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
Orange Sounds Out Buyers for Viaccess-Orca
Orange is quietly testing the market for a sale of its video‑security subsidiary Viaccess‑Orca, appointing Oddo BHF to identify potential buyers. The move follows a similar exploratory process for its broadcast services arm Globecast and reflects a broader effort to streamline non‑core media assets. Viaccess‑Orca provides conditional‑access, DRM and TV platform solutions to pay‑TV operators and broadcasters. Orange has not confirmed a formal disposal, keeping the process informal at this stage.
Eaglestone Management: Experience Forged in Global Infrastructure Finance
Eaglestone Management’s leadership team combines deep banking discipline with hands‑on infrastructure delivery. CEO Pedro Neto brings over 30 years of experience and a track record of more than €50 billion in projects across five continents, while Managing Partner Nuno Gil adds...
Transocean to Acquire Valaris in $6.5 Billion Offshore Merger – Merger Arbitrage Mondays
Transocean Ltd. announced an all‑stock acquisition of Valaris Limited for $6.51 billion, offering a 31.6% premium and an exchange ratio of 15.235 Transocean shares per Valaris share. The combined entity will operate 73 rigs across ultra‑deepwater, harsh‑environment, and jackup segments, creating...
EaseMyTrip to Raise Rs 500 Cr to Scale Hotels and Holidays Biz
EaseMyTrip, one of India’s leading online travel platforms, announced plans to raise up to Rs 500 crore through a rights issue, QIP or other approved methods. The capital will be used to deepen its hotel and holiday‑package business, upgrade technology, and pursue...
The Next Chapter After 400 Episodes
In this solo episode, host Kison Patel updates listeners on M&A Science’s evolution after reaching 400 episodes and nearly 100 founding members. He explains the shift of new episodes to Thursdays, details how the Intelligence Hub operates and why it...
Major Capital Raise Seeks $450 Million to “Lead New Zealand’s Renewable Energy Future”
Contact Energy announced a NZ$525 million equity raise to fund its Contact31+ renewable strategy. The capital will back projects including the 200 MW Glenbrook Battery 2.0, the 150 MW Glorit solar farm, and expansion of the Tauhara 2 geothermal plant. In H1 2026 the company...
AirAsia Chief Says Brand Unit Is Nearing Nasdaq Backdoor Listing
AirAsia founder Tony Fernandes announced that the airline’s branding unit is close to completing a Nasdaq backdoor listing, targeting a valuation of roughly US$1.5 billion. The merger with a US‑listed vehicle is expected to be announced within two months, with the...
Global Fintech Investment Rebounds in 2025, Supported by Stronger Exit Activity
Global fintech investment rebounded in 2025, reaching $116 billion despite a record‑low 4,719 deals, indicating larger, more selective transactions. Venture capital contributed $56.7 billion while M&A added $55.4 billion, with the United States leading deal value. Digital‑assets funding nearly doubled to $19.1 billion, buoyed...
Unclear if Gains Stem From Profit or Restructuring
Unsure whether this will be because they're in the money or via an out-of-court restructuring
Hapag-Lloyd’s Plan to Acquire Zim Would Deepen Shipping Oligopoly
Hapag-Lloyd announced a $3.5 billion plan to acquire Israel’s Zim Integrated Shipping Services, pending regulator sign‑off. The transaction would add roughly 704,000 TEUs, pushing Hapag-Lloyd’s capacity above 3 million TEUs and placing it among the world’s five largest container lines. The deal...
🎥 AGM Unscripted: Goldman Sachs' Jeff Fine - An Investor’s Guide to Private Markets
Goldman Sachs Partner Jeff Fine discussed private markets and wealth channels on the Alt Goes Mainstream podcast, recorded at the 2025 Alternatives Summit. He outlined the evolving landscape, the role of product specialists, AI’s impact, and the growing participation of...
Buy-Side M&A Process (The 7 Fundamental Steps Explained)
The article outlines a Buyer‑Led M&A™ framework that restructures the buy‑side acquisition journey into seven disciplined steps, from strategic target list creation to post‑merger integration. It emphasizes intentional deal sourcing, a unified data platform, and parallel diligence‑integration planning to achieve...
Rivalry to Scale Back Operations
Rivalry Corp., a TSXV‑listed esports betting operator, announced it will dramatically scale back operations while evaluating strategic alternatives. The board approved immediate cost reductions, including a significant workforce cut and a pause on player activity with withdrawals permitted. Rivalry is...
Nektar, Evommune Capitalize on Positive Phase II Readouts in Atopic Dermatitis: Public Equity Report
Nektar Therapeutics announced robust Phase II results for its IL‑2R modulator rezpegaldesleukin in atopic dermatitis, propelling its stock 51% higher. Leveraging the momentum, the company closed an upsized $400 million PIPE financing consisting of common stock and pre‑funded warrants. Evommune also secured...
Vertical Bridge REIT Sells $1.9 Billion in Cell Tower ABS
Vertical Bridge Secured Tower Revenue Notes has issued the largest-ever cell‑tower asset‑backed securities (ABS) transaction, raising $1.9 billion. The offering consists of four tranches—classes C, D, M and R—backed by mortgages on 10,425 tower sites and additional collateral contributed by the...
California Sees Healthy Demand for Water System Revenue Bonds
California’s Department of Water Resources issued a $546 million Central Valley Project water‑revenue bond under a new 2026 resolution, reporting a 4.14 % all‑in true interest cost. The 5 % coupon bonds carry yields from 1.70 % to 4.27 % and mature between 2027 and...
Fannie Mae, Freddie Mac Add New Rate Buydown Disclosures
Fannie Mae and Freddie Mac will begin reporting loan‑level interest‑rate buydown information as a new attribute, L‑117, starting April 20 for MBS issued on or after May 1. The disclosures classify loans into five categories—moderate, significant, other, not applicable, and not available—using...
Immunic's Private Placement; Vertex's Cystic Fibrosis Data in Young Kids
Immunic announced an oversubscribed private placement raising up to $400 million to fund its shift toward a commercial‑stage biotech. The capital injection will support late‑stage development programs and accelerate the search for a new chief executive officer. Meanwhile, Vertex Pharmaceuticals disclosed...
IDB Invest Finances the Development of Zona Franca La Lima in Costa Rica to Boost Investment
IDB Invest has signed a revolving financing agreement of up to $5 million with Costa Rica’s Zona Franca La Lima (ZFLL) to fund land acquisition, R&D spaces and multi‑tenant facilities. The loan, initially 18 months and renewable, aims to attract high‑value‑added sectors...
5038: IT Chills Get 'Realty' Check; It’s Raining Cheques for Deeptech Startups; and Tech Firms Fight 3-Hour Takedown Rule |...
The episode examines three key tech sector developments: Razorpay’s preparation for a $700 million-plus IPO, including its engagement with top investment banks; a sharp sell‑off in IT stocks that is spilling over into the realty market; and a surge in deep‑tech...
Morning SPAC News Roundup: February 13, 2026
The Morning SPAC News Roundup for February 13, 2026 was published on SPAC Insider, offering a curated list of SPAC‑related developments. Access to the full content requires a paid monthly subscription, limiting free readership. The post includes typical market commentary, deal announcements,...
London’s Nscale Signs €1.1 Billion Debt Facility to Deploy Large-Scale GPU Clusters in Europe
London‑based Nscale has secured a €1.1 billion delayed‑draw term loan to fund the purchase of GPU infrastructure for large‑scale AI clusters across Europe. The loan, led by PIMCO, Blue Owl and LuminArx, builds on a €146 million Series A and a record‑breaking €936 million...
Ruto Goes All in on Privatisation Ahead of Kenya Pipeline IPO
Kenya is launching the largest privatisation in decades with the IPO of Kenya Pipeline Company (KPC), seeking to raise 106.3 bn shillings by selling 65% of the monopoly to private investors. The offer, priced at 9 shillings per share, values KPC...
InsideArbitrage Event Driven Monitor – February 13, 2026
InsideArbitrage’s February 13 2026 Event‑Driven Monitor bundles a wave of corporate actions across M&A, shareholder activism, insider buying, SPAC listings, and buyback authorizations. Highlights include Sumitomo Forestry’s $4.5 billion acquisition of Tri Pointe Homes at a 28.5% premium, shareholder approvals for the Qorvo‑Skyworks and...
Lum Chang Creations Receives SGX Nod for Mainboard Transfer From Catalist
Lum Chang Creations (LCC) received in‑principal approval from the Singapore Exchange to move its listing from the Catalist market to the mainboard. The approval follows a strong first‑half performance, with net profit soaring 104% to S$11 million. LCC, a spin‑off of...
PE Firms Chase Japan’s Retail Wealth Amid Institutional Decline
Our story on PE giants like Blackstone, KKR, EQT's attempt to tap Japan's wealthy retail investors for funds as institutional money wanes. Most see Japan as the largest private wealth opportunity outside of the US, but the market comes with...
Thailand’s Minor International to 'Explore' Hong Kong IPO
Thailand’s Minor International is weighing a Hong Kong IPO for its Minor Food restaurant unit, which could raise more than US$400 million as early as this year. The unit runs 2,699 outlets in 24 countries under 80 brands, including Burger King...
Willow Lane Acquisition Corp. II (WLIIU) Prices $125M IPO
Willow Lane Acquisition Corp. II announced pricing of its $125 million initial public offering, with units set to begin trading on Nasdaq under the ticker WLIIU on February 13, 2026. The SPAC, led by CEO B. Luke Weil, CFO George Peng and COO Marjorie Hernandez,...
The Shrinking Safe Harbor
The Ninth Circuit in Funko v. Const. Laborers Pension Trust held that a forward‑looking risk disclosure can lose PSLRA safe‑harbor protection when an alleged omission suggests the risk has already materialized. The panel reasoned the disclosure implicitly comments on the...
Gen II Bulks up Private Credit Offering with US Bank Leader
Gen II announced a strategic hire of the former head of CLO and loan agency services from US Bank, bolstering its private credit platform. The addition expands Gen II’s expertise in collateralized loan obligations and loan administration. The move reflects...
Talkiatry Rakes In $210M to Scale Virtual Psychiatry Group
Telepsychiatry startup Talkiatry closed a $210 million Series D round, bringing total capital raised above $400 million. The funding, led by Perceptive Advisors with participation from Andreessen Horowitz and others, will support scaling its virtual psychiatry platform, which currently employs over 800 psychiatrists...
New SPAC: BHAV Acquisition Corp. (BHAVU) Files for $100M IPO
BHAV Acquisition Corp. (ticker BHAVU) filed a Form S‑1 to launch a $100 million special purpose acquisition company (SPAC) IPO. The filing positions BHAVU to target strategic acquisitions in the technology and semiconductor sectors, with a particular focus on Intel‑related opportunities....
Daré Bioscience Launches Reg A Crowdfunding for Women's Health
Daré Bioscience with an approved product and a pipeline in women’s health is raising money from investors in a crowdfunding like construct (reg A offering with minimum investment of $250). https://t.co/NA3JKe6Irg haven’t seen too many of these
SoftBank’s PayPay Gets Closer to US IPO in Milestone for Japan
SoftBank Group’s digital payments arm PayPay Corp. has filed a registration statement with the U.S. Securities and Exchange Commission, signaling a U.S. initial public offering as early as March 2026. The company, Japan’s leading QR‑code payment platform, is targeting a...
Side Letter: Evergreen Exhaustion
Banks are exploring evergreen fund structures to alleviate crowded product shelves, offering investors continuous capital without a fixed termination date. Recent data highlights a growing appetite for emerging managers, whose niche strategies are attracting fresh capital. Analyst Rede predicts that...
Nuveen’s Takeover of Schroders to Create $2.5trn Asset Manager
Nuveen, the TIAA‑affiliated asset manager, announced the acquisition of Schroders Capital, the private‑equity arm of UK‑based Schroders. The deal merges Nuveen’s $2.45 trillion of assets under management with Schroders’ $25 billion private‑equity portfolio, creating a combined $2.5 trillion powerhouse. The transaction is expected...
Bill Weighs the Best Path to Profits
Bill Holdings, a San Jose‑based business‑payments software firm, is weighing a sale after activist investors demanded higher profitability. The company reported a $2.6 million loss for Q4 2025, a sharp reversal from a $33.5 million profit a year earlier, while revenue rose...
Secondaries Funds the Largest on Average Among Those Closed Last Year
Secondaries funds that closed in 2025 posted the highest average fund size across all private‑equity vehicle types. Even after removing Ardian’s $30 billion raise—the single largest fund in the dataset—the average remained the top figure. The data underscores a shift toward...
Dr. Christian Weedbrook and Bill Fradin on Xanadu’s $3.1B Quantum SPAC Deal (CHAC)
Xanadu, the Canadian quantum‑computing startup, announced a $3.1 billion business combination with Crane Harbor Acquisition Corp., a special‑purpose acquisition company listed on NASDAQ. The deal, disclosed in November, positions Xanadu as one of the few quantum firms to go public via...
290. Tim Koller Reflects on Three Decades of Valuation at McKinsey
Tim Koller, co‑author of the seminal textbook *Valuation*, joins Andy West and Dago Diedrich to trace the book’s 30‑year journey from a simple three‑ring binder to a global standard for measuring corporate worth. He highlights enduring valuation principles—cash‑flow focus, risk‑adjusted...
XFLH Capital Corporation (XFLH.U) Prices $100M IPO
XFLH Capital Corporation priced a $100 million initial public offering, with its units set to begin trading on the NYSE under the ticker XFLH.U on February 12, 2026. The SPAC is led by CEO Yanzhe Yang and CFO Tianshi Yang, and its board...
Credit Manager M&A Spree Raises Diligence Issues for LPs
Credit managers are accelerating mergers and acquisitions, sparking a wave of private‑debt GP consolidation. Fund allocators such as Goldman Sachs’ external investing group and Allianz Global Investors are sharpening their focus on this trend. The surge in deals expands assets...
Submit Responses to Our Annual Fees & Expenses Survey
The Private Funds CFO platform has launched its seventh annual Fees & Expenses Survey, now conducted with law firms Troutman Pepper Locke and Withum. The survey seeks detailed input on management fees, performance incentives, and ancillary costs from fund managers,...
DAT Question for Clear Street
Clear Street (CLRS) is set to price its IPO at $40‑44 per share, aiming to raise roughly $1 billion. The offering values the company at about 12 times revenue and over 25 times adjusted EBITDA, positioning it among high‑multiple fintech peers. Founded in...
Canada’s Merger Guidelines: Size on Trial
Canada’s Competition Bureau has released draft merger enforcement guidelines that embed structural presumptions, mirroring the 2023 U.S. thresholds of a post‑transaction HHI above 1,800 and a combined market share over 30 percent. The draft also eliminates the statutory efficiencies defence...
Side Letter: Bain Leans Local
Bain Capital announced a strategic pivot toward more locally‑focused private‑equity investments, citing heightened macro‑economic uncertainty and tighter cross‑border financing. The shift aligns with broader industry trends, as firms anticipate a surge in take‑private transactions through 2026 driven by low financing...
Cooley’s 2026 Year Ahead for Life Sciences M&A: Competition and Creativity in a Dynamic Environment
Life‑sciences M&A rebounded in 2025 after a brief slowdown, highlighted by J&J’s $14.6 billion Intra‑Cellular acquisition and a surge in platform‑focused deals addressing $150 billion of patent‑cliff risk. Regulatory dynamics shifted as the FTC adopted a more predictable, traditional antitrust approach, while...
Climate Disclosure and the Transformation of Gatekeeping
The SEC’s proposed 2024 Climate Rule would require large accelerated filers to disclose Scope 1 and Scope 2 greenhouse‑gas emissions and obtain third‑party assurance, mirroring EU sustainability mandates. Under Section 11, underwriters remain liable for non‑expertised portions of registration statements, shifting risk when...
JOSS Realty REIT (JOSS) IPO Deck
JOSS Realty REIT announced its initial public offering in a February 2026 investor deck. The REIT will acquire and actively manage multi‑tenant office assets located in the United States' top‑25 metropolitan areas. Its strategy centers on driving value through aggressive leasing,...
When IPOs Freeze, Liquidity Finds Another Way
The 2025 Endeavor Catalyst report shows a dramatic rise in private liquidity, with ten secondary sales and acquisitions compared with just one in 2024. Global secondary market volume is on track to hit US$122 billion in 2025, nearly six times the...