SpaceX's massive initial public offering is still a little more than a week away. But several companies are getting ready to make their Wall Street debuts this week to get ahead of the expected June 12 listing for Elon Musk's rocket launch, satellite internet, and artificial intelligence conglomerate.
There are currently six companies on the IPO calendar that are targeting at least a $1 billion valuation (the standard for a so-called unicorn) according to IPO research and investing firm Renaissance Capital. And several of them are plays on hot investing trends, notably AI and quantum computing.
The biggest is Innio, a maker of gas engines. The company is currently looking to sell 75 million shares at a price range of $24 to $27 share. At the midpoint of that range, Innio would raise $1.9 billion and be valued at a little more than $19 billion.
Innio, which will trade on the Nasdaq with the ticker symbol of INIO, sells equipment to data centers, helping to meet the insatiable demand for power that AI services require. The company said in its regulatory filings with the Securities and Exchange Commission that data center revenue accounted for 11% of total sales in the first quarter.
But that business is growing rapidly, with 61% of its equipment order backlog coming from its data center customers. Innio was also profitable last year, posting net income of $141.8 million, up 54% from 2024. But the company swung to a slight loss in the first quarter of this year.
Quantum computer company Quantinuum, which is majority-owned by automation and aerospace leader Honeywell, is also set to go public at a more than $10 billion valuation. The company will sell 26.5 million shares at a price range of $53 to $55, up from its previous plan to offer 21.1 million shares in a range of $45 to $50. At the $54 midpoint of its new price range and offering size, Quantinuum would raise $1.4 billion and have a market valuation of around $14.2 billion.
Quantinuum will trade on the Nasdaq under the ticker of QNT. Sales are soaring but losses are mounting too, primarily because of heavy investments in research and development. The company reported revenue of $30.9 million last year, up 34% from $23 million the year before. Quantinuum lost $192.6 million in 2025, compared with red ink of $144.1 million in 2024. And the company posted another net loss of $136.6 million just in the first quarter of this year.
But that may not deter investors. Quantinuum hopes to cash in on the current bull market for all things quantum. IBM stock is trading near a record high thanks to the federal government's support for quantum computing. Both IBM and Quantinuum are getting funding from the Commerce Department. And shares of several other quantum start-ups, such as IonQ, D-Wave Quantum, and Rigetti Computing, have popped in the past 12 months.
The other four unicorns on tap for IPOs this week may be slightly less buzzy but are still noteworthy, especially since they're looking to capture some momentum before SpaceX potentially sucks up all the oxygen.
Aviation equipment and components manufacturer Applied Aerospace & Defense is planning to raise $634 million through the sale of 32.5 million at a range of $18 to $21 each. It would be valued at $3.3 billion at the $19.50 midpoint and will trade with the symbol AADX on the New York Stock Exchange.
Sunshine Silver Mining & Refining, which also mines copper and antimony, a flame retardant mineral, could be a backdoor AI play given the demand for wiring in data centers. Sunshine plans to list 20 million shares at a price range of $13.50 to $16.50 each. The company would raise $300 million and have a market valuation of $2.3 billion at the $15 midpoint. Sunshine will list on the NYSE with the ticker of SSMR.
Property and casualty insurer Safepoint Holdings also should crack the billion-dollar market cap threshold, too, with plans to sell 16.7 million shares in a range of $15 to $17. The company would raise $267 million at the $16 midpoint and be valued at $1.2 billion. Safepoint, which will trade on the NYSE with the ticker of SFPT, focuses mainly on insurance for homeowners and small businesses in Florida and Louisiana.
Finally, mobile app advertising software firm Liftoff Mobile, which is backed by private-equity giant Blackstone, hopes to get its IPO off the ground after postponing a plan to go public in February amid the market volatility in the first quarter.
Liftoff, which intends to raise nearly $400 million from the sale of 19 million shares at a price range of $20 to $22, would be valued at $3.9 billion at the $21 midpoint. The company originally planned to raise $711 million at a valuation of $5.5 billion in February. Shares will trade under the ticker symbol LFTO on the Nasdaq.
Of course, these six IPOs are mere appetizers to the SpaceX main course. But they will serve as an important test. IPO activity has slowed so far this year, with the number of new stocks tumbling 22% from this time a year ago, according to Renaissance Capital. But these IPOs have collectively raised $28.8 billion, up 144% from last year's levels.
So the IPOs that are making it to the market are getting increasingly bigger. And none are more colossal than SpaceX.
Comments