Sunday, June 21, U.S. equity markets are closed for the weekend, but with Q2 2026 heading into its final stretch, it's a good moment to recap the recent IPO and earnings landscape and preview an exceptionally busy week ahead.

The IPO market has been on fire. SpaceX closed the largest IPO in history on June 11, raising $75 billion at $135 per share, and the stock now trades around $185, a roughly 37% gain from the offer price. Last week's crop of new listings told a more mixed story. Kardigan (KARD) surged 37.5% on its first trading day, while Deep Fission (FISN) slipped about 6% below its IPO price.

Last Week's Key Debuts

Three notable IPOs hit the market on June 17–18:

Kardigan (KARD), A cardiovascular biotech company. It upsized its offering to 25 million shares at $16 (the top of the range), raising $400 million. On debut, the stock closed at $22, a 37.5% first-day pop. Investors responded warmly to the company's precision cardiovascular therapy platform.

Deep Fission (FISN), A developer of underground-deployed small modular nuclear reactors. The IPO was scaled down significantly to just 2.5 million shares at $16 (the low end of a revised range), raising only $40 million. The stock closed below its IPO price on day one and has since traded around $14.60, about 9% below the offer price.

First Carolina Financial Services (FCBM), A community bank holding company. The IPO priced at $12.50, below the planned $14–16 range. The stock edged up slightly on its first day, closing at $12.60 for a gain of less than 1%.

Why It Matters

The 2026 IPO market is shaping up as the strongest since 2021. Mega-deals like SpaceX, the upcoming Doncasters Group listing, and a robust pipeline across AI, biotech, aerospace, and clean energy reflect deep demand from institutional and retail investors alike. The SPAC market has also staged a comeback, with roughly 107 SPAC IPOs year-to-date, though the market remains more disciplined than the 2020–2021 frenzy.

The Week Ahead

The week of June 22–26 is packed, with major earnings reports and a heavy IPO calendar:

Earnings:

  • FedEx (FDX), Reports Tuesday (June 23) after the close. Consensus: EPS of roughly $5.91 on revenue of $24.1 billion (up ~8.8% YoY). The spin-off of FedEx Freight into a separate public company, effective June 1, adds a strategic dimension to the call.
  • Micron (MU), Reports Wednesday (June 24) after the close. Wall Street expectations are elevated: revenue in the $34.5–35.6 billion range and adjusted EPS around $19.70. The explosive growth is fueled by surging AI demand for high-bandwidth memory (HBM) chips. A beat or miss could move the stock significantly given how much is priced in.

IPOs:

  • Monday (June 22), Expect roughly 15 IPO pricings.
  • Doncasters Group (DPC), The UK-based aerospace and defense engine components manufacturer is expected to price Thursday (June 25) at $28–$32 per share, targeting a $700 million raise and a valuation around $4.2 billion. Lead underwriters: Jefferies and Morgan Stanley.
  • Alpex Acquisition Corp (ALPXU), A $100 million SPAC expected around June 24.

The Bottom Line

IPO momentum remains strong in 2026, but results on the ground are mixed. SpaceX and Kardigan were greeted warmly, while Deep Fission struggled to hold its IPO price. The earnings reports this week, particularly Micron, will be a crucial test for tech and semiconductor sentiment. Beyond the headline numbers, investors will watch guidance closely: FedEx's post-spin outlook and Micron's demand trajectory for AI memory will set the tone heading into the second half of the year.