Analysts said a wave of blockbuster IPOs could coincide with a market top, drawing comparisons to the late-1990s dot-com era. SpaceX confirmed an IPO plan in a regulatory filing on Thursday and is expected to list on June 12, targeting a $1.75 trillion valuation on the Nasdaq. OpenAI and Anthropic have also signaled plans to go public, even as all three companies have yet to produce an annual profit.

Options activity in IBM surged after news it could receive $1 billion from the U.S. Commerce Department to support quantum computing. Nearly 200,000 contracts traded, about 15 times the 30-day daily average, with calls leading puts by almost 8:1. One large trade spent $2.7 million on more than 500 Dec. 15, 2028 260-strike calls, implying a move above $312 by expiry.

Prediction-market traders are betting that SpaceX, OpenAI and Anthropic could enter public markets at trillion-dollar-plus levels, potentially topping Berkshire Hathaway's roughly $1.03 trillion market cap. SpaceX filed to list on Nasdaq on Wednesday, while reports the same day said OpenAI may seek a confidential IPO filing as soon as Friday and that Anthropic could post a first profitable quarter.

SpaceX said a portion of its IPO shares would be sold directly through online brokerages including Robinhood, Fidelity and Charles Schwab, following a prospectus released Wednesday. The company is reportedly aiming to raise up to $75 billion in a June offering, while experts warn retail buyers may receive fewer shares than requested and the stock could be volatile after trading begins.

SpaceX's IPO filing describes a nonstandard lock-up plan that could let pre-IPO holders sell portions of shares weeks and months after listing. The schedule starts after the company reports results for the three months through June, with additional unlocks at 70, 90, 105, 120 and 135 days post-IPO, and more after results for the three months through September. The structure could expand tradable float earlier than a typical 180-day lock-up and may affect how quickly the stock can meet Nasdaq 100 inclusion mechanics.

International Energy Agency chief Fatih Birol said on Thursday that oil markets could move into a "red zone" in July or August as global inventories keep declining while summer travel demand rises. He said the key remedy to the Iran war's energy shock is a full, unconditional reopening of the Strait of Hormuz, warning that continued closure without new Middle East supply could tighten markets further.

In the first quarter of 2026, several billionaire-linked family offices increased positions in semiconductor names and, in some cases, energy producers, even as the Iran war weighed on data-center economics and pushed oil prices higher. Stakes rose across firms including Appaloosa, Duquesne, and Soros Fund Management, with notable changes such as larger Micron and Nvidia holdings and new Sandisk exposure. Some offices also trimmed or exited select chip, power, and airline positions while locking in gains.

With Nvidia's results already out, options traders are focusing on several companies reporting earnings on Thursday, with activity clustered around names such as Walmart, Nio, Webull and Advance Auto Parts. Implied moves range from about 4.3% in Walmart to more than 11% in Advance Auto Parts, while Nio sees heavy call interest around the 6 and 6.5 strikes expiring Friday.

After the 30-year fixed mortgage rate climbed to 6.75% on Tuesday, prediction-market traders on Kalshi increased their odds that rates will exceed 6.8% this year and could even reach 7%. The move followed a surge in Treasury yields, with the 30-year Treasury yield at its highest level since 2007, while housing-demand data cited in the report suggested buyer interest had not yet meaningfully cooled.