SpaceX opens 11% higher at $150 a share and makes Musk the first trillionaire

NEW YORK (AP) — SpaceX jumped 11% as the rocket maker’s stock opened for trading. That price gives the company a market value of $1.96 trillion and is enough to make CEO Elon Musk the first-ever trillionaire. Institutional and retail investors jumped at the opportunity to buy 555.6 million shares of SpaceX at the offering price of $135 apiece, making it the biggest IPO in history with proceeds of $75 billion. Musk says the company is going public because it needs money to fund its ambitions of putting satellites and data centers in space and eventually establishing a colony of people on Mars.

Elon Musk's SpaceX is about to make its debut on Wall Street

Elon Musk’s rocket company SpaceX is set to make its debut on Wall Street Friday. Institutional and retail investors jumped at the opportunity to buy 555.6 million shares of SpaceX at $135 apiece. Underwriters now have to match buyers and sellers to determine an opening price. Musk is already the world’s richest man and he could become its first trillionaire. Musk says the company is going public because it needs money to fund its ambitions of putting satellites and data centers in space.

A look at the SpaceX IPO by the numbers

Elon Musk is all about big numbers — millions, billions, even trillions – and there are plenty of them associated with SpaceX and Musk’s plans to take the rocket maker public. The prospectus for SpaceX's initial public offering shows spending at a massive scale — greater than economic output of some countries — and about to grow much larger as Musk races to make good on his promise to hurl people to distant planets. Money raised in the initial public offering — estimated to be $75 billion — will help. The IPO could rank as the largest ever and make Musk the world's first trillionaire.

US stocks drift as oil falls and SpaceX debuts on Wall Street

NEW YORK (AP) — U.S. stocks are drifting after oil prices fell again and Wall Street welcomed the highly anticipated trading debut of SpaceX. The S&P 500 rose 0.1% Friday. The Dow added 253 points, and the Nasdaq composite fell 0.3%. SpaceX’s stock surged 11% shortly after it began trading. It is being closely watched to see how hungry investors still are for AI stocks following vicious swings and big doubts for them over the last week. Oil prices fell further on hopes for a deal between the United States and Iran that could get oil flowing globally again.

What Elon Musk's trillion would mean in real terms

NEW YORK (AP) — Catapulted by the market debut of his rocket company SpaceX, Elon Musk could become the world’s first trillionaire by the end of the day. That amount of money, all owned by just one person, was once unfathomable. The trillion dollar mark was previously reserved for measures like the GDP (or staggering debt) of major economies — and, in under the last decade alone, the value of some of the biggest companies to ever trade on the stock market. The number “one trillion” is hard in itself for the human mind to comprehend. One trillion dollars is a thousand times greater than $1 billion. And a million times more than $1 million.

Analysis: Iran's stranglehold on Strait of Hormuz loosens as Gulf Arab oil reaches market

DUBAI, United Arab Emirates (AP) — Iran’s stranglehold on the Strait of Hormuz may be easing and its own oil problems now seem to be mounting. The waterway has been effectively shut by Iran’s attacks on shipping since the start of the war. The situation, however, appears to be shifting. Analysts say more oil from Gulf Arab states appear to be getting out. This doesn’t mean the war will be over soon. Nor is the global energy market going to be satiated with that flow. But Iran increasingly feeling the pressure changes the calculus of the crisis, possibly putting more pressure on Tehran to reach a deal.

Iran war is straining African airlines, industry body warns

NAIROBI, Kenya (AP) — The war in Iran is driving up jet fuel prices, worsening supply strains for African airlines. The African Airlines Association says the crisis has exposed reliance on imported jet fuel. Even before the conflict, African carriers were already paying more for fuel. The new pressures are affecting already thin margins. Fuel accounts for 30% to 40% of airlines’ operating costs. Some airlines have introduced surcharges but can't pass all costs to passengers. The crisis has renewed calls for Africa to strengthen domestic refining capacity. Despite pressures, demand for air travel in Africa remains strong, but sustained shocks could impact profitability.

Appeals court upholds FTX co-founder Sam Bankman-Fried's fraud conviction

NEW YORK (AP) — A federal appeals court has upheld the conviction of cryptocurrency entrepreneur Sam Bankman-Fried, rejecting arguments that his trial was unfair. The 2nd U.S. Circuit Court of Appeals ruled Friday. The written decision came after appeals judges expressed skepticism during November 2025 oral arguments that the once high-flying Bankman-Fried was not allowed to present key evidence to a New York jury during his 2023 trial. Bankman-Fried is serving a 25-year prison term after the jury concluded that he defrauded customers and investors of billions of dollars while he operated FTX, once the world's second-largest cryptocurrency exchange.

US producer prices spike in May as soaring energy prices fuel largest yearly jump since 2022

WASHINGTON (AP) — U.S. producer prices climbed last month at the fastest pace since November 2022, fueled by surging energy prices. The Labor Department reported Thursday that its producer price index — which captures inflation before it reaches consumers — jumped 6.5% from May 2025. It also rose 1.1% from April, same as it did the previous month. Inflationary pressures, intensified by the energy shock caused by the Iran war, are frustrating Americans five months before midterm elections that will determine whether President Donald Trump’s Republicans keep full control of Congress.

Europe's central bank raises rates to fight inflation from Iran war, the Fed to decide next week

FRANKFURT, Germany (AP) — The European Central Bank on Thursday became the first major central bank to raise interest rates in response to the Iran war. Policymakers around the world including new U.S. Federal Reserve Chair Kevin Warsh are wrestling with how to confront the inflation fed by sharply higher oil prices. The ECB’s rate-setting council raised its benchmark rate to 2.25% from 2%, where it had been for a year. The move comes ahead of rate-setting meetings next week at the Fed, the Bank of Japan, and the Bank of England. Oil prices have risen sharply due to Iran choking off the flow of crude oil through the Strait of Hormuz.. Higher interest rates aim to fight inflation caused by more expensive energy.