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:
ABTC Claims Record Revenue, Positive Growth Margin in Third Quarter of FY26
American Battery Technology Co. (ABTC) reported a record $7.8 million in third‑quarter FY26 revenue, up 64 percent QoQ, and posted its first positive gross margin of $738 k. The Nevada recycling plant’s improved efficiency drove cost‑of‑goods‑sold growth to only 11 percent, while the company now holds $38.5 million in cash with zero debt. ABTC announced plans for a second recycling facility in the Southeast U.S. and highlighted progress on its Tonopah Flats lithium mine and refinery, moving toward commercial production.
Knorr-Bremse Posts Best Q1 in Five Years, Beats Euro Stock Forecasts
Knorr-Bremse (ETR:KBX) delivered a 2% organic revenue increase and a 140‑basis‑point EBIT margin lift in Q1 2026, calling it its best first quarter in five years. The brake‑system maker beat analysts' expectations, reaffirmed full‑year guidance and highlighted a record rail‑vehicle...
Etihad Credit Insurance Boosts Risk Capacity at Lill Global Symposium
Etihad Credit Insurance (ECI) chief executive Raja Al Mazrouei told the Lill Global Symposium in Oxford that the agency has increased its risk capacity and broadened coverage limits to protect UAE exporters. The move comes as the UAE seeks to...
BofA Cuts HubSpot to Underperform, Slashes Price Target to $180 After Q1 Earnings
Bank of America downgraded HubSpot (NYSE: HUBS) to underperform and cut its price objective from $300 to $180 following the company's first‑quarter earnings. While revenue and earnings beat estimates, the bank warned that HubSpot's shift to an AI‑agent‑first sales model...
Fitch Raises Ghana’s Sovereign Rating to ‘B’ on Debt Cut and Reserve Gains
Fitch Ratings upgraded Ghana’s long‑term foreign‑currency sovereign rating from B‑ to B, keeping a positive outlook. The agency highlighted a 21‑percentage‑point drop in debt‑to‑GDP, a $5.4 bn rise in reserves and record fiscal surpluses as proof of a stabilising economy.
US Treasury Yields Rise as Middle East Talks Stall, Oil Near $100
US Treasury yields jumped on Monday, with the 10‑year note up 3 basis points to 4.394% after President Trump rejected Iran’s counter‑proposal and oil prices surged toward $100 a barrel. The move echoed similar spikes in Indian government bonds, underscoring...
Bond Traders Brace for Inflation Data as Fed's Powell Era Ends
Bond traders are bracing for the upcoming U.S. CPI report as oil‑driven price pressures keep Treasury yields elevated. Two‑year yields climbed to 3.93% after the U.S.–Iran standoff pushed crude higher, and the market is already pricing a more than 40%...
AT&T's Debt Cut and 4.4% Dividend Boost Turnaround Outlook
AT&T has slashed its long‑term debt since its 2022 peak, regained an investment‑grade BBB rating and revived a 4.4% dividend. The telecom now trades below 11 times its projected 2026 earnings, with analysts forecasting double‑digit EPS growth through 2028.
Carter’s Interim CEO: ‘We’re in Line for Our Refund’
Carter’s posted an 8% year‑over‑year rise in Q1 net sales to $681 million, while net income slipped 7.7% to $14.3 million. The interim CEO said the company is awaiting a roughly $130 million government refund tied to IEEPA‑related tariffs. Tariff exposure has surged,...
KKR's BDC Suffers $560M Loss, Private Credit Warning
While Wall Street obsesses over Micron's parabolic 38% week and Nasdaq racing toward record highs, the most important market story today is buried in a 7am press release. FS KKR Capital, the second-largest publicly traded BDC and flagship of KKR's...
Apis Partners Secures Third Fund, Size Over Double Prior Round
Apis Partners announced the closing of its third venture fund, which is more than twice the size of its predecessor. The fund’s launch underscores growing limited‑partner confidence in the Middle East’s startup ecosystem. Details on the exact capital amount were...
Salesforce Replaces Per‑Seat Pricing with Fixed‑Fee Enterprise License
Salesforce has launched the Agentic Enterprise License Agreement (AELA), a fixed‑annual‑fee model that eliminates per‑seat pricing for its AI‑centric products. The shift gives enterprise customers predictable costs for unlimited use of Agentforce, Data Cloud and MuleSoft, while exposing them to...
Dividends Come From Cash Flow, Not Free Money
Dividends are not free money. They are paid out of free cash flow. Let’s look at the example pictured below. We see three example stocks listed with their 2025 dividend per share listed and their 2025 free cash flow per share listed. When someone...
Ayala Secures $100 Million Sustainability-Linked Loan
Ayala Corp. has signed a $100 million sustainability‑linked loan with Singapore’s DBS Bank, its first hedged facility denominated in Singapore dollars. The loan can be swapped between US and Singapore dollars, giving the conglomerate flexibility to fund expansion projects while meeting...
Stamp Duty and Debt: Key Considerations
The Philippine Tax Code imposes a documentary stamp tax (DST) of 0.75% on the issuance of debt instruments, with a progressive rate of ₱40 (≈$0.73) for the first ₱5,000 and ₱20 (≈$0.36) for each additional ₱5,000. Revenue Regulation 19‑2025 clarifies...
Integration Costs Shift to RPA as APIs Become Liabilities
Software ships at near-zero marginal cost. The maintenance tail does not. Every API is a liability the moment it ships, and a finite R&D budget can only service so much of yesterday's surface area before next quarter's earnings call wins...
Free Bloomberg Terminal Clone Built in Minutes, No Setup
A Bloomberg Terminal costs $30,000 a year. Someone just built one for free. In minutes. With no local setup.
Atkins' Folly
SEC Chair Paul Atkins has floated a proposal to cut the frequency of interim financial reports, arguing it would reduce reporting costs. Critics contend that fewer disclosures increase information asymmetry, raising market uncertainty and risk premiums. Higher required returns could...
UK Matching Adjustment 2025 Review: Gilt-Y Pleasures
The UK’s 2025 Matching Adjustment (MA) review highlights a growing appetite among life insurers for sovereign‑bond strategies, particularly UK gilts. Insurers are allocating a larger share of their MA‑eligible portfolios to government debt, while only a modest fraction are exploiting...
Big Food Splits: Smart Move or Strategic Misstep?
Big food giants are pursuing demergers amid investor pressure. Unilever’s planned spin‑off of its Foods unit triggered a share‑price drop to 4,221.5 GBX, while Kraft Heinz paused its split after Berkshire Hathaway began selling its stake. Nestlé is divesting parts of...
KeyBank Provides $54M Refi for 298-Unit Houston-Area Multifamily
KeyBank has provided Rockstar Capital with a $54 million, 35‑year fixed‑rate loan at 5.3% to refinance the 298‑unit Lakeview at Westpark multifamily property in Richmond, Texas. The financing replaces a floating‑rate bridge loan with HUD‑backed funding coordinated with a local Housing...
New Commission FAQs on MMFs’ Minimum Liquidity Levels and on How Liquidity Buffers May Be Used
On May 11, 2026, the European Commission released a report and a set of FAQs on money‑market fund (MMF) liquidity management. The new guidance builds on the 2023 assessment that the MMF Regulation survived COVID‑19‑related turmoil and recent interest‑rate shocks,...
Why DB Endgame Choices Must Be Scheme-Specific
UK defined benefit pension schemes now face a widening menu of end‑game options, from buy‑outs to run‑on or captive arrangements. Ortec Finance stresses that a scheme’s funding position, maturity, liquidity and investment strategy must be evaluated together, not in isolation....
AI Writes Code, Humans Run Forecasting Operations
AI can generate forecasting code. AI cannot install a high-performance forecasting operation inside a company. That still requires a person. Learn how to implement a Forecast Operating System (that your company will actually use). 👉 Register here (500 seats): https://learn.business-science.io/join
Cracks Widen in Private Credit as Apollo Weighs $3B Fund Sale
Apollo Global Management is weighing a sale of its publicly traded private‑credit BDC, MidCap Financial Investment Corp., for roughly $3 billion as default rates climb and redemption pressure mounts. The fund's default rate jumped to 5.3% in Q1 from 3.9% in...
ESMA Issues Results of CSA on the Compliance and Internal Audit Functions of Fund Managers
On 11 May 2026 ESMA published the final report of its 2025 Common Supervisory Action on compliance and internal audit functions of alternative investment fund managers and UCITS companies. The exercise involved all 27 EU and three EEA national regulators,...
Firefighting Is Not a Strategy
U.S. commercial bankruptcies have surged to post‑Great Recession levels, prompting many firms to shift from reactive “firefighting” to proactive credit management. The article outlines four strategic moves—segmentation, data‑driven credit alignment, workflow friction removal, and AI automation—to transform accounts receivable from...
Nexans to Acquire Republic Wire
Nexans announced it will acquire 100% of Republic Wire for an enterprise value of about €680 million (≈$741 million), with a possible €43 million (≈$47 million) earn‑out. Republic Wire generated roughly €520 million (≈$567 million) in revenue over the year to February 2026 and operates a...
As Legacy Market Gets Closer to Live, ILS Exit Opportunity Expected to Persist: IRLA Congress
The IRLA Congress in Brighton highlighted that the legacy and run‑off reinsurance market is increasingly trading like the live market, driven by capital‑light solutions and ILS exit products. Speakers cited growing use of forward‑exit options, rolling capital structures and casualty...
Brookfield to See ‘Largest Fundraising Year Ever’ in 2026, Says CEO Teskey
Brookfield Asset Management expects 2026 to be its largest fundraising year, according to CEO Craig Teskey. Year‑to‑date, the firm has secured $6 billion for its seventh flagship private‑equity fund, roughly half of the $12.5 billion target. The rapid capital accumulation reflects strong...
UK Borrowing Costs Rise as Starmer Speech Fails to Dispel Investor ‘Jitters’
UK gilt yields climbed on Monday, with the 10‑year benchmark reaching 5% and the 30‑year hitting 5.67%, after Prime Minister Keir Starmer’s speech failed to calm market nerves. The rise erases the modest yield drop seen after last week’s local...
In the Age of AI, Orchestration Is What Drives ROI
A recent accounting‑industry study shows firms with integrated, orchestrated technology stacks earn 28.3% more revenue per employee than peers, a gap that predates the AI boom. The article argues that AI accelerates tasks but cannot coordinate work, making orchestration the...
Senators Query Credit Bureaus on BNPL
A coalition of Democratic senators has sent letters to Equifax, Experian and TransUnion demanding clarity on how buy‑now‑pay‑later (BNPL) data is collected, reported, and used in credit scoring. The lawmakers note that the credit‑reporting industry lacks a standard method for...
Restrictions Imposed on Kingscrown Finance Limited
Kingscrown Finance Limited announced that, effective 21 April 2026, it will cease onboarding new customers and will not extend any further credit to existing clients. The firm, which offers business and property‑investment loans, has never been authorised or registered with the FCA....
Laying the Foundation for Confidence
Sarah Pritchard, deputy chief executive of the Investment Association, used the IA Private Markets Summit to stress that market stress is normal but must be managed through system‑wide resilience. She announced IA’s support for the Bank of England’s new System‑Wide...
Report Predicts Tokenization Will Change Financial Infrastructure by Intermediaries Stay
Moody’s Investors Service published a report forecasting how tokenization will reshape U.S. financial infrastructure. It outlines three scenarios—steady growth, low growth, and rapid growth—with the steady‑growth base case deemed most likely, keeping banks and asset managers as key intermediaries. Tokenized...
How to Manage Your Arts and Cultural Nonprofit’s Revenue Streams in Uncertain Times
Arts and cultural nonprofits are shifting from rebuilding audiences to securing financial resilience. Leaders recognize that revenue diversity on paper often masks hidden dependencies on single events, sponsors, or grant cycles, leaving organizations vulnerable. The article outlines three tactics—ensuring truly...
KKR Injects $150M, Backs FSK Amid Q1 Slump
$FSK Q1'26: > NAV -9.9% > Non-accruals: 3.4% -> 4.2% > Dividend cut from 48c to 42c KKR's response? $150M in preferred equity. $150M tender offer at $11. Plus a $300M buyback authorization and KKR waiving its incentive fees for 4 quarters.
Lenders Convert to Owners, Inject $100M Into Medallia
Somehow I missed this. The lenders are writing a $100M equity check into Medallia. Started as senior secured creditors. Now they own the company and are putting more money in. Never a good sign.
DBJ Asset Management Actively Pursuing New GP Partnerships
DBJ Asset Management announced it will broaden its buyout exposure in 2026 by seeking new general‑partner (GP) relationships. The firm aims to allocate additional capital to mid‑market private‑equity deals, particularly in North America. DBJ plans to co‑invest alongside GPs, targeting...
Derivatives Pros Label Michael Selig the Market Joker
“Miller said out loud what a growing number of derivatives professionals, people who actually hedge corn, crude, Treasuries, and currencies for a living, have been muttering for months. Michael Selig is in fact behaving like the joker in a deck...
STRZ Targets Early 20% EBITDA, Reduced Cash Spend
$STRZ Starting to see cash content spending coming down (big part of original thesis)... voluntarily terminated pay 2 window with universal, originals launching, etc. Expect to hit 20% EBITDA margin target a year early (2027 vs. 2028) and leverage target by yearend...
Why MSP Billing Breaks at Scale and How to Get Ahead of It
Managed service providers (MSPs) often rely on manual billing that works at low volume but unravels as client counts rise. Adding tools, licenses, and mixed pricing models creates fragmented data, leading to late invoices, missed charges, and payment delays. These...
Nintendo's $13.3B Cash Pile Could Fund 40 yearsNintendo's $13
Nintendoomed? As per Friday's earnings, Nintendo sits on US$13.3B in cash+highly liquid investments (even under the terrible currency rate now). So even if Nintendo lost US$1M per day, they could theoretically continue operating until 2062 in the current configuration. $NTDOY
New Blockchains Set to Attract Unprecedented Capital
The scale of capital that will be raised for new blockchains in the next few years will surprise people.
Director/PDMR Shareholding
Shell plc disclosed that its President of Integrated Gas, Cederic Cremers, disposed of 9,000 ordinary shares on May 8, 2026. The shares were sold at €35.825 each, generating a total proceeds of €322,425 (approximately $351,000). The transaction was executed outside a regulated...
Gilts Tumble Amid Mounting Calls for Starmer’s Resignation
Gilts slide as calls grow for UK Prime Minister Starmer to step down https://t.co/ZbMuuzqQf2 via @alicegledhill1 @highisland https://t.co/ghgLaN250d
IRS Issues Proposed Regs on New 1% Excise Tax on Remittance Transfers
The Treasury and IRS have issued proposed regulations for a new 1% excise tax on U.S. outgoing remittance transfers that involve cash or similar physical instruments. The tax, imposed under § 4475 of the Internal Revenue Code, must be collected by...
HSBC Lifts S&P 500 Target to 7,650, Eyes 8,000
HSBC raises S&P 500 target to 7,650, sees path to 8,000 Joining RBC, Yardeni.. @seekingalpha https://t.co/OST088n9Ol
Iran War Fuels Energy Shock, Raising Fed Rate Uncertainty as Analysts Warn of Delays or Hikes
The Iran war has driven diesel prices up 56%, inflating the U.S. trucking fuel bill from $155 billion to $250 billion and triggering a 14‑point swing in earnings‑estimate revisions. Analysts say the energy shock could force the Federal Reserve to postpone rate...