Wall Street is experiencing one of the most eventful trading days of the year — a once-in-a-generation IPO, heavyweight earnings, and a geopolitical-driven market rebound all converging on the same Thursday.

The SpaceX IPO: $135/share, $75B raise

Space Exploration Technologies Corp. (SpaceX) is expected to finalize pricing for its long-awaited initial public offering this evening at a fixed $135 per share, targeting roughly $75 billion in proceeds and an implied valuation of $1.77–$1.8 trillion — making it by far the largest IPO in history.

The offering is heavily oversubscribed, with institutional orders reportedly in the tens of billions. Retail investors generally cannot participate in the allocation; shares will begin trading on the Nasdaq on Friday, June 12, under the ticker SPCX.

Jim Cramer of CNBC said Thursday morning that "this company's IPO will determine market action for the next month," reflecting the outsized attention the listing has attracted.

SpaceX reported approximately $18.7 billion in revenue for 2025 with an operating loss of $4.2 billion. The IPO values the company well above recent private secondary market trades, which were around $129–$137 per share.

Forbright: modest debut

Forbright, Inc. (FRBT), the digital-first bank led by former U.S. Representative John Delaney, priced its IPO at $18 — the low end of its $18–$20 range — raising roughly $142 million. The stock opened trading at $17.50, below the offer price, and rang the Nasdaq opening bell.

Oracle: growth at a price

Oracle (ORCL) reported fiscal Q4 and full-year 2026 results after the close on Wednesday, and the stock slid 8%–11% in Thursday's session as investors digested capital spending well above expectations.

Q4 revenue came in at $19.2 billion, up 21% year-over-year. Cloud revenue hit $9.9 billion (+47%), with OCI/IaaS surging 93% to $5.8 billion. Remaining Performance Obligations (RPO) swelled to a record $638 billion, adding $85 billion in a single quarter.

But the headline number was annual CapEx of $55.7 billion — above the previous $50 billion target — and an FY2027 outlook that shocked the Street: the company guided for up to $95 billion in total capital spending, funded through debt, equity issuance, and customer prepayments. Free cash flow for FY2026 was negative $23.7 billion.

"The growth story is intact — the Cloud and AI demand is clearly there," said one analyst who covers the stock. "The question is whether the market is comfortable with the price tag of that growth right now."

Oracle noted that prepaid and customer-supplied hardware arrangements for large AI contracts totaled $75 billion, which partly offsets the net capital burden.

After the bell: Adobe and Lennar

Adobe (ADBE) reports Q2 FY2026 results after the close. Consensus calls for non-GAAP EPS of $5.82 on revenue of approximately $6.46 billion. The company, which is in the midst of a $25 billion buyback program, has been pushing AI monetization through Firefly and GenStudio. Investors will watch for signs that AI features are translating into recurring revenue acceleration.

Lennar (LEN), the second-largest U.S. homebuilder, also reports after the close. Consensus EPS is around $0.95. In its Q1 report, Lennar guided for Q2 deliveries of 20,000–21,000 homes with gross margins of 15.5%–16.0%. Elevated mortgage rates continue to pressure the housing market, and new orders will be the key metric to watch.

Market snapshot: a sharp rebound

After Tuesday's selloff — which pushed the S&P 500 down 1.6% to 7,267, the Dow to 49,919, and the Nasdaq to 25,170 — markets bounced hard on Thursday. The Dow gained roughly 800 points (+1.6%), the S&P 500 rose 1.2% to approximately 7,360, and the Nasdaq climbed about 2%.

The catalyst: reports that President Trump canceled planned strikes on Iran and signaled willingness for a diplomatic resolution. Oil prices fell on the news, and semiconductor stocks led the rally, jumping about 5%.

The bottom line

June 11, 2026 may go down as the day SpaceX — the private space company turned global brand — took its final step toward becoming a public company. At the same time, Oracle delivered a sharp reminder that AI infrastructure growth comes at a heavy cost, and that investors are beginning to scrutinize the bill. Adobe and Lennar will provide the next test on Friday morning.