By George Glover and Kit Norton
Stocks rose broadly Friday in a market with a pretty simple narrative: Investors are awaiting the blockbuster trading debut of Elon Musk's rocket and artificial-intelligence company, SpaceX.
SpaceX's initial public offering was priced at $135 a share on Thursday, valuing the company at about $1.8 trillion. The stock is set to start trading on Friday, although it will likely take the market a while to establish an opening price.
SpaceX stock's looming debut impacted other space stocks during the trading session.
EchoStar declined 7.1%. Investors see the satellite maker as a proxy for SpaceX because it reached a deal last year to sell Elon Musk's company spectrum, in return for about 2% of SpaceX stock.
Rocket Lab fell 6.1% after index provider Nasdaq said the rocket launch company would join the Nasdaq 100 on June 22.
Satellite maker AST SpaceMobile and launch infrastructure provider Firefly Aerospace declined 10% and 12%, respectively.
Tesla dropped 0.6% ahead of the SpaceX debut. Current prices value Tesla stock at about $1.8 trillion, based on fully diluted shares outstanding. That is quite close to the roughly $1.75 trillion SpaceX IPO valuation. Which stock will be worth more at the end of the trading session is mainly up to SpaceX as it remains to be seen what company will be the crown jewel of Musk's empire. Musk is CEO of Tesla and SpaceX.
These stocks also were making moves:
Adobe fell 6.5% after the software company reported better-than-expected second-quarter earnings and raised its full-year outlook, but said CFO Dan Durn would leave the company for chips-and-networking company Marvell Technology.
Advanced Micro Devices climbed 5% to $513.39 after Citi upgraded the chip maker to Buy from Neutral with a price target of $575, up from $460.
Nvidia advanced 0.6%. The chip giant could be in line for a long-term boost if SpaceX makes a successful transition to public markets. Musk's space and AI company is a big buyer of Nvidia hardware via its xAI unit and has plans to eventually put data centers in space, likely powered by Nvidia's chips.
Astera Labs advanced 3.2%, CoreWeave rose 8.7%, Nebius gained 6.6%, and Teradyne added 5.3. The four AI-linked stocks will join the Nasdaq 100 on June 22, as part of a quarterly rebalancing.
SharonAI Holdings dropped 6.9% even as the Australian cloud-infrastructure provider and Nvidia announced a six-year agreement to stand up 72 megawatts of new data-center capacity in Australia. The pair will deploy up to 40,000 Nvidia artificial-intelligence processors to serve startups, enterprises, and university researchers.
Lennar dropped 3% after the homebuilder's second-quarter revenue missed Wall Street's expectations, signaling that the housing market is still in a rut.
Write to George Glover at george.glover@dowjones.com and Kit Norton at kit.norton@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
June 12, 2026 11:26 ET (15:26 GMT)
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