CNBC — 2026-06-12#

Lead Story#

SpaceX made history with the largest initial public offering on record, raising $75 billion and valuing the rocket maker at nearly $1.77 trillion—a debut that officially crowned CEO Elon Musk as the world’s first trillionaire. The stock surged more than 20% in its Nasdaq debut, signaling massive investor appetite for Musk’s long-term visions of space exploration and orbital AI data centers.

Markets & Economics#

Global equities surged and oil prices tumbled after President Donald Trump announced a framework peace agreement between the U.S. and Iran, which reportedly includes lifting oil sanctions and reopening the Strait of Hormuz within 30 days. U.S. crude futures fell 1.65% to $86.26 per barrel, while the S&P 500 rallied into positive territory for the week. In Asia, South Korea’s Kospi spiked 7% and Japan’s Nikkei 225 jumped 3.4% on the geopolitical optimism. Meanwhile, markets are preparing for next week’s Federal Reserve meeting under new “Chairman” Kevin Warsh, who is widely expected to hold interest rates steady but may implement a “regime change” by sharply reducing forward guidance and Fed speak. In the U.K., the economy unexpectedly shrank by 0.1% in April as skyrocketing fuel costs from the Iran war hammered services and consumer activity.

Business & Earnings#

SpaceX’s debut dominated corporate news, with shares opening at $150 and climbing above $166, driving its market cap past $2.1 trillion in massive trading volumes. In an exclusive CNBC interview, SpaceX COO Gwynne Shotwell discussed the company’s aggressive production goals for the Starship rocket and did not rule out an eventual tie-up with Tesla. Elsewhere, Adobe shares plunged 7% despite an earnings beat, pressured by softer annual recurring revenue guidance and the abrupt departure of CFO Dan Durn. The Department of Justice reportedly approved Paramount Skydance’s $110 billion acquisition of Warner Bros. Discovery, clearing a major federal antitrust hurdle ahead of a September target close. Meta is actively dismantling its $2 billion acquisition of AI startup Manus to comply with an unprecedented divestment order from Beijing.

Investing & Commentary#

Jim Cramer advised investors to treat SpaceX as a long-term play on space exploration rather than a near-term profit vehicle, noting that post-IPO pullbacks should be viewed as buying opportunities. Cramer also highlighted Intel as his top stock pick with a $200 price target, buoyed by a Bank of America double upgrade and renewed confidence in its foundry operations. Options traders who had piled into SpaceX proxy stocks like EchoStar and AST SpaceMobile faced a harsh reality check, with those shares plunging double digits as the actual SpaceX stock became available. JPMorgan recommended buying the dip on Kratos Defense & Security, upgrading the stock to overweight with an $82 price target on its strong pipeline and improving balance sheet.

Also Worth Watching#

• Why Nokia is betting on AI-powered networks: The Finnish telecom giant is reinventing itself with AI-driven infrastructure and 6G to stay ahead of rivals Huawei and Ericsson.
• Why Jeff Bezos says he’s embraced being a CEO again: It’s a ‘Type 2 fun’ kind of job: Jeff Bezos discussed Prometheus’s $12 billion funding round and his operational return to the C-suite.
• New Jersey’s $155 million bet on the World Cup faces questions amid FIFA cost dispute: State officials are clashing with FIFA over the massive transportation and security costs associated with hosting the 2026 World Cup final.
• Honeywell CEO says AI will ‘redefine automation’ as labor shortages mount: Vimal Kapur explained how physical AI and data insights are helping industrial customers combat a shrinking workforce.