SpaceX IPO, Iran Deal, and What Friday's Weather Warnings Mean for the West Coast

Maya: Good morning and welcome to the morning rundown. I'm here with David, and honestly, today's lineup is a lot. David: Yeah, I looked at the rundown this morning and just went, okay, big day. Maya: So, first up, SpaceX is public, David: Whoa. Maya: like actually on the Nasdaq as of today. IPO priced at $135 a share, BlackRock dropped a $5 billion order, and okay, I'll just say it. The Washington Post is calling Elon Musk the world's f***. first trillionaire on paper. David: On paper. Always gotta say, on paper. Maya: Always. We'll dig into what that actually means. David: And then we've got the Iran situation, which is moving fast. Trump called off strikes as a deal's close, but Tehran's telling a different story. WSJ flagged the contradiction this morning. Maya: Right. Markets surged 930 points on the news, so Wall Street's betting one way, whether that holds is the real question. David: And then we close with something a little lighter. Lighter. El Niño's back, there's a three-planet parade tonight at sunset, and apparently scientists just mapped underground fungal networks across the entire Maya: Mm David: planet. Maya: -hmm. David: Maya: That last one is wild. David: Super wild. Alright, markets and SpaceX first. Maya: All right, so we've got a big one to kick off with this morning. SpaceX is going public today on the NASDAQ, and this is genuinely one of those circle-the-date moments for the markets. David: Yeah, the Wall Street Journal had live updates running this morning. Dow futures are basically flat, but nobody's really watching the Dow right now. All eyes are on SpaceX. Maya: Right? Like, futures can be flat. I don't care. SpaceX. That's the story. Sorry. David: Exactly. And the IPO price came in at $135 a share. Yahoo Finance reported that ahead of the Nasdaq debut. Maya: Wait, $135 and then what happened in shadow trading? David: Bloomberg had shares indicated more than 35% higher in pre-market shadow trading, so the demand is clearly there. Maya: That's wild, right? 35% pop before the thing even officially opens? David: And BlackRock (the Wall Street Journal reported this), BlackRock put in at least a $5 billion order. $5 billion! Maya: Okay, okay, okay, so this isn't just retail investors refreshing their Robinhood app. David: No, no, this is institutional money at full volume. Maya: So walk me through the Elon number because the Washington Post ran a piece this morning that kind of broke my brain a little. David: So Elon Musk is now on paper the world's first trillionaire. That's trillion with a T. Maya: No way. David: Washington Post confirmed it today. And the caveats matter. This is paper wealth. It's tied to his SpaceX stake. X day can valuations can move fast in both directions. Maya: Right. It's not like he's walking around with a trillion dollars in a suitcase. David: Right. Follow the money, though. What the IPO actually means for regular investors is different from what it means for Elon's net worth headline. Maya: How so? David: So when a company this size goes public, you'd expect some democratization-regular people getting access to shares. But the five billion dollar BlackRock order? The order tells you who's really at the front of the line. Institutional money moves first, retail follows, usually at a higher price. Maya: So the trillion dollar headline is Elon's win and the timing risk is ours? David: I mean, I wouldn't be that cynical about it. SpaceX is a real company with real revenue, government contracts, Starlink subscriptions. It's not a meme stock. But yeah, buying in after a 35% pre-market pop requires some faith. faith. Maya: That tracks. Okay, and then we've also got Apple dropping stuff today. Like, as if the SpaceX IPO wasn't enough for one Friday. David: WWDC26 keynote happened. Apple announced its third generation of Apple Foundation Models. That's their on-device AI framework. 9to5Mac had a breakdown of it this morning. Maya: On-device, meaning your phone is actually doing the AI work, not just pinging a server somewhere? David: Exactly. Some runs on-device, some goes to their cloud. out, and Forbes reported the first developer beta for iOS 27 is already out. Maya: iOS 27? I'm still figuring out iOS 26, but okay. David: We all are. Maya: So it's a massive day for tech. SpaceX on the Nasdaq, Apple rolling out new AI, Elon crossing a trillion on paper, lot of big capital moving around. David: And markets generally had a strong session yesterday, too. The Dow surged 930 points. Maya: Nine hundred thirty points, that is not a small number. David: Not at all. The Wall Street Journal had the full market rundown. And here's what's interesting: that nine hundred thirty point surge had a very specific trigger, and it wasn't in a boardroom or a server farm. Maya: So what happened? David: Something involving a canceled order and a potential deal that rattled the whole geopolitical picture overnight. What made Washington and Tehran both make headlines on the same day for entirely different reasons? Maya: So that Dow surge, 930 points? The WSJ confirmed it was the Iran headline that moved markets that fast. David: Yeah, Trump called off planned military strikes on Iran, said a deal is, quote, close, and traders basically exhaled all at once. Maya: That's a big exhale. David: It really is. But here's where it gets complicated. Tehran came back almost immediately and said no decision has been made. So you've got two very different stories coming out of the same negotiation. negotiations. Maya: Wait, like same day Trump says deal and Iran says not so much? David: Same day. The Wall Street Journal had both statements side by side. Washington saying it's done. Tehran saying, hold on. Maya: I mean, that gap is not small. David: No, it's not. And the Washington Post reported the U.S. military was actually three hours away from launching strikes when Trump called them off. Three hours. Maya: Wait, three hours? David: Three hours. So this wasn't just... During a slow diplomatic wind-down, this was a very sharp reversal. Maya: Okay, so what's actually in this deal? Like, what are they even negotiating? David: So Axios walked through the text with a diplomat involved in the talks. The framework includes Iran agreeing to limits on uranium enrichment, no weapons-grade material, and the U.S. committing to lift oil sanctions in return. Maya: Oil sanctions. That's the big lever, right? David: That's a massive lever. Iran's economy has been crushed under those sanctions. Lifting them is essentially the prize Tehran would be negotiating for. Maya: And from Trump's side, what's the framing there? David: The framing is strength: he came in threatening escalation (Axios and the Washington Post both flagged that Kharg Island, Iran's main oil export hub, was being discussed as a potential target)--and then he stepped back from the edge and offered terms. Maya: Arms. David: So the argument is, he negotiated from a position of real pressure, not just talk. Maya: That's the read; whether it lands is another question entirely. David: Because Iran's saying there's no decision. Maya: Right; CNBC noted that Tehran's public response was basically a denial, which either means the deal isn't as close as Trump says or there's internal disagreement on the Iranian side about whether to accept it. David: Both of those are pretty different problems. Maya: Very different. One is a negotiation still in progress; the other is a deal that falls apart before it's signed. Speaker 3: And markets are currently priced for the optimistic version. Maya: Yeah, follow the money, markets rallied hard on the hope, but if Tehran officially walks back, that 930-point surge can reverse just as fast. Speaker 3: CBS News reported Trump said a signing could happen as soon as this weekend, so we're going to find out pretty quickly. Maya: Yeah, the timeline is short; either something gets signed or the silence from Tehran gets louder. louder. Speaker 3: And then all eyes go back to Kharg Island. Maya: Exactly. That's still on the table if talks collapse. Speaker 3: Okay, well, we're either days away from a major diplomatic deal or days away from a very different kind of headline. Nothing in between. Maya: That's the whole situation, yeah. Speaker 3: Alright, stepping away from the geopolitics for a second, because we've got something that is genuinely more fun. A strong El Niño is shaping up. There's a three-planet parade in the sky tonight. And scientists just mapped underground fungal networks across the entire planet. The scale is not what I expected. Maya: The fungal thing alone, I have questions. Speaker 3: Oh, you should. Let's get into it. All right, shifting gears completely, let's end on something that doesn't involve missiles or stock prices. Maya: Please. Speaker 3: So, El Niño is officially back, and the Los Angeles Times is reporting this cycle could be a strong one. California, pay attention! Maya: Yeah, the pattern's already shifting. What are they saying for the West Coast? Speaker 3: More rain for Southern California this winter, potentially a lot more. Which, after years of drought, sounds great, but flooding and mudslides are real risks when the ground's baked dry. Maya: Right, and Wired had a piece on this too, pointing out that a strong El Niño tends to suppress Atlantic hurricane activity, so it's a trade-off. The Southeast gets some relief, the West Coast gets soaked. Speaker 3: It's always a trade-off with weather, isn't it? Okay, but here's something with zero downside. Maya: Zero? Speaker 3: Zero! Tonight at sunset you get a three planet parade. Mercury, Venus and Jupiter are all lining up low on the western horizon. Space.com says it's happening June twelfth, that's tonight, and it won't last long, so you've got to actually go outside. Maya: How long of a window are we talking? Speaker 3: Short, like right after sunset, look west and don't dawdle. Mercury especially disappears fast. Maya: I mean, that's a pretty good reason to step away from the Iran news for five minutes. Speaker 3: Genuinely, yes. And then, okay, I have to do this one because it blew my mind. Scientists just published the first global map of underground fungal networks. Maya: Wait, like the mycelium stuff? Speaker 3: Exactly. Phys.org covered it. These networks connect tree roots across entire forests. And the scale of Speaker 4: these networks is so much greater than the Speaker 3: The scale of what's mapped now, it's just way bigger than anyone expected. Maya: How much of the planet are we talking? Speaker 3: Most of it, basically. Almost every terrestrial ecosystem has these underground connections running through it. It's the original internet people have been calling it, which I know is a little cliche at this point, but it fits. Maya: No, it does fit. Follow the network, same as following the money, just underground. Speaker 3: Exactly. Way older, too. Maya: So, to recap the vibe here, weather's getting weird. Go look at planets tonight, and the planet has had Wi-Fi this whole time, we just couldn't see it. Speaker 3: That's the Friday energy I wanted. Go find those planets tonight. Seriously-clear sky or not-worth a shot. All right, that's the rundown for today. SpaceX going public, Elon hitting a trillion on paper, I mean, come on. Maya: And then the Dow was surging nine hundred and thirty points for a reason that had nothing to do with any of that. Speaker 3: Right? The Iran reversal was the wildest part. Three hours from strikes, and then full stop. Maya: Still a lot of uncertainty there. Tehran and Washington aren't exactly reading from the same script. David: script. Speaker 3: So stay tuned on that one. Big day, a lot to track. Maya: If you got something out of today's episode, subscribe and leave us a review. Genuinely helps. Speaker 3: We appreciate you spending your morning with us. And that's the rundown. See you tomorrow.