U.S.-Iran Peace Deal Talks and SpaceX IPO Send Markets Higher

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TLDR

The U.S. and Iran are close to a deal to reopen the Strait of Hormuz and end their war Contradictions remain between U.S. and Iranian officials over the terms of the agreement SpaceX made its stock market debut, with shares rising 19% to $160 on its first day The IPO valued SpaceX at $1.77 trillion, making CEO Elon Musk the world’s first trillionaire on paper U.S. stocks rose modestly on Friday, with the Dow up 0.7% and the S&P 500 gaining 0.5%

The United States and Iran are nearing a deal to end their war and reopen the Strait of Hormuz. At the same time, SpaceX made its long-awaited stock market debut, pushing markets higher on Friday.

U.S. and Iran Close In on a Peace Deal

A senior U.S. official said the agreement could be signed “in the next few days.” The deal would cover reopening the strait and dismantling Iran’s nuclear program, according to the official.

We are closer to a peace deal than ever before. With finalisation likely expected in the next 24 hours, Pakistan is preparing for the electronic signing of the peace deal immediately after, followed by technical level talks next week.

We would like to thank United States of…

— Shehbaz Sharif (@CMShehbaz) June 13, 2026

Pakistan has played a central role in brokering the talks. Pakistan’s Prime Minister Shehbaz Sharif said a “final, agreed upon text” had been reached, adding “peace has never been this close.”

Iran’s Foreign Minister Abbas Araghchi said an agreement “has never been closer.” He said both sides agreed to “respect the sovereignty” of the other — the first such written U.S. commitment in 47 years, he said.

But the two sides publicly contradicted each other. President Trump posted on Truth Social that terms Iran had shared with the media “have NOTHING to do with the terms that were agreed to, in writing.”

Iran’s own consulate posted that the deal’s final terms “have not yet been determined.” Iranian state media reported the draft agreement would include the U.S. lifting sanctions and withdrawing forces from around Iran.

Vice President JD Vance pushed back on reports of financial concessions. He said “the Iranians are not receiving any cash” simply for signing a deal.

Reuters reported that the UAE had agreed to release $10 billion for Iran, with over $3 billion already delivered. The UAE denied this, saying no frozen Iranian funds had been “released, transferred, or facilitated.”

U.S. Treasury Secretary Scott Bessent said a deal could come “as soon as this weekend or Monday” and would result in lower energy prices. Trump is pushing to close the deal before a G7 summit on Monday.

U.S. Central Command confirmed it shot down Iranian drones targeting commercial vessels in the strait on Friday, but said the waterway “remains open for transit.”

Israeli Prime Minister Benjamin Netanyahu said Israel is not part of the talks but stays aligned with Washington on stopping Iran from getting nuclear weapons.

SpaceX Makes Its Market Debut

SpaceX began trading on Friday, with shares priced at $135 each. They opened at $150 and closed up 19% at $160, giving the company a market cap of around $1.77 trillion.

The IPO raised about $75 billion. On paper, CEO Elon Musk became the world’s first trillionaire.

SpaceX, which plans to put AI data centers in space, drew strong investor interest ahead of its debut.

U.S. stocks moved higher on the day. The Dow rose 0.7%, the S&P 500 gained 0.5%, and the Nasdaq added 0.3%, partly lifted by optimism over the Iran peace talks.