The trading week that ended Friday reminded markets that even the largest IPO in history needs time to breathe. SpaceX (SPCX) pulled back from a high of $202 and settled around $185 — still up 37% from its $135 IPO price eight trading days earlier.

It was a packed week for IPO and earnings news, even if volumes tapered off on Friday.

SpaceX — The Week After the Biggest IPO Ever

SpaceX hit Wall Street on June 12, raising $75 billion at a roughly $1.77 trillion valuation — easily surpassing Saudi Aramco's previous record. The stock opened at $150 (an 11% pop) and closed its first day at $161, up 19%. It kept climbing to a peak of $202 on June 16 before recording its first down day, falling nearly 5% in a single session. By Friday it was trading around $185.

Despite the pullback, the stock remains up 37% from the IPO price in just eight sessions — a blistering debut by any standard.

The AI IPO Pipeline Lengthens

Two of the most closely watched AI companies filed confidential S-1 registration statements with the SEC in recent weeks:

  • OpenAI submitted its confidential S-1 on June 8, valued at roughly $852 billion in its last private round. Analysts eye a potential public listing as early as September 2026.
  • Anthropic filed its confidential draft S-1 on June 1, coming off a recent funding round that valued it at around $965 billion.

Both filings are confidential, allowing SEC review before public disclosure. Neither company has committed to a firm timeline.

Doncasters Group — Next Big IPO

Doncasters Group (ticker: DPC), an aerospace and industrial components manufacturer, launched its roadshow this week. The company aims to raise roughly $700 million at a valuation of $4.4 billion, offering 23.3 million shares at $28–$32 each. Pricing is expected June 25.

Fresh S-1 Filings: SPACs, Crypto Trusts, and Penny Stocks

A wave of new S-1 filings hit the SEC this week, including:

  • Bleichroeder Acquisition Corp. III — a $300 million SPAC targeting tech, AI, and cybersecurity
  • Morgan Stanley Ethereum Trust and Morgan Stanley Solana Trust — two new crypto asset trusts
  • Standard Nuclear — a new nuclear energy company
  • Ozop Energy Solutions, HCW Biologics, AIM ImmunoTech — smaller issuers with new or amended S-1s

The SPAC market, quiet for much of the past year, is showing signs of a revival: five new SPAC S-1 filings landed in the past week alone.

Upcoming Earnings: The Week Ahead

Next week's earnings calendar is headlined by three major names:

  • FedEx (FDX) — Tuesday, June 23, after close. Consensus: EPS of $5.91–$5.95 on revenue of ~$24 billion. This is the first report following the FedEx Freight spin-off completed June 1.
  • Micron Technology (MU) — Wednesday, June 24, after close. The most anticipated report of the week. Consensus: EPS of $19.72 on revenue of ~$34.5 billion — revenue growth of over 270% YoY, driven by insatiable AI demand for high-bandwidth memory (HBM).
  • Carnival (CCL) — Also Tuesday, with EPS expected at $0.34.

Last Week's Earnings: Oracle and Adobe Hit Records

Oracle reported Q4 revenue of $19.2 billion, up 21% YoY, with its cloud infrastructure division crossing $5.8 billion (up 93%). Adobe posted record Q2 revenue of $6.62 billion, with AI-driven products generating $500 million in ARR — triple the prior year.

The Road Ahead

This quarter continues to paint a mixed picture: record-setting IPOs like SpaceX and strong earnings from tech giants on one hand, and cautionary pullbacks — SpaceX off its highs, persistent inflation concerns — on the other. Next week's slate, with Micron, FedEx, and the Doncasters IPO, will offer a clearer signal on where markets are headed.