The SpaceX IPO was clearly the flagship event of Friday, the week, and even Q2.
This IPO has propelled Elon Musk to the rank of the first trillionaire in history, according to estimates based on the value of his holdings.
Shares of the aerospace group ended at $161.4, representing a market capitalization of just over $2.104tn, bringing the value of Musk's stake in SpaceX to over $830bn. Combined with his Tesla holdings (approx. $1.526tn), his total fortune would reach approximately $1.110tn.
Shortly after trading began, the stock gained about 22% to reach nearly $164; meanwhile, Tesla shares rose +1.8% to $404: the cumulative value of both companies exceeds the GDP of France (expressed in dollars, of course!).

This IPO also generated significant capital gains for SpaceX employees and executives holding shares. The operation reportedly created several new billionaires and thousands of millionaires within the company.

Elon Musk crossing the $1,000bn threshold has reignited debates over wealth concentration and the influence of major tech entrepreneurs.
SpaceX is worth more than the entire GDP of Poland: obviously, the classic objection is that one should not confuse "flow" with "stock," but a handful of SpaceX shareholders now see their cumulative fortune exceed the GDP of several countries in Africa or Central America.

Such fortunes can spark political ambitions, as potential candidates possess the means to buy an "elected destiny" (which is legal in the United States) out of all proportion to rivals supported by simple local activists and possessing only a few $m in PAC funds for their media budgets.

The other major theme of the day was geopolitical: Wall Street continues to cling to the hope that the nth (39th) announcement of a "deal" soon to be approved by Iran will allow for the imminent reopening of the Strait of Hormuz.

But even if these expectations are disappointed, US indices will have benefited from the sharp fall in oil prices, just as they did the previous 38 times.

Trump even went so far as to confirm that the new Iranian Supreme Leader Mojtaba Khamenei, son of Ali Khamenei : whose elimination he ordered on February 28 has validated the agreement with the United States... a claim quickly denied by the FARS agency, which is close to the country's highest religious authorities.

Without providing details on this compromise, POTUS guarantees an immediate reopening of the Strait of Hormuz after the signing, and the impossibility of Iran acquiring nuclear weapons.
Tehran has for eight weeks been "100% in agreement to reopen the strait"... provided that it ensures control over it and derives substantial revenue as "reparations" (estimated at $300bn), revenue potentially to be shared with the Sultanate of Oman.

Thousands of skeptical comments are spreading across social networks, but market mechanics are such that if they pretend to "believe," the algos take off and everyone is forced to "pay up."

Since the start of the conflict on February 28, Iran has locked down the strait. In response, the United States has instituted a blockade of Iranian ports. This has triggered "never before seen" volatility in the global energy system.

Around 11:20 AM French time, the official Iranian news agency IRNA stated that Tehran would not relinquish control of the strategic Strait of Hormuz, nor drop the demand for a halt to Israeli operations in Lebanon (unacceptable to Israel), nor the demand for the - at least partial - unfreezing of funds under the terms of the draft framework agreement with the United States.

This Friday, in a message posted on Truth Social, Trump accused Tehran of lying about the content of the deal: "the terms Iran leaked to the Fake News Media have absolutely nothing to do with the terms agreed to in writing. Their statements, including their pathetic and weak claim of having reached a deal, are totally devoid of truth. These are dishonest people. To them, good faith is a foreign concept. Unbelievable!".

But Wall Street "wants to believe" regardless.

Furthermore, Israeli Prime Minister Benjamin Netanyahu stated on Friday that he is "in full agreement" with Donald Trump that Iran must never possess an atomic bomb, a day after the American president's announcement regarding the imminence of this deal to end the more than 100-day war in the Middle East.

Oil prices continue to fall, sitting below the $84.5 threshold for WTI (down 2.1%).

Brent dropped 2.6% to $86.5, which contributed little to the easing of US rates, as most of the improvement occurred the previous day: US T-Bonds are tightening again with the 10-year yield rising +2bps to 4.477%, the 30-year +2bps to 4.972%, and the 2-year +1bp to 4.0770%.