The only fan club matching the excitement of Knicks diehards today? SpaceX investors.

Elon’s favorite child is officially going public tomorrow. And unlike most B2B IPOs, the fervor isn’t just coming from the venture capital firms and other institutional investors: The Reddit crowd is showing up and showing out.

Retail investors have submitted over $100 billion in orders ahead of the record-smashing debut, according to Bloomberg, and the Financial Times reports that orders are triple the number of shares available. That oversubscription could fuel a serious first-day pop.

The deets: The company is offering shares at a fixed price of $135 each, according to Bloomberg. If all goes well, the company would raise $75 billion, valuing the company at an eye-popping $1.8 trillion—making it the biggest IPO ever.

Retail investors are shooting for the stars

SpaceX may build rockets, but right now, it’s functioning more like a black hole for investor attention: It’s impossible to ignore, and powerful enough to pull capital away from nearly everything else.

The demand is so bananas that traders are limiting exposure to other semiconductor stocks and opting out of buying dips in tech. Why? To have cash for gobbling up shares of SpaceX as soon as the company lists tomorrow, of course.

SpaceX knows its audience, too. Unlike most IPOs, which only allocate between 5% and 10% of shares to retail, SpaceX is reportedly setting aside at least 20%. And that won’t even come close to satisfying demand.

“I’m a huge fan of small retail investors,” Musk wrote on X in 2020, when casually suggesting the company’s IPO. “Will make sure they get top priority.”

Betting on Elon himself

The vibe of the fanbase also makes this IPO unlike any other. Retail investors aren’t necessarily buying shares based on financial projections, analyst forecasts, or even its actual products. Traders are opting into Elon’s vision, and are betting on his ability to execute. It's worked before—retail investors own roughly 40% of Tesla, per BNP Paribas estimates.

“This valuation is really about Elon,” Hirtle Callaghan Chief Investment Officer Brad Conger told Bloomberg. “He’s a walking Rorschach test, where people project all their desires and fears.”

As for what that vision entails, well, it depends who you ask. Some traders see SpaceX as first and foremost a space company that launches rockets. To other investors, the company is really a play on AI. Either way, the company is currently unprofitable. And a debut at 90x last year’s revenue, in an especially volatile tech market, is freaking out some suits on Wall Street. But SpaceX fanatics are ignoring the haters and dreaming big. Hey, it worked for Knicks fans last night. —LB

🟢 What’s up

• Intel jumped 9.27% on a double upgrade from Bank of America, which pointed to growing CPU demand tied to agentic AI.
• Viasat gained 18.23% after securing a multi-year US Space Force contract for a satellite communications system.
• EchoStar climbed 11.19% ahead of SpaceX’s IPO, as investors focused on its stake in the rocket maker.
• General Dynamics rose 5.22% on a Jefferies upgrade that highlighted improving execution and continued earnings strength.
• Navan surged 8.43% as strong earnings and better-than-expected guidance impressed investors.
• InterDigital gained 8.96% after signing a patent licensing agreement with Amazon and resolving all pending litigation between the two companies.
• Voyager Technologies advanced 15.96% after BTIG initiated coverage with a Buy rating, highlighting the company’s exposure to defense and space spending.

What’s down

• Adobe fell 6.25% ahead of earnings as investors remained cautious about AI-related competitive pressures.
• Dana tumbled 15.11% after agreeing to combine with Eaton’s Mobility business in a $5.1 billion deal.
• Chewy slid 6.06% as a lower sales outlook for fiscal 2026 overshadowed strong quarterly results.
• Real estate stocks Zillow Group and CoStar Group fell 3.63% and 4.62%, respectively, after Google expanded its home listings program nationwide.

After the bell yesterday, Oracle turned in its fiscal fourth-quarter report card, beating Wall Street’s estimates on earnings and revenue. But shares were still down 8.53% today.

The main concern: AI capex spending. Oracle spent $55.7 billion on capex this fiscal year—about $5 billion more than expected. And the company revealed plans to raise another $40 billion (in a combo of debt and equity) to bankroll more of its AI infrastructure spree, while also flagging that the spend will squeeze its margins.

So, Oracle may need an oracle. The portfolio strategy team at Goldman Sachs released a stark note this week warning that Wall Street is lowballing AI spending in 2027—the team predicted it will actually top $1 trillion—which is likely to make an already crowded, expensive sector more volatile.

Just a year ago, Oracle was one of Wall Street’s favorite AI picks. Now, investors are starting to show they have little patience for surprise spending.—AC

President Trump’s Iran policy has given investors whiplash this week. First, he said a peace deal was “two or three days” away, then launched strikes, then threatened to hit the country “VERY HARD” and seize its most critical oil-export hub—before putting the operation on hold hours later.

That kind of unpredictability would normally send investors rushing into safe-haven assets like gold. But lately, gold hasn’t been behaving like one. The precious metal is down 3.11% this year, and just yesterday, gold futures entered a bear market for the first time since 2022, after falling more than 20% from their March peak. That’s the metal’s fastest slide into bear-market territory since the 2008 financial crisis.

Part of the problem is that gold isn’t always the reliable geopolitical hedge investors think it is. Historically, its performance during conflict is far less consistent than many investors assume. At the same time, hotter-than-expected inflation has investors expecting higher rates for longer, making yield-bearing assets like Treasuries more attractive.

Looking ahead, EverBank’s Chris Gaffney expects gold to remain under pressure until the interest-rate outlook becomes clearer. But for investors seeking protection against major market shocks, he says the recent selloff may still offer a buying opportunity.

Tin is in

Gold may be struggling to live up to its safe-haven reputation, but there’s another metal that’s having a much better year.

Average tin prices have doubled since 2003 to about $49,000 per tonne, driven by demand for solder, the tin-first alloy used to connect components on circuit boards in AI servers, semiconductors, and other computing equipment. Supply constraints have amplified the rally, with nearly three-quarters of global production concentrated in just three countries.

Investors are piling in: Tin options volumes more than doubled year over year in the first four months of 2026, while trading activity in Shanghai has surged. The metal has even joined silver and copper as one of the market’s favorite “internet metals,” as traders bet that AI-driven demand for tin is only getting started.

Surely we’re on the precipice of a tin ETF and a r/TinBullion subreddit.—SY

• Wholesale prices ticked up 1.1% in May, higher than expectations. Removing food and energy, core PPI was 0.4%, just under the expected 0.5%.
• Citigroup is building a blockchain platform that lets clients buy and sell stock in private companies.
• Jeff Bezos raised $12 billion for his secretive AI startup Prometheus, a lab focused on engineering and manufacturing.
• The Supreme Court ruled that shareholders can’t sue investment funds under the 1940 Investment Company Act, stripping activist investors of a key legal weapon.

Economic reports: The University of Michigan Consumer Sentiment report is released.

Everything else: In case you’ve forgotten, SpaceX makes its highly anticipated Nasdaq debut.