The Week Ahead (1 – 5 June 2026): SpaceX IPO, Iran deal, NFP

SpaceX

The biggest IPO of all time is inching closer, with Bloomberg reporting that the company has lowered its target valuation to $1.8 trillion (previously thought to be over $2 trillion). This has however been denied by Musk himself on X.

• Fundraise amount: SpaceX may attempt to raise up to $75 billion.

• Timeline: Formal marketing could begin next Friday (June 4th) and a price could be fixed by June 11th.

As of February, in addition to its rocket and satellite businesses, SpaceX owns xAI, the company which holds Grok and X (formerly Twitter).

For the domain name x.com, it marks the next stage of a remarkable journey. Musk originally co-founded an online bank in 1999, which was known simply as X.com. This business merged with what later became PayPal and the domain fell into disuse shortly thereafter.

Musk had wanted to rebrand PayPal as X.com. Instead, he was fired as the CEO and replaced by Peter Thiel.

Many years later, Musk bought x.com back from the business which had fired him.

Prior to his purchase of Twitter, the website only had a single line of content on it: the letter x. It reminded me of the basic websites I had been taught to make in first-year computer science classes, containing text and little else.

So this domain has been through a lot - but soon it will be at the centre of the biggest IPO in the history of the world.

Iran deal

Negotiations between President Trump and Tehran are ongoing and may now be nearing a peaceful conclusion, although as I write this, it remains to be confirmed.

In a post on Truth Social this Friday afternoon, Trump has reiterated his demands:

• Iran must agree it will never have a nuclear weapon or bomb.

• Enriched material to be unearthed and destroyed.

• Hormuz Strait to open fully with no tolls and all mines removed.

In return, the US will lift its naval blockade.

He says that “No money will be exchanged, until further notice”.

That is a sticking point for Iran, which is waiting for $24 billion in frozen assets to be returned to it. Iranian media say that their government wants $12 billion returned as part of any interim agreement.

But the bottom line is that with the help of Pakistan and other mediators, the outline of a deal has taken shape and it could be agreed at any time now. Trump says that he is making a "final determination" on the matter. Brent crude futures (for August delivery) have fallen to $91 a barrel, the lowest level in five weeks.

Non-farm Payrolls

We will get useful data on the ongoing health of the US economy in the face of the energy price shock on Friday, with the release of May’s Non-Farm Payrolls report.

The last two reports have both been very positive:

• March report: 60,000 jobs forecast, actual result 178,000

• April report: 62,000 jobs forecast, actual result 115,000

• May report: 96,000 jobs forecast

Economists have evidently been struggling to keep up with the health of this economy! Watch out for the result on Friday afternoon at 1.30pm.

Company news will remain largely AGM-focused this week but we will also have financial results from well-followed names to examine: the likes of Cerillion, CMC Markets and Gooch & Housego.

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Economic Calendar

Monday 1st June	Country	Event
07:00	UK	Nationwide Housing Prices
10:00	Euro Area	Unemployment Rate
15:00	US	ISM Manufacturing PMI
Tuesday 2nd June
09:30	UK	BoE Consumer Credit
10:00	Euro Area	Inflation Rate
15:00	US	JOLTs Job Openings
Wednesday 3rd June
12:00	US	MBA 30-Year Mortgage Rate
15:00	US	ISM Services PMI
Thursday 4th June
10:00	Euro Area	Retail Sales
13:30	US	Initial Jobless Claims
Friday 5th June
07:00	UK	Halifax House Price Index
13:30	US	Non Farm Payrolls

Companies Reporting

Date	UK Trading Updates & AGMS	UK Financial Results	International Financial Results
Monday 1st June	Oakley Capital Investments (LON:OCI) (AGM) Savannah Resources (LON:SAV) (AGM) Kavango Resources (LON:KAV) (AGM) Zinc Media (LON:ZIN) (AGM)	Sirius Real Estate (LON:SRE) (Finals) Cerillion (LON:CER) (Interims) LPA (LON:LPA) (Interims)	Hewlett Packard Enterprise Co (NYQ:HPE)
Tuesday 2nd June	Metro Bank Holdings (LON:MTRO) (AGM) Billington Holdings (LON:BILN) (AGM) Portmeirion (LON:PMP) (AGM)	Big Yellow (LON:BYG) (Finals) Pennon (LON:PNN) (Finals) GB (LON:GBG) (Finals) Newriver Reit (LON:NRR) (Finals) Paragon Banking (LON:PAG) (Interims) Gooch & Housego (LON:GHH) (Interims)	Palo Alto Networks (NSQ:PANW)
Wed 3rd June	International Public Partnerships (LON:INPP) (AGM) Mears (LON:MER) (AGM) ASA International (LON:ASAI) (AGM) MTI Wireless Edge (LON:MWE) (AGM) Eleco (LON:ELCO) (AGM)	Ninety One (LON:N91) (Finals) Discoverie (LON:DSCV) (Finals)	Broadcom (NSQ:AVGO) Industria de Diseno Textil SA (MCE:ITX) Crowdstrike Holdings (NSQ:CRWD) Medtronic (NYQ:MDT)
Thursday 4th June	Raspberry PI Holdings (LON:RPI) (AGM) Oxford Nanopore Technologies (LON:ONT) (AGM) Cornish Metals (LON:TIN) (AGM) Camellia (LON:CAM) (AGM)	MITIE (LON:MTO) (Finals) Capital Gearing Trust (LON:CGT) (Finals) CMC Markets (LON:CMCX) (Finals) Ondine Biomedical (LON:OBI) (Finals) Premier Miton (LON:PMI) (Interims)	Ciena (NYQ:CIEN)
Friday 5th June	Thungela Resources (LON:TGA) (AGM) STV (LON:STVG) (AGM) Golden Prospect Precious Metals (LON:GPM) (AGM) Cloudbreak Discovery (LON:CDL) (AGM)	None of major significance scheduled.	None of major significance scheduled.