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
The Trends Redefining Expense Management in 2026
Capture Expense’s latest report, based on 371,000 UK expense claims worth £60 million across 460 organisations, shows expense management shifting from back‑office task to strategic infrastructure. Slow approvals—only 2.6% immediate and 42% taking over a week—pose regulatory risk under new FRS 102 and ESG mandates. Decentralised purchasing generates 76% of rejections due to missing information, while travel claims now serve as auditable carbon data for sustainability reporting. Finance leaders are turning to automation to deliver real‑time, audit‑ready insights and align expense data with compliance, risk and ESG objectives.
S Hotels & Resorts Posts Record 2025 Profit, Outlines Growth Strategy
S Hotels & Resorts posted a record normalised net profit of over 615 million baht in 2025, driven by RevPAR growth and lower finance costs. The company announced a 0.07 baht per share dividend, its highest since listing. For 2026, SHR outlined...
Selling Your Company
The article advises founders selling a company to avoid exclusive negotiations and instead generate a competitive bidding environment. It recommends leveraging investment banks or directly contacting potential acquirers to discover market‑clearing prices. The piece cites examples like Microsoft’s LinkedIn deal...
Prediction Markets Rule the Day at Boca
At the FIA Global Cleared Markets Conference in Boca Raton, prediction markets dominated the agenda, with FIA President Walt Lukken praising their accessibility and crowd‑sourced accuracy. He also warned that legal clarity and robust insider‑trading surveillance are essential. Exchange CEOs...
PIMCO Prime's Trausch on Seizing Real Estate Credit Opportunities in 2026
In this episode, Francois Trouch, CEO and CIO of PIMCO Prime Real Estate, explains why real estate credit is a top investment theme for 2026, highlighting its attractive risk‑adjusted returns versus corporate debt and equity. He details the five segments...
AI Is Coming to Your Accounting Software
Sage, the London‑listed accounting software provider, unveiled Sage AI in Johannesburg, embedding artificial intelligence across its finance, payroll and HR products for small businesses in Africa and the Middle East. The platform relies on roughly 40,000 domain‑specific models and claims...
Submission of Rule Filing SR-FICC-2026-005 – Establish Implementation Timeframe for Enhancement of Correlation Calculation for Bond Haircut Models
On March 13, 2026 the Fixed Income Clearing Corporation (FICC) submitted rule filing SR‑FICC‑2026‑005 to the SEC, seeking to set a delayed implementation schedule for enhancements to the correlation calculation used in bond haircut models. The filing amends the QRM Methodology Document...
WheelsEye Posts Rs 243 Cr Revenue in FY25; Losses Remains Flat
WheelsEye, a logistics SaaS provider, posted FY25 operating revenue of Rs 243.4 crore, a 17% increase from the prior year. Subscription services drove the growth, contributing 62% of total revenue and rising 20% year‑on‑year. Hardware costs, especially GPS devices, surged 68%, while...
Why the MM Theorem Is Not a Special Case of the Coase Theorem
A new paper argues that the Modigliani‑Miller (MM) theorem and the Coase theorem are conceptually distinct and neither is a special case of the other. The authors highlight that MM relies on strong‑form market efficiency, no taxes and fixed investment,...
Pickup Coffee Seeks Funding with up to $8 Million Convertible Notes
Pickup Coffee, a fast‑growing Philippine budget coffee chain, is issuing up to $8 million in convertible notes to Venturi Partners and Antler. The notes complement an equity raise that could total $20‑40 million, already closed months earlier. Founded in 2022, the brand...
The Coming SPV-Pocalypse
Special purpose vehicles (SPVs) are increasingly used to invest in private companies, allowing investors to sidestep disclosure requirements and often layering high fees and opaque valuations. Recent Bloomberg coverage and two Delaware lawsuits expose fraud risks and the difficulty of...
BTL Landlords Urged to Review Ownership Structures Ahead of Tax Changes
Portfolio landlords face higher income tax rates as the UK government plans to raise the basic rate to 22%, the higher rate to 42%, and the additional rate to 47% from April 2027. Finance cost relief will also increase to...
Turning NYC Budget Woes Into Future Strength
Great conversation tonight with @errol.louis on @ny1 about NYC’s budget challenges, the negative outlook from Moody’s, and how we can come out of this stronger.
Wirecard Warned Us—Are We Finally Spotting Red Flags?
#FlashbackFriday In 2020, I suggested Wirecard wasn’t an anomaly but a preview. Have we learned to spot the red flags yet? https://t.co/X77GE1HPPS Yesterday’s future. Progress optional. #Fintech #CorporateGovernance #RiskManagement
156. Is Your Firm ACTUALLY Profitable?
Fractional CFO firms often mistake personal earnings for firm profitability, especially when bookkeeping and tax services bleed cash. A simple 30‑minute gross‑margin autopsy reveals that high‑margin CFO retainers are subsidizing low‑ or negative‑margin bookkeeping work. By isolating revenue and cost...
Smart50 to the ASX: Business Points Platform Pay.com.au Eyes IPO
Pay.com.au is preparing an April ASX listing that could value the fintech at $850 million and raise an additional $85 million. The platform lets SMEs earn PayRewards points on everyday payments, including payroll and tax, with 75,000 business customers redeeming 10 billion points...
Private Credit Outperforms Amid Fed Uncertainty
The Weekly Quill — Res Ipsa Loquitur Private Credit Speaks for Itself From Danielle DiMartino Booth and #QIResearch https://t.co/puLw4aiRoS #federalreserve #powell #economy #dimartinobooth #privatecredit. #credit https://t.co/rQ1Eu6Honk
The Story Your Numbers Are Trying to Tell
Small business owners often work long hours yet ignore the story their financial data tells. The article argues that raw numbers are merely activity records, while relationships between metrics reveal true performance. By focusing on a few key performance indicators,...
384. Volatility Returns: Oil Shock, Two Market Risks, Student Housing Exposure, Savills-Eastdil Deal, & More Impactful Headlines
The episode examines how a sudden oil price shock from Middle East tensions is reigniting dual risks in commercial real estate: sticky inflation and slowing growth. Stephen Bushbaum explains that this volatility is likely to tighten financing conditions, widen credit...
MNC Banks Resist RBI Plan to Access Offshore Deal Data
The Reserve Bank of India has drafted a rule requiring foreign‑bank branches in India to report all non‑deliverable forward (NDF) contracts to the Clearing Corporation of India Ltd. The proposal mandates disclosure of notional values, counterparties, maturities and settlement dates,...
China Signals ChiNext Reforms to Tilt Listings Toward Consumer Companies
At the March 6 press conference, CSRC chairman Wu Qing announced plans to introduce a more targeted, inclusive listing framework for the ChiNext board, aimed at high‑quality emerging consumer and modern service companies. The proposal would add a fourth listing standard,...
2‑Year Treasury Yields Spike to Highest Since August 2025
Yields on the 2-year Treasury note posted their largest daily increase since May 2, 2025 (the day of a surprisingly strong payroll report), and closed at their highest level since Aug. 21, 2025, the day before Powell signaled a likely...
When A Cooling Economy Meets a Hot War
Recent data show the US labor market losing momentum while consumer spending eases, indicating a cooling domestic economy. Simultaneously, heightened tensions with Iran have pushed oil prices higher, adding inflationary pressure. Legal challenges over tariff revenue and growing Wall Street...
Pono Capital Four, Inc. (PONOU) Prices Downsized $120M IPO
Pono Capital Four, Inc. (NASDAQ:PONOU) priced a downsized $120 million initial public offering, with units slated to begin Nasdaq trading on March 13, 2026. The SPAC, led by CEO Dustin Shindo and CFO Gary Miyashiro, seeks a merger with a company that offers...
RLX Technology Inc (RLX) Q4 2025 Earnings Call Transcript
RLX Technology reported Q4 2025 net revenue of RMB1.1 bn, up 49% YoY and 28% QoQ, with non‑GAAP operating profit of RMB188 m, marking the eighth straight quarter of profitability. Gross margin expanded by four percentage points, driven by a full‑quarter contribution...
Dynagas LNG Partners LP (DLNG) Q4 2025 Earnings Call Transcript
Stabilis Solutions reported a 23% drop in Q4 2025 revenue and a sharp decline in adjusted EBITDA to $1.5 million, driven by the wind‑down of two multiyear marine bunkering and power‑generation contracts. Despite the downturn, the company secured a $200 million, two‑year...
SCI-CLO-100:-Market-Matures-as-Equity-Returns-Compress-and-Captive-Capital-Dominates
The inaugural SCI CLO 100 event in London highlighted a maturing collateralized loan obligation market, where equity tranche returns are compressing and captive capital from banks now dominates funding. Managers reported a pronounced bifurcation between high‑quality and lower‑quality loan assets, while...
Reckoner-Capital-Moves-Into-Art-Lending-with-Athena-Veteran-at-the-Helm
Reckoner Capital announced the creation of a dedicated art‑lending platform, appointing former Athena executive Laura Damême as chief executive. The new division will use securitisation technology to provide loans secured by high‑value artworks, offering collectors liquidity without forced sales. Damême...
AC Immune SA (ACIU) Q4 2025 Earnings Call Transcript
ACADIA Pharmaceuticals reported adjusted 2025 revenue of $1.08 billion, up 14% year‑over‑year, driven by strong performance of NUPLAZID and DAYBUE. NUPLAZID net sales reached $692 million with 15% growth, while DAYBUE posted $391 million, a 12% increase, aided by the newly approved DAYBUE...
Century Casinos Inc (CNTY) Q4 2025 Earnings Call Transcript
Centuri Holdings reported record 2025 results, delivering $3.0 billion total revenue, a 13% increase, and $39 million adjusted net income, up 49% year‑over‑year. Base revenue grew 18% to $2.9 billion and the company expanded its backlog to $5.9 billion, reflecting a 1.5× book‑to‑bill ratio....
Savara Inc (SVRA) Q4 2025 Earnings Call Transcript
Sabra Health Care REIT reported Q4 2025 normalized FFO of $0.36 and AFFO of $0.38 per share, and set 2026 guidance for normalized FFO and AFFO at $1.49‑$1.53 and $1.55‑$1.59 per share, implying roughly 5% growth. Managed senior housing showed...
Fed's-Bowman-Flags-Risk-of-Capital-Rules-Driving-Credit-Beyond-Banks
Federal Reserve Vice Chair Michelle Bowman warned that tightening capital requirements could push lenders to seek credit opportunities outside traditional banks. She highlighted that stricter Basel rules may constrain banks' ability to originate loans, prompting a shift toward non‑bank financial...
BRT Apartments Corp (BRT) Q4 2025 Earnings Call Transcript
BRT Apartments reported strong rental demand in Q3 2020, achieving 98% rent collection and a 5% increase in rental revenue. Despite a $7.0 million net loss driven by a $3.64 million non‑cash impairment, Funds From Operations rose to $0.27 per share, up...
VEON Ltd (VEON) Q4 2025 Earnings Call Transcript
GE Vernova posted a strong Q4 2025, raising its total backlog to $150 billion—a 25% increase—and booking $59 billion of orders, up 34% year‑over‑year. Revenue grew 9% to $38 billion, while adjusted EBITDA margin expanded to 11.4%, and free cash flow more than...
Emerald Holding Inc (EEX) Q4 2025 Earnings Call Transcript
Emerald Holding reported Q3 2025 revenue of $77.5 million, up year‑over‑year, while organic revenue fell 6.8% due to construction at the Las Vegas Convention Center and tariff pressures. Year‑to‑date total revenue rose 13.3% to $330.7 million, driven by the Generis, This Is Beyond...
Trinseo PLC (TSE) Q4 2025 Earnings Call Transcript
Trinity Industries reported a 73% jump in full‑year EPS to $3.14, helped by a $194 million non‑cash gain from its railcar investment vehicle restructuring and strong leasing performance. Leasing and Services revenue grew 5.5% with operating profit up 53% and fleet...
Kyivstar Group Ltd (KYIV) Q4 2025 Earnings Call Transcript
Dollar General reported Q4 2025 net sales of $10.9 billion, up 5.9% year‑over‑year, driven by strong same‑store sales and a broadened non‑consumable mix. Gross margin improved to 30.4% as shrink fell 62 basis points and inventory markdowns decreased, while operating profit...
Russian Power Entities Appear Plagued by Financing Troubles in Central Asia
Russia's state‑linked power firms are hitting financing snags across Central Asia, prompting a rapid loss of lucrative contracts. Kazakhstan abandoned a Russian consortium for China’s Harbin Electric, slashing project costs by nearly $500 million. In 2025, Inter RAO forfeited three Kazakh power‑plant...
Buckle Inc (BKE) Q4 2026 Earnings Call Transcript
Buckle Inc. reported fourth‑quarter 2026 net sales of $399.1 million, a 5.3% year‑over‑year increase, and net income of $80.8 million, up 4.6% versus the prior year. The company highlighted double‑digit growth in its women’s segment, especially denim, which saw sales rise 10.5%...
Urgent.ly Inc (ULY) Q4 2025 Earnings Call Transcript
Urgent.ly Inc. reported Q3 2025 revenue of $32.9 million, a 9% year‑over‑year decline, but met the midpoint of its guidance and achieved its eighth straight quarter of revenue guidance compliance. The company posted a non‑GAAP operating income of $123 k, marking the...
Firefly Aerospace Schedules Q4 2025 Results for March 19
Firefly Aerospace to Announce Fourth Quarter 2025 Financial Results on March 19, 2026 $FLY https://t.co/QWqknd6N2Y
Caterpillar Inc. (CAT): Our Calculation of Intrinsic Value
Caterpillar’s discounted cash flow model estimates an intrinsic share price of about $182, far below the current market level near $707, indicating a roughly 74% negative margin of safety. The analysis applies a 10% discount rate, 3% terminal growth, and...
TCG Provides B14.5bn in Credit Guarantees for SME Loans
Thai Credit Guarantee Corporation (TCG) issued credit guarantees worth 14.5 billion baht in the first two months of the year, a 4.4‑fold increase from a year earlier. The guarantees enabled 17,800 SMEs to secure formal financing, injecting roughly 60 billion baht of...
Fed Reveals Plan to Ease Banks’ Capital Requirements, Boost Mortgage Lending
The Federal Reserve announced it will overhaul capital rules for large banks, moving to a single standardized risk‑based framework that explicitly accounts for loan‑to‑value ratios. Under the proposal, lower‑LTV mortgages would carry lighter capital charges, while high‑LTV loans face higher...
Foreign Holdings of Thai Stocks Peak
Foreign investors' holdings in Thai equities surged to a record 6.11 trillion baht in January, representing 37.1% of total market capitalisation. Although they were net sellers of Thai stocks last year, they continued to buy non‑voting depository receipts, indicating sustained exposure....
Sergio P. Mendes: Leading with Data and Strategy
Sergio P. Mendes, VP of Commercial Finance and Revenue Management at Palm Bay in New York, leverages a computer‑science foundation to turn complex data into actionable business strategy. Over nearly two decades he progressed from sales analysis to pricing and...
Zone & Co Launches ERP Command Interface for Agentic Finance
Zone & Co introduced the Zone Control Center, a command‑interface that embeds finance workflow orchestration directly within ERP systems. The interface sits atop Zoe, the company’s agentic orchestration layer, and initially launches for ZoneCapture procure‑to‑pay customers. By consolidating visibility and...
The Case of New Mountain, Holt and the $30bn-Plus Deal
New Mountain Capital and Holt Capital have orchestrated a landmark transaction exceeding $30 billion, marking one of the largest GP‑stake sales in private equity history. The deal involves Holt acquiring a substantial portion of New Mountain's general partner interests, providing immediate...
Western Private Credit Crisis Mirrors Economic Involution
In which I argue that the West’s developing private credit crisis is just its equivalent of “involution”. https://t.co/1wAWnParft
FASB's Private Company Council Aims to Raise Profile
Jere Shawver, former Baker Tilly CEO, became chair of the Private Company Council (PCC) in 2024 and is focused on raising the council’s visibility and participation among private‑company stakeholders. The PCC, created in 2012 to give private firms a voice in...