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:
B2Gold Reports Q1 2026 Results
B2Gold reported a strong first‑quarter 2026, producing 237,763 ounces of gold and generating $200 million in net income ($0.15 per share). Cash operating costs fell to $1,005 per ounce produced and all‑in sustaining costs improved to $1,964 per ounce sold, while free cash flow reached $362 million. The company repaid $75 million of its revolving credit facility, sold its 70% stake in Fingold for $325 million, and announced a leadership transition with CFO Mike Cinnamond set to succeed retiring CEO Clive Johnson. A $0.02 per‑share dividend was declared for Q2, and the NCIB was renewed to allow purchases up to 10% of the float.
APP Appears 50% Undervalued with Explosive Growth
I think $APP does at least 56% revenue growth in 2026 and at least 42% revenue growth in 2027... which gets them to $12B+ revenues in 2027... assuming 84% ebitda margins... $APP now trading at less than 16x 2027 ev/ebitda...
Erdene Announces Q1 2026 Results
Erdene Resource Development reported a strong Q1 2026, with its 50%‑owned Bayan Khundii gold mine achieving commercial production at 94% of target throughput and 96% gold recovery. The mine sold 8,527 ounces of gold and 3,135 ounces of silver, generating US$42 million in...
Equity Is Just the Residual After Debt Gets Paid
Most investors think equity is an asset. Graham knew better. Equity is what's left over after everyone else gets paid. Debt holders eat first. Preferred holders next. You're last in line. Leverage doesn't just add risk, it determines whether you survive to collect...
Shreya Acquisition Group (SAGU.U) Prices $100M IPO
Shreya Acquisition Group (NYSE:SAGU.U) priced its $100 million initial public offering and will begin trading on the NYSE on May 7, 2026. The SPAC, led by CEO Anuj Goyal and CFO Arvind Singh Kiran Gokhool, will pursue targets in health and wellness,...
Dormant Accounts Suddenly Warn Tesla Merger Loss
I am astonished by the aggressiveness of some accounts I never heard about and when I check them out they have hardly posted anything for years. And now they suddenly wake up and already know that the merger is going to...
Carlyle Alum-Led Capitol Meridian Eyes $1.2bn for Sophomore Fund
Capitol Meridian, a Washington, DC‑based private‑equity firm founded by a Carlyle alumnus, is targeting $1.2 billion for its second fund. The manager expects to achieve the fund’s initial close in the first quarter, according to pension‑plan filings. The fundraising effort follows...
Assisting NATO: New Defense Bank Takes Shape
Canada hosted representatives from 18 nations this spring to launch the Defence, Security & Resilience Bank (DSRB), a proposed multilateral AAA‑rated lender aimed at financing defense projects. Backers plan to raise about $135 billion in capital, enabling member governments to borrow...
THE GOLD MINERS FREE CASH FLOW REVOLUTION: The Unprecedented Profitability, the Discovery Deficit, Historic Ownership Lows, Digital Age, & Why...
Gold miners are now generating record free cash flow, eclipsing profitability levels seen in the 1970s and early‑2000s. Despite this cash surge, their equity valuations remain deeply compressed, with EV/EBITDA multiples far below those of tech and the broader S&P...
Moffitt Cancer Center Raises Operating Margin to 7.3% in Q3
Moffitt Cancer Center reported operating income of $63.7 million in the third quarter of fiscal 2026, delivering a 7.3% operating margin—up from $40.2 million and a 5.2% margin a year earlier. Total operating revenue rose 12.8% year‑over‑year to $868.4 million, with patient service...
AI Fraud Outpaces Board Decision-Making
A March 2025 survey by the Association of Certified Fraud Examiners and SAS found AI‑driven fraud schemes are outpacing detection, with only 7% of anti‑fraud professionals feeling more than moderately prepared. Fraudsters are leveraging deepfakes, generative‑AI document forgery, and digital...
Wednesday - May 6, 2026
In this 7‑minute Dividend Café market commentary, host Brian Seitel reviews a strong market follow‑through driven by lower oil prices, positive earnings surprises, and better‑than‑expected private payroll data. He highlights that the Dow, S&P 500, and Nasdaq posted notable gains,...
Warner Bros. Discovery Posts $2.91 Billion Q1 Net Loss Due to Paramount Skydance Transaction Costs
Warner Bros. Discovery reported a staggering $2.91 billion net loss for Q1, a sharp rise from the $453 million loss a year earlier. The loss stems primarily from refundable transaction costs tied to the pending Paramount‑Skydance merger. Total revenue slipped 1% to...
Behind the Kentucky Derby: How Churchill Downs Is Using SAP to Control Spend
Churchill Downs, the operator of the Kentucky Derby, has leveraged SAP S/4HANA Cloud Public Edition as the core of a broader digital transformation, adding SAP Ariba and SAP Business Network to tighten spend control. The cloud ERP gave the 10,000‑employee...
Cyber Insurance: Marginal No More
Cyber insurance has shifted from a niche product to a core corporate concern as U.S. breach costs top $10.2 million in 2025, double the global average. Claim severity for large U.S. firms jumped from $700,000 in 2020 to $4.4 million last year,...
Merger Costs Add up as Warner Bros. Discovery Posts $2.9-billion Quarterly Loss
Warner Bros. Discovery reported a $2.9 billion first‑quarter loss, largely driven by a $1.3 billion restructuring charge and a $2.8 billion termination fee to Netflix after the streaming rival withdrew from the Paramount Skydance takeover. Revenue slipped 3% to $8.9 billion, with streaming EBITDA up...
AI’s Delicate Banking Balancing Act
Banks that spent the last decade rebuilding balance sheets and navigating low‑rate environments are now confronting AI disruption. More than 90% of banks have begun AI initiatives, and S&P Global forecasts average return on equity could rise from 12% to...
Multifamily Refinancing Surge: $68M Colorado Loan and $269M White Plains Deal
A joint venture of BMC Investments and Rockpoint secured a $68.3 million loan to refinance Madison at Copperleaf in Aurora, Colorado, while RXR and Korman Communities refinanced Hamilton Green in White Plains, New York with $269 million from Blackstone and Canyon Partners. The...
Paramount+ Gains 700,000 Subscribers in Q1, D2C Revenue Up 11%
Paramount Skydance Corp (PSKY) announced a net addition of 700,000 Paramount+ subscribers in the first quarter, lifting D2C revenue 11% to $2.4 bn. The growth came despite a loss of about one million bundled users, and it nudges the company closer...
Sentinel Capital to Sell Autronica Division to MSA Safety for $555 Million
Sentinel Capital Partners signed a definitive agreement to sell Autronica Fire and Security, a unit of its Spectrum Safety Solutions platform, to MSA Safety for about $555 million. The deal marks the latest strategic divestiture for Sentinel as it refocuses its...
BCG Study Finds CEOs Must Pair AI Gains with Cost Discipline to Unlock Value
Boston Consulting Group’s latest research warns that AI‑driven productivity will not lower costs unless CEOs redesign work, roles, and organization. The study highlights that cost management is the second‑biggest source of stress for CEOs, trailing only growth targets, and argues...
Compass Posts $2.7B Q1 Revenue, $250M Cost Synergies After Anywhere Merger
Compass, Inc. posted $2.70 billion in Q1 2026 revenue—up 7% YoY—and swung to a $22 million net profit after a $51 million loss a year earlier. The firm actioned $250 million in cost synergies within 82 days of its Anywhere acquisition, prompting an increase...
Merck Completes $5.3 B Purchase of Terns, Adding Oral CML Drug TERN‑701
Merck closed a cash tender offer for Terns Pharmaceuticals at $53 a share, valuing the deal at roughly $5.3 billion. The acquisition brings TERN‑701, an oral BCR‑ABL1 inhibitor with FDA Breakthrough Therapy Designation, into Merck’s oncology pipeline and will be recorded...
PwC Teams with OpenAI to Launch First AI‑native Finance Function at Enterprise Scale
PwC announced an expanded collaboration with OpenAI to create the first AI‑native finance function at enterprise scale. The joint effort will embed agentic AI agents across planning, forecasting, procurement and other core finance workflows, shifting finance staff from task execution...
DoorDash Gives a Forecast for Order Growth That Tops Estimates
DoorDash Inc. projected gross order value (GOV) of $32.4 billion to $33.4 billion for the quarter ending June, edging out the Bloomberg consensus of $32.3 billion. The upbeat guidance underscores continued momentum in its food‑delivery platform despite a crowded market. Management highlighted strong...
OCBC to Acquire HSBC Indonesia Retail Banking and Wealth Business for Up to S$7.1 Bn
OCBC's Indonesian subsidiary will acquire HSBC Indonesia's International Wealth and Premier Banking business for a net asset‑based price plus a premium of up to S$0.48 bn. The deal adds 336,000 customers, S$6.6 bn (US$4.9 bn) in assets under management and is expected to...
Broadcom Climbs to Comerica Bank’s Ninth‑largest Holding, Underscoring AI Chip Confidence
Comerica Bank trimmed its Broadcom stake by 4.7% in Q4 yet still owns 950,377 shares worth $328.9 million, making the semiconductor giant its ninth‑largest holding. The move comes amid a wave of institutional buying and analyst upgrades that push Broadcom’s price...
XA Investments Adds $91M Evanston Multi-Alpha Fund, Becomes Its Adviser
XA Investments announced it will incorporate the $91 million Evanston Multi-Alpha Fund into its platform and assume advisory duties, pending regulatory clearance. The move expands XAI’s suite to four funds and signals growing demand for hedge‑fund strategies in accessible fund structures.
IRS Plans Settlements in Conservation Easement Cases
The IRS announced a time‑limited settlement program for taxpayers involved in syndicated conservation‑easement transactions that the agency deems abusive. The new website details recent court decisions, highlights inflated valuations, and warns of disallowed deductions, penalties, and back‑dated approvals. Eligible individuals...
Securian Canada Appoints Marc Peliel as CFO to Drive Growth and Financial Discipline
Securian Canada announced today that Marc Peliel will serve as its chief financial officer, overseeing finance and actuarial functions. Peliel brings more than 25 years of senior leadership experience in insurance and financial services, positioning the insurer to accelerate growth...
DuPont Highlights Aramids Divestiture, New Sustainability Goals on Q1 2026 Earnings Call
DuPont used its Q1 2026 earnings call to announce the completion of the Aramids divestiture, unveil 2035 sustainability goals, and report a Vitality Index 35% above its benchmark, underscoring momentum in innovation and operational excellence.
EA Posts Record FY26 Net Bookings of $8.0 B, Driven by Battlefield 6 Launch and Live‑service Growth
Electronic Arts announced FY26 net bookings of $8.026 billion, its highest ever, thanks to the launch of Battlefield 6 and expanding live‑service titles. The results come as a consortium led by Saudi Arabia’s Public Investment Fund moves to acquire EA in an...
India’s Bank Credit Surges 15.9% in FY26, Driven by Services and Retail Lending
India’s scheduled commercial banks expanded non‑food credit to ₹212.9 lakh crore ($2.6 trillion) in FY26, a 15.9% year‑on‑year rise. Growth was led by services and personal‑loan segments, reflecting strong domestic demand amid low‑interest rates and a government‑backed capex push.
58% of Finance Leaders Lag on Tax‑Compliance Mandates Amid Rising AI Adoption, Sovos Survey Shows
Sovos’ new survey of 300 senior finance executives reveals that 58% find new tax‑compliance mandates too complex and 44% say regulations are changing too fast, even as AI adoption accelerates. The findings flag a widening gap between regulatory pressure and...
Bumble's Q1 Woes Mask 30% Earnings Yield
I wrote an update on Bumble after Q1. Still a messy setup: users are down, the stock is hated, and the new loan is expensive. But bumble remains highly cash generative and I get to a near 30% owner earnings...
Freshworks Beats Q1 2026 Forecast, Posts 16% Revenue Rise and 27% EX ARR Growth
Freshworks (NASDAQ:FRSH) posted Q1 2026 revenue of $228.6 million, up 16% year‑over‑year, and saw employee‑experience ARR jump 27% to over $540 million. The results beat internal expectations, driven by strong mid‑market wins, AI‑enhanced offerings and a 106% net dollar retention rate.
DTCC's Tokenization Platform Gains 50+ Firms, Pilot in July, Full Launch Oct 2026
The Depository Trust & Clearing Corporation announced that its tokenization platform, built by the Depository Trust Company, will start limited production trading in July 2026 and roll out fully in October 2026. More than 50 traditional‑finance and crypto firms have...
Staying the Course: TMDX’s Long‑Term Thesis Remains Intact
Excellent post (below) on $TMDX, I'll do another detailed post in the next few days however in the meantime I'm doing calls with sell-side analysts and management. Here's what I'll say for now... Today is obviously frustrating for long-term shareholders but I...
Flutter Trims 2024 Revenue and EBITDA Forecasts
Flutter lowers guidance: revenue is now expected to be $18.305b with adjusted EBITDA of $2.865bn at the midpoint, a reduction from previous guidance of $18.4bn and $2.97bn in revenue and adjusted EBITDA expectations, respectively
AuditBoard (Now Optro), a SaaS Risk-and-Compliance Platform
AuditBoard, founded by Daniel Kim and Jay Lee, evolved from a Sarbanes‑Oxley tool into a comprehensive SaaS risk‑and‑compliance platform. Battery Ventures led its 2018 Series B, rebranded the company, and installed CEO Scott Arnold, driving ARR to $200 million by early 2024. The...
Q&A: Focus's Travis Danysh on the Shift From Deal Volume to Scale
Focus Financial Partners, acquired by Clayton, Dubilier & Rice in 2023, is consolidating its 90 independent RIA subsidiaries into a handful of large Focus Partners. Over 60% of the firm’s earnings now stem from these consolidated entities, with roughly 40 firms...
The Connected Platformfor Global Tax Compliance
Vertex Inc. is positioning its connected platform as a one‑stop solution for the wave of global tax compliance changes slated for April 2026. The company released a series of resources covering urgent e‑invoicing mandates, a Brazil tax reform that takes effect...
Sensata Technologies' Q1 Sales Reach $934.8 Million, Up 2.6% Year-on-Year
Sensata Technologies reported first‑quarter 2025 sales of $934.8 million, a 2.6% year‑on‑year increase, while adjusted operating income reached $174 million, delivering an 18.6% margin. Free cash flow stood at $104.6 million, leaving the company with $635.1 million in cash reserves. Although full‑year revenue slipped...
Astranis, Scout Space Lay Out Next Steps Following Capital Rounds
Astranis secured $455 million in new capital—a $300 million Series E led by Snowpoint Ventures and Franklin Templeton plus a $155 million delayed‑draw credit from Trinity Capital—to accelerate production of its micro‑GEO communications satellites and chase U.S. military contracts, including a potential $4 billion GEO...
Seeking VC Experience with OTC Swaption Trading
question: can anyone name a VC that has priced and traded OTC swaptions for a portfolio company?
Luca Maestri Runs the Cafeteria
Apple announced that CFO Luca Maestri will vacate the finance chief role on Jan 1 2025, shifting to lead Corporate Services. In that capacity he will report to CEO Tim Cook and oversee information systems, security, real estate, and even the company’s Caffè Macs. Kevan Parekh,...
GameStop CEO Is Selling Halo Statues, Rare Games, and More to “Pay for eBay”
GameStop CEO Ryan Cohen is auctioning his personal collection of gaming memorabilia on eBay to help fund a non‑binding $55.5 billion proposal to acquire eBay at $125 per share. The auction features high‑value items such as GameStop store signs, a Halo 2...
Six States, One Deadline: A Q&A With EY’s Anna Kendall on ERP Compliance and What Food Manufacturers Gain by Getting...
Extended Producer Responsibility (EPR) reporting will hit a unified deadline of May 31 2026 for six states—California, Colorado, Maryland, Minnesota, Oregon and Washington—forcing food and beverage manufacturers to scale compliance across multiple jurisdictions at once. Ernst & Young’s Anna Kendall explains that...
Prophix CEO Cautions Against Building an AI ‘Faster Horse’
Prophix CEO Alok Ajmera warned against merely speeding up existing finance tools, likening AI development to building a faster horse instead of a car. He highlighted continuous budgeting as the AI‑driven breakthrough the CFO office has chased for two decades....
Banks Are Building the Trust Layer AI Can’t Break
Banks, payment firms and digital platforms are moving from siloed KYC/KYB checkpoints to an “ID supply chain” model that spreads identity verification, risk signals and data across multiple participants. The shift is driven by AI agents, automated bots and embedded...