Key Takeaways
- SpaceX (SPCX) has priced its historic initial public offering at $135 per share, raising $75 billion and valuing the aerospace giant at approximately $1.77 trillion.
- President Donald Trump announced that a "great settlement" with Iran is imminent, with a potential signing ceremony in Europe as early as this weekend to reopen the Strait of Hormuz.
- The European Central Bank (ECB) raised interest rates by 25 basis points to 2.25%, its first hike since 2023, as an "insurance" move against broadening inflation.
- A US Appeals Court has extended a block on a lower court ruling that had struck down President Trump’s 10% global tariff, keeping the trade policy active during the legal challenge.
- UK Armed Forces Minister Al Carns and Defence Secretary John Healey resigned in protest over what they described as "inadequate" military funding in the government's latest investment plan.
SpaceX Shatters Records with $1.77 Trillion Valuation
SpaceX (SPCX) officially priced the world’s largest-ever IPO on Thursday, setting the share price at $135.00. The offering of 555.6 million shares raised $75 billion in fresh capital, nearly tripling the previous record held by Saudi Aramco. The company is expected to begin trading on the Nasdaq on June 12, 2026, under the ticker SPCX.
Investor demand for the debut was reportedly four times oversubscribed, with retail investors earmarked for roughly 30% of the float. The $1.77 trillion valuation places the company among the most valuable entities globally, fueled by the explosive growth of its Starlink satellite internet division and its dominance in commercial space flight.
Trump Signals Imminent Iran Nuclear Settlement
President Trump confirmed on Thursday that a memorandum of understanding with Iran is in its final stages, with a signing likely to occur in Europe within days. The President noted that Vice President JD Vance may attend the signing in his place. The deal reportedly ensures that Iran will not obtain a nuclear weapon and includes the immediate reopening of the Strait of Hormuz.
The announcement follows months of high-stakes diplomacy and military tension in the region. Trump confirmed he has held recent calls with leaders from Israel, Qatar, the UAE, and Saudi Arabia to coordinate the regional security framework. Market analysts suggest the reopening of the Strait could lead to a significant easing of global oil prices.
ECB Delivers "Insurance" Rate Hike
The European Central Bank raised its deposit rate to 2.25% today, marking a shift toward tightening as inflation pressures broaden across the Eurozone. Carsten Brzeski, ING’s (ING) global head of macro, characterized the move as an "insurance hike" intended to prevent the central bank from falling behind the curve, similar to the inflation shock of 2022.
During the press conference, ECB President Christine Lagarde suggested that while one hike serves as a safeguard, a second hike later this summer remains a distinct possibility if data does not cool. The euro saw modest volatility following the decision as traders weighed the likelihood of a follow-up increase in July or September.
Legal and Political Turmoil in US and UK
In the United States, a federal appeals court granted a stay that allows the administration to continue enforcing a 10% global tariff. This move pauses a previous ruling that had declared the tariffs unconstitutional, providing a temporary victory for the Trump administration's "America First" trade agenda. Meanwhile, Money Market Fund assets saw a sharp decline of $21.48 billion for the week ended June 10, as investors likely rotated capital toward the massive SpaceX IPO.
Across the Atlantic, the British government faced a leadership crisis as Armed Forces Minister Al Carns and Defence Secretary John Healey resigned. Both officials cited a "decay" in government machinery and a failure to provide the resources necessary to meet rising global threats. The resignations deal a significant blow to Prime Minister Keir Starmer, who insisted the current funding plan is sufficient to keep the UK safe.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.