Live From Boston Public Library with Jim and Margery
Will be on with Jim & Margery @BosPublicRadio, from the Boston Public Library studio, today at noon.
Retail Boom Boosts OpenAI, SpaceX Amid M&A Surge
Today's newsletter: Retail revival for OpenAI and SpaceX, killer ships, and nearly a record Q1 for global M&A https://t.co/M0tmyoONui
SpaceX Retail Allocation Could Total $22.5 Billion
Giant brain cramp in nl this am. If SpaceX gives a 30% allocation to retail investors, that could work out to around $22.5 billion. Apologies for error.
Q1 VC “Record” Includes OpenAI Money Not yet Closed
Seeing some "record" reports on Q1 VC fundraising that includes all $120 billion for OpenAI. Most of the $$ didn't close in Q1.
OpenAI Secures Additional $10B, $3B From Individuals
OpenAI adds $10 billion to its massive fundraising haul, including $3 billion from individuals. https://t.co/fYFIkCIpZB
Cuban Regrets Buyer, Not Selling Mavericks
.@mcuban on the Mavs sale: "I don't regret selling. I regret who I sold to." https://t.co/4psTnhP8a4
AI Will Soon Weld Jobs Like It Did Coding
"Learn to weld" will go down like "learn to code." Lot of companies building AI "brains" for robots that should, among other things, know how to weld. Idea that AI won't disrupt blue collar work feels like fallacy.
SpaceX IPO Could Outraise All U.S. IPOs 2023‑24
If SpaceX raises $75 billion in its IPO, that would be more than all U.S. IPOs raised in 2023 and 2024 combined.
Upcoming Interview with Replit CEO Aman Saad at 4:30 PM ET
Looking forward to my interview with Replit CEO @amasad at 4:30pm ET. Watch here: https://t.co/eE8gRrTsjv
Pay‑to‑play Antitrust Enforcement Imposes Massive National Cost
"The cost to the country of this new pay-to-play approach to antitrust enforcement is enormous." https://t.co/VmM4NiCVHq
Bezos Unveils Project Prometheus, Targets $100 B Raise
Digging into what Jeff Bezos is up to with Project Prometheus and that $100 billion fundraise. https://t.co/Z0imZiZxKt
Biotech Giant Earendil Labs Secures $787M Funding
Giant biotech round that hit right after I sent Pro Rata: Earendil Labs raises $787M https://t.co/NWt2bBA9Lr
Bearish Pressure Threatens Previously Bullish Deal Market
The best news may be in the rearview... Bears encroach on bullish dealmaking market https://t.co/Gc2v7KSjbQ
Axios Future of Defense Event in DC, March 23
Axios Future of Defense event in DC on March 23 Guests include @MarkTEsper and @jacobhelberg. Request an invite: https://t.co/G6Ks6HED8O
White House, Oracle, Silver Lake Dodge $10B TikTok Sale Questions
The White House, Oracle and Silver Lake won't answer questions about a $10 billion payment that was apparently required to secure the TikTok sale. It's unprecedented. And officially undisclosed. U.S. investors and biz leaders should want answers. https://t.co/Y0n8MTHFKa
SEC Plans Semiannual Filings as Enforcement Chief Departs
SEC eyeing toward cutting disclosures from 4 times per year to 2 times per year. Its enforcement chief just quit after only 7 months.
Iran Conflict Freezes U.S. IPO Pipeline This Week
Iran war chills the IPO market: No companies expected to price in the U.S. this week
Government's 71% Fee Threat Sparks Outrage
Leaving aside the bad precedent (govt threatening to shut down a co unless it gets paid), the fee itself is kinda insane. The entire enterprise value was only around $14 billion. So this would be a 71% “banker’s” fee.
AI Agents Threaten 30% College Graduate Unemployment, Says ServiceNow CEO
ServiceNow CEO: AI agents could send college grad unemployment over 30% in the next couple years. https://t.co/YvzpURZjcP It is THE conversation that D.C. isn't having.
Diesel Spikes 32%, Threatening Higher Consumer Prices
Gas prices are up 22% in the past month, but that's for regular unleaded. Diesel is up 32% -- and that's a pass-along price that can impact what we pay for lots of goods.
IPO Market Collapses as Pricing Plummets Across Sectors
IPO market in the toilet. First was MiniMed pricing low. Then PayPay. Now MDA Space, which goes well below its as-converted price in Toronto.
SPACs Flood Market as IPOs Raise $11.7 B
After a flurry of IPOs that raised $11.7 billion this year, a new crop of blank-check firms are joining a long queue: all the other vehicles waiting for the chance to take a company public https://t.co/LpBCk25L1r
Dalio: AI Tech Bets Differ From Company Bets
Dalio w/ very important point about AI: Betting on the tech isn't the same as betting on the companies.
IPO Market Open Now, but Could Close Fast
Feb. 4: "The IPO window is wide open, but it can slam shut quickly." https://t.co/ojxYOaYx7R
Heating Oil Prices Surge $1.50 per Gallon Since February
Email from my home heating oil company: "This recent price run up is the biggest and most dramatic I have ever seen. Our heating oil suppliers have raised the prices they are charging us by more than $1.50 per gallon since...
Artists Can Ban Ticket Resale Above Face Value
Regular reminder that live artists using Ticketmaster are allowed to stop resale above face value. It's their choice, and was true of Taylor Swift (among others). Very few do it (Noah Kahan, Billie Eilish notable exceptions)
Trump's DOJ Shakeup Leads to Ticketmaster Settlement
When the Trump administration canned DOJ antitrust chief Gail Slater, we wrote that all eyes should be on the Live Nation/Ticketmaster case -- watching to see if her ouster paved the way for a settlement. Today: Settlement.
Dunkin's Parent IPO Beats SpaceX and OpenAI
The year's most important IPO isn't for SpaceX or OpenAI. It would be for the parent company of Dunkin' (do I need SpaceX or OpenAI every day? nope. but my iced coffee is a nonnegotiable) https://t.co/6kXbsBReYh
MiniMed IPO Misses Expectations, Priced at $20
Oof. Only IPO of the week falls way short of expectations. MiniMed priced at $20 per share, versus $25-$28 range.
Skipping Due Diligence: A Straightforward Legal Mistake
Nah. It was cut-and-dried law. He signed the deal and chose not to do the due diligence.
Databricks Files Audited GAAPs, Signals IPO Preparation
Databricks today disclosed audited GAAP financials. That's the sort of thing a company does when it's prepping to go public.
System Glitch Hides Form D—Perfect Filing Window
Good time to file a Form D that you don't want seen, since the system has been returning "file not found" all day.
JPMorgan, Not Stripe, Seen as Viable PayPal Buyer
.@ShenLucinda argues that Stripe isn't a logical buyer for PayPal. But JPMorgan may be. https://t.co/5mg3m05s44
Company Secures Record Private Funding Amid Cofounder Lawsuit
Remarkable that a company raises largest private round ever, while in the midst of being sued by a cofounder who also happens to be the world' richest man.
Revenue Growth Trumps Profit as Companies Form Interlinked Borg
I take @sama point on circular dealmaking concerns -- that the revenue growth is key metric. And will leave profit concerns for another day. But also true that these companies are becoming something of a borg. If one goes down, it's...
OpenAI Poised for $10 B Infusion, $850 B Valuation
As noted in Axios Pro Rata: OpenAI expected to add another $10 billion to the round, which would bring it to $120b at an $850b post-money valuation. Would be from sovereigns and other fin investors (including existings). https://t.co/xDMSkiZRiR
Paramount Ups Bid, Netflix Faces Critical Decision
Axios Pro Rata on Feb. 11: "It feels like the next act already has been written. The 'Davids' get over themselves, Paramount raises its bid and then Netflix has a decision to make."
Warner Says Paramount Offer Outpaces Netflix, Challenges Sarandos
WBD says Paramount bid > Netflix. Mr Sarandos, the ball is now in your court.
Netflix Faces Decision as Paramount Ups Its Bid
Just a few days ago: "It feels like the next act already has been written. The 'Davids' get over themselves, Paramount raises its bid and then Netflix has a decision to make. Right now we're just in an intermission." https://t.co/bmehOb9b18
