TLDR
- SpaceX priced its IPO at $135 per share, raising $75 billion in what is expected to be the largest IPO in history
- S&P 500, Dow, and Nasdaq futures all rose Friday ahead of SpaceX’s trading debut
- President Trump canceled planned strikes on Iran, sparking a relief rally Thursday
- Oil prices dropped as much as 5% on hopes the US and Iran are nearing a peace deal
- University of Michigan consumer sentiment data is also due Friday
SpaceX is set to begin trading on Friday after pricing its IPO at $135 per share late Thursday. The rocket and AI company raised around $75 billion, making it the largest IPO ever recorded. Its anticipated market cap sits at $1.78 trillion.
At that valuation, CEO Elon Musk is on track to become the world’s first trillionaire.
The stock is not expected to begin trading until at least 11:30 a.m. Eastern time. That delay is normal, as exchanges need time to establish an opening price.
Hargreaves Lansdown analyst Matt Britzman said the IPO is “set to be one of the biggest moments for markets today.” He also cautioned that strong demand for an allocation does not always mean buyers will show up in the open market.
Stock futures climbed ahead of the debut. S&P 500 futures rose 0.7%, Nasdaq 100 futures gained 0.7%, and Dow futures jumped around 437 points, or 0.9%.
Iran Peace Talks Lift Sentiment
Thursday’s rally was driven largely by news out of the White House. President Trump announced he had called off planned strikes on Iranian targets and signaled that peace talks with Tehran were continuing.
BREAKING: President Trump says he has cancelled scheduled strikes on Iran and the time and place of a deal signing will be “announced shortly.” pic.twitter.com/cTH1NTOOzh
— The Kobeissi Letter (@KobeissiLetter) June 11, 2026
That news sent stocks sharply higher on Thursday. The benchmark chip stock index posted its best single day in more than a year.
Investors carried that optimism into Friday. Markets are now watching for signs that the US and Iran could reach an agreement ahead of the G7 summit next week.
Reports suggest the two sides may be close to a deal that would reopen the Strait of Hormuz, a key shipping lane for global oil.
Oil Drops Sharply on Deal Hopes
Oil prices fell hard on Friday. Brent crude futures dropped 4.3% to $86.52 a barrel. West Texas Intermediate fell 4.5% to $83.78 a barrel.
Earlier in the session, Brent had fallen as much as 5%, hitting its lowest level since March.
The dollar slipped 0.1% against a basket of major currencies. The 10-year Treasury yield edged down 2 basis points to 4.45%.
Investors are also watching the University of Michigan’s consumer sentiment reading, due Friday. The headline index fell to an all-time low of 44.8 in May, reflecting ongoing concern about the economy and inflation.
Separately, Rocket Lab and four other companies are set to join the Nasdaq 100, a move that could bring additional attention to the space sector on an already busy trading day.
Bitcoin remained range-bound following a tepid recovery, while gold rose roughly 2% after Trump’s Iran announcement but remains on track for a weekly loss.
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