U.S. Stocks Drift as Brent Falls to $89.53 Ahead of SpaceX's $1.77 Trillion Debut
Updated
Updated · St. Paul Pioneer Press · Jun 12
U.S. Stocks Drift as Brent Falls to $89.53 Ahead of SpaceX's $1.77 Trillion Debut
3 articles · Updated · St. Paul Pioneer Press · Jun 12
Summary
The S&P 500 edged up 0.1% Friday morning, while the Dow gained 166 points and the Nasdaq slipped 0.3% as Wall Street waited for SpaceX to begin trading later in the day.
Brent crude fell 0.9% to $89.53 a barrel, extending weekly losses after President Donald Trump dropped his threat to strike Iran and said a deal that could reopen the Strait of Hormuz may be near.
AI shares remained volatile ahead of the IPO, with Broadcom down 1% as investors weighed whether money is rotating out of existing AI names into SpaceX and other upcoming offerings.
SpaceX would be worth $1.77 trillion at its offering price, ranking near Broadcom and Meta, while its AI push has helped lift debt to $29.1 billion as of late March.
Treasury yields also rebounded, with the 10-year rising to 4.49% after a better-than-expected University of Michigan sentiment reading, underscoring how oil, rates and AI enthusiasm are jointly steering markets.
With its focus now on AI, can SpaceX's speculative new business justify its record-breaking $1.77 trillion valuation?
Is the massive SpaceX IPO the peak of the AI stock market bubble or the start of a new technological era?
Will the potential U.S.-Iran deal permanently stabilize oil prices, or is it another temporary fix for the global economy?
SpaceX’s $75B IPO Shatters Records: AI, Starlink, and the New Tech Market Bellwether
Overview
On June 12, 2026, SpaceX made history with its record-breaking IPO on the Nasdaq, raising $75 billion and instantly becoming one of the world’s most valuable public companies. This offering more than doubled the previous global IPO record and pushed SpaceX ahead of Tesla in market value, placing Elon Musk on the verge of becoming the world’s first trillionaire. The company’s strong revenue growth, driven by its expanding Starlink satellite internet business and dominance in commercial space launches, highlights SpaceX’s transformation into a leader at the intersection of space, technology, and artificial intelligence.