Below is a copy of the latest Daily Wrap email from Marketplace.
Sign up for the Marketplace Daily Wrap to receive updates directly in your inbox each weekday evening.
Plus: The business around the World Cup and NBA Finals. 
We hope you enjoy today's briefing from Marketplace. Subscribe to more Marketplace newsletters here.
With characteristically convenient timing, President Donald Trump called off strikes on Iran again.

The peace rally propelled stocks to their best day in months and oil prices fell on hopes the Strait of Hormuz might just open for real this time. We’ll do the numbers below, but these are some great conditions for SpaceX’s initial public offering tomorrow, locked in at a price that could easily make Elon Musk a trillionaire. In today’s newsletter, Kai Ryssdal explains what happens after that. Oh, and we’ll talk soccer and basketball too. — Tony Wagner, newsletter editor
A man rides a scooter past a gas station advertising $4.65 a gallon for regular.
Giorgio Viera/AFP via Getty Images
🚀 Can the market bear three giant IPOs?
Worth in the neighborhood of $1 trillion apiece, SpaceX, Anthropic, and OpenAI will  add a ton of equity to the stock market very quickly.
It’s going to be a big summer for initial public offerings. SpaceX, Elon Musk’s rocket company, goes public Friday, June 12. OpenAI and Anthropic, both artificial intelligence companies, are expected to debut in the coming months.

All three companies are valued at around the trillion-dollar mark — SpaceX is expected to be the largest IPO on record, targeting a valuation of $1.77 trillion. They’ve already garnered a ton of attention. “It’s kind of like movie blockbusters,” said Terrance Odean, Haas School of Business finance professor at the University of California, Berkeley.

All three companies will go public within a short amount of time, which will add a ton of equity to the stock market very quickly.

”On the one hand, we can look at the numbers, and we can say, ‘Wow, in aggregate these companies might raise $200 to $250 billion, that's an enormous amount of money,’” said Michele Lowry, finance professor at Drexel University. ”However, if we instead look at it as a percent of total market capitalization, you're talking maybe 0.5%, maybe even less.”

The U.S. stock market all combined is estimated to be valued at $70 trillion . These IPOs, though massive, will make up only a few tenths of a percent of all the money invested in the stock market.
“And that's actually a lower percent than what we had back in the ‘80s and ‘90s,” Lowry said.

Terrance Odean at UC Berkeley agreed: “It's not a huge amount of the current market.”

Suhas Sridharan, accounting professor at Emory University, said the people that are buying into these new IPOs are likely already invested in the stock market. Where, might you ask?

“It's your Nvidias, it's your, even like, Google, Alphabet, Amazon, right? Companies in the tech sector,” she said.

SpaceX set its debut stock price at $135 a share.


 
News you should know
Let’s do the numbers
  • Trump’s midday announcement about a deal with iran sent markets soaring this afternoon. The S&P 500 closed up 1.8%, the Dow added 1.9%, and the Nasdaq surged 2.5%.

  • The price of Brent Crude fell to $90.38 today, gas prices averaged $4.12 a gallon before the announcement.

  • Wholesale prices surged 1.1% in May and 6.5% from a month before, which could drive up consumer prices, which we just learned are up 4.5% annually. Listen to this explainer about how both inflation rates interact with each other.
More on tomorrow’s SpaceX IPO
  • Raising $75 billion would give SpaceX the biggest IPO of all time, and it’s not close, check out these charts to get some perspective on what’s happening tomorrow. 

  • And here’s a handy glossary of IPO terms you’ll be hearing a lot in the next few months.

  • Of course Musk isn’t the only one set to get rich tomorrow. Meet some of the people  poised to become billionaires when SpaceX goes public.

  • What about you? Retirement accounts are all but certain to get a piece of SpaceX and other IPOs this year, for better or worse.
Trump administration 
  • An appeals court said Trump could continue to levy a 10% global tariff, put in place after the Supreme Court invalidated a bunch of import taxes. 

  • After lawmakers on both sides of the aisle balked at Trump’s plan to put his vindictive mortgage regulator in charge of the nation’s intelligence apparatus, the White House tapped former SEC head Jay Clayton for director of national intelligence.


QUOTE OF THE DAY
“Everybody whooshed in, opened up their homes, hoping to get a piece of that [tourism.] It's just an economics lesson, supply and demand.”
— Susan Brown, president of the Kansas City Short-Term Rental Alliance
The Kansas City tourism bureau projected the World Cup would bring in 650,000 visitors. The municipal government lowered its registration fees for short-term rentals to encourage residents to cash in on tourism. As the Cup kicks off today, bookings are up 47% from a year ago, and rates are 65% higher compared to last year. Yet there are still tons of available rentals.
READ MORE
Take the Marketplace news quiz!
Listen to “Marketplace,” test your knowledge, brag to your friends.
LET'S GO
Screenshots from a video of fan celebrations in New York show a man talking into a Kalshi branded microphone and a robot wearing a Kalshi branded Knicks jersey.
Screenshots via @ethanw87 on Instagram.
Final note
Elsewhere in the wide world of sports
The New York Knicks staged the biggest comeback in NBA playoffs history last night, snatching Game 4 from the San Antonio Spurs in the final seconds at home. Knicks power forward OG Anunoby scored the winning points in Sketchers.

If your algorithm has caught even a whiff of interest in basketball (or these celebrities, including Taylor Swift), you’ve no doubt seen some video today of the euphoria inside Madison Square Garden.

Here’s something to think about while you’re scrolling. Rival prediction platforms Kalshi and Polymarket have slid in among New York’s raucous fan base to turn viral celebrations into marketing wins. The companies say it’s fair play; critics say gambling has already reshaped sports, why’s it gotta get in on the celebrations too? We’ll just repeat what we told you last week: Your feeds are full of stealth ads.
 
Thanks for reading! If you enjoyed this newsletter, forward it to a friend. If this newsletter was forwarded to you, subscribe to Marketplace newsletters here.

 Got feedback for us? Just reply to this email. We can't get back to everyone, but we read it all.
Terms of use | Your privacy rights | Contact Us | Donate

© 2025 American Public Media Group. All rights reserved.

Terms of use | Your privacy rights | Contact Us

© 2026 American Public Media Group. All rights reserved.