Friday, June 12, 2026, is one for the history books. SpaceX, Elon Musk's space exploration and satellite company, made its public debut on the Nasdaq in the largest IPO Wall Street has ever seen. At the same time, the earnings week closed with a split verdict — disappointment over Oracle's forward plans and measured optimism after Adobe's beat.

SpaceX: A Record-Breaking Public Debut

SpaceX (SPCX) priced its IPO at $135 per share, raising approximately $75 billion — a record sum — and giving the company a pre-trading valuation of roughly $1.77 trillion. The stock opened at $150, up 11% from the IPO price, and climbed to an intraday high of around $176 before settling near $169, up about 25% from the offer price.

The massive demand made this the largest IPO in history by capital raised, instantly establishing SpaceX as a major force in public tech markets. The company, which operates the Starlink satellite network and provides commercial launch services, is expected to join the Nasdaq-100 index as early as July — a move that will force large ETFs to buy significant blocks of shares.

The debut also propelled Elon Musk's net worth past the $1 trillion mark, making him the world's first trillionaire in paper wealth.

Oracle: Beat and Selloff

Oracle reported fiscal Q4 results on Wednesday with revenue of $19.2 billion, up 21% year-over-year, and non-GAAP EPS of $2.11, above consensus estimates of $1.96. Cloud infrastructure revenue surged 93% to $5.8 billion, driven by AI workload demand, and the company's remaining performance obligations hit a record $638 billion.

Despite the beat, the stock dropped more than 10% in the days following the report. The selloff centered on Oracle's plan to raise approximately $20 billion in additional equity and debt to fund AI infrastructure expansion. By Friday, shares were trading around $181–$185, down from the $205 level before earnings.

Adobe: Record Revenue and Raised Guidance

Adobe delivered one of the week's bright spots. Q2 2026 revenue hit a record $6.62 billion, up 13% year-over-year, with non-GAAP EPS of $5.96 topping the consensus of $5.82. Subscription revenue rose 14%, total ARR reached $27.1 billion, and management raised full-year revenue and EPS guidance.

The company reported that Firefly, its generative AI platform, tripled its annual recurring revenue year-over-year and crossed the $500 million mark. CEO Shantanu Narayen cited "strong AI-driven demand across our customer groups." The market's initial reaction was mixed, but the fundamental picture remained upbeat.

The Children's Place: Earnings Due

Children's apparel retailer The Children's Place (PLCE) is scheduled to report Q1 results after the close today. Analysts expect a loss of approximately $2.14–$2.15 per share on revenue of roughly $198 million.

The Bottom Line

This week belonged to SpaceX. Its historic debut reshapes the US IPO landscape overnight and injects a new mega-cap into tech indexes, carrying implications for index rebalancing and sector concentration. On the earnings front, the contrast between Oracle's selloff and Adobe's steady beat captures a central tension in markets right now: AI is generating enormous demand, but the capital required to capture that opportunity is weighing on valuations in real time.