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
St. James’s Place CIO: Deep Recession Unlikely, but Portfolio Resilience Is Still Essential
At Spear’s 500 Live, St. James’s Place chief investment officer Justin Onuekwusi said a deep recession is unlikely, assigning only a 5 percent probability over the next 12‑18 months and projecting a soft‑landing base case. He noted the firm’s £220 bn (~$280 bn) asset base gives a cushion against a severe downturn. Onuekwusi urged investors to build portfolio resilience through broader diversification, especially in government bonds and inflation‑linked securities, while managing currency exposure such as sterling. He concluded that tilting toward cheaper asset classes will enhance risk‑adjusted returns.
IonQ Posts Record Q1 2026 Revenue of $64.7 Million, 755% YoY Growth
IonQ announced Q1 2026 revenue of $64.7 million, a 755% increase from a year earlier and 30% above the midpoint of its guidance range. The company raised its full‑year revenue target to $270 million, citing strong demand for its 256‑qubit system and...
How Paywall Plus Philanthropy Saved The Philadelphia Inquirer
The Philadelphia Inquirer, once bankrupt, turned a profit in 2025 after Jerry Lenfest transferred ownership to the nonprofit Lenfest Institute and introduced a hybrid for‑profit, nonprofit structure. A $7.8 million grant and aggressive digital‑subscription strategy pushed subscriber revenue to 70% of...
Organic Flow Battery Company CMBlu Closes €50 Million Series C
CMBlu Energy announced the close of a €50 million (US$58.8 million) Series C round, pushing its valuation past the $1 billion mark. Samsung Ventures led the new capital while all existing backers, including Strabag SE, reinvested. The funding supports rollout of the SolidFlow organic‑redox‑flow battery,...
Anchorage Says New U.S. Crypto Rules Will Ignite Tokenized Finance Boom
Anchorage Digital’s head of policy, Kevin Wysocki, warned that the pending GENIUS and CLARITY Acts will remove regulatory uncertainty and spur a new wave of tokenized finance. The firm expects traditional banks, DeFi platforms and tech companies to converge around...
Private Credit Making Itself at Home at Federal Home Loan Banks
Insurance subsidiaries owned by private‑credit firms have become the most active borrowers from the Federal Home Loan Bank (FHLB) system, a network originally designed to support affordable housing. Their heavy use of FHLB advances raises questions about whether the credit‑heavy,...
Fannie Mae's Portfolio Surge Is the Biggest in over a Decade
Fannie Mae’s retained portfolio surged to $168.74 billion in March, marking the largest monthly increase since 2009 and the highest level since the Great Financial Crisis. The $18.3 billion jump lifted combined GSE retained assets to $308.5 billion, a peak not seen since early 2021....
Geopolitics May Drive Elevra’s Full‑Control Bid
Does geopolitics trump valuation? In a world of FORGE, US-Australia critical minerals alliances and Congressional hearings on Chinese market behavior, will be interesting to see how this unfolds. Key question is what does Elevra do? Stay in a JV with Huayou and...
Shell Beat Profit Forecasts. So Why Did Its Shares Fall?
Shell reported a $6.92 billion first‑quarter adjusted profit, topping the $6.36 billion consensus and marking its strongest result in two years. The company lifted its dividend by 5% but trimmed the quarterly share‑buyback programme to $3 billion from $3.5 billion. Production slipped 4% due...
Navitas Revenue Grows 18% in Q1
Navitas Semiconductor posted Q1 2026 revenue of $8.6 million, an 18% sequential increase, as high‑power GaN and SiC markets now account for the bulk of sales and grew roughly 35% year‑over‑year. GAAP gross margin remained negative at 9.3%, while non‑GAAP margin edged...
MRF Q4 Net Profit Rises 38% to ₹702 Crore; Revenue up 14%
MRF Ltd reported a 38% jump in Q4 net profit to ₹702.25 crore (≈$84 million), with revenue up 13.7% at ₹8,044.22 crore (≈$965 million). For the full FY2026, consolidated net profit rose 29.5% to ₹2,426.10 crore (≈$291 million) on a 10.6% revenue increase to ₹31,149.01 crore (≈$3.74 billion)....
Pronto Extends Series B to $45 Million at $200 Million Valuation
Pronto, the instant household‑services platform, announced a $45 million Series B extension that lifts its valuation to $200 million, effectively doubling the figure within a month. The round includes a $20 million commitment from Lachy Groom, co‑founder of Physical Intelligence, alongside existing backers such...
Amundi Lists Its US Dollar-Denominated Emerging Markets Government Bond ETF on the London Stock Exchange
Amundi will list its USD‑denominated Emerging Markets Government Bond UCITS ETF Acc on the London Stock Exchange starting 7 May 2026. The fund tracks the J.P. Morgan EMBI Global Diversified Select Index, uses a sampled physical replication method and charges a low 0.25%...
Apollo Commits to Providing Private Credit Daily Pricing
Apollo Global Management will begin publishing daily valuations for its private‑credit funds by the end of September, shifting away from the traditional quarterly pricing model. The change aligns marks with the lowest observable price when co‑invested, aiming to mirror public‑market...
Intrepid Potash Reports Q1 2026 Adjusted EBITDA of $19 Million on Record Trio Margins and Higher Potash Prices
Intrepid Potash posted first‑quarter 2026 adjusted EBITDA of $19 million, a 30% rise from a year earlier, driven by record Trio margins and higher potash prices. Continuing‑operation sales climbed to $98.7 million, while net income doubled to $6.9 million. The Trio segment generated...
Angelini Pharma to Acquire Catalyst Pharmaceuticals for ~$4.1B
Angelini Pharma announced a definitive agreement to acquire Catalyst Pharmaceuticals for $31.5 per share, valuing the deal at roughly $4.1 billion. The transaction, expected to close in the third quarter of 2026, marks Angelini’s first direct entry into the U.S. pharmaceutical...
Do Banks Still Need to Validate GenAI Models?
U.S. banks rolled out Microsoft Copilot and other generative AI tools at unprecedented speed, classifying them as productivity software to bypass the traditional SR 11‑7 model‑validation regime. Regulators responded by replacing SR 11‑7 with SR 26‑2, explicitly excluding GenAI models from mandatory validation....
Japan’s Advantage Seeks to Double AUM in One Year
Japan’s Advantage, a private‑equity manager, announced an aggressive plan to double its assets under management (AUM) within the next twelve months. The initiative follows the sale of a 5% equity stake to Australia’s Pinnacle Investment Management in January, providing fresh...
CPMI-IOSCO Consult on Updated Guidance and Public Disclosures to Implement Initial Margin Proposals
On 6 May 2026 the BIS Committee on Payments and Market Infrastructures (CPMI) and IOSCO launched a consultation on amending the CCP resilience guidance and the public quantitative disclosure standards (PQDs). The proposals embed Basel Committee recommendations on initial‑margin transparency,...
Cash Flow in Construction — Why Most UK Builders Struggle and How to Fix It
UK construction firms face chronic cash‑flow strain due to delayed client payments, large upfront material costs, and inaccurate cost estimates. A recent survey shows 92% of builders experience late payments, while steel prices of £500‑£650 per tonne (≈$635‑$825) add pressure....
Capital Reform Push Could Restore Wall Street’s Edge in Global Markets
The Federal Reserve has proposed rolling back capital requirements for the largest U.S. banks, cutting aggregate buffers by roughly 5%. The change aims to free balance‑sheet capacity, allowing banks to expand market‑making and reclaim business lost to non‑bank firms. Analysts...
Swisscom Q1 2026 Revenue Falls as 5G, Broadband and Italy Synergies Support Cash Flow Growth
Swisscom’s Q1 2026 revenue fell 4.1% to CHF 3.61 billion (≈$3.97 billion) while EBITDAaL rose 0.8% to CHF 1.29 billion (≈$1.42 billion). Operating free cash flow jumped 22.6% to CHF 594 million (≈$653 million) thanks to cost cuts and synergies from the Vodafone Italia‑Fastweb merger. In Switzerland, 5G+ coverage hit 89%...
STEW: Allocation To Berkshire May Cause Underperformance (Rating Downgrade)
The SRH Total Return Fund (STEW), a closed‑end fund that markets a high dividend yield, is under pressure as its dividend policy has become a drag on total returns. Recent analysis led to a rating downgrade, highlighting concerns about the...
InCred Files Updated DRHP; Plans Rs 1,250 Cr Fresh Issue
India’s InCred Holdings Ltd has filed an updated draft red herring prospectus with SEBI for an IPO that includes a fresh equity raise of Rs 1,250 crore (≈$153 million) and an offer‑for‑sale of up to 9.9 million shares. Private‑equity firms KKR and MNI Ventures...
Cash Transaction Set to Close Within 30 Days
Timeline: The cash transaction is expected to close within 30 days of the board's approval on May 7, 2026.
South Korean Power Firms Unable to Project Long-Term Coal Losses Amid 2040 Phaseout Push: Report
South Korean state‑run power generators reported they cannot produce long‑term financial forecasts for their coal‑fired assets beyond 2030, citing uncertainty over fuel costs, utilization rates and carbon‑permit allocations. The five utilities—KOEN, KOSPO, EWP, WP and KOMIPO—are unable to estimate profitability,...
Xero and VXT Launch Phone and Practice Management Integration for Accountants
Xero Practice Manager (XPM) has teamed up with VXT to launch a native phone‑and‑practice‑management integration aimed at accounting firms. The new link synchronizes calls, voicemails and client notes directly within XPM’s cloud platform, eliminating manual data entry. Available to all...
Shell Beats Estimates, Slashes Quarterly Buyback to $3B
BIG OIL 1Q EARNINGS: As everyone else among the majors, Shell also reports quarterly earnings above expectations on the back of high oil/gas prices. But the big news is that Shell has cut is buyback from $3.5 billion in the previous...
Euro Area Financial Integration Improves Despite Persistent Fragmentation, ECB Report Shows
The European Central Bank’s latest financial‑integration report shows that euro‑area markets have become more cohesive since late 2022, driven by falling redenomination risk premia and EU‑wide policy support. Cross‑border holdings of debt securities and interbank lending have risen, enhancing risk sharing...
Public Bank Leads Malaysian Banking Rally, Earnings Outlook Strong
Malaysian banks up today. Seeing plenty of buying interest. Financial Service index highest since end-March. All banks still below pre-War level (except AM). Best performer is Public Bank +3% to RM4.94, highest in almost 2 months. •1Q earnings release on 12...
Hungarian Nepo-Stocks: Where Are They Now?
The FT Alphaville piece revisits Hungary’s so‑called “nepo‑stocks,” firms that surged under Prime Minister Viktor Orbán’s nationalist agenda and benefited from state‑linked contracts. It charts their performance since the 2022‑23 market rally, noting that many have stalled or fallen as...
Strategic Bitcoin Sales Boost Shareholder Protection and Flexibility
Strategy selling Bitcoin isn't a bad thing. There are differing schools of thought on this topic, but I actually think Bitcoin Treasury Companies should sell Bitcoin when it is warranted. The goal shouldn't be to never sell Bitcoin, but to...
‘We Are Not Going to Do Charity’: Kingfisher Beer Maker United Breweries to Exit Unprofitable States
United Breweries (Kingfisher) announced it will pull back from Indian states where strict price caps and soaring input costs erode margins. The brewer projects a ₹400‑₹500 crore ($48‑$60 million) profit hit this year, driven by higher glass, aluminium, fuel and logistics expenses....
Hong Kong Explores Financial Cooperation With Uzbekistan During Tashkent Visit
Hong Kong’s financial services chief Christopher Hui met Uzbek officials in Tashkent to launch talks on gold‑trading links, capital‑market access and a possible double‑taxation treaty. Hong Kong is rolling out a central gold‑clearing system and expanding storage capacity to over...
Clinical Value Is Not Commercial Value
Healthtech firms often mistake strong clinical data for commercial traction, overlooking the complex adoption machinery that governs hospital, payer, and pharma purchasing. The article argues that pilots and physician enthusiasm are insufficient unless they translate into budget authority, procurement pathways,...
DoorDash Beats Earnings, Stock Soars Amid Revenue Miss
$DASH: +33% revenue growth, +37% GOV growth, and the stock jumped despite a revenue miss DoorDash delivered another strong quarter. Revenue was $4.04B, up 33% YoY, but below the $4.15B estimate. EPS came in at $0.42 vs. $0.37 expected. Marketplace GOV reached $31.6B,...
CNA Acquires Severn Gas Plant for £370M,
#CNA bought the Severn Combined-Cycle Gas Turbine power station for £370m. Built in 2010 and expected to deliver annual EBITDA of £30 - £60 million from 2027, and accretive to EPS from first FY after completion.
Sullivan & Cromwell Discusses FinCEN, OFAC Proposed Rule on Anti-Money Laundering and Sanctions-Compliance Requirements
On April 8, 2026 FinCEN and OFAC issued a joint notice of proposed rulemaking (NPR) to implement the GENIUS Act’s framework for payment stablecoin issuers (PPSIs). The NPR clarifies AML/CFT and sanctions‑compliance duties, distinguishing primary‑market activities—where PPSIs must conduct CDD,...
Shell Prioritizes Higher Dividends Over Buybacks
Interesting #SHEL has changed emphasis regarding Shareholder Returns with more Dividend and a bit less Buyback. Makes sense after the decent Share Price rises. ShareScope showing fwd Dividend Yield 3.4% rising to 3.6% (and Buybacks on top).
China’s Bad‑Debt Managers Use Bank Stake Gains to Offset Slump
1/4 Caixin: "The results underscore how China’s leading bad-debt managers are leaning on accounting gains linked to state-backed bank stakes to offset the effects of the prolonged property slump and broader economic slowdown." https://t.co/4pXLE9Y3rM
Alphabet Finances AI Expansion Again with Billion-Euro Bonds in Europe
Alphabet tapped the euro bond market in early May 2026, issuing a six‑tranche offering worth at least €3 billion (≈ $3.2 billion). This adds to roughly $32 billion of debt raised earlier in the year across dollar, pound and franc issues. The proceeds will...
The OG of Private Credit: Par for the Course
Loans are valued by credit risk and market risk. Despite macro noise, BDC loan portfolios have been trading essentially at par, offering a reassuring data point. However, the surge of retail capital into private credit creates a mismatch, as retail...
Chart of the Week: Value Proposition
The latest Kroll Bond Rating Agency (KBRA) DLD Default Research shows that roughly 89% of its covered universe is rated above 95 as of April 28, 2026. A score above 95 signals strong valuation metrics and low default probability, suggesting credit stability...
Super Retail Group Makes $30 Million Play Ahead of Further Volatility
Super Retail Group (SRG) is allocating AUD$30 million (≈US$20 million) to bolster inventory ahead of expected price hikes, citing a "record" half‑year of sales but a slowdown in like‑for‑like growth to 0.4% year‑on‑year. The dip reflects the impact of the Middle East...
2025 ABA Private Target M&A Deal Points Study: What's Market?
The American Bar Association’s 2025 Private Target M&A Deal Points Study examined 139 purchase agreements closed in 2024 and early 2025. It reveals that purchase‑price adjustment escrows now appear in 58% of deals, while representation‑and‑warranty insurance (RWI) is referenced in...
Margin Coverage Option (MCO) 2026 Input Harvest Prices
The Margin Coverage Option (MCO) for the 2026 crop year now faces a sharp cost shock as harvest‑time input prices—particularly urea and diesel—have risen 65% and 80% above fall projections. This increase adds $71 per acre to corn costs and...
Apollo CEO Flags 30‑35% Chance of Market Correction, Cites Geopolitical and AI Risks
Apollo Global Management chief Marc Rowan told investors the odds of an exogenous shock triggering a market correction are 30‑35%. He warned that a geopolitical reset, inflationary policy moves and an AI-driven labor shift could destabilize markets, and said Apollo...
Delta Cuts Food and Drink on 450 Short Flights to Trim Costs
Delta Air Lines announced that, beginning May 19, it will eliminate complimentary food and beverage service on roughly 450 daily flights under 350 miles, about 9% of its schedule. The move, aimed at creating a more uniform cabin experience and...
Emerald Lake Closes $825 Million Fund, Outpacing $500 Million Target
Emerald Lake Capital Management announced a final close of $825 million on April 27, 2026, well above its original $500 million target and the $750 million hard cap. The fund secured $800 million from unaffiliated institutional limited partners and added $25 million from the general...
Robinhood’s Ventures Fund I IPO Draws Over 150,000 Retail Investors
Robinhood CEO Vlad Tenev announced that the IPO of the company’s first publicly traded venture fund, Ventures Fund I, attracted over 150,000 retail investors. The NYSE‑listed vehicle gives everyday traders exposure to private tech giants such as OpenAI, Stripe and...