US IPO Weekly Winners & Losers

SpaceX (Nasdaq: SPCX) has achieved liftoff.

Elon Musk’s rocket, internet, and AI company raised $75 billion by pricing shares at $135, making history as the largest IPO of all time.

SpaceX had a “Goldilocks” debut, rocketing up +19.2% on day one. Much less, and headlines would declare it a bust. Much more, and we’d be talking about a valuation driven by pure hype. Based on our analysis, the share price looks expensive, but justifiable.

The SpaceX IPO isn’t just important because it lands at the top of a list or puts 2026 in play for the largest IPO year on record. That windfall allows it to put its growth plans into hyperdrive, and represents a roughly $15 billion paper gain for new public investors.

Of course, it’s just one day of trading. Hype often peaks on day one, so don’t kick yourself if you didn’t buy shares. This is a long-term story, and it might end up in your portfolio anyway, via popular index funds.

Interested buyers can also find plenty of entry points if they’re patient. Keep in mind that the company floated only ~5% of total shares, and the other 95% will become tradable over the next year or so. More immediately, look out for Street research initiations hitting on July 7.

Here’s what it means for the IPO market: The 2026 IPO rebound is back. SpaceX just handed an IPO playbook to Anthropic and OpenAI. This week, OpenAI officially announced it filed confidentially. That gives it the option to go public as soon as late summer, though CEO Sam Altman said he expects a listing within a year.

Aside from SpaceX, four other IPOs priced this week. Cancer biotech Parabilis Medicines (Nasdaq: PBLS) raised $670 million in the largest-ever biotech IPO, notching a more than +50% pop on day one. The other three deals, which included bank Forbright (Nasdaq: FRBT), power equipment producer ERock (NYSE: EROC), and energy play WhiteHawk Minerals (NYSE: WHK), didn’t get much demand.

A quiet holiday week ahead, with cardiovascular disease biotech Kardigan and community bank First Carolina Financial Services testing the post-SpaceX IPO market next week.

The Renaissance IPO Index rode a late-week rally to a +4.0% gain, beating the S&P 500's +0.6%. Mediterranean restaurant chain CAVA Group led the IPO Index and soared +25.3% as management raised its unit expansion plans. The week’s winners also included several AI infrastructure plays. Software names brought up the rear, with SailPoint off -19.9% on lower guidance after Q1 earnings.