Today's Investment Banking Pulse
SpaceX’s $1 trillion IPO filing faces scrutiny over AI‑compute lease claims
SpaceX filed a massive S‑1 targeting a $1 trillion IPO. Elon Musk’s recent X post described the company’s lease with Anthropic as a short‑term 180‑day arrangement, contradicting the prospectus that outlines a multi‑year $1.25 billion‑per‑month deal. The AI‑compute partnership cited could contribute up to $15 billion.
Also developing:
By the numbers: Credit Agricole raises $670M via Samurai bond
This Week’s Deep-Value Landscape: Acquirer’s Multiple Large-Cap Screen
The episode reviews the Acquirer’s Multiple® Large‑Cap screen, highlighting that capital‑intensive cyclicals, discounted financials, and legacy industrials are trading far below the cash they generate. Energy giants like Equinor and Petrobras, financials such as Synchrony and BNY Mellon, and steel producer ArcelorMittal all exhibit low Acquirer’s Multiples and high free‑cash‑flow yields, yet markets price them as if their profitability is only temporary. The hosts argue that the prevailing narrative—commodity collapse, credit stress, and recession—overweights cyclical risk and undervalues tangible earnings power and balance‑sheet strength. For disciplined deep‑value investors, this persistent gap between realized cash flow and terminal assumptions creates a durable, high‑alpha opportunity.
Gladstone Commercial Corp (GOOD) Q4 2025 Earnings Call Transcript
Gladstone Commercial Corp reported a strong Q4 2025, highlighted by $260 million of industrial acquisitions at an 8.88% cap rate and a rise in industrial rent share to 69% of annualized straight‑line rent. The company expanded its syndicated credit facility to...
EU Capital Markets Reform Should Focus on Innovation Investment
The Bocconi Institute proposes six pragmatic reforms to close Europe’s “scale‑up gap” and boost venture‑capital financing for innovative firms. Using Dealroom data on 64,500 EU start‑ups, the report shows that VC investment in scale‑ups is under 10% of U.S. levels...
Armada Acquisition Corp. III (AACIU) Prices $225M IPO
Armada Acquisition Corp. III priced its $225 million initial public offering and will begin trading on Nasdaq under the ticker AACIU on February 18, 2026. The SPAC, led by CEO Stephen P. Herbert and CFO Douglas M. Lurio, will seek a target in...
US Treasuries Slip as Rally Loses Steam on Steady Labor Data
U.S. Treasury yields edged higher on Tuesday, halting a recent rally as steady private‑payroll data reinforced expectations of a still‑robust labor market. The benchmark 10‑year yield closed at 4.06%, while the two‑year rose to 3.43%, reflecting market pricing of two...
NY AG Issues Alert on Crypto-Based Pig Butchering Scams
New York Attorney General Letitia James issued a consumer alert warning that crypto‑based pig‑butchering scams are targeting New Yorkers through romance and professional ruses. The scams involve coaches who instruct victims to lie to bank staff, making fraud detection difficult....
CFO Insights: Future Standard’s McGeehin on GP M&A, Retail
Future Standard’s CFO McGeehin highlighted two dominant trends shaping private‑equity sponsors at the Private Funds CFO New York Forum. First, general‑partner (GP) mergers and acquisitions are gaining momentum as firms seek scale, talent, and diversified product suites. Second, retail‑focused strategies...
Voting Rights and Shares Capital of the Company
Nanobiotix SA filed a regulatory disclosure on February 17 2026 detailing its capital structure as of January 31 2026. The company reported 48,450,358 shares outstanding, with a total of 50,153,460 theoretical voting rights and 50,131,342 exercisable voting rights. The filing complies with French Commercial...
Gilead-Genhouse Tie-Up Among Several Spanning Pacific: Deals Report
Gilead Sciences has agreed to pay $80 million upfront to Suzhou Genhouse Bio for worldwide rights to GH31, a clinic‑ready oncology molecule. GH31 employs synthetic lethality to inhibit the MAT2A enzyme, a target implicated in several cancers. The deal follows regulatory...
AMC Refires $2.5B to Trim Maturity Wall
AMC moving to clean up its maturity wall. $2.5B package taking out 2027 notes (12.75%) and 2029 TL If it prices well, decently lower interest burden. $AMC
Pelagic Credit Plc: Update on Contemplated Private Placement and Listing on Euronext Growth Oslo
Pelagic Credit Plc issued an update on its planned private placement and intended listing on Euronext Growth Oslo. The company reports strong investor interest and is revisiting the offering’s structure, which could diverge from the February 9 outline. Size, timing and...
Nordea Bank Abp: Repurchase of Own Shares on 17.02.2026
On 17 February 2026 Nordea Bank Abp completed a share repurchase of 404,487 shares at a weighted average price of €16.47, costing €6.66 million. The buy‑back was executed across the Helsinki, Stockholm and Copenhagen exchanges and forms part of a €500 million...
Greenbriar to Acquire AIT Worldwide Logistics
Greenbriar Capital Partners announced it will acquire AIT Worldwide Logistics, a global freight forwarding firm. The transaction will be financed by Greenbriar’s existing investors, with The Jordan Company, the private equity backer of Greenbriar, set to exit upon closing. The...
PRESS RELEASE: BIGBEN ANNOUNCES IMPORTANT INFORMATION REGARDING THE PARTIAL REPAYMENT OF ITS BOND LOAN
Bigben Interactive announced that its banking pool unexpectedly refused to honor a drawdown notice for the partial refinancing of its senior bonds, leaving the company unable to execute the planned €43 million partial repayment on the February 19 maturity date. The...
Paramount Accepts Warner Offer, Pursues Tender and Proxy Fight
New: Paramount is taking Warners up on its offer. Says in statement that it's "prepared to engage in good faith and constructive discussions" while also proceeding with tender and proxy fight.
Armstrong Signs Deal to Acquire MCTV Ohio
🚨 News: @followarmstrong Enters into Definitive Agreement to Acquire @MCTVOhio from the Gessner family | https://t.co/fFOMiRLbGY https://t.co/VATsTCCLBE
Trump Justice Dept. Launches Bunk Investigation Of Netflix Merger As a Favor To Larry Ellison
The Department of Justice has launched a wide‑ranging investigation into Netflix’s planned $82.7 billion merger with Warner Bros., citing antitrust concerns over media consolidation. Critics argue the probe is a political maneuver to aid billionaire Larry Ellison’s competing bid for Warner’s...
FTC Clears Sony’s $460M Purchase of Peanuts Franchise
The FTC has signed off on Sony's $460 million deal to acquire the Peanuts franchise, per a Hart-Scott-Rodino filing. Deal was announced in December. https://t.co/Y9ayPm2bI8
OCC Proposes New Appeal Process for Banks, Trusts
The Office of the Comptroller of the Currency (OCC) has proposed a new appeals board that would review supervisory decisions using a de novo “fresh look” standard. The rule expands appeal rights to uninsured institutions such as national trust banks and...
2 Firms Guide Cos.' $1.9B PacifiCorp Assets Buy
Portland General Electric (PGE) and Manulife Investment Management have completed a $1.9 billion cash purchase of PacifiCorp's Washington state electricity assets. The transaction was overseen by law firms Latham & Watkins and Simpson Thacher & Bartlett. Closing was announced on Tuesday, marking a significant...
Africa’s MTN Group to Acquire IHS Holding for $6.2 Billion in Cash
MTN Group announced a $6.2 billion cash acquisition of IHS Holding, offering $8.50 per share—a 2.53% premium to the prior close. The deal will be funded by $1.1 billion of MTN cash, $1.1 billion from IHS’s balance sheet, and a rollover of existing...
Trump Family Invests In $1.5B Go-Public Merger For Drone Co.
Eric Trump is part of an investor consortium backing a $1.5 billion merger that will combine Florida‑based JFB Construction Holdings with Israeli drone manufacturer Xtend, effectively taking the unmanned‑air‑system firm public. The transaction mirrors a SPAC‑style deal, pairing a real‑estate operator...
Blackstone to Acquire Home Services Firm Champions Group From Odyssey
Blackstone announced a definitive agreement to acquire Champions Group, a leading home‑services provider, from Odyssey. The transaction includes a minority equity stake retained by Odyssey and the company’s management, ensuring continued alignment of interests. Financial terms were not disclosed, but...
Retail Favorites, IPO Timing, and Base Rates Explained
🔬 Research links: the stocks retail investors favor, the impact of IPO timing, and why base rates matter so much. https://t.co/cjmTGAY0wz chart: https://t.co/rvyduDs39u https://t.co/EKv26rorKm
Chinese AI Firms Double, Hitting $35B—West Should Follow
china’s two ai model company minimax and zai have grown 2x in public markets in the last month they’re now $30-35b companies surely that should prompt western labs to go public already
AI-Powered Worksite Safety Startup Fyld Raises £32m Series B
London‑based AI startup Fyld has closed a £32 million Series B round, led by Energy Impact Partners with participation from Partech’s Growth Impact Fund. The funding will fuel the expansion of its real‑time safety and compliance platform for frontline workers into the...
Mistral Seals First Acquisition Deal with Cloud Startup Koyeb
Mistral AI announced its first acquisition, buying French serverless cloud startup Koyeb. The move aims to accelerate Mistral's AI compute offering and build a sovereign AI cloud platform. Mistral, founded in 2023, has raised nearly €2.8 bn and is valued at...
Contact Energy Raises $316M to Drive NZ Renewables
Contact Energy seeks US$316 million equity raise to lead New Zealand’s renewable energy transition #energysky -- via pv-tech: https://t.co/CQl7b5EnIT
Edwards Sued In Chancery Over $300M Heart Valve Earn-Out
Former shareholders of Valtech Cardio have sued its parent, Edwards Lifesciences, in the Delaware Chancery Court, alleging the medical‑device giant deliberately stalled development of a heart‑valve repair system. The lawsuit claims Edwards is avoiding payment of up to $300 million in...
Massive M&A Premiums: MASI, KW, ZIM Deals
Today's M&A notes $MASI to be acquired by $DHR for $180.00 cash, 38.3% premium, $9.9 billion $KW to be acquired by $FFH.to for $10.90 cash, 45.9% premium, $6.5 billion $ZIM to be acquired by $HLAGF for $35.00 cash, 125.8% premium, $4.2 billion https://t.co/ayupP5Rv2J
Why Abu Dhabi’s Next Play Is Managing Other People’s Money
International Holding Co., the UAE’s largest listed conglomerate, has launched Judan Financial, an AI‑enabled platform that consolidates its financial services assets. Chaired by Sheikh Tahnoon bin Zayed, Judan is valued at $27 billion and will manage roughly $237 billion in assets. The...
Danaher to Acquire Masimo for $9.9 Billion
Danaher Corporation announced a $9.9 billion cash deal to acquire Masimo Corporation at $180 per share, a 38.3% premium. The acquisition will place Masimo as a standalone unit within Danaher’s Diagnostics segment alongside Radiometer and Beckman Coulter. Danaher expects the transaction...
Broker’s Call: Lumax Auto Tech (Buy)
Lumax Auto Tech posted strong Q3FY26 results, with revenue up 40%, EBITDA up 49% and profit after tax up 116% YoY, aided by a one‑time deferred tax gain from the GreenFuel Energy merger. Management lifted FY26 revenue guidance to 30%...
Broker’s Call: GMR Airports (Buy)
GMR Airports reported a structural earnings inflection in Q3FY26, driven by tariff‑led aero yield growth at Delhi and expanding non‑aero adjacency services. Net debt is expected to peak in FY26 before declining as EBITDA scales, supported by a projected 29%...
Side Letter: M&G’s Liquidity Play
M&G has introduced a side‑letter that leverages the secondary market to provide liquidity for its private‑equity commitments, allowing investors optional redemption windows while preserving long‑term value. The move comes as Q4 private‑equity exit volume fell below expectations, highlighting a slowdown...
Kennedy-Wilson to Be Acquired by a Consortium Led by CEO McMorrow and Fairfax Financial for $6.16 Billion
Kennedy-Wilson Holdings announced a definitive agreement to be acquired by a consortium led by its CEO William McMorrow and Fairfax Financial for $6.16 billion. The deal offers $10.9 in cash per share, a 10.21% premium to the last closing price. Fairfax...
Walmart's EBITDA Multiple Jumps From 6x to 23x
What a re-rating for Walmart stock. From 6x EBITDA in 2011 to 23x today. Sometimes buying good businesses cheaply just works. https://t.co/ORuNNv1HBY
Netflix Faces Decision as Paramount Ups Its Bid
Just a few days ago: "It feels like the next act already has been written. The 'Davids' get over themselves, Paramount raises its bid and then Netflix has a decision to make. Right now we're just in an intermission." https://t.co/bmehOb9b18
KKR, Blackstone Among PE Firms Eyeing IPL Investments
Private‑equity giants KKR and Blackstone are actively scouting investment opportunities in the Indian Premier League (IPL), the world’s most lucrative cricket franchise league. Both firms are reportedly evaluating minority stakes in individual teams as franchise valuations climb above $600 million. The...
DEBS Targets £35m Raise, Cuts Costs, Prioritises Cash Flow
#DEBS to do a fundraise of around £35m at 20p a share. Reiterates it's previous financial guidance and expects a lot of cost to come out of the business. New focus on Cash Flow.
Private Credit: Poised For Growth
Asia‑Pacific private credit is entering a rapid expansion phase, with issuance projected to rise from $59 billion in 2024 to $92 billion by 2027. Industry leaders such as SC Lowy and Moody’s cite digitalization, the energy transition, and infrastructure needs as primary catalysts,...
Megafund Capabilities on a Mid-Market Budget W/ Gryphon's David Andrews
In this follow‑up interview, Gryphon co‑CEO David Andrews explains why his $11 billion firm invested in a 40‑person operations team, a scale of capability typically reserved for large enterprises. He outlines how this megafund‑level ops function delivers strategic planning, risk management,...
Michael Kassan’s 3CV Made $50M in Its First 15 Months in Business
Michael Kassan’s 3C Ventures (3CV) posted $50 million in revenue within its first 15 months, surpassing early targets. About 35% of that income stems from multi‑stage, seven‑figure transformation projects for Fortune 500 clients such as Delta, JPMorgan Chase, AutoNation and Qualcomm. The firm...
Danaher Nears $10 B Acquisition of Masimo
Big deal scoop by @sindap and @mroliverbarnes - US healthcare manufacturer Danaher is closing in a $10bn deal to buy medical tech group Masimo. A deal could be announced as early as Tuesday provided it does not hit any last-minute...
Insights From Jeremy Grantham: Bubble Risks in Today’s Market
In this episode, Jeremy Grantham discusses the persistent risk of bubbles in today’s market, emphasizing that while transformative tech narratives—especially around AI—can be genuine, they often inflate valuations beyond realistic expectations. He warns that the real bubble may lie in...
Top Superinvestors Are Buying Cal-Maine Foods Inc. (CALM)
The episode reviews recent 13F filings that show several top institutional investors, including Bridgewater, Gotham, Fisher, AQR, GMO, Pzena, and newcomer Bill Miller, increasing or initiating stakes in Cal-Maine Foods, the largest U.S. egg producer. The analysts cite Cal-Maine’s defensive...
Philippine “Revolut” Maya Eyes Up to $1 Billion US Listing
Philippine fintech Maya, an all‑in‑one digital banking app, is eyeing a U.S. IPO that could raise up to $1 billion. The platform now serves 5.4 million customers and disbursed 68 billion pesos ($1.2 bn) in loans in 2024. Its filing comes amid a volatile...
Japanese Fintech PayPay Looks Enter the U.S. Via a Visa Partnership And an IPO
Japanese fintech PayPay Corp. announced a U.S. market entry strategy that pairs a Visa partnership with an upcoming initial public offering. The collaboration will enable PayPay to bundle its Balance, Card and Bank services into a single Visa credential, expanding...
Denmark’s PenSam to Maintain US PE Exposure Amid Turmoil
Denmark’s state‑run pension fund PenSam, which manages €27 billion of assets, said it will keep its exposure to U.S. private equity despite recent market turbulence. The fund’s head of private capital and real assets, Jeppe Starup, indicated that the firm is...
Schroders, InPost Deals Boost 2026 Takeover Pipeline by EUR 19bn
Asset manager Schroders and parcel‑delivery specialist InPost have signed deals that together add €19 billion to the projected 2026 European takeover pipeline. InPost’s transaction, valued at €7.8 billion, involves Advent International and FedEx and is being executed at a modest premium. Schroders’...