Today's Finance Pulse
SpaceX files for record‑size IPO, targeting $50B‑plus raise and $1T valuation
SpaceX confidentially filed for an IPO slated for June 2026, aiming to raise at least $50 billion and push its valuation above $1 trillion. Founder Elon Musk holds roughly 44 percent of the company, giving him a net worth of about $823 billion. The filing positions the rocket and satellite maker among the most valuable public companies ever.
Also developing:
By the numbers: Berkshire Hathaway invests $10B in Alphabet's private placement
Citi Picks Broadcom as Top 2026 Semiconductor Bet, Forecasts $115 Bn AI Chip Revenue
Citi analyst Atif Malik raised Broadcom's price target to $500 and named it his top semiconductor pick for 2026. The upgrade rests on projected AI chip revenue of $115 bn in 2027 and a $100 bn-plus AI revenue goal cited by CEO Hock Tan. The move comes ahead of Broadcom's June 3 earnings and signals strong investor confidence in its AI‑centric business model.
Profitability Now Trumps Growth in SaaS Valuations
SaaS Valuations: Growth Still Matters, But Profitability Matters More The chart compares SaaS companies by NTM revenue growth estimates and Forward EV/Gross Profit. It also separates companies by GAAP op. margin, which helps show how much the market is paying for...
Bond Strategists Warn Yields to Stay High Even If Iran War Ends
Bond strategists at ING, Goldman Sachs and Barclays say long‑term US yields are being pushed higher by real yields rather than war‑driven inflation. A Bloomberg analysis shows that rising public‑debt burdens, the AI investment surge and the prospect of higher...
Prosight Management Invests $43M in GeneDx to Accelerate Genomics Testing Growth
Prosight Management purchased 468,463 GeneDx Holdings shares for an estimated $42.7 million, expanding its stake to roughly 5.5% of its assets. The infusion comes as GeneDx reports a 34% jump in testing volume and a 27% rise in exome/genome revenue, even...
SEC Chair Paul Atkins Unveils IPO Reform Plan to Cut Costs for Small Firms
SEC Chairman Paul Atkins announced a package of rule changes designed to streamline IPO filing categories, expand scaled disclosure and lower compliance costs for small and mid‑size issuers. The May 2026 proposals aim to reverse a decade‑long decline in public...
Mercury Secures $200 Million Series C, Valued at $5.2 Billion
Mercury announced a $200 million Series C financing that lifts its valuation to $5.2 billion. The capital will fund expansion of its banking platform for startups, adding AI‑driven services and broader credit products. The raise reflects strong market appetite for fintech solutions that...
Simba's $1.43 Bn (≈$1.0 Bn) M1 Deal Falls Apart, Singtel Shares Slide
Simba's parent Tuas Limited terminated its $1.43 bn (about $1.0 bn USD) offer for M1 after the Infocomm Media Development Authority suspended its merger review. The collapse sent Singtel shares lower and renewed debate over telecom consolidation in Singapore.
Shein to Acquire Majority Stake in Everlane, Keeping Brand Independent
Shein, the Chinese ultra‑fast‑fashion giant, announced a deal to acquire a majority stake in sustainability‑focused retailer Everlane from private‑equity owner L Catterton. The transaction, valued at an undisclosed sum, aims to address Everlane’s roughly $90 million debt while allowing the brand to...
Intel Shares Jump 225% in 2026 as AI Chip Demand Boosts Revenue
Intel Corp. saw its stock climb 225% year‑to‑date after reporting Q1 revenue of $13.6 billion and a 22% year‑over‑year rise in its AI‑focused data‑center segment. The rally comes amid soaring demand for AI chips, yet the stock now trades at a...
SpaceX Files for $75 Bn IPO, Targeting $1.8 Trn Valuation as AI Push Eclipses Rocket Business
SpaceX has filed an S‑1 seeking to raise about $75 bn at a valuation near $1.8 trn. The filing shows $18.7 bn in revenue, a $2.6 bn operating loss, and a strategic shift toward AI, while its Starlink connectivity arm remains the only profit...
Low Margins Mask Cash Flow Risks During Growth
The dangerous thing about low contribution margin is this: Growth can still look successful for a long time. (Home Decor Brand) $6M/month… strong sales, strong demand, constant pressure on cash flow. Because scaling weak margins only magnifies the problem.
Allstate Locks in $200 Million Florida Reinsurance via Sanders Re III Cat Bond at 4% Spread
Allstate has finalized a $200 million, four‑year catastrophe bond with Sanders Re III, pricing the notes at a 4% risk spread— the low end of guidance. The deal expands Allstate’s Florida reinsurance capacity to roughly $4 billion, while delivering longer‑term protection at attractive...
Portillo’s Names PF Smith Consulting Interim CFO, Pays $14,000 Weekly
Portillo’s Inc. appointed Pamela Smith of PF Smith Consulting as interim chief financial officer on May 20, 2026, under a contract that pays $14,000 per week and runs through July 1, 2026 unless extended. The board launched a global search...
Treasury Becomes the Scaling Bottleneck for Mid‑Market Firms
Mid‑market and Main Street firms are hitting a treasury ceiling as expanding operations create exponential payment and compliance complexity. A PYMNTS study finds 39% of SMBs hold less than a month of cash, underscoring the urgency for real‑time treasury solutions.
PayPal Spins Off Venmo as Visa Rolls Out $20 B Buyback, Highlighting Diverging Fintech Paths
PayPal announced a spin‑off of its Venmo business while Visa launched a $20 billion share‑repurchase program. The moves underscore PayPal's struggle to grow users and margins versus Visa's steady expansion and asset‑light profitability.
Aave Prioritizes Revenue Growth and Diversified Streams
Revenue is critically important for DeFi protocols. Sustainable, consistent revenue is what proves that DeFi can evolve beyond pure token speculation into durable businesses backed by balance sheets. Aave will always follow a revenue-led protocol strategy. Over the next 12 months,...
Rocket Lab Launches $3 B ATM Equity Program as Shares Dip 6.6%
Rocket Lab disclosed a $3 billion at‑the‑market (ATM) equity distribution program on May 20, 2026, prompting its shares to fall about 6.6% in pre‑market trading. The filing enlisted a 16‑bank syndicate, including Goldman Sachs, Morgan Stanley and BofA Securities, highlighting the...
Cencora Lifts FY26 Earnings Outlook and Adds up to $2 Bn to Share Buyback
Cencora Inc. raised the lower end of its fiscal 2026 adjusted earnings per share forecast to $17.70 and approved an extra $2 billion share repurchase program. The moves, announced after the company’s earnings call, pushed the stock 1.3% higher in after‑hours...
Intel Mulls $5 B Takeover of AI Chip Maker Tenstorrent
Intel is weighing a $5 billion purchase of Toronto‑based AI chip designer Tenstorrent, a bid that signals the chipmaker’s push to catch up with rivals like Nvidia and Qualcomm. The news lifted Intel shares 0.92% as investors priced in a potential...
Hyperscaler Debt Flood Brings Derivatives Bonanza
Big tech firms are raising hundreds of billions to fund AI, prompting Wall Street banks to increase trading of credit derivatives to service hyperscalers. The heightened demand creates a lucrative niche for hedge funds that can supply these instruments. As...
True Founder Freedom Comes From Cash, Not Fundraising
A tech company that needs to raise money never actually controls its own destiny. Last year, I decided we were never going to raise money again and pivoted our SONAR business towards throwing off cash. Remarkably, our growth has also picked...
Sabesp Pulls Out of $10 Billion Copasa Privatization Amid Political Risk
São Paulo water utility Sabesp has withdrawn its bid for Minas Gerais' state‑run water company Copasa, citing an unstructured deal and a volatile political environment. The exit leaves Aegea, armed with a $1 billion war chest, as the only serious contender...
JPMorgan Seeks to Offload $4 Billion of Private‑equity NAV Loan Risk
JPMorgan Chase is in talks to transfer the first‑loss slice of more than $4 billion of private‑equity‑linked NAV loans to outside investors. The deal would shift potential losses on roughly 12.5% of the loan pool while the bank retains the underlying...
Union Pacific Awaits STB Ruling on $85B Norfolk Southern Merger as Investors Watch
Union Pacific CEO Jim Vena said the Surface Transportation Board will issue its decision on the $85 billion Norfolk Southern merger by the end of May. Investors are weighing the revised application’s chances and the potential $750 million concession figure that has...
DORA Compliance Is Not Resilience: Why Financial Services Need Continuous Validation
The EU’s Digital Operational Resilience Act (DORA) took effect in January 2025, obligating major financial firms to conduct a Threat‑Led Penetration Test (TLPT) at least every three years. Mark Kuhr argues that this three‑year cadence is out of step with a...
SK On Takes Full Control of Tennessee EV Battery Plant, Cuts $3.6 B Debt
South Korean battery maker SK On has completed a joint‑venture restructuring with Ford, taking sole ownership of the former BlueOval SK Tennessee facility. The move trims SK On’s debt by about $3.6 billion and lowers annual interest expenses by $180 million, reshaping...
AvalonBay, Equity Residential Merge in $69 B Deal to Form 180,000‑Unit REIT Giant
AvalonBay Communities and Equity Residential announced an all‑stock merger valued at $69 billion, creating a new REIT with more than 180,000 rental apartments. The deal gives AvalonBay shareholders a 51.2% stake and positions the combined firm as one of the largest...
Uber Proposes Delivery Hero Takeover at €10 Billion Valuation
Uber Technologies has submitted a takeover proposal for Germany’s Delivery Hero, valuing the company at roughly €10 billion (about $11.6 billion). The bid offers €33 per share, a small premium of three cents over the stock’s last close. Uber says the move is...
ESENTIA Raises $2 Billion via Investment‑Grade Bond, Secures Triple‑Agency Ratings
ESENTIA Energy Development closed a $2 bn senior unsecured bond offering, oversubscribed 4.5 times, and earned Baa3/BBB– ratings from Moody’s, S&P and Fitch. The proceeds retire $2.1 bn of project‑level debt and fund a new $600 m revolving credit facility, marking the Mexican...
Stellantis Unveils $70 Billion FastLane 2030 Plan to Revive Four Core Brands
Stellantis announced a €60 bn ($69.7 bn) FastLane 2030 investment to overhaul its four global brands—Jeep, Ram, Fiat and Peugeot—while reclassifying the remaining ten as regional. The plan, unveiled by CEO Antonio Filosa, aims to launch 60 new models, cut European capacity by...
VCs and Founders Accused of Inflating AI Startup ARR Figures
Spellbook co‑founder and CEO Scott Stevenson publicly accused AI startups of inflating annual recurring revenue (ARR) in a viral X post. The allegation has drawn responses from peers, investors and industry observers, who say the practice—often substituting contracted ARR (CARR)...
ROIC Misleads M&A Value: Costs Immediate, Benefits Delayed
Michael Mauboussin on why ROIC is a poor measure when it comes to M&A "ROIC is an inappropriate way to assess M&A because the cost (invested capital) is reflected immediately and the benefit (NOPAT) comes over time. Most deals, even those...
Oracle and the AI Boom’s Hidden Debt Bomb
Oracle’s aggressive push into AI data centers has left it with more than $160 billion in liabilities, including $133 billion tied directly to the AI build‑out. The company’s balance sheet shows under $40 billion in cash, a debt‑to‑equity ratio above 400%, and a...
Uber Takes 19.5% Stake in Delivery Hero, Sparking Takeover Talk
Uber disclosed a 19.5% equity stake in German food‑delivery platform Delivery Hero, plus an additional 5.6% via options. The move, facilitated by Morgan Stanley traders, has analysts debating whether it signals a full‑scale takeover, potentially reshaping the competitive dynamics of...
Activision Blizzard Shareholders Settle $250M Lawsuit, Clearing Microsoft Deal Hurdle
Activision Blizzard shareholders, led by Swedish pension fund Sjunde AP‑Fonden, approved a $250 million settlement that ends a class‑action lawsuit alleging the Microsoft takeover undervalued the company. The deal removes a lingering legal cloud ahead of Microsoft’s $68 billion bid to integrate...
GameStop Board Seeks Shareholder OK for Up to 400% Dilution
GameStop's board of directors has filed a Schedule 14A asking shareholders to approve an amendment that would increase authorized shares from 448.38 million to as many as 2.5 billion, a potential 400% dilution. The proposal, tied to a performance‑based CEO award and future...
IMAX Mulls Sale as Shares Jump 15%, Sparking Buyer Interest
IMAX Corp. is reportedly exploring a sale, prompting its shares to surge more than 15% to $37.50. The Wall Street Journal says the company is holding preliminary talks with entertainment‑focused investors, a move that could reshape the premium‑screen market.
Superdrug Owner Eyes up London Float in $30bn Dual Listing
AS Watson, the Hong‑Kong conglomerate that owns Superdrug, is planning a $30 bn dual listing in London and Hong Kong, targeting roughly $2 bn of new capital before the end of 2026. Superdrug reported revenue of $2.05 bn and pre‑tax profit of $175 m for...
Shein Buys Sustainable Brand Everlane for $100 M, Aiming at Higher‑Margin Apparel
Shein has agreed to buy a majority stake in Everlane for an estimated $100 million, a deal that will settle the sustainable brand’s $90 million debt and give Shein a higher‑margin, eco‑focused product line. Executives say Everlane will stay independent, but critics...
OpenAI Mulls $1 Trillion IPO, Raising Stakes for AI SaaS Valuations
OpenAI is weighing a confidential SEC filing that could lead to a $1 trillion initial public offering, the largest ever for an AI SaaS company. The prospect forces investors to confront the firm’s $852 billion last‑round valuation, massive cash burn and the...
Uber Explores Delivery Hero Takeover to Fight DoorDash Globally: Sources
Uber is weighing a full takeover of Germany‑based Delivery Hero after raising its stake to 19.5% and securing 5.6% of options. The move, facilitated by Morgan Stanley’s derivative‑based buying, aims to give Uber a stronger foothold in more than 60 markets where...
Why Bond Yields Matter More than Most Investors Realise
The U.S. 10‑year Treasury yield is a pivotal gauge of growth and inflation expectations, shaping borrowing costs, equity valuations, currency movements, and global capital flows. It is widely regarded as the single most important financial metric, influencing investors, policymakers, and...
Bankrupt Chinese Developers Turn to Risky Semiconductor Gambit
SCMP: "Embattled Chinese developers have turned to a new strategy to resuscitate their ailing businesses: diversifying into semiconductor production." This is classic financial distress behavior: it is often rational for bankrupt businesses with continued access to financing to shift to highly...
Optimizing Fund Finance with Umbrella and Master Facilities, May 2026 - Mastering the Umbrella: Structural and Practical Considerations for Umbrella...
The article contrasts umbrella and master credit facilities, two increasingly popular structures in fund finance. Umbrella facilities pool multiple fund groups under a single lender syndicate, streamlining documentation and onboarding of new funds. Master facilities extend this model by allowing...
Onslow Funding Latest RMBS Raises $517.7 Million
Onslow Bay Funding’s OBX RMBS transaction will raise $517.7 million, backed by 1,322 prime fixed‑rate mortgages that finance second homes and investment properties. The pool is 93.1% agency‑eligible, with 74.2% of loans tied to investment properties and a 5.00% coupon on...
Leonard Green Takes Mister Car Wash Private in $3.1 Billion Deal, Nasdaq Listing Ends
Leonard Green & Partners completed a $3.1 billion cash acquisition of Mister Car Wash, converting each public share into a $7 claim and removing the company from Nasdaq. The deal, which values the 549‑store chain at a 29% premium, marks a...
FedEx Leads $9 Billion Leveraged Buyout of InPost, Deal Runs May 26‑July 27
FedEx, together with Advent International and other InPost shareholders, announced a EUR7.8 billion ($9 billion) leveraged buyout offer for InPost. The offer period runs from May 26 to July 27, with key regulatory clearances already secured and the remaining reviews slated for the second...
OneStream Unveils Forward Finance Blueprint to Accelerate AI‑Driven CFO Strategies
OneStream introduced the Forward Finance Blueprint, a vendor‑driven framework that equips CFOs with AI‑enabled budgeting, forecasting and finance modernization tools. The playbook, built on five core dimensions, aims to turn AI potential into measurable business outcomes for its 1,800‑plus customers,...
Anthropic Nears $30 B Funding Close Amid Secondary‑Market Frenzy
Anthropic is set to close a funding round that could exceed $30 billion at a valuation north of $900 billion, with Sequoia, Dragoneer, Altimeter and Greenoaks each pledging about $2 billion. The impending close has ignited a secondary‑share frenzy, with investors scrambling for...
STG to Exit Chapter 11 in Coming Weeks as Court Backs Plan
STG Logistics, an intermodal and drayage carrier based in Dublin, Ohio, is set to emerge from Chapter 11 bankruptcy within weeks after a court confirmed its reorganization plan. The restructuring slashed more than $1 billion of funded debt and will inject a...