Markets Live: SpaceX set for blast off on Wall Street; FTSE 100 rises on easing Iran tensions

Jun 12, 2026 - 09:01

SpaceX launched its long-awaited public debut on Friday.

Good morning and welcome back to the City AM liveblog.

Global equity investors are bracing for Musk’s record-breaking market debut

SpaceX is set to begin trading on Nasdaq today after Elon Musk’s rocket, satellite and AI empire pulled off the largest IPO in market history.

The company raised $75bn after pricing shares at $135, giving it a $1.77 trillion valuation and instantly making it one of America’s most valuable companies.

The float has also pushed Musk’s personal fortune above $1 trillion on paper, making him the world’s first trillionaire. Attention is now turning to whether SpaceX can break through the $2 trillion mark on its first day.

Prediction markets are assigning roughly 70 per cent odds to a $2 trillion-plus close, while SpaceX-linked perpetual contracts have traded around 30 per cent above the IPO price.

The frenzy comes despite warnings over the group’s finances. SpaceX has accumulated losses of more than $41bn since its founding and lost almost $5bn last year as it poured billions into Starship development and AI infrastructure.

Meanwhile, markets are continuing to digest the fresh impact of the Iran war. On Thursday Donald Trump said the US woukd be “hitting” Iran very hard and taking “total control” of the country’s oil and gas markets.

But hours later, he would go on to cancel the strikes and later say a “great settlement” has been agreed with Tehran and a deal is set to be signed “maybe over the weekend”.

The price of Brent crude oil moved higher amidst the volatility to just over $94 per barrel, before softening slightly.

Equity investors have began to shrug off some of the movements, with the FTSE 100 finishing higher in the green on Thursday as the index was also able to curb some of the heavier sell-offs this week targeted at tech stocks.

We’ll be bringing you the latest reaction to these moves and more.