Five IPOs, including two billion-dollar deals, priced this week. Six SPACs also priced. Four IPOs and four SPACs submitted filings.
Despite two big listings coming to market, the biggest news this week came from SpaceX (SPCX), which set terms for an IPO that could raise $75 billion at a $1.8 trillion market cap. At the proposed price of $135 per share, it would be the largest IPO in history by a wide margin.
Natural gas engines producer INNIO Holding (INIO) priced its upsized IPO at the top of the range to raise $2.4 billion at a $20.3 billion market cap. Innio Group is a manufacturer of reciprocating gas engines for power generation and gas compression applications. The company operates two segments: Equipment and Services, selling engines under its Jenbacher and Waukesha brands, which range from 200 kW to 10 MW in output and are designed to run on natural gas as well as alternative fuels including hydrogen blends. The industry is experiencing strong market growth driven by AI data centers and broader electrification, although the company is leveraged at 3.6x net debt/EBITDA. INNIO finished the week up 19%.
Quantum computer developer Quantinuum (QNT) priced its upsized IPO above the range to raise $1.7 billion at a $15.9 billion market cap. Quantinuum develops quantum computing systems and software with the goal of commercializing quantum technology for enterprise and government applications. The company operates on the premise that future computing will be hybrid in nature, combining classical processors, GPU-based accelerated compute, and quantum processing units to tackle problems that conventional systems cannot efficiently solve. Quantinuum has achieved best-in-class fidelity and a best-in-class overhead ratio, but it currently has limited commercial traction due to how early stage the technology is. It finished the week down 6%.
Advertising mobile app software Liftoff Mobile (LFTO) priced its IPO above the range to raise $437 million at a $4.3 billion market cap. Liftoff Mobile, formed in 2021 through the merger of Liftoff and Vungle, provides an AI-powered platform that supports user acquisition and ad monetization for mobile app advertisers and publishers across various verticals like social media, finance, entertainment, and gaming. As of September 30, 2025, its software development kit is integrated into over 140,000 apps, connecting to approximately 1.4 billion daily active users worldwide, while serving over 1,000 marketers globally. Liftoff Mobile previously filed in January to raise $711 million at a $5.5 billion market cap, before postponing its IPO at the eleventh hour in early February amid a broad selloff in the software space. It finished the week up 17%.
Aerospace equipment maker Applied Aerospace & Defense (AADX) priced its IPO slightly above the midpoint to raise $650 million at a $3.4 billion market cap. Applied Aerospace & Defense was formed in December 2025 through the merger of Applied Aerospace, founded in 1954, and PCX Aerosystems, founded in 1900. The company provides design, engineering, and manufacturing services for the space and defense industries, producing complex subsystems built to withstand extreme operating environments. The company had 25% growth in 2025, and a $1.1 billion backlog as of 3/31/26, although most of its 2025 revenue came from just three customers. Applied Aerospace & Defense finished the week down 12%.
Development-stage mining company Sunshine Silver Mining & Refining (SSMR) priced its IPO at the bottom of the range to raise $270 million at a $2.1 billion market cap. Sunshine Silver Mining & Refining owns and is developing the Sunshine Mine and related refining facilities in Kellogg, Idaho, a historically producing silver mine with byproducts including antimony, copper, and lead. The company is focused on maintaining and modernizing the site in preparation for a planned restart of mining, milling, and refining operations. Operations are currently on care and maintenance, with a restart targeted for 2028. Sunshine Silver Mining & Refining finished the week up 4%.
Six SPACs also priced this week. Keystone Acquisition (KEYYU) raised $250 million to target energy, shipbuilding, semiconductors, and digital infrastructure. FutureCorp Space Acquisition 1 (FTRAU) raised $200 million to target space and defense. InterPrivate-backed InterPrivate Investment Partners V (IPVVU) raised $175 million to target blockchain and digital assets. Long Table Growth (LTGRU), formed by SPAC veteran Greg Ethridge, raised $150 million to target fintech and other industries. Aeon Acquisition I (AESPU), backed by The Aeon Group and Octagon Basketball Europe, raised $125 million. AmperCap Acquisition (APMCU), led by the founders of AmperCap, also raised $125 million.
| 11 IPOs During the Week of June 1st, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 06/05 |
| INNIO (INIO) | $2,430M | $20,296M | 6% | +23% | +19% |
| Producer of natural gas engines and power generation systems. | |||||
| Liftoff Mobile (LFTO) | $437M | $4,290M | 10% | +24% | +17% |
| Provides AI-powered advertising and monetization software for mobile apps. | |||||
| Sunshine Silver (SSMR) | $270M | $2,064M | -10% | +27% | +4% |
| Development-stage silver mining and refining company with a project in Idaho. | |||||
| Aeon Acquisition I (AESPU) | $125M | $181M | 0% | +0% | +1% |
| Blank check company backed by The Aeon Group and Octagon Basketball Europe. | |||||
| Keystone Acquisition (KEYYU) | $250M | $333M | 0% | +0% | +0% |
| Blank check company targeting energy, shipbuilding, semiconductors, and digital infrastructure. | |||||
| Long Table Growth (LTGRU) | $150M | $200M | 0% | +0% | +0% |
| Blank check company formed by SPAC veteran Greg Ethridge targeting fintech and other industries. | |||||
| FutureCorp Space Acq. 1 (FTRAU) | $200M | $250M | 0% | n/a | +0% |
| Blank check company targeting space and defense. | |||||
| AmperCap Acquisition (APMCU) | $125M | $174M | 0% | +0% | +0% |
| Blank check company led by the founders of private equity sponsor AmperCap. | |||||
| InterPrivate V (IPVVU) | $175M | $224M | 0% | -1% | -1% |
| Fifth blank check company backed by InterPrivate targeting blockchain and digital assets. | |||||
| Quantinuum (QNT) | $1,680M | $15,876M | 26% | +1% | -6% |
| Quantum computer developer being carved out of Honeywell. | |||||
| Applied Aerospace (AADX) | $650M | $3,416M | 3% | -5% | -12% |
| Manufactures equipment and components for aerospace and defense uses. | |||||
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Four IPOs submitted initial filings this week. Vedanta copper mining sin-off CopperTech Metals (CUX) filed to raise an estimated $500 million. Broadband and utility engineering firm ITG (ITG) filed to raise an estimated $300 million. Mexican exploration-stage silver miner Sinda (SIND) file to raise $100 million. Malaysia-based AV equipment provider MSAV Holdings (MSAV) filed to raise $25 million at a $125 million market cap.
Four SPACs also submitted initial filings. Gores Holdings XI (GHXIU), a blank check company formed by The Gores Group, filed to raise $312 million. Meridian3 Industrials Acquisition (MIACU) filed to raise $175 million to target industrial technology. Norient Acquisition (NORTU), a blank check company backed by ARC Group, filed to raise $105 million. Watu Metals Acquisition (WATU.RC) filed to raise $100 million to target defensible market positions.
| 8 Filings During the Week of June 1st, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| ITG (ITG) | $300M | Industrials | Morgan Stanley |
| Provider of design and engineering services for broadband and utility infrastructure. | |||
| MSAV Holdings (MSAV) | $25M | Industrials | Arc Group Securities |
| Malaysia-based audiovisual and LED display equipment provider. | |||
| Sinda (SIND) | $100M | Materials | Morgan Stanley |
| Exploration-stage silver miner with operations in Guanajuato, Mexico. | |||
| Meridian3 Industrial Acq. (MIACU) | $175M | SPAC | Cantor Fitz. |
| Blank check company targeting industrial technology. | |||
| Watu Metals Acquisition (WATU.RC) | $100M | SPAC | Chardan |
| Blank check company led by Australian executives. | |||
| Gores Holdings XI (GHXIU) | $312M | SPAC | Santander |
| Blank check company formed by The Gores Group. | |||
| Norient Acquisition (NORTU) | $105M | SPAC | Arc Group Securities |
| Blank check company backed by ARC Group. | |||
| CopperTech Metals (CUX) | $500M | Materials | Citi |
| Copper miner with operations in Zambia spun out of Vedanta. | |||
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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.
