Public Markets 3 Days

Last updated: June 12, 2026, 2:37 PM ET

Equity Markets

SpaceX debuted with a $75 billion valuation in the largest initial public offering on record, drawing more than $350 billion in investor demand as shares opened approximately 20% above the offer price. The launch vaulted Elon Musk past the trillionaire threshold and positioned Antonio Gracias to reap billions from his $65 billion stake, while simultaneously triggering a selloff across rival space companies as investors rotated into the newly public shares. Vanguard Group ended BlackRock's two-decade reign atop the $15.2 trillion U.S. exchange-traded fund market, marking a seismic shift in passive investment leadership. Meanwhile, Cyera raised $600 million at a $12 billion valuation in its latest funding round, exemplifying the voracious appetite investors maintain for AI-focused cybersecurity companies.

Fixed Income

Former Western Asset Management chief investment officer Ken Leech pleaded guilty to obstructing an SEC probe into alleged cherry-picking fraud schemes that diverted profitable trades to favored client portfolios, while BlackRock's $13 billion HPS Corporate Lending Fund honored less than 40% of redemption requests after capping withdrawals at 5% for a second consecutive quarter. Credit investors unwound wartime hedges on European companies worth roughly $20 billion as concerns over Middle East conflict eased, though Bank of Japan Governor Kazuo Ueda's hospitalization fueled market nerves ahead of the central bank's policy meeting. Lloyds Banking Group prepared a significant risk transfer deal tied to £4.2 billion in loans to smaller firms, while Swedish pension authorities signaled opposition to private credit exposure for retirement savers.

Energy & Commodities

Oil futures settled lower after President Trump canceled planned strikes on Iran, raising hopes for a swift end to hostilities that have roiled energy markets for weeks. Middle East fuel exports rebounded this month as more tankers navigated the Strait of Hormuz, providing relief to markets starved of supply amid the naval blockade. U.S. natural gas futures traded steady with milder near-term weather forecasts partially offsetting recovering LNG feedgas flows, while gold slumped below $4,200 following renewed U.S.-Iran clashes that jeopardized diplomatic efforts. The World Bank warned that Iran war disruptions are slowing global growth and fueling a new bout of inflation that threatens the worldwide economic outlook.

Private Markets & M&A

Apollo Global selected Austin as its second headquarters over Miami and Palm Beach, citing Texas private school capacity constraints as Florida markets reach saturation. The firm finalized a complex $35 billion deal with Blackstone to finance Anthropic's growth plans, while ENN Energy Holdings' largest shareholder mulled abandoning a $12 billion buyout of its energy unit. Warburg Pincus and KKR tapped potential buyers for UK broadband businesses as the altnet sector grapples with lower-than-expected fiber uptake and rising costs. Chinese chipmaker Meta X planned a Hong Kong listing to capitalize on the semiconductor boom after a blockbuster mainland IPO last year.

Crypto & Alternative Investments

Tether's USDT stablecoin briefly surpassed Ether in value, delivering a stark reality check to crypto markets before reverting to traditional pricing relationships. Blockworks acquired Messari for over $10 million after the crypto data provider saw its valuation collapse from approximately $300 million in 2022 amid prolonged market weakness. Bitcoin traders eyed the AI frenzy and SpaceX IPO for potential catalysts to sustain the cryptocurrency's rebound from below $60,000, while Cyera's $600 million raise valued the five-year-old cybersecurity firm at $12 billion.

Market Commentary

Goldman Sachs strategist Jan Hatzius argued that analysts underestimate the AI spending boom, expecting further gains for stocks linked to artificial intelligence development despite current market volatility. European Central Bank Governing Council member Peter Kazimir stated rates must rise further to combat inflation spreading through the economy, though traders positioned fairly for Fed policy according to rates traders at Goldman Sachs. Governments sold bonds at a record pace as public spending surged globally, while investors faced extreme rotations that left stock market bulls without a reliable playbook amid shifting geopolitical and economic conditions.