Today's Finance Pulse
SpaceX’s record‑breaking IPO targets $75 billion raise, pushes valuation past $1.7 trillion
SpaceX filed for an IPO that could raise at least $50 billion and value the company above $1 trillion. The June 12 offering priced shares at $135, raising $75 billion and valuing the rocket maker at roughly $1.77 trillion. Analysts say the float highlights strong investor appetite for AI‑linked aerospace assets.
Also developing:
Nigeria Seeks to Unlock Liquidity From Tightly Held Stocks
Nigerian regulators are reassessing free‑float rules for listed firms to increase market liquidity and attract capital. The current framework requires at least 20% public shareholding or 40 billion naira of tradable shares, but many large companies remain tightly held by controlling owners. Tight ownership limits float, creates price volatility, and hampers depth of the equity market. The review aims to loosen these constraints and make Nigeria’s stock exchange more appealing to domestic and foreign investors.
UK Businesses Could Owe £18.6bn in Unpaid Taxes as ‘Tax Gap’ Rises 40% in Six Years – CMS Report
A CMS Tax Litigation Report estimates the UK corporate tax gap at £18.6 bn for 2023/24, nearly tripling over the past six years. HMRC attributes most of the shortfall to errors, legal interpretation differences and inadequate care, which account for 58%...
Southeast Asia’s Infrastructure Constraint Is Financial, Not Technological
Southeast Asia’s rapid digital adoption masks a deeper bottleneck: financing infrastructure, not technology. The Asian Development Bank estimates over US$4 trillion in water infrastructure is required by 2040, far exceeding public budgets and multilateral aid. Traditional public‑plus‑project‑debt models are strained, prompting...
2026 Equity Risk Premium Update for Practitioners Released
The equity risk premium (ERP) is an essential ingredient in hurdle rates in corporate finance, discount rates in valuation and expected returns in financial planning. In 2009, I pulled together everything I know about the ERP, in a paper that...
Understanding How Risk Cascades Across Markets
My march newsletter is out, discussing how risk cascades through markets. You can read it here: https://t.co/nUGy8smj9y https://t.co/jVX8Wirrq2
China’s 30-Year Yields Set for Highest Close Since 2024 on Oil
China’s 30‑year government bond yields climbed to 2.4%, the highest closing level since September 2024, as oil prices surged amid the Iran‑Israel conflict. The 10‑year benchmark also edged higher to 1.83%, reflecting broader inflation concerns. Futures on the 30‑year bond fell...
KMD Brands Seeks Goldman Sachs’ Help for Major Recapitalisation
KMD Brands, the parent of Kathmandu, Rip Curl and Oboz, has engaged Goldman Sachs to advise on a major recapitalisation of its assets. The move follows an early‑stage transformation plan and a recent trading update that lifted sales forecasts for Kathmandu....
VettaFi Tracks the “ETF Flight Path” At Exchange
The ETF market has surged from under 2,000 funds a decade ago to over 5,000 today, compressing development timelines and eroding white‑space for new issuers. VettaFi’s leaders emphasized that successful launches now require coordinated index design, product narrative, and distribution...
Hold Your SI Accountable to Stop Budget Bleed
Clients blow budgets by running over time and not getting value. This happens when they don't hold their SI accountable, turning them into a cash cow for vendors. #ClientTips #Budgeting https://t.co/qfD34eDLXX
IT'S FINALLY TIME TO LEAN INTO CORPORATE CREDIT
Kevin Muir, known as “the macro tourist,” announced a sizable short position against corporate credit spreads, buying distressed pink‑ticket bonds as a hedge. He argues that rising interest rates, slowing global growth, and tightening credit conditions will force high‑yield spreads...
Valuations Ease After Sell-Off, yet Stay Relatively Elevated
The recent 13% sell‑off in Indian equities has pushed more than half of BSE 500 constituents below their three‑ and five‑year average valuations, yet 60% remain above decade‑old levels. Banking and finance firms show resilience, with three‑quarters still trading above long‑term...
GCC Bond, Sukuk Issuances Plunge Amid Iran War- #CapitalMarkets #Finance #Treasury #Finance
GCC dollar‑denominated bond and sukuk issuances have plunged since the Iran war erupted, despite the region’s strong credit fundamentals earlier in 2026. The GCC still represents roughly 40% of all emerging‑market dollar issuance this year, with outstanding DCM at $1.2 trillion....
Kyntra Bio Inc (KYNB) Q4 2025 Earnings Call Transcript
Byrna Technologies reported Q4 2025 revenue of $35.2 million, a 26% increase year‑over‑year, and full‑year revenue of $118.1 million, up 38% driven by aggressive brick‑and‑mortar expansion. Gross margin fell to 60% as dealer and chain‑store mix and startup costs weighed on profitability,...
Getty Images Holdings Inc (GETY) Q4 2025 Earnings Call Transcript
1stdibs.Com reported its first quarter of adjusted EBITDA profitability, posting $1.3 million in adjusted EBITDA with a 6% margin, a 1,300‑basis‑point improvement year‑over‑year. Net revenue rose 1% to $23 million while GMV slipped 5% to $90.2 million, landing at the...
Microvast Holdings Inc (MVST) Q4 2025 Earnings Call Transcript
MicroVision (MVIS) reported a dramatic Q4 revenue drop to $200,000, down from $1.7 million a year earlier, as a legacy agricultural contract wound down. Operating expenses surged to $25.3 million, driven by a $13.4 million asset impairment and added security‑defense staffing. The company...
Natural Gas Services Group Inc (NGS) Q4 2025 Earnings Call Transcript
Mach Natural Resources reported a dramatic year‑end reserve increase to 705 million BOE, more than double its March 2025 level. Q4 production hit 154,000 BOE/day with a 68% natural‑gas mix, generating $388 million in total revenue and $187 million adjusted EBITDA. The company maintained...
DocGo Inc (DCGO) Q4 2025 Earnings Call Transcript
Docebo reported 9.5% subscription revenue growth in Q4 2025 and a net dollar retention rate of 99%, which would have been 101% without AWS churn. Gross bookings hit a four‑year high with a 60/40 split between new logos and expansions,...
Kaltura Inc (KLTR) Q4 2025 Earnings Call Transcript
KKR reported record fundraising in 2025, raising $129 billion and reaching over 80% of its $300 billion target for 2024‑2026. Fee-related earnings rose 15% year‑over‑year to $972 million, with a 68% FRE margin, while management fees grew 24% to $1.1 billion in Q4. The...
FinVolution Group (FINV) Q4 2025 Earnings Call Transcript
FinVolution Group reported fourth‑quarter net income of $3.9 million, a 26% year‑over‑year rise, driven by $1.6 billion in loan originations that beat guidance. Credit‑enhanced loan balances climbed to $118 million, lifting net interest margin to 11.42% and boosting non‑interest income. The quarter saw...
Ampco-Pittsburgh Corp (AP) Q4 2025 Earnings Call Transcript
Ampco‑Pittsburgh (ATI) reported Q4 2025 revenue of $1.2 billion and full‑year sales of $4.6 billion, the highest since 2012. Adjusted EBITDA reached $232 million in the quarter and $859 million for the year, delivering a 19.7% margin and a 53% free‑cash‑flow increase. Management guided...
VinFast Auto Ltd (VFS) Q4 2025 Earnings Call Transcript
Visteon reported 2025 net sales of $3.77 billion, a 3% decline, but achieved record adjusted EBITDA of $492 million (13.1% margin) and strong free cash flow. Displays revenue grew roughly 20% while new business wins hit $7.4 billion, a 20% increase, with displays...
Telos Corp (TLS) Q4 2025 Earnings Call Transcript
TriSalus Life Sciences reported a strong Q4 2025, posting $13.2 million in revenue—a 60% year‑over‑year increase—and $45.2 million for the full year, up 53%. Gross margin improved to 87% and the adjusted EBITDA loss narrowed to roughly $950,000, down from $5.7 million a...
NIU Technologies (NIU) Q4 2025 Earnings Call Transcript
Tuniu Corporation reported a strong Q4 2025, with net revenues rising 20% year‑over‑year to RMB123.5 million, driven largely by a 35% surge in packaged‑tour sales that now represent 83% of quarterly revenue. The company posted a modest GAAP net profit of...
Valori-Capital-Eyes-First-Deal-Close-for-Q2
Valori Capital announced that it expects to close its first asset‑backed finance transaction in the second quarter of 2026. The firm leverages securitisation technology to fund esoteric, asset‑heavy opportunities, positioning itself within the specialty finance and structured private credit space....
RF Industries Ltd (RFIL) Q1 2026 Earnings Call Transcript
Optical Cable Corporation reported Q1 2026 net sales of $16.4 million, a 4.4% increase year‑over‑year, while gross profit rose 16.1% to $5.4 million, lifting the gross margin to 32.7%. The company narrowed its net loss to $398 k ($0.05 per share) and saw its...
Adecoagro SA (AGRO) Q4 2025 Earnings Call Transcript
Adecoagro reported Q2 2025 sales of $392 million, but adjusted EBITDA plunged 60% year‑over‑year to $55 million, reflecting lower sugarcane crushing volumes and weaker commodity prices. Crushing fell 20% to 3.4 million tons, while the farming segment grew 12% on record rice yields...
Olema Pharmaceuticals Inc (OLMA) Q4 2025 Earnings Call Transcript
Northwest Natural Holding Company posted a record adjusted earnings per share of $2.93 for 2025, up from $2.33 a year earlier, driven by new Oregon rates, strong rate‑base growth, and robust organic customer additions. Sea Energy delivered 18% organic growth...
W&T Offshore Inc (WTI) Q4 2025 Earnings Call Transcript
W&T Offshore reported a 10% sequential production increase to 33,500 barrels of oil equivalent per day in Q2 2025, staying within guidance. Adjusted EBITDA rose 9% to $35 million while unrestricted cash topped $120 million and net debt fell to $229 million, boosting...
Small Firms Face High Finance Costs
The Bank of Thailand’s Monetary Policy Committee warned that micro‑SMEs are facing soaring finance costs as nano‑finance loans jumped 56% year‑on‑year to 94.5 billion baht, with interest rates hovering near the 28‑33% regulatory ceiling. Although traditional bank rates have fallen following...
EQDP’s Expansion to Pre-IPO Private Firms Could Boost Listing Pipeline: Observers
Singapore’s Monetary Authority is weighing an expansion of the Equity Market Development Programme (EQDP) to include pre‑IPO private firms, a move seen as a catalyst for a stronger IPO pipeline. To date, MAS has allocated roughly S$4 billion to nine asset...
Malaysia: New Risk Policy Ensures Digital Payment Resilience
Bank Negara Malaysia has issued a new Technology Risk Management Policy for payment service providers, consolidating existing tech‑related requirements into a single framework. The policy introduces a tiered, proportional approach that aligns security and resilience obligations with the size and...
Asia Investors Shift From Money Market Funds to Active Funds, Alternatives: Wellington Management Head of Apac
Asia investors are moving capital from money‑market funds into actively managed equities, fixed‑income and alternative strategies, according to Wellington Management’s APAC head Janet Perumal. In Singapore and Hong Kong, active‑fund net inflows have outpaced passive funds each month since September,...
CEOs Prefer Trailing‑12‑month Dashboards over Monthly Noise
I've built dashboards for 100+ companies. This is the one CEOs actually open every week. Not because it's fancy. Because it answers the question they actually care about: are we growing or is it just seasonality? Let me explain. Monthly sales numbers lie...
Mounting Interest Costs Pushed Debt Service Bill to P2.1 Trillion
The Philippines’ debt service bill surged to P2.1 trillion in 2025, a 4 percent increase over the previous year and 2.44 percent above the government’s P2.05‑trillion target. Interest payments jumped 11.8 percent to P854.1 billion, representing 19.4 percent of total revenues and 14.3 percent of expenditures. Domestic...
AI Disruption Threatens Private Credit Collateral in Leveraged Software Deals
There's a circular risk in private credit that nobody is stress-testing. PE firms bought software companies with leverage. Private credit funded the debt. Now AI is disrupting those same software companies, compressing their revenues. The collateral backing billions in loans is deteriorating...
SpaceX IPO Targets June 9, Citing Cash Flow Limits
SpaceX potentially IPO’ing on 6/9 (69). Musk wanted to keep his companies private as long as possible so the IPO will set off rumors that private markets can’t shoulder the cashflow needs of SpaceX’s spending. The IPO is allegedly time to align...
Turk Telekom's Profit More than Doubles in 2025, Subscribers Near 57 Million
Turk Telekom reported a robust financial year, with consolidated revenues rising 16.2% YoY to TRY 69.3 billion in Q4 and 14.5% to TRY 242.2 billion for the full 2025 year. EBITDA climbed 20.2% to TRY 99.4 billion, delivering a 41% margin, while net income more than doubled,...
Three Essentials to Close Any No‑Money‑Down Deal
the 3 things that close every no money down deal: – capabilities (your credibility stack) – capital (the structure that deploys zero) – closing (the process that controls everything)
Trouble Is Brewing Among America’s Corporate Borrowers
Surging energy prices are tightening cash flows for U.S. corporations, raising default risk across leveraged borrowers. Recent bankruptcies of auto‑industry firms Tricolor Holdings and First Brands illustrate how sector‑specific stress can spill into broader credit markets. Private‑credit manager Blue Owl...
Northern Funds Multi-Manager Emerging Markets Debt Opportunity Fund Q4 2025 Commentary
Northern Funds’ Multi‑Manager Emerging Markets Debt Opportunity Fund matched its blended benchmark in Q4 2025, delivering an 8.63% return versus 8.62% for the index. The fund’s outperformance stemmed from a zero‑weight position in Egypt’s local‑currency debt and overweight exposure to sovereign...
Another Popular Barbecue Chain Files for Chapter 11 Bankruptcy
Pig Floyd's Smokehouse LLC, an Orlando‑based barbecue chain, filed for Chapter 11 bankruptcy protection in the Middle District of Florida on March 13, 2026. The petition lists assets between $0 and $100,000 against liabilities ranging from $1 million to $10...
Maharlika Sticks to Investment Strategy Amid US-Iran Conflict
Maharlika Investment Corp (MIC) is keeping its investment strategy unchanged despite the escalating US‑Iran conflict, positioning the local mining sector as a hard‑currency buffer to protect the Philippine peso. The fund continues to pursue partnerships, including a renewable‑energy MoU with...
Horace Dediu on Apple Sitting Out the AI Spending Race
Apple is deliberately avoiding the $650 billion AI‑infrastructure spend that hyperscalers like Amazon, Google, Microsoft and Meta are pouring into data centers. Instead, it keeps its capital budget around $14 billion, licensing Google’s Gemini model for roughly $1 billion a year and embedding...
Risk Concealed: Private Credit, PIK and the Banks
Banks are increasingly financing private‑credit managers through non‑recourse loans structured via special purpose entities, expanding the sector to over $2 trillion in assets. Since 2022, accrued but uncollected interest on these loans has surged past $100 billion, while roughly 9% of private‑investment...
UBS Projects 9.5% Total Return for AV by 2028
'Investors' Chronicle' p39 this week mentions UBS expectation of a 9.5% yield from #AV. for 2028, comprising Dividend payment and Share Buybacks.
UBS Set to Face Swiss Government Decision on Capital in April
The Swiss Federal Council will decide in April how much additional capital UBS must hold, with proposals ranging up to US$26 billion. New regulations will require the bank to fully deduct software and deferred‑tax assets from its regulatory capital, a move...
Veeva Model Update
The author has released an updated financial model for Veeva Systems, incorporating the latest quarterly data and revised assumptions. The update follows a series of prior deep‑dive analyses published in September 2024 and December 2023. The new model adjusts growth...
Speed Wins Less Than Curiosity in Wall Street
Claude can now model discounted cash flows faster than your entire research team But here's what Wall Street won't tell you: The analysts who survive won't be the ones who can calculate faster They'll be the ones who can ask better questions Computation is...
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
Corporate Finance Tech's Biggest Untapped Opportunity Persists
Revisiting this one year on… and number 1 remains the single biggest opportunity for tech builders for corporate finance teams. And I don’t see anyone building it ?!