It’s just six days until the SpaceX IPO.
The $1.75 trillion valuation – and $75 billion capital raise – will dominate the IPO market this year.
Frankly, I’m NOT buying the SpaceX IPO at $135 / share. Because there’s a far better way to secure a stake.
Five companies went public this week. The top three saw first-day gains of 23% - 27%.
The standout was Innio (INIO), a Munich-based maker of gas engines and power systems. The stock opened around $31 and closed at $33.30 on Thursday, a 23% gain over its $27 IPO price.
Innio sold 90 million shares at $27 to raise $2.43 billion. The deal was upsized from 75 million shares and priced at the top of its range, which tells you demand was strong.
Here's why investors showed up. Innio supplies power generation systems for data centers, and its data-center equipment orders jumped to roughly $1 billion as of March 31, up from $309 million a year earlier. That's the AI buildout story without owning a chipmaker.
Goldman Sachs, J.P. Morgan, and Morgan Stanley led the deal. At the open, Innio carried a market value north of $20 billion.
The second winner was Liftoff Mobile (LFTO). The mobile ad and app-monetization company priced 19 million shares at $23, above its $20 to $22 range, raising $437 million. Shares jumped about 24% on day one.
Liftoff is backed by Blackstone and had postponed this IPO earlier in the year when markets turned choppy. Its platform reaches roughly 1.4 billion daily active users across 140,000 apps, and management is positioning it as a smaller rival to AppLovin.
The third was Sunshine Silver Mining & Refining (SSMR). It sold 20 million shares at $13.50, the low end of its range, to raise $270 million. The stock jumped 27% to around $17.
Sunshine is reopening a historic silver mine in Idaho's Silver Valley. It has no revenue yet, so this one is a bet on commodity prices and execution rather than a profitable business.
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Two new IPOs didn't join the party.
Quantinuum (QNT) is a quantum computing spinoff from Honeywell. The company priced above its range at $60 but barely moved, closing near $60.38. The company has raised the offering price from a range of $45 - $50 per share in the days before the IPO.
Applied Aerospace & Defense (AADX) is a maker of mission-critical subsystems for space, defense, and precision-strike platforms. The IPO priced 32.5 million shares at $20 and raised $650 million. The stock slipped about 5% on its first day.
It was a good week for IPOs – with 3 new listings jumping +23%. That type of performance could encourage more companies to come to market in the coming months.
The IPO pipeline is strong – with 5 new stocks coming public next week.
SpaceX will dominate the week’s activity – with the IPO slated for June 12.
Here’s how to invest now – before the Nasdaq listing.
Ian Wyatt
Editor, IPO Watch