A shortened Juneteenth week, but the IPO and earnings calendars were anything but quiet. Three companies went public, two reported quarterly results, and the gap between winners and losers widened sharply.

The Week's Star: Kardigan

Kardigan (KARD), a clinical-stage cardiovascular biotech, priced its IPO at the top of its $14–$16 range at $16 per share, raising $400 million after upsizing to 25 million shares. At a roughly $1.7 billion market cap, the company became the second consecutive biotech IPO to deliver a strong first-day pop.

Shares opened at $16.25 on Thursday and closed at $22.00, a 37.5% gain from the IPO price, with an intraday high of $23.75. Renaissance Capital noted that biotech continues to be one of the few sectors where IPOs consistently see double-digit first-day returns.

Mixed Reception for the Other Debuts

First Carolina Financial Services (FCBM), a community bank based in North Carolina with roughly 40 branches across four states and $3.5 billion in assets, priced below its expected $14–$16 range at $12.50. The IPO raised $69 million, and shares inched up about 1% on their NYSE debut.

Deep Fission (FISN), an advanced nuclear company developing small modular reactors, priced a scaled-down $40 million IPO at the low end of its revised $16–$18 range. The stock closed its first day at $14.56, down 9% from the offer price — a sign that pre-revenue nuclear plays remain a tough sell.

SpaceX: Settling After the Frenzy

SpaceX (SPCX) closed Thursday at $185.00, down 3.56% from Wednesday, in what looks like a modest pullback after the largest IPO in history. The stock is still up 37% from its $135 IPO price roughly a week ago, with a market cap near $2.44 trillion.

Behind the scenes, two AI giants continue toward their own public offerings. OpenAI and Anthropic both submitted confidential S-1 draft filings in early June, signaling that IPO ambitions remain very much alive — even if exact timing is still flexible.

Earnings: A Quiet Day with One Alarm

Only two companies reported today. CURRENC Group (CURR) posted Q1 2026 results against a backdrop of $5.6 billion in full-year 2025 total payment volume and $37.8 million in revenue.

The more alarming report came from Bitcoin Depot (BTM), the Bitcoin ATM network operator. Revenue collapsed 49.2% year-over-year to roughly $83 million, gross profit plunged 85.5% to just $4.5 million, and the company swung to a $9.5 million net loss from a $12.2 million profit a year earlier.

The results come on the heels of a Chapter 11 bankruptcy filing in April, with over $20 million in accrued legal judgments and a going-concern warning. The stock has essentially become a distressed asset.

The Bigger Picture

Renaissance Capital reports 76 traditional IPOs year-to-date, down 18% from the same period last year. But total proceeds have surged 625% to $111.4 billion, driven largely by mega-cap deals like SpaceX. The Renaissance IPO Index is up 26.3% year-to-date, compared with a 9% gain for the S&P 500.

In the pipeline: data center operator Csquare filed for a roughly $650 million IPO, and nuclear fuel company Standard Nuclear filed for $100 million.

Bottom Line

The short IPO week spotlighted a widening divide: biotech continues to draw strong demand, while community banking and pre-revenue nuclear energy face investor skepticism. On the earnings side, crypto-adjacent companies are still fighting existential battles — a reminder that the IPO boom doesn't lift all boats.