US IPO Weekly Winners & Losers

SpaceX is officially on the IPO calendar.

SpaceX (Nasdaq: SPCX) set terms for its historic deal, planning to raise $75 billion at a $1.75 trillion market cap, just as expected. The largest IPO of all time is scheduled to list on Friday, June 12.

Some key takeaways from SpaceX’s filing and roadshow:

• There’s no price range: SpaceX filed to offer 556 million shares at $135 per share. It’s unusual, but not totally surprising. The company must have significant investor commitments in place, and high confidence in the demand the deal will generate.

• There’s a retail component: Up to 30% of IPO shares will be reserved for retail investors, through Schwab, Fidelity, Robinhood, SoFi, and E*TRADE. That translates to $23 billion – a record amount of retail participation.

• A payday for the investment banks: SpaceX’s IPO syndicate – led by Goldman – stands to receive more than $500 million, the biggest haul of all time. It gets less attention, but banking stocks offer an indirect play on the 2026-2027 IPO rebound.

• A payday for existing shareholders: With an average cost basis of about $7 per share, private investors stand to make about $1.5 trillion in unrealized gains. Those shares are initially locked up.

• Dueling timelines for lock-up selling and index fund buying: With a 5% float, 95% of SpaceX shares are locked up, in what is without a doubt the most complicated release schedules I’ve ever encountered. Before that happens, several major indexes have drawn up plans to add SpaceX on a fast-entry basis.

If you do plan to buy shares of SPCX, the listing is just one day in a long journey, and smart investors often build a position over time, or wait for the right set-up.

Beyond the launch, it was a big week for new issuance. Five sizable IPOs priced, led by billion-dollar deals from power infrastructure play INNIO (Nasdaq: INIO) and quantum computing carve-out Quantinuum (Nasdaq: QNT), both of which upsized and priced above the midpoint. INNIO popped +23% pitching AI data center buildouts, while Quantinuum fell flat, a signal that not all disruptive tech angles are equal to public investors.

The lineup also featured the year’s first major software IPO with Blackstone’s Liftoff Mobile (Nasdaq: LFTO), which was well received, as well as more defense (AADX) and mining (SSMR). Notably, two deals didn’t get done, insurer Safepoint and natural gas play WhiteHawk.

While SpaceX dominates IPO market headlines, at least three other sizable IPOs aim to price in the week ahead: a power generation company (EROC), a well-funded biotech (PBLS), and a digital bank (FRBT). We’ll see if there’s attention (or capital) to spare with a mega IPO on the calendar.

On that note, Anthropic announced that it confidentially filed this week. An accelerated timeline could allow it to list in late July at the earliest – and beat OpenAI in the IPO race.

A sell-off in chip stocks weighed on markets near the end of the week, and the IPO Index closed down -5.3%, compared to -2.6% for the S&P 500. Forgent Power Solutions was the week’s winner, climbing +8.2% on data center tailwinds. Circle plummeted -29.0% on reports of rising competition in the stablecoin space.