Equities Weekly Outlook: Space X, Oracle, Apple

SpaceX IPO

SpaceX is set to go public on June 12, although investors are becoming increasingly cautious about valuations following the strong rally in U.S. equities over the past year.

The IPO comes as U.S. stock markets trade around record highs, creating a supportive backdrop for new listings but also raising concerns that investor enthusiasm may be running ahead of fundamentals.

SpaceX is aiming to raise $75 billion at $135 per share, valuing the company at around $1.75 trillion. This would make it one of the largest stock market debuts in history.

Valuing SpaceX is particularly challenging because it is no longer just a rocket company. The business spans launch services, satellite communications, defence contracts and increasingly AI-related infrastructure through its data and connectivity capabilities. As a result, a significant portion of the valuation is based on future growth expectations rather than current profitability.

The company reported a net loss of $4.94 billion in 2025, despite revenue rising 33% to $18.7 billion. This highlights the key debate facing investors: whether rapid growth and market dominance can justify the company's valuation despite ongoing losses.

The IPO is also important because it could serve as a key test of investor appetite for large-scale AI and technology listings. SpaceX is expected to be followed by other high-profile IPOs, including Anthropic and potentially OpenAI. As a result, its performance could provide an early indication of how much capital investors are willing to commit to the next wave of AI-related listings.

Oracle Q4 earnings preview

Oracle is due to report fiscal fourth-quarter earnings on June 10. Expectations are for earnings per share of $1.95, up 15% from a year earlier, while revenue is expected to rise to $19.1 billion from $15.9 billion last year.

The results come as Oracle's share price has pulled back from record highs but remains up around 21% this year. Recent trading has been volatile as investors debate whether strong AI-related demand can offset the significant costs associated with the company's aggressive infrastructure expansion.

Investors will be watching closely for evidence that demand for AI infrastructure continues to drive cloud growth and help Oracle win larger enterprise customers.

Concerns over AI spending have also come into focus after Alphabet announced plans to raise capital to help fund AI infrastructure investment. The move has highlighted the growing cost of competing in the AI race and increased investor scrutiny of whether companies can generate sufficient returns on these investments.

For Oracle, the key question is whether AI demand is translating into sustainable revenue growth quickly enough to justify continued heavy spending.

How to trade Oracle earnings?

Oracle rallied to a record high of 343 at the end of 2025 before falling to a low of 134 at the start of 2026. The share price has since recovered but has struggled to break above resistance at 250.

Buyers will need to rise above 250 to bring 258, the July high, into focus before targeting the psychological 300 level.

Support is currently being tested at 217, the August low. A break below this level would expose the 200 SMA at 207. Below here, sellers could gain traction towards the 50 SMA at 180.

Apple - Will WWDC 26 drive further upside?

Apple is set to host its Worldwide Developers Conference from June 8 to June 12, marking Tim Cook's final major event before stepping down as CEO later this year, with John Ternus set to succeed him.

The focus will be on whether Apple finally delivers a more convincing AI strategy. Expectations are high for iOS 27, alongside potential integrations involving Gemini and Anthropic.

For years, investors have viewed Apple as lagging behind competitors in the AI race. WWDC could therefore represent an important moment for the company if it demonstrates a clearer roadmap for integrating AI across its ecosystem.

Investors will be looking for evidence that new AI-powered features can strengthen iPhone demand, improve user engagement and support growth in Apple's high-margin services business.

Siri is expected to receive a major upgrade, including more personalised responses, deeper integration across iOS applications and potentially support from third-party AI models.

According to Wedbush analyst Dan Ives, the monetisation of Siri and broader AI initiatives could add between $75 and $100 to Apple's share price over time if successfully executed.

Apple technical analysis

Apple has extended its recovery from the April 2025 low of 170 to a record high of 316. The stock continues to trade above its rising trendline and above the 50 and 200 SMAs, keeping the broader bullish trend intact. However, momentum is beginning to slow, with the RSI easing lower from overbought territory.

Buyers will look for a move above 316 to bring fresh record highs into focus, with 350 the next upside target.

Support can be seen at 288, the 2025 high. Below here, the 50 SMA comes into focus around 280, followed by the 200 SMA and rising trendline support near 260. A break below 245 would create a lower low and weaken the broader bullish structure.