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
Oklahoma Has Led the Way on Teacher Pension Funding. Can It Keep It Up?
Oklahoma has dramatically improved its teacher pension health, shrinking the unfunded liability from $10.4 billion in 2010 to $6.1 billion and lifting the funded ratio from 47% to 80% by mid‑2024. The gains stem from benefit cuts, a higher retirement age, longer vesting periods, and, most importantly, state contributions that topped actuarial requirements, amounting to $456 million last year. Lawmakers now propose redirecting part of that funding toward teacher pay raises, school‑choice tax credits, and reading‑math initiatives. Cutting the contribution stream could stall or reverse the progress achieved over the past decade.
![The Downlink [Mar 23, 25] Space Competition: “March Storm” On Capitol Hill Seeks Equal Tax Treatment For Space Investors](https://hixhlmpcokxhartfkpyi.supabase.co/storage/v1/object/public/images/articles/7e06263352a37962687b371f6345efc0.webp)
The Downlink [Mar 23, 25] Space Competition: “March Storm” On Capitol Hill Seeks Equal Tax Treatment For Space Investors
The Alliance for Space Development’s 30th “March Storm” advocacy event on Capitol Hill is pressing Congress for equal tax treatment of space startups and venture‑capital investors ahead of the anticipated SpaceX IPO. The campaign, dubbed “March Storm,” aims to level...
Buyside Approaches Data Center-Adjacent Bonds with Caution
Municipal bond issuance is accelerating as data‑center projects drive demand for public‑power and water infrastructure, with demand projected to rise 20‑25% annually through 2030. While public‑power issuance is down 33.7% year‑to‑date, water‑sewer issuance is up 15.9%, and analysts forecast up...
Tishman Speyer’s Jacx Loan Sent to Special Servicing
Tishman Speyer’s $425 million CMBS loan for The Jacx in Long Island City has been moved to special servicing as the September maturity looms. The loan, originated in 2021 to refinance the 1.2‑million‑square‑foot office‑retail complex, faces refinancing challenges due to high...
Announcing Xero Integrations in Zoho Flow
Zoho Flow has launched a native integration with Xero, the accounting platform used by over 4.6 million businesses worldwide. The integration enables automated workflows that move data between Xero and hundreds of apps, including CRM, e‑commerce, and help‑desk tools. It supports...
Coal India Board Approves up to 35% Divestment in SECL via OFS and up to 25% in Mahanadi Coalfields
Coal India Ltd's board approved selling up to 35% of its stake in South Eastern Coalfields Ltd (SECL) via an Offer for Sale and issuing fresh equity up to 10% of post‑issue capital. It also cleared a divestment of up...
UBS Curbs Sale of Some FX Products to Swiss Clients After Losses
UBS Group AG has been barred from offering range target profit forwards (RTPFs) to Swiss retail clients after the products caused deep losses for a small group of investors last year. The bank now limits RTPFs to professional investors and...
The $826 Billion Shift: Why Metal ETFs Are Reshaping — and Distorting — the Future of Supply
Metal and mining exchange‑traded funds now control roughly $826 billion, with 84% allocated to physical metal ETFs—gold alone accounts for about $577 billion. By contrast, funds that own mining equities represent just over 12% of assets, leaving critical‑mineral ETFs at a modest...
Five Profit-Killing Restaurant Mistakes
Restaurant operators are repeatedly sabotaging their own margins by overlooking critical performance indicators, mistaking raw food costs for true profitability, and neglecting systematic staff training. Industry expert Roger Beaudoin of Restaurant Rockstars urges operators to shift from simple food‑cost percentages...
Basel Committee Technical Amendment on the Standardized Approach to Operational Risk
The Basel Committee on Banking Supervision issued a final technical amendment to the standardized approach for operational risk, clarifying the treatment of rental income from investment properties. The amendment, published on 23 March 2026, will be mandatory from 1 April 2029 and is incorporated...
The Latest Liability Management Technology: Structurally Senior Minority-Owned Joint Venture Financings
A publicly traded company created a minority‑owned joint venture (JV) and funded it with senior secured loans and preferred equity from a new lender group, then distributed the proceeds back to the company. The JV received valuable IP assets, freeing...
INWIT Slashes Outlook on Towers Conflict with TIM and Fastweb+Vodafone
Italian tower owner INWIT slashed its 2026 revenue outlook after TIM, Fastweb and Vodafone announced a 50:50 joint venture to build 6,000 new 5G towers, a move that conflicts with existing master services agreements. The announcement sent INWIT shares down...
Groww Promoter Group Entities Pledge 1.9 Cr Shares To Aditya Birla Capital
Groww’s promoter group entities pledged a total of 1.88 cr shares, worth roughly $36 million, to Aditya Birla Capital on March 20. The pledge represents about 27.8% of the promoter’s stake, while public investors hold the remaining 72.2%. Groww, which went public in November 2025...
Reagent Spend Under 5%—Biotech Must Address Cost Gap
The thing to look at in biotech is your reagent costs as a % of your total research spending - inclusive of lab space, EHS, equipment maintenance, lab labor costs, etc. Lab data is the concrete output of biotech...
Pharmaceutical Executive Daily: Pfizer Warns Shareholders to Reject Mini-Tender Offer
Pfizer has issued a formal warning to shareholders to reject an unsolicited mini‑tender offer from Tutanota LLC, which seeks to buy up to one million shares at $32 per share—an amount that could be below market value and lacks the...
Rahm Emanuel Calls for Ban on Federal Employees Betting in Prediction Markets
Former Chicago mayor and potential 2028 Democratic contender Rahm Emanuel proposes a sweeping ban on federal employees and their families betting in prediction markets, pledging to create a Justice Department division to investigate violations. The move targets alleged insider betting...
Pfizer Receives Unsolicited Mini-Tender Offer for 1 Million Shares From Tutanota: Report
Pfizer has warned shareholders to reject an unsolicited mini‑tender offer from Tutanota LLC that seeks to buy up to 1 million shares at $32 per share, roughly 0.02% of its outstanding stock. The offer hinges on Pfizer’s price staying above $32,...
SEBI Cuts Minimum Investment in Social Impact Funds to ₹1,000 to Boost Retail Participation
India’s Securities and Exchange Board (SEBI) has slashed the minimum investment for Social Impact Funds (SIFs) from ₹2 lakh (about $2,400) to just ₹1,000 (roughly $12). The move aligns SIF entry requirements with Zero Coupon Zero Principal instruments traded on the...
SaaS Finance Shifts to Real-Time Metrics and AI Close
Most SaaS finance teams are still working with delayed metrics… - Closing the books weeks after month-end - Reporting shaky metrics and data - And stitching everything together in spreadsheets That doesn’t scale. Tomorrow, I’m joined by NetSuite to break...
Mercer Acquisition Brings ‘Missing Link’ to AltamarCAM
Mercer has completed the acquisition of AltamarCAM, a specialist in private‑equity secondaries, to fill a strategic gap in its investment‑advisory platform. The deal was discussed by Mercer’s Michael Dempsey in a Q&A with AltamarCAM founder Jose Luis Molina, emphasizing the...
Coca-Cola Pension Fund ILS Investment Grew to $266m on Returns in 2025
The US pension fund of Coca‑Cola saw its insurance‑linked securities (ILS) portfolio rise to $266 million at the end of 2025, the highest valuation since 2022. After a decline from $330 million in 2021 to $248 million in 2024, the fund recorded a...
Increases CAPE Ratio Predictability with a Simple Adjustment
A new working paper demonstrates that a simple adjustment to the cyclically adjusted price‑earnings (CAPE) ratio—aligning index constituents and applying market‑cap weights—significantly sharpens its ability to forecast ten‑year equity returns. The revised Component CAPE delivers an out‑of‑sample R² of 0.575,...
Long-Term Treasuries Turn Risk‑On, Driven by Hedge‑Fund Basis Trades
LT USTs are now a "risk-on" asset: 10y UST yields UP on risk-off, DOWN on risk-on. This is the price action you would expect when 37% of net issuance of UST notes & bonds since 2022 have been bought by "Cayman...
Agentic Finance Remembers, Executes—Beyond Robo‑Advisor Limits
Roboadvisors: set it and forget it Agentic finance: set it and it never forgets The difference is memory, context, and execution across protocols
Legend Internet Is Merging with Spectranet in a Broadband Consolidation Play
Legend Internet Plc, Nigeria’s first listed ISP, announced a merger with market‑leader Spectranet, targeting completion in Q2 2026 pending FCCPC and NCC approval. The deal combines Legend’s listed status and fibre footprint with Spectranet’s strong wireless brand, aiming to boost network...
Treasury Futures Surge: 3.5M Contracts Traded
Very Big Volume in Treasury Complex. Dimes (UST Classic 10 Yr Note Futures) have traded over 3.5 Million Contracts as of 1:40 pm EST.
Slip of Spurs: How Relegation From Premier League Would Wreck Tottenham Hotspur’s Stature and Finances
Tottenham Hotspur, the ninth‑richest football club globally, sit 17th in the Premier League, just one point above the relegation zone after a 0‑3 loss to Nottingham Forest. Relegation would slash broadcast, commercial and ticket revenues, potentially costing the club around...
2‑Year Yield Slides to Session Low, Bears Struggle
Treasury bears tried to claw back after the 705am ET yield plunge, but the 2yr yield is back on the session lows... down 10bps to 3.81% https://t.co/Cq2pe8M3wf
Uncle Nearest Founder’s Bankruptcy Attempt Is Denied: Trial Balance
Federal Judge Suzanne Bauknight denied founder Fawn Weaver's request to place Uncle Nearest into Chapter 11 bankruptcy after the brand was placed in receivership following a $108 million default lawsuit by Farm Credit Mid‑America. The judge ruled only the court‑appointed receiver, Phillip Young,...
Wethos
Wethos is an all‑in‑one financial operating system built for freelancers, creative studios, and small agencies. Founded by Rachel Renock and Claire Humphreys, the platform goes beyond invoicing by offering a library of thousands of crowdsourced peer‑pricing templates that let users...
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Operating Lease: How It Works and Differs From a Finance Lease
Operating leases let businesses use assets without acquiring ownership, treating payments as operating expenses. Under ASC 842, any lease longer than 12 months must be recorded on the balance sheet as a right‑of‑use asset and a corresponding liability. This accounting shift,...
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Revenue Recognition: What It Means in Accounting and the 5 Steps
Revenue recognition determines when companies record sales, differing between cash and accrual accounting. Under GAAP and IFRS, firms exceeding $31 million in gross receipts must use accrual accounting and follow a five‑step model to allocate transaction price and recognize revenue. The...
Japan PM Says to Mull Stopgap Measure in Case Budget Fails to Pass by March
Japanese Prime Minister Sanae Takaichi said the government will draft a stopgap spending measure if the FY2026 regular budget fails to secure upper‑house approval before April 1. The regular budget, worth ¥122.31 trillion (≈$773 billion), cleared the lower house but faces a minority...
Crypto Investors Sent 100,000 Capital Gains Tax Warning Letters – Do You Need to Pay Tax?
HM Revenue & Customs has dramatically stepped up enforcement on crypto assets, sending 101,024 capital‑gains‑tax warning letters between 2020 and 2025. This volume is over 40 times greater than the letters issued for shares, making crypto investors its biggest CGT...
If Iran War Sends Oil Prices up 100%, Here's What History Says Will Happen to the Stock Market
A potential Iran‑related conflict has driven Brent crude near $113 a barrel, a 60% jump in less than a month and a 100% surge compared with pre‑war levels. JPMorgan’s historical analysis shows that when oil prices double, the S&P 500 typically...
Wurthy
Wurthy is an AI‑powered financial operating system that offers a buy‑now, pay‑later (BNPL) solution tailored for service‑based small and medium‑sized businesses. Founded by serial entrepreneur Rudd Davis, the platform lets firms such as law offices, creative agencies, and medical practices...
The Future of Forecast Value Add: An Expert’s AI Agent Framework Transforming E-Commerce Forecasting
The article argues that as AI‑driven forecasting stacks grow more intricate—leveraging large language models, agents, and orchestration tools like LangChain—companies must adopt Forecast Value Add (FVA) to prove each component’s worth. FVA measures the incremental accuracy and cost impact of...
The World’s “Most Ethical” FCPA Violators
Ethisphere’s 2026 “Most Ethical Companies” list expands to 138 honorees, up from 92 in its 2007 debut. The roster includes 16 firms that have settled Foreign Corrupt Practices Act (FCPA) enforcement actions and two companies currently under FCPA scrutiny. The...
Lead Edge Capital Scores Biggest Capital Raise yet with Oversubscribed $3.5bn Fund VII
Lead Edge Capital announced the close of its seventh private‑equity fund with $3.5 billion of commitments, making it the firm’s largest raise to date and an oversubscribed transaction. The new Fund VII will focus on investments in software, internet platforms and...
Everest to Sell Canadian Retail Insurance Operations to Wawanesa
Everest Group has agreed to sell its Canadian Retail Insurance business, Everest Canada, to mutual insurer Wawanesa, with the transaction slated to close in the second half of 2026 pending regulatory approval. The deal will transfer an estimated CAD305 million (about...
Insurers Rank Financial Volatility as This Year’s Top Risk
A recent Society of Actuaries and Casualty Actuarial Society survey finds financial volatility ranked as the most impactful risk for insurers in 2026, cited by 25% of respondents. The concern is strongest among life insurers, where 63% selected volatility, while...
What Fund Managers Need to Know About Cybersecurity Risks
Fund managers are increasingly treating cyber risk as a core operational concern, not just an IT issue. A stolen password or phishing scam can halt trading, delay reporting, and erode investor trust, prompting regulators like the SEC to tie cybersecurity...
Ethiopia’s Bishoftu Mega Airport Secures Fresh Financing Momentum
Ethiopia’s Bishoftu International Airport, a $12.5 billion megaproject designed for up to 110 million passengers a year, is moving from planning to construction with a target completion around 2030. Italy has entered financing discussions, signaling European confidence and adding a new layer...
HomesToLife Delivers 97% Jump in FY2025 Net Profit to US$16.6 Million
HomesToLife Ltd reported FY2025 net profit of $16.6 million, a 97% jump from the prior year, driven by a 13% rise in net revenue to $377.9 million. Export sales grew 12% to $349.6 million, with Europe and North America leading the expansion, while...
Synlait Outlines “Recovery Roadmap” After H1 Loss
Synlait Milk posted a half‑year net loss of NZ$80.6 million (≈US$47.5 million) and an EBITDA loss of NZ$35 million (≈US$20.7 million), after a profit warning a month earlier. Net debt surged 88% to NZ$472.1 million (≈US$278 million), while revenue modestly grew 3.5% to NZ$949 million (≈US$560 million). The...
Kandal M Venture Limited Announces Financial Results for the Six Months Ended September 30, 2025
Kandal M Venture Limited reported a 17% revenue decline to $7.9 million for the six months ended September 30 2025, driven primarily by higher U.S. import tariffs and related discounts. Gross profit fell 34.7% and margin slipped to 18.7% as material and labor...
United Health Services: Talkspace Acquisition Shows The New Normal For Hybrid Healthcare
United Health Services completed the acquisition of virtual behavioral health platform Talkspace at $5.25 per share, valuing the company at roughly $835 million enterprise value. The purchase brings about 6,000 licensed clinicians into UHS’s network, directly addressing chronic staffing shortages and...
Eurobites: Poste Italiane Proffers €10.8B Bid for Telecom Italia
Poste Italiane has submitted a €10.8 billion offer to acquire Telecom Italia, Italy’s largest fixed‑line operator. The postal group already controls 27.3% of TIM after buying shares from former major shareholder Vivendi. TIM’s fixed‑line network has already been sold to a...
Buy The Dip: These 9-13% Yields Are Way Too Cheap
Ladder Capital (LADR) and Blue Owl Capital (OBDC) are trading at deep discounts to book value while offering yields of 9.4% and 13.5% respectively. LADR’s internally managed platform stresses credit discipline and projects a 9% return on equity as loan...
Chart Of The Day: Treasuries Trashed As Inflation Fears Mount
U.S. Treasury prices have sharply declined as inflation concerns intensify, driven by surging energy commodities. Over the past month, long‑bond futures dropped six points and the 30‑year yield climbed roughly 30 basis points from its pre‑war low to 4.93%. The...