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
Amazon to Acquire Globalstar for $11.57 B, Adding Satellite‑Cellular Assets to Leo
Amazon announced a binding agreement to buy Globalstar for $11.57 billion, a deal that will give the e‑commerce giant direct‑to‑cellular capabilities for its Leo satellite network. The transaction, slated to close in 2027, includes cash and stock options for Globalstar shareholders and adds valuable spectrum and ground infrastructure to Amazon’s satellite ambitions.
S‑REIT Acquisitions Jump 83% in Early 2026 as New Financing Opens $4.7bn Deal Flow
Singapore REITs announced 11 acquisition deals worth more than S$6.3 billion ($4.7 billion) in the first four months of 2026, an 83% increase over the same period last year. The surge reflects easier access to capital, highlighted by CapitaLand Integrated Commercial Trust’s...
OUE Unit Issuing S$150 Million 3.25% Green Notes Due in 2033
OUE Treasury, a wholly‑owned subsidiary of OUE, announced a S$150 million (≈US$111 million) issuance of 3.25% green notes due in 2033. The notes are part of a S$3 billion multicurrency debt programme launched in 2016 and will be unconditionally guaranteed by OUE. OCBC...
Reliance Shifts Jio IPO to Fresh Issue, No Offer‑for‑Sale, Target $3 Bn Debt Paydown
Reliance Industries has scrapped the planned offer‑for‑sale of Jio Platforms and will launch a fully fresh‑funded IPO. The new structure could raise roughly $3 bn, chiefly to retire debt and fund expansion, while protecting retail investors from pricing risk.
Sony Music, GIC Near $4 B Deal for Blackstone’s 45,000‑Song Catalog
Sony Music Group and Singapore sovereign wealth fund GIC are in the final stages of a $3.5‑$4 billion acquisition of Blackstone’s Recognition Music Group, a portfolio of roughly 45,000 songs. The deal, built on a joint‑venture framework launched earlier this year,...
Latest-SRTx-Fixings-Released
The Structured Credit Investor released the latest SRTx fixings on 12 May 2026, showing a notable spread recovery across the Significant Risk Transfer market. The improvement is attributed to heightened demand from small‑ and‑medium‑enterprise (SME) issuers seeking capital relief despite...
Curbing Secondary Trades Prevents Inflated Prices
okay so from what i can tell, this is probably more about limiting secondary activity to control secondary price, than punishing existing SPVs secondaries can be a great price discovery mechanism for IPOs unless there's an in-balance in demand and supply what...
Sequoia Mortgage Prepares $507.1 Million in Prime RMBS
RWT Holdings is issuing $507.1 million of prime residential mortgage‑backed securities through the Sequoia Mortgage Trust 2026‑INV3. Bank of America Securities leads underwriting, offering twelve rated tranches that mature in May 2056, with the senior A‑9 to A‑21 notes paying a 4.50%...
Payward Raises Capital, Fuels $2.65B Acquisition Spree, Eyes IPO
Payward, the parent company of crypto exchange @krakenfx, is raising new capital at a $20 billion valuation. The fundraising is tied to an aggressive acquisition spree. Most recently, @Payward acquired stablecoin-focused payments firm @reapglobal for $600 million and digital asset derivatives platform...
Universal Acquisition Traits: Recurring Revenue, Motivated Sellers, Fragmented Markets
the acquisition target list: – recurring contracted revenue – motivated seller available – fragmented market position – bank fundable at standard terms these characteristics appear across multiple sectors
Windward Bio Secures $165 Million to Accelerate Late‑Stage Asthma and COPD Trials
Windward Bio announced a $165 million crossover financing round led by OrbiMed, giving the Basel‑based biotech the runway to push its WIN378 antibody into Phase 3 trials for asthma and COPD. The capital injection underscores strong investor confidence in long‑acting respiratory...
Rigorous Due Diligence Transforms Deal Outcomes
the due diligence process: – financials verified independently – customer concentration assessed – key person risks identified – real earnings established preparation here changes outcomes significantly
Know Deal Structures, Keep More Deals Alive
the deal structure options: – vendor finance: seller carries note – 60/40 blend: bank and seller share – rollover equity: seller stays invested – earn-out: performance tied payment understanding these means fewer deals fall over
SaaS M&A: Mirisis Says Integration, Not Valuation, Drives True Value
Operating advisor Nicholas Mirisis told a Littleton press briefing that the decisive factor in SaaS mergers is integration, not headline multiples. He warns that without a disciplined post‑deal plan, even multi‑billion‑dollar deals can fall short of expectations.
Cerebras Lifts IPO Price to $150‑$160, Targeting $4.8 Bn Raise
Cerebras Systems announced a new IPO price range of $150 to $160 per share, up from $115‑$125, and plans to sell 30 million shares. The revised terms would boost proceeds to roughly $4.8 bn, making it the biggest U.S. IPO of 2026...
Kin Insurance Raises Record $335 Million Catastrophe Bond to Boost Homeowner Coverage
Kin Insurance closed a $335 million Hestia Re Series 2026-1 catastrophe bond, the largest in its history, to broaden protection for homeowners in storm‑ and wildfire‑prone areas. The deal taps institutional capital, giving the digital‑first carrier a stronger buffer against extreme‑weather...
ProcurePro Secures $11 Million US Funding to Accelerate AI in $13 Trillion Construction Procurement
ProcurePro, the Brisbane‑based construction procurement platform, closed a $11 million US (AU$15 million) round led by QIC Ventures with French builder Bouygues joining as a backer. The capital will fund a global AI product roadmap, a new US office and the hiring...
AI Commerce Platform District Secures $14.7M Seed Funding Led by Andreessen Horowitz
District announced a $14.7 million seed round headed by Andreessen Horowitz and Kindred Ventures. The funding will fuel its general‑availability launch, expanding a platform that lets creators and brands build interactive, code‑free storefronts using AI.
Biggest Conglomerate Mergers in History (+ 2026 List)
The article lists the ten largest historic conglomerate mergers, totaling over $211 B, highlighted by Berkshire Hathaway’s $37 B purchase of Precision Castparts in 2015. It also ranks the biggest conglomerates by Q1 2026 market capitalization, with Microsoft at $3.10 T and Alphabet at...
15 Biggest M&A Failures of All Time (Updated 2026)
A new analysis ranks the 15 biggest M&A failures, which together wiped out more than $400 billion in shareholder value. The list is led by the $65 billion AOL‑Time Warner merger and includes high‑profile deals such as Daimler‑Chrysler, Sprint‑Nextel, HP‑Compaq and the...
10 Best Books Every Investment Banker Should Read
The article curates ten essential titles for investment‑banking professionals, grouped into deal stories, banker memoirs, investing mindset, business strategy, and valuation. It highlights classic works such as *Barbarians at the Gate* and *The Dark Side of Valuation* while recommending a...
EXEC: WS WeSports Group AB Expands Stakes in SkiCom Sweden AB and Bikelease AB
WS WeSports Group AB has increased its ownership in two specialist subsidiaries, raising its stake in SkiCom Sweden AB from 51% to 80% and acquiring 100% of Bikelease AB, which it previously held at 60%. The transactions were executed at...
The New IPO Economy
The episode examines the shifting landscape between public IPOs and massive private fundraises, using SpaceX and OpenAI as case studies. It highlights how top-tier private rounds now dwarf traditional public offerings, with OpenAI's $40 billion raise becoming the largest U.S. stock...
NewRez Parent Rithm Capital Preps Note Offering
Rithm Capital, the parent of mortgage‑servicing firm NewRez, announced a $500 million 144A senior note offering aimed at qualified institutional buyers. The unsecured notes received a speculative‑grade B‑minus rating from S&P, one notch below the company’s issuer rating, reflecting concerns over...
Tesla Optimus Is Already Benefiting Investors, Top Wall Street Firm Says
Piper Sandler analyst Alexander Potter says Tesla's current share price of $400‑$420 already includes the Optimus robot at no extra cost. Their valuation assigns about $400 per share to core businesses and leaves Optimus unvalued, implying investors get the humanoid...
Cerebras IPO Proves AI/Semis Are Finally Real
Cerebras IPO yet more evidence to me that AI / semis is mostly real whereas 2021 bubble was mostly fake The IPOs now are 290M=>509M companies with 145M in losses In 2021 the shitcos that were brought to market were "40M...
Sunshine Silver Mine Launches IPO, Reviving Silver Hedge
Sunshine Silver, historically one of the US’s biggest silver mines, is going public. Fun financial trivia: they issued a silver-backed bond in the 80s. Fun inflation hedge, though they missed the peak of the Hunt corner by a few weeks.
Munis Face Another Week of Robust Supply, Expected Inflows
Municipal bond issuance is set for another week of heavy supply, with estimated issuance of $12.35 billion, including $10.41 billion of negotiated deals and $1.95 billion of competitive issues. Four mega deals—San Francisco airport, New York dormitory, Connecticut general obligation, and Atlanta water...
Upcoming IPOs Amid Pessimistic Job Outlook and AI Risks
🆓 Monday links: a slew of coming IPOs, pessimistic about job prospects, and the downside of AI note takers. https://t.co/jJGsdiTNZI image: https://t.co/FjyMYb7SEH https://t.co/DwR3EhRCKj
Anthropic IPO Set to Ignite Private Share Turmoil
Anthropic’s IPO is going to trigger a series of explosions in the private shares grey market No idea how big the blast radius is going to be, but it’s not going to be pretty
Creotech Plans $118 Million Capital Raise, Investment in New Satellite Factory
Polish space‑tech firm Creotech Instruments announced a $118 million capital raise to fund a new satellite factory slated for completion by 2029. The investment will enable the company to quadruple its output to roughly 40 satellites a year, addressing a current...
AI‑Focused Sales & Marketing Startups Pull $3.7 B in 2026 Funding
AI‑focused sales and marketing startups have raised roughly $3.7 billion in seed‑through growth‑stage funding so far in 2026, with Sierra’s $950 million round leading the pack. The inflow, while flat with recent years, marks a decisive tilt toward autonomous AI agents, reshaping...
GameStop’s Unusual and Complex Bid for eBay – The Special Situations Report Episode 66
Episode 66 of the Special Situations Report podcast dives into four headline‑making deals. The most eye‑catching is GameStop’s unexpected all‑cash bid to acquire eBay, a move that could reshape two struggling retailers. The show also examines an Italian conglomerate’s purchase...
Investors to Sell ₹4,750 Crore Stake in Billionbrains Garage Ventures in Block Deal
Early investors in Billionbrains Garage Ventures, the parent of Groww, are selling a 4.3% stake worth roughly ₹4,750 crore ($498 million) in a block deal. The transaction will involve up to 26.84 crore shares at a floor price of ₹177 per share, an...
Sereact Secures $110 Million Series B to Accelerate AI Robotics Platform
German AI robotics firm Sereact raised $110 million in a Series B round led by Headline, with participation from Bullhound Capital, Daphni and Felix Capital. The funding will scale its Cortex 2.0 AI brain and fund a U.S. market entry, adding to...
Circle Secures $222 Million for Arc Blockchain, Valuing Platform at $3 B
Circle closed a $222 million token presale for its Arc public blockchain, giving the network a $3 billion valuation. The round was led by Andreessen Horowitz with participation from BlackRock, Apollo and other institutional investors, marking Circle's expansion beyond its USDC stablecoin...
Ayala Secures $100 Million Sustainability-Linked Loan
Ayala Corp. has signed a $100 million sustainability‑linked loan with Singapore’s DBS Bank, its first hedged facility denominated in Singapore dollars. The loan can be swapped between US and Singapore dollars, giving the conglomerate flexibility to fund expansion projects while meeting...
Lincoln International (LCLN) IPO Deck
Lincoln International, a global independent investment‑banking advisory firm, has released an IPO deck signaling its intention to go public. The deck outlines the firm’s focus on private capital markets, cross‑border M&A, and its extensive network of 25 offices worldwide. While...
TMTB: Cerebras (CRBS) IPO Roadshow Notes
Cerebras Systems disclosed a massive take‑or‑pay contract with OpenAI worth over $20 billion, beginning with a $1 billion prepayment and delivering 750 MW of AI compute across three 250 MW tranches from 2026 to 2028. The first tranche will be provided through Cerebras' cloud...
KeyBank Provides $54M Refi for 298-Unit Houston-Area Multifamily
KeyBank has provided Rockstar Capital with a $54 million, 35‑year fixed‑rate loan at 5.3% to refinance the 298‑unit Lakeview at Westpark multifamily property in Richmond, Texas. The financing replaces a floating‑rate bridge loan with HUD‑backed funding coordinated with a local Housing...
Cognesense Buys Pyroban, Pyropress, Ex-Tech, Petrel and Ex Solutions
Cognesense announced the acquisition of five UK‑based firms—Pyroban, Pyropress, Ex‑tech, Petrel and Ex Solutions—adding ATEX and IECEx‑certified explosion‑protection capabilities to its portfolio. The purchases integrate with existing divisions such as Varec and L&J Technologies, preserving all customer contacts, products and...
Cerebras IPO Marks 2026’s Netscape Moment for AI
1/ The Cerebras IPO isn’t just another hot deal—it’s a signal flare. Wall Street is calling it the "Netscape Moment" of 2026. I think they’re right, but for reasons most people are missing. Here’s why the AI rally is hitting a...
Bill Gates’s Backed Fervo Energy Raises IPO Target to $1.82bn on $7.4bn
Houston‑based geothermal developer Fervo Energy increased its IPO size to a top‑of‑range $1.82 bn, implying a market valuation of about $7.4 bn. The company will offer 70 million shares at $25‑$26 each, a 26 % rise in share count and an 8 % lift in...
Nexans to Acquire Republic Wire
Nexans announced it will acquire 100% of Republic Wire for an enterprise value of about €680 million (≈$741 million), with a possible €43 million (≈$47 million) earn‑out. Republic Wire generated roughly €520 million (≈$567 million) in revenue over the year to February 2026 and operates a...
Loan Note: Pondering the State of the Market; Blue Owl BDCs Cut NAVs
The latest Private Debt Investor briefing highlights a cooling European private‑debt market, underscored by a new report that documents tighter credit spreads and slower fundraising. In the United States, Blue Owl’s two business‑development companies announced a steep dividend reduction, cutting...
Mega-IPOs & Index Fund Mechanics: Much Ado About Nothing?
Nasdaq’s rule change will let large IPOs join major indexes faster, sparking fears that mega‑IPOs could hurt passive fund performance. Historical data shows IPOs underperform the market by 3‑5% per year for the first five years, and even a $280 billion...
Cerebras Boosts IPO Price, Seeking to Raise $4.8 Billion
Cerebras Systems announced an upgraded IPO plan, offering 30 million shares at $150‑$160 each, up from the earlier 28 million shares at $115‑$125. The higher price range pushes the potential proceeds to $4.8 billion at the top end. The move reflects strong demand...
Barrick Q1 Beats Gold Forecast, Launches $3 B Share Buyback and U.S. IPO Plans
Barrick Mining Corp posted first‑quarter 2026 results that topped gold production guidance at 719,000 ounces and generated $2.55 billion in operating cash flow. The company also announced a $3 billion share‑buyback program and confirmed its North American IPO is on track for...
How Conduit Multifamily Bonds Can Be Dangerous to Portfolio Health
Conduit‑issued multifamily housing revenue bonds often lack the fiscal oversight, reserve funding, and covenant enforcement that state housing finance agencies provide, making them prone to credit stress. Without strong balance sheets or general‑obligation pledges, these shell issuers expose investors to...
Providence Equity-Backed 365 Retail Markets Acquires Retail Tech Firm Cantaloupe
Providence Equity‑backed 365 Retail Markets announced the acquisition of Cantaloupe, a retail‑technology provider headquartered in Troy, Michigan. The deal adds Cantaloupe’s software suite to 365’s existing portfolio of point‑of‑sale and inventory solutions. While financial terms were not disclosed, the move...