Iran: The April Ceasefire Is Dead in All But Name
The two-month-old US–Iran ceasefire has effectively collapsed. On June 10, US forces launched a fresh round of strikes on Iranian territory — the second day of American offensive action after the ceasefire had been fraying for more than a week. Iran responded early on June 11 by firing ballistic missiles toward Gulf states and Jordan. Explosions were reported by Iranian media and residents in Tehran, Isfahan, Tabriz, and Karaj — some of the worst since the brief armistice took hold in April. (Wikipedia — 2026 Iran war ceasefire · NPR · Al Jazeera · RFERL)
The June 7–8 exchange had already marked the sharpest escalation since April: Israel launched overnight strikes across Iran, Iran fired nearly 30 ballistic missiles at Israel in response, and the US then stepped in with new strikes of its own on June 10. UN Secretary-General Guterres called for an immediate halt to hostilities, warning that the Middle East was being pulled “deeper into crisis” and that the consequences extend far beyond the region. Kuwait, Bahrain, Jordan, and Egypt have all condemned the most recent Iranian missile fire. (CNN)
The diplomatic picture is grim. Iran has held firm that any lasting ceasefire requires an Israeli withdrawal from Lebanon, a condition Israel has rejected. With the US now actively striking Iranian soil again and Iran resuming cross-border ballistic missile attacks, the April framework has broken down in practice. For how the ceasefire came together — and how it began to crack — see the blog’s April 9 ceasefire post and April 21 Touska crisis update, and yesterday’s June 7 roundup.
Ukraine: 530 Drones in 72 Hours as Russia Grinds On
Russia has maintained relentless pressure on Ukraine this week, launching nearly 530 drones and guided missiles across 11 Ukrainian regions in under three days, according to President Zelensky. On the morning of June 10, Russian forces struck residential districts of Kharkiv with drones, injuring at least six people and igniting fires across several neighborhoods. Zelensky described the intensity of Russian aerial operations as among the highest sustained rates of the war. (Ukrinform · Wikipedia — Russo-Ukrainian war timeline)
Ukraine struck back. Special operations drones from the SBU’s Alpha unit hit oil pumping stations in Russia’s Vladimir Region overnight, and Ukrainian forces struck the Russian shadow fleet tanker WEST Horizon in the Black Sea. These deep-strike operations — some reaching nearly 600 miles into Russian territory — have become Ukraine’s primary lever for raising economic costs on Moscow in the absence of a ground breakthrough. (Russia Matters)
The G7 summit in Évian-les-Bains, France, opening June 15, is expected to address continued military aid to Ukraine. French President Macron — who will preside over what is expected to be his final G7 as president — has invited India and Brazil to attend as guests. Ukraine will watch closely for signals on sustained air-defense resupply: Zelensky has repeatedly warned that current intercept capacity cannot keep pace with Russian missile and drone volumes. (EU Council)
Tech: SpaceX/xAI Prices at $135 — the Largest IPO in Market History Lists Tomorrow
SpaceX priced its initial public offering at 1.77 trillion valuation and a $75 billion raise — the largest IPO in recorded history, eclipsing Saudi Aramco’s 2019 listing and more than triple Alibaba’s 2014 US debut. Shares will begin trading on Nasdaq tomorrow, June 12, under the ticker SPCX. (NPR · CNBC)
The company going public is not SpaceX alone: in February, Elon Musk merged xAI — his AI lab behind the Grok model family — into SpaceX at a combined valuation of 1 trillion as early as September. (Fortune · OpenAI)
The significance is not just scale. SpaceX has operated as a private company for 24 years, giving the public essentially no visibility into its finances, Starship development costs, or Starlink subscriber economics. Tomorrow’s listing ends that opacity: S-1 disclosures now in the hands of investors represent the most detailed financial portrait of a commercial space company ever made public, and the terms will reset how the entire sector is priced.