Today's Investment Banking Pulse
SpaceX’s record IPO propels Elon Musk to trillion‑dollar status
SpaceX filed confidentially for a June 2026 IPO targeting a $50 billion raise that would lift its valuation above $1 trillion. The debut opened at $150 per share, an 11% jump, and Musk’s 44% stake pushed his net worth to $823 billion, making him the world’s first trillion‑dollar individual.
Goldman Sachs BDC Inc (GSBD) Q4 2025 Earnings Call Transcript
Goldman Sachs reported a 27% rise in annual earnings per share to $51.32, driven by record $41.5 billion global banking revenue and strong performance across investment banking, FICC, equities, and asset‑wealth management. Return metrics improved, with quarterly ROE at 16% and RoTE at 17.1%, while the firm raised its quarterly dividend to $4.50 and repurchased $3 billion of shares. Management highlighted the transition of the Apple Card portfolio, a push toward capital‑light, durable financing, and a new 30% pretax‑margin target for the wealth business. The firm reaffirmed its focus on AI‑enabled processes and expanding alternatives platforms.
Investors Question Netflix's Push for WBD Amid Skepticism
Netflix CEO Ted Sarandos will say he looks long term, but if Netflix ups its bid for WBD, investors who clearly are skeptical about the deal — even as is — may get even more concerned: why does Netflix want...
Morgan Stanley Direct Lending Fund (MSDL) Q4 2025 Earnings Call Transcript
Morgan Stanley delivered record 2025 results, posting $70.6 billion in total revenue and a historic $10.21 earnings per share. Total client assets rose to $9.3 trillion, while wealth management generated $31.8 billion in revenue and attracted $356 billion of net new assets. The firm’s...
Northern-Trust-Adds-Compliance-and-Waterfall-Tools-to-CLO-Platform
Northern Trust announced the addition of automated compliance monitoring and cash‑flow waterfall modeling tools to its collateralized loan obligation (CLO) platform. The enhancements automate guideline checks, provide real‑time waterfall analysis, and integrate with existing data sources, cutting manual processing time...
Oportun Financial Corp (OPRT) Q4 2025 Earnings Call Transcript
Oportun Financial Corp reported a fifth straight quarter of GAAP profitability, posting $25 million net income for 2025 and an 89% jump in adjusted EPS to $1.36. Credit quality improved, with the annualized net charge‑off rate at 12.3% and secured personal...
Anthropic Acquires Computer-Use AI Startup Vercept After Meta Poached One of Its Founders
Anthropic announced the acquisition of Vercept, a Seattle‑based AI startup known for its computer‑use agent Vy, and will retire the product by March 25. Vercept, which raised $50 million from investors including Eric Schmidt and Jeff Dean, joins Anthropic’s Claude Code team following a...
Steve Madden Won’t Give Profit Guidance as Planned Due to Supreme Court Tariff Ruling
Steve Madden announced it will not issue profit guidance for 2026 after the U.S. Supreme Court invalidated President Trump’s emergency‑powers tariffs. The ruling introduced significant uncertainty around trade costs, prompting CEO Edward Rosenfeld to postpone the company’s full financial forecast....
Ted, Don’t Do This…
Netflix chief Ted Sarandos is urged to abandon his $27.75‑per‑share cash offer for Warner Bros. Discovery’s streaming and studio assets and let Paramount Skydance’s $31‑per‑share bid win. The author argues that Netflix would face intense regulatory scrutiny, higher financing costs, and...
KBRA and Fitch Downgrade Chicago
Chicago’s general‑obligation bonds were downgraded by both KBRA and Fitch to BBB‑plus from A‑minus, with a negative outlook maintained. The agencies cited a shrinking fund balance, tightening liquidity, rising pension costs and consecutive operating deficits. The downgrade precedes the city’s...
Carlyle’s US Buyout Platform Set to Realize Nearly $12bn in 13 Months
Carlyle’s U.S. buyout platform is on track to realize close to $12 billion of cash proceeds within the next 13 months. The firm attributes this pipeline to a portfolio that aligns with current market demand, saying its assets are “what buyers...
Morningstar DBRS Assigns Credit Rating of BBB With a Stable Trend to ARC Resources Ltd.'s Offering of Senior Unsecured Notes
Morningstar DBRS assigned a BBB rating with a Stable trend to ARC Resources Ltd.'s senior unsecured notes offering, comprising C$400 million at 3.349% due 2029 and C$550 million at 4.104% due 2033. The company plans to use net proceeds to refinance existing...
Why Banks See Opportunity in Advising Art Collectors
Bank of America has launched a dedicated art‑consulting service, joining other major banks such as Citi, Morgan Stanley and Goldman Sachs in expanding wealth‑management offerings to include art advisory. The move reflects rapid growth in the sector, with wealth‑manager participation...
Alphabet-Owned Robotics Software Company Intrinsic Joins Google
Alphabet-owned Intrinsic, a robotics‑software specialist, is joining Google while remaining a distinct entity. The integration will link Intrinsic’s Flowstate platform and Vision AI model with Google DeepMind, Gemini AI models, and Google Cloud services. Earlier, Intrinsic expanded through acquisitions of...
LA Water and Power Increases PE Pacing in the Face of Cashflow Deficits
Los Angeles Water and Power’s pension fund announced it will accelerate private‑equity pacing even as cash‑flow deficits persist. The plan calls for expanding exposure to European buyout opportunities and secondary market deals beginning in 2026. By targeting these asset classes,...
Blackstone and Centerbridge Among Bidders Circling $1bn MarineMax Opportunity
MarineMax, the Clearwater‑based marina operator, has circulated confidentiality agreements as Blackstone, Centerbridge and other investors evaluate a potential acquisition valued around $1 billion. The company, which runs 65 marinas, 70 dealerships and serves high‑net‑worth boaters, is currently priced at roughly $628 million,...
A&D Mortgage Raises $602.7 Million in Non-Prime RMBS
A&D Mortgage issued $602.7 million of non‑prime residential mortgage‑backed securities (RMBS) through its 2026‑NQM2 transaction, backed by 1,793 loans with four months of seasoning. The pool is dominated by single‑family homes (68.4 %) and condos (20.5 %), with 48.1 % of borrowers self‑employed and...
CPP Investments Will Mull Secondaries Sales to ‘Trim Older Exposure’
Canada Pension Plan Investment Board (CPP Investments) is evaluating secondary market sales to trim its older private‑equity exposures. The fund intends to allocate roughly C$20 billion to new private‑equity commitments this year, according to global head of PE Caitlin Gubbels. By...
Revolut Eyes $100bn Valuation with Fresh Share Sale
Fintech giant Revolut is weighing a secondary share sale in the second half of 2026, which could lift its valuation to roughly $100 bn, up from the $75 bn price set by last year’s secondary transactions. The move is being driven by...
From Sole Female Math Major to $10T Leader
She started as the only female math major in her class. Now she runs a $5T global platform at JPMorgan. Next stop: $10T AUM.
Columbus Planning $500M Affordable Housing Bond
Columbus Mayor Andrew Ginther unveiled a $500 million affordable‑housing bond framework dividing funds into four buckets: $150 million for new construction and preservation, $125 million for transitional shelters, homeowner upgrades and supportive housing, $175 million for land acquisition linked to transit‑oriented and mixed‑use development,...
Cohen & Company Raises €481.5m for Subordinated Insurance Debt Funds
Fixed income specialist Cohen & Company announced that its European subsidiary raised €481.5 million for the PriDe IV subordinated insurance debt fund, the firm’s largest European vintage to date. The fund continues the company’s strategy of providing Tier II capital to small and...
Finance Agreed for Second Bosphorus Rail Link
Turkey’s transport ministry has secured a preliminary $6.75 billion financing package from six international lenders for the Northern Railway Crossing Project, a second rail link across the Bosphorus. The 126 km double‑track, electrified line will run from Gebze to Istanbul Airport via...
Are PE’s Best Days Ahead of It? Here’s What CPPIB and Warburg Pincus Think
Canadian pension fund CPPIB and Warburg Pincus both signal optimism for private equity returns despite recent market turbulence. CPPIB projects improving internal rates of return as deal flow stabilizes, while Warburg Pincus highlights emerging fee‑restructuring trends that could ease limited...
Side Letter: Here Be Zombies
Zombie‑style private‑equity funds are projected to manage roughly $1 trillion in net asset value by 2030, reflecting a surge in aging, ill‑liquid portfolios. The article outlines how managers must adjust to a “new era” where exits are scarce and capital recycling...
China’s Biopharma Advance Draws Financial Investment
Chinese biotech firms are moving beyond licensing deals as capital markets open, highlighted by a 64% rise in the Hang Seng Biotech Index in 2025. Reforms to listing rules since 2018 have unlocked public financing, enabling a record $138 billion in...
Generate Biomedicines (GENB) IPO Deck
Generate Biomedicines (GENB) filed its IPO prospectus, unveiling a programmable biology platform that engineers therapeutic proteins previously considered undruggable. The company highlighted a pipeline featuring oncology and immunology candidates that have progressed to Phase 2 trials, supported by early efficacy signals....
Podcast REPLAY: D-Wave (QBTS), SPACs, and the Quantum Revival
Quantum computing has become a top‑performing de‑SPAC sector, driven by SPAC listings that fast‑tracked capital to the industry. After a bearish period in 2021‑22, recent hardware and algorithmic breakthroughs revived investor enthusiasm. The podcast revisits a February 2025 interview with D‑Wave...
Remarks by Chair Atkins on Capital Formation and the INVEST Act
Chairman Paul Atkins highlighted the steep 40% drop in U.S. public companies and outlined a three‑pillar strategy to revive capital formation. He praised the bipartisan INVEST Act and the Empowering Main Street in America Act for introducing “test‑the‑waters” IPO pilots,...
SEC Adds Flexibility to M&A, Proxy, and Tender Offer Rules with New Interpretations
On January 23 2026 the SEC’s CorpFin issued new Compliance and Disclosure Interpretations that broaden flexibility for M&A, proxy and tender‑offer rules without formal rulemaking. The revisions permit lock‑up agreements without meeting traditional prospectus conditions, allow privately placed shares to be registered...
SEC Adds Flexibility to M&A, Proxy, and Tender Offer Rules with New Interpretations
On Jan. 23, the SEC’s CorpFin division issued new Compliance and Disclosure Interpretations that loosen proxy‑broker search timing, broaden lock‑up registration on Forms S‑4/F‑4, and add leeway for cross‑border tender offers. The staff also reversed its stance on voluntary Notices of...
Press Release: Finastra Teams up with CargoX to Further Adoption of Digital-at-Source Electronic Trade Documentation
Fintech leader Finastra announced a strategic partnership with blockchain document‑transfer platform CargoX to embed electronic trade documents (eTD) into its Trade Innovation solution. The integration, delivered via Finastra's open API and Trade Innovation Nexus, supports over 65 eTD types and...
Private Equity Still Vital to CalPERS’ Strategy Under TPA: CEO
At NEXUS 2026, CalPERS CEO Marcie Frost announced that the pension fund’s revitalized private‑equity program will operate with a degree of independence from its newly adopted total‑portfolio approach (TPA). The move signals a renewed commitment to private‑equity as a core return...
Rise of the Machines: The Data Science Unit TDR Says Gives It an Edge
TDR’s dedicated data‑science unit, launched ten years ago, now embeds machine‑learning models across the firm’s value‑creation workflow. The team builds predictive analytics to source acquisition targets, streamline due‑diligence, and monitor portfolio performance. By automating data aggregation and applying advanced algorithms,...
Oppenheimer Hires Former Stern Brothers Managing Director Vien Le
Oppenheimer has added former Stern Brothers managing director Vien Le to its public finance investment‑banking group in Los Angeles. Le brings more than two decades of municipal finance experience, having advised the Los Angeles Department of Water and Power, the state...
OQ Technology Secures $30 Million From Europe for Satellite-to-Smartphone Expansion
Europe’s Investment Bank is providing €25 million (≈$30 million) to Luxembourg‑based OQ Technology to expand its direct‑to‑device satellite constellation. The debt will fund the launch of more than 20 small satellites, including OQ’s first C‑band satellite aimed at smartphone connectivity slated for...
Press Release: Uber to Acquire Parking App SpotHero
Uber announced it will acquire SpotHero, the leading North American parking‑reservation platform, to embed parking services directly within the Uber app. SpotHero currently offers access to more than 13,000 garages, lots and valet locations across over 400 U.S. and Canadian...
Exited Founder Podcast | Sean McKenna: How He Sold His HR Tech Startup to Dayforce in 16 Months
In this episode, Sean McKenna recounts how he founded Data Fusion HCM, a payroll and HR‑tech integration platform, and sold it to Ceridian (now Dayforce) within 16 months. He explains the strategic advantage of building a product that solved a...
QIBs Pile Into Clean Max, Accord, Shree Ram IPOs
QIB Applied upto 2:30 PM. Clean Max Enviro IPO QIB : 1493 cr Accord Transformer SME QIB : 275 CR SHREE RAM TWISTEX IPO QIB : 147 cr Mobilise APP SME QIB : 47 cr Kiaasa Retail SME QIB : 1.9 cr #ipo #ipoalert #ipogmp
Anthropic Launches Claude Cowork for Banking with Data Plugins
Anthropic is taking its magic tricks to financial services.... Claude Cowork for banking. - Plugins tailored for investment banking, private equity, equity research, and wealth management. - Integrations with financial data providers like FactSet, MSCI, S&P Global, and LSEG. https://t.co/pRISD6broy
The EBA and ESMA Launch a Consultation on the Revised Suitability Assessment Framework for Banks and Investment Firms
The European Banking Authority (EBA) and European Securities and Markets Authority (ESMA) have opened a consultation on revised joint Guidelines for assessing the suitability of management body members and key function holders at large banks and investment firms. The initiative,...
Blackstone's Medallia Loan Downgrade Erases $5B Equity
Surprised no journalists have read $BXSL's 10-K filed this am, but I'll front run them with the story: Blackstone marked the Medallia loan at 78 in Q4, down from 82 in Q3. It's safe to say the PE sponsor's (and co-investors') $5...
Credit Crunch: Around the World of Global Credit in 60 Minutes
The Bloomberg Intelligence FIC team examined global credit trends, focusing on a surge in Asian convertible bonds driven by higher rates, equity volatility, and issuer demand for cheap funding, while noting a slowdown in Chinese dollar bond issuance as firms...
OYO’s Parent PRISM Appoints Former SEBI Chairman Ajay Tyagi as Independent Director
PRISM, the holding company behind OYO, has named former SEBI chairman Ajay Tyagi as an independent director. Tyagi brings extensive regulatory experience from his 2017‑2022 tenure at SEBI and prior senior roles in the Ministry of Finance. PRISM operates more than...
Sustainable Debt Issuance Slows as Markets Position for 2026 Rebound
Sustainable debt issuance slipped 12% year‑on‑year to about $1.4 trillion in 2025, marking the slowest growth in five years, even as clean‑energy investment hit a record $2.3 trillion. Research from ING expects a modest rebound to roughly $1.62 trillion in 2026, with Europe...
How LB Rode the Brutal Capital Markets to One of 2025’s Most Successful IPOs
LB Pharma went public in September 2024, pricing its shares at $15 and raising $285 million despite a severely constrained capital market. The IPO followed a Phase 2 trial that showed LB‑102 markedly reduced schizophrenia symptoms, sparking investor demand even as venture...
Gibson Dunn Discusses CFIUS’ Known Investor Program
On February 6, 2026, CFIUS issued a request for information (RFI) to refine its Known Investor Program (KIP), a fast‑track review mechanism for repeat foreign investors in U.S. advanced‑technology sectors. The RFI outlines eligibility thresholds—at least three covered filings in...
Debtwire Middle-Market – 2/23/2026
Sponsor‑backed merger and acquisition activity surged to $165 billion in December 2025, marking the second‑largest monthly volume in the past decade, just shy of the $168 billion peak recorded in April 2021. Data from Mergermarket shows that leveraged buyouts and other sponsor‑driven deals now...
Covenant Trends – 2/23/2026
Covenant Review released its latest quarterly snapshot of new‑issue institutional loans that include a pick‑your‑poison covenant provision. The accompanying chart tracks the share of such loans by quarter, showing a clear upward trajectory over the past two years. The data...
Octus: Private Credit & Deal Origination Insights – 2/23/2026
The 2026 outlook for Americas private credit is dominated by the mass maturity of loans originated in 2021, pushing the asset class into the mainstream. Refinancing activity surged in 2025, with a 29% jump in deals that now represent 28%...