US stock futures climbed as the AI trade continued to take center stage on Wall Street.
Futures attached to the Dow Jones Industrial Average (YM=F) inched up 0.1%. Futures attached to the benchmark S&P 500 (ES=F) rose 0.2%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) made gains of 0.5%.
After the bell, OpenAI announced that it confidentially filed paperwork for an initial public offering, a week after rival Anthropic took the same step. Both AI labs are now positioned to trade on Wall Street as soon as this fall.
In day trading, tech stocks lifted markets to a modest rebound following a bruising session on Friday. The action highlighted the strength of AI optimism despite growing concerns that persistent inflation could prompt the Federal Reserve to consider a rate hike this year.
Meanwhile, one of the primary drivers of rising prices — the war with Iran — shows no signs of ending. Attacks between Israel and Iran over the weekend further clouded prospects for US-Iran negotiations, even as the two countries said they would stop fighting for now.
Wall Street is gearing up for a major event on Friday, when SpaceX (SPCX) could make its market debut and set a record for the largest public offering in history.
LIVE 2 updates
-
-
SpaceX IPO oversubscribed 2-to-1 with $150 billion in orders for $75 billion in shares
Bloomberg reports:
SpaceX’s initial public offering is well oversubscribed with multiple institutional investors placing orders for about $10 billion or more of shares, according to people familiar with the matter, as demand builds for a potentially record-setting debut.
Banks leading the offering by Elon Musk’s rocket, satellite and artificial intelligence company are expected to stop taking orders from institutional investors on Wednesday after the market closes in New York at 4 p.m., some of the people said, asking not to be identified as the information isn’t public.
Closing the order books gives banks time to gauge demand ahead of the listing and advise the company on pricing. SpaceX’s IPO is set to price June 11 and trade the following day. The company is offering 555.6 million shares at a fixed price of $135 each, which would raise about $75 billion, and value it at about $1.8 trillion.
SpaceX initial public offering signage is displayed at the Morgan Stanley building in New York, U.S., June 4, 2026. REUTERS/Jeenah Moon · Reuters / REUTERS Retail investors can still submit orders for SpaceX shares on some platforms beyond the Wednesday deadline. The company is allocating as much as 30% of the offering to retail, Bloomberg News has reported.
On Tuesday, Morgan Stanley is hosting about 300 institutional investors at the bank’s New York headquarters for meetings with SpaceX management including President Gwynne Shotwell and Chief Financial Officer Bret Johnsen, a person familiar with the plans said. The event will be hosted by the bank’s co-president Dan Simkowitz, said the person, who asked not to be named discussing private meetings.
