150, and closed at $160.95 — a 19.2% first-day gain.
The blockbuster debut pushed SpaceX's market capitalization past $2 trillion and made Elon Musk the first person on paper with a net worth exceeding that mark. The company raised approximately $75 billion by selling 555.6 million shares.
What's coming this week
The calendar shows significant IPO activity, with up to 15 pricings expected on Monday alone. Three companies stand out:
Kardigan (KARD) — a clinical-stage cardiovascular biotech based in Princeton, N.J., plans to offer 23.3 million shares at $14-$16 each, raising roughly $350 million. The company focuses on precision medicines for heart disease and runs a data and analytics platform called Prolaio. Expected market cap: $1.3-$1.6 billion. Lead underwriters are J.P. Morgan and Jefferies.
MetaOptics (MOT) — an optics company uplisting this week with a $5-$7 range and an estimated $18 million raise.
First Carolina Financial Services (FCBM) — a South Carolina community bank expected to price Thursday at $14-$16 per share, raising approximately $82.5 million.
OpenAI files to go public
OpenAI announced on June 8 that it submitted a confidential draft S-1 registration with the SEC, signaling its intention to pursue an IPO at an unspecified future date. The company, valued at roughly $852 billion in its last private round, is working with Goldman Sachs and Morgan Stanley. Anthropic filed a similar confidential document roughly a week earlier.
Earnings calendar
This week's earnings schedule is relatively light, with a few highlights:
- Monday: Dave & Buster's (PLAY) reports, with EPS estimates around $0.60
- Tuesday: John Wiley & Sons (WLY) and La-Z-Boy (LZB)
- Wednesday: Jabil (JBL), expected EPS of $3.08
- Thursday: The busiest day — Kroger (KR) reports Q1 results, and Accenture (ACN) reports fiscal Q3 results with EPS estimates near $3.72
The bottom line
SpaceX's record-breaking debut has reset sentiment in the IPO market and opened a window for a busy week of new offerings. While the companies pricing this week are smaller in scale, the volume of deals signals strong investor demand. On the earnings side, the post-Q1 lull continues, but results from Accenture and Kroger on Thursday will offer clues about enterprise spending and consumer health in the current environment.
