Dell Surges 40%, Oil Falls, and SpaceX Eyes $1.8 Trillion IPO

Global markets saw major moves on Friday as AI stocks surged, oil prices dropped, and currency traders watched the Japanese yen approach intervention levels.

Shares of Dell Technologies jumped nearly 40% after the company raised its annual revenue forecast to $167 billion, far above analyst expectations of $142 billion. Dell said AI server sales could hit $60 billion by 2027, while quarterly revenue surged 88% to $43.8 billion. The company also reported a massive $51.3 billion AI server backlog, driven by strong demand from cloud and artificial intelligence firms.

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Meanwhile, SpaceX is reportedly targeting a valuation of at least $1.8 trillion ahead of its highly anticipated IPO. The company could raise up to $75 billion, making it the largest IPO in history. SpaceX revenue climbed to $18.7 billion in 2025, although the company posted a $4.94 billion loss after heavy investments in AI and infrastructure.

In commodities, oil prices fell more than 1% after reports suggested the U.S. and Iran may extend a ceasefire agreement and ease shipping restrictions through the Strait of Hormuz. Brent crude dropped to $92.47 per barrel, while WTI crude fell to $87.52. Brent is now down 10.5% this week, marking its sharpest weekly decline since April.

Currency markets also remained volatile as the Japanese yen weakened toward the key 160-per-dollar level. Japan has already spent around $63 billion defending the currency this year, and traders believe authorities could intervene again if the yen continues to slide.

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