The IPO market is set to host a historic event in the coming week, with SpaceX (SPCX) set to list on Friday. Beyond the headline offering, a few other sizable IPOs are scheduled to price.
SpaceX plans to raise $75 billion by offering 555.6 million shares at $135 per share, where it would command a fully diluted market cap of $1.75 trillion.
- The IPO: The terms imply a float of just 4.3%. The company is foregoing the typical price range, with reports pointing to extensive pre-IPO talks and demand expectations as the basis for the unusual choice. The latest filing disclosed expected retail allocations via five brokerage platforms, but did not disclose the exact percentage of IPO shares being reserved.
- The company: SpaceX is an aerospace manufacturer and space transportation company that designs, manufactures, and operates rockets, spacecraft, and satellite systems. Within its three lines of business, Starlink (connectivity; 69% of 1Q revenue) is the company’s financial engine, while rocket launches (space; 13%) and Grok/X/Colossus data centers (AI; 17%) are currently high cash burn segments.
Cancer biotech Parabilis Medicines (PBLS) plans to raise $450 million at a $2.2 billion market cap. Formerly known as FOG Pharmaceuticals, Parabilis is developing medicines that target proteins previously considered undruggable using its proprietary Helicon platform. Its lead candidate is targeting a pathway that drives a broad range of solid tumors, and the company plans to initiate a Phase 3 registrational trial in desmoid tumors in the 1H27.
Digital bank Forbright (FRBT) plans to raise $150 million at a $987 million market cap. Tracing its history back to Congressional Bank, Maryland-based Forbright offers a financial services platform spanning nationwide middle-market lending, digital consumer banking, strategic advisory and asset management services. As of March 31, 2026, the company had $8.2 billion in total assets, $5.8 billion in total loans, and $7.1 billion in deposits, including $3.9 billion in digital deposits.
After delaying in the prior week, natural gas mineral and royalty business WhiteHawk Minerals (WHK) may raise $180 million at a $678 million market cap. WhiteHawk’s assets are concentrated in the Marcellus and Haynesville Shales in the Appalachian and Haynesville Basins, and its portfolio spans approximately 3.4 million gross drilling spacing unit acres, as of 12/31/25. WhiteHawk plans to issue a quarterly dividend.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| ERock (EROC) Houston, TX | $600M $5,899M | $20 - $23 27,906,977 | Morgan Stanley JP Morgan |
| Produces and deploys natural gas power generation systems for enterprises. | |||
| Parabilis Medicines (PBLS) Cambridge, MA | $450M $2,228M | $17 - $19 25,000,000 | Leerink Partners BofA |
| Clinical-stage biotech developing engineered peptide therapies for cancer. | |||
| Forbright (FRBT) Chevy Chase, MD | $150M $987M | $18 - $20 7,900,000 | Goldman JP Morgan |
| Digital-first bank that specializes in middle-market commercial lending. | |||
| SpaceX (SPCX) Starbase, TX | $75,000M $1,745,505M | $135 555,555,555 | Goldman Morgan Stanley |
| Provides reusable rockets for space travel, global satellite internet, and AI models. | |||
| WhiteHawk Minerals (WHK) Philadelphia, PA | $180M $678M | $25 - $27 6,925,000 | Raymond James Stifel |
| Owns natural gas mineral and royalty interests in the Marcellus and Haynesville Shales. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/4/2026, the Renaissance IPO Index was up 24.6% year-to-date, while the S&P 500 was up 11.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Astera Labs (ALAB). The Renaissance International IPO Index was up 38.5% year-to-date, while the ACWX was up 14.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and CATL.
