Today's Investment Banking Pulse
SpaceX debuts at $150 a share, marking the largest U.S. IPO ever
SpaceX opened at $150 per share on its historic debut, valuing the rocket maker at roughly $1.75 trillion and raising about $86 billion. The underwriters' fee pool is projected at $646 million, with Goldman Sachs serving as lead left underwriter. The offering pushed Elon Musk’s net worth past $1 trillion.
Morning Reads
SpaceX’s IPO filing reveals a governance structure that grants Elon Musk super‑voting Class B shares, keeping him in control of more than half the voting power. The plan limits shareholder ability to challenge management, with Musk removable only by fellow Class B holders. Meanwhile, GameStop CEO Ryan Cohen announced his eBay account suspension after the retailer proposed a $125‑per‑share cash‑and‑stock acquisition of the marketplace. DoorDash surged about 10% after reporting a 27% jump in orders and record membership sign‑ups, while Cross Country Healthcare rose 27% on a $437 million acquisition announcement.
Genco Steps up Fight Against Diana Takeover Push
Genco Shipping & Trading has intensified its defence against Diana Shipping’s hostile takeover by filing proxy materials that urge shareholders to re‑elect its six directors and reject Diana’s board slate. The New York‑listed dry‑bulk owner argues Diana’s $23.50‑per‑share offer, a...
Kalshi, the Prediction Market, Raises $1 Billion at a $22 Billion Valuation
Kalshi, a U.S. prediction‑market platform, announced a $1 billion funding round that lifts its valuation to about $22 billion. The round, led by Coatue Management, is the third in seven months and follows a period where the company’s annualized trading volume surged...
Saba Secures Herald Investment Trust Tender Offer Deal
Saba Capital Management has secured a tender offer covering up to 66% of Herald Investment Trust’s share capital, giving shareholders the choice of cash or in‑specie exit at a price close to net asset value. The deal also appoints Aberdeen...
Enstar Sees Significant Growth Opportunities on the Live and Legacy Side: Dan Sanford
Enstar announced a pending acquisition of Accident Fund Holdings (AF Group), bolstering its legacy reinsurance platform. Managing Director Dan Sanford highlighted Bermuda’s strong regulatory partnership with the BMA as a cornerstone for legacy insurers. He noted growing demand for insurance‑linked securities,...
Vori Secures $22 Million Series B to Build AI Operating System for Grocery Stores
Vori announced a $22 million Series B funding round led by Cherryrock Capital, with Greylock Partners and The Factory also participating. The capital will fund the rollout of an AI‑driven operating system that automates checkout, inventory, pricing and supplier interactions across...
AMETEK to Acquire Indicor Instrumentation Portfolio for $5 B
AMETEK, Inc. entered a definitive agreement to purchase the Indicor Instrumentation portfolio for roughly $5 billion in cash. The acquisition adds businesses that generate about $1.1 billion in annual sales and aligns with AMETEK’s Electronic Instruments and Electromechanical groups. The deal is...
Skyroot Raises $60 Million Ahead of First Orbital Launch Attempt
Skyroot Aerospace raised $60 million in a Series round that values the Hyderabad‑based startup at $1.1 billion, making it India’s first space unicorn. The funding, co‑led by Sherpalo Ventures and Singapore’s sovereign wealth fund GIC, also includes BlackRock and will finance the...
Eli Lilly Raises $9 Billion in Record Investment‑Grade Bond Offering to Finance Acquisitions
Eli Lilly & Co. sold $9 billion of investment‑grade bonds in an eight‑tranche offering, the biggest issuance in the company's history. The proceeds are earmarked for a series of planned acquisitions, underscoring the pharma giant's push to expand its pipeline through...
Apis Surpasses Target with $1.23bn Fundraise for Financial Infrastructure Strategy
Apis announced a $1.23 billion fundraise, surpassing its $1 billion target and positioning the firm to expand its financial‑infrastructure platform. Apollo committed to providing daily pricing for private‑credit assets, a move aimed at boosting market transparency. Meanwhile, Blue Owl trimmed dividend payouts...
Gundlach Warns "Bagholders" Will "Lose Money" In Private Credit As BDCs Slash Asset Values, JPM Faces $500MM Loss In Biggest...
DoubleLine CEO Jeffrey Gundlach warned that retail investors in private credit face losses as BDCs slash asset values. Blue Owl and other BDCs have marked down tech‑focused funds, cut dividends and faced massive redemption requests, highlighting liquidity strain. JPMorgan and...
Angelini Fortifies Neurology Portfolio with $4.1B Buyout of Catalyst
Italian drugmaker Angelini Pharma announced a $4.1 billion acquisition of U.S.-based Catalyst Pharmaceuticals, adding its trio of FDA‑approved treatments for rare neurological disorders to Angelini’s portfolio. The deal brings Ingrezza, Firdapse and a third specialty drug under Angelini’s control, instantly expanding...
Roche to Acquire PathAI for ~$1.05B
Roche has signed a definitive agreement to acquire AI‑driven diagnostics firm PathAI for an estimated $1.05 billion, comprising $750 million upfront and up to $300 million in milestones. The deal, slated to close in the second half of 2026, builds on a partnership...
UniCredit’s Lowball Bid for Commerzbank Causes Consternation
On May 5, 2026 UniCredit announced a bid to acquire the remaining shares of Germany’s Commerzbank, offering shareholders a swap of one Commerzbank share for 0.485 UniCredit shares. The proposal values the entire bank at €35 bn (approximately $41 bn), roughly 8% below...
Organic Flow Battery Company CMBlu Closes €50 Million Series C
CMBlu Energy announced the close of a €50 million (US$58.8 million) Series C round, pushing its valuation past the $1 billion mark. Samsung Ventures led the new capital while all existing backers, including Strabag SE, reinvested. The funding supports rollout of the SolidFlow organic‑redox‑flow battery,...
Private Credit Making Itself at Home at Federal Home Loan Banks
Insurance subsidiaries owned by private‑credit firms have become the most active borrowers from the Federal Home Loan Bank (FHLB) system, a network originally designed to support affordable housing. Their heavy use of FHLB advances raises questions about whether the credit‑heavy,...
Fannie Mae's Portfolio Surge Is the Biggest in over a Decade
Fannie Mae’s retained portfolio surged to $168.74 billion in March, marking the largest monthly increase since 2009 and the highest level since the Great Financial Crisis. The $18.3 billion jump lifted combined GSE retained assets to $308.5 billion, a peak not seen since early 2021....
CFIUS Resuming Normal Operations
The Committee on Foreign Investment in the United States (CFIUS) has resumed normal operations after the President signed legislation funding the Department of Homeland Security. With the DHS funding gap closed, CFIUS clocks are no longer tolled and the agency...
Swiss Re Targets Lower Pricing for $250m Matterhorn Re 2026-2 Retro Cat Bond
Swiss Re is pursuing $250 million of US named‑storm retrocession through the Matterhorn Re Series 2026‑2 catastrophe bond, its sixteenth takedown under the Bermuda‑based program. The sponsor has lowered pricing guidance, offering Class A notes at a 5.5‑5.75% spread and Class B notes at...
Pronto Extends Series B to $45 Million at $200 Million Valuation
Pronto, the instant household‑services platform, announced a $45 million Series B extension that lifts its valuation to $200 million, effectively doubling the figure within a month. The round includes a $20 million commitment from Lachy Groom, co‑founder of Physical Intelligence, alongside existing backers such...
Angelini Pharma to Acquire Catalyst Pharmaceuticals for ~$4.1B
Angelini Pharma announced a definitive agreement to acquire Catalyst Pharmaceuticals for $31.5 per share, valuing the deal at roughly $4.1 billion. The transaction, expected to close in the third quarter of 2026, marks Angelini’s first direct entry into the U.S. pharmaceutical...
Japan’s Advantage Seeks to Double AUM in One Year
Japan’s Advantage, a private‑equity manager, announced an aggressive plan to double its assets under management (AUM) within the next twelve months. The initiative follows the sale of a 5% equity stake to Australia’s Pinnacle Investment Management in January, providing fresh...
Capital Reform Push Could Restore Wall Street’s Edge in Global Markets
The Federal Reserve has proposed rolling back capital requirements for the largest U.S. banks, cutting aggregate buffers by roughly 5%. The change aims to free balance‑sheet capacity, allowing banks to expand market‑making and reclaim business lost to non‑bank firms. Analysts...
FMCG Major Emami to Acquire Majority Stake in Vedix, SkinKraft Parent Co IncNut
Indian FMCG group Emami Ltd is buying a 60% stake in IncNut Digital, the direct‑to‑consumer beauty platform behind Vedix and SkinKraft, for Rs 321 crore (~$38.7 million) in cash. The remaining 40% will be acquired over the next 4.5 years based on performance. IncNut...
InCred Files Updated DRHP; Plans Rs 1,250 Cr Fresh Issue
India’s InCred Holdings Ltd has filed an updated draft red herring prospectus with SEBI for an IPO that includes a fresh equity raise of Rs 1,250 crore (≈$153 million) and an offer‑for‑sale of up to 9.9 million shares. Private‑equity firms KKR and MNI Ventures...
‘Unsolicited Enquiries From Parties’: Pedestrian Group for Sale?
Nine Entertainment announced a strategic review of its Pedestrian Group after receiving unsolicited acquisition enquiries. The review follows Nine’s earlier purchases of a majority stake in Pedestrian.tv for about AUD 10 million (≈$6.6 million USD) and the remaining 40% for AUD 39 million (≈$25.7 million USD)....
Alphabet Finances AI Expansion Again with Billion-Euro Bonds in Europe
Alphabet tapped the euro bond market in early May 2026, issuing a six‑tranche offering worth at least €3 billion (≈ $3.2 billion). This adds to roughly $32 billion of debt raised earlier in the year across dollar, pound and franc issues. The proceeds will...
Zim Says Hapag-Lloyd Agreement Binding After Surprise Rival Bid
Zim’s board confirmed that the merger agreement with German carrier Hapag‑Lloyd, approved by shareholders on April 30, remains binding despite a surprise $4.5 billion cash bid from Israeli entrepreneur Haim Sakal. Sakal’s offer tops Hapag‑Lloyd’s price by $2.50 per share and adds $250 million...
Companies Look to Shrink Issue Sizes to Get IPOs Pass Through
India's securities regulator has allowed companies with approved IPOs to shrink their offer size by up to 50% without filing a new prospectus, prompting at least ten firms across NBFC, jewellery, food, packaging, healthcare and steel to consider cuts. SEBI...
2025 ABA Private Target M&A Deal Points Study: What's Market?
The American Bar Association’s 2025 Private Target M&A Deal Points Study examined 139 purchase agreements closed in 2024 and early 2025. It reveals that purchase‑price adjustment escrows now appear in 58% of deals, while representation‑and‑warranty insurance (RWI) is referenced in...
Looking for Australian Mid‑Market IB for F&B Deal
who is the best mid/small-market investment bank (in Australia), that would be best placed to advise/deliver on a transaction where: - the underlying sector is F&B/quick-serve restaurants - EBITDA is $5-7mm AUD a year - dual-track process where seller is both franchisor of...
Angelini Pharma Acquires Catalyst, Boosts US Rare‑Disease Portfolio
Angelini Pharma buys Catalyst Pharmaceuticals and its rare disease drugs for $4.1B The deal will expand the Italian pharma company’s work in the U.S. https://t.co/BwO6uGKvrT
Robinhood’s Ventures Fund I IPO Draws Over 150,000 Retail Investors
Robinhood CEO Vlad Tenev announced that the IPO of the company’s first publicly traded venture fund, Ventures Fund I, attracted over 150,000 retail investors. The NYSE‑listed vehicle gives everyday traders exposure to private tech giants such as OpenAI, Stripe and...
Linkerbot Eyes $6 B Valuation as Investors Line up for New Funding Round
Beijing‑based Linkerbot is preparing a fresh funding round that could push its valuation to $6 billion, up from $3 billion in April 2026. The company commands over 80% of the global market for high‑degree‑of‑freedom robotic hands, a segment seen as the bottleneck...
Cohen May Be Steering eBay to Acquire GameStop
What if Ryan Cohen is a genius and his play here isn't to buy $Ebay, but to convince ebay to buy GameStop and make him the CEO? $gme
The IPO Buzz: HawkEye 360 (HAWK) Prices IPO at $26 – Top of Its Range
Defense contractor HawkEye 360 priced its IPO at the top of the $24‑$26 range, selling 16 million shares for $416 million and achieving a $2.42 billion market valuation. The company operates a constellation of over 30 satellites that provide signal‑processing services, with U.S....
Bayes Report: Debt Funds Rapidly Expand in UK Real Estate as Competition Increases
The Bayes report reveals that debt funds are rapidly expanding their exposure to UK real‑estate assets, driven by a surge in capital allocations throughout 2025. Back‑leverage strategies have enabled alternative lenders to boost origination volumes, intensifying competition for traditional bank...
Li Ka-Shing Plans More Telecom Sales in ‘Cash Is King’ Strategy
CK Hutchison, now led by Victor Li, is pursuing additional telecom divestitures after selling its UK mobile business for US$5.8 billion, part of a US$20 billion UK asset sell‑off this year. The conglomerate’s cash balance rose to roughly US$18 billion by the end...
Walker & Dunlop Secures $55.2 Million Construction Loan for Cleveland‑Area Mall Redevelopment
Walker & Dunlop arranged a $55.2 million floating‑rate construction loan for Phase I of Belle Oaks Marketplace, the mixed‑use redevelopment of the former Richmond Town Square Mall in Richmond Heights, Ohio. The financing, provided by Genesis Capital on behalf of DealPoint Merrill, will...
Newmark Secures $150.9 M Loan for $207.5 M Shallow Bay Logistics Portfolio Sale
Newmark Group arranged a $150.9 million loan from Wells Fargo to fund a $207.5 million purchase of a 1.38‑million‑square‑foot shallow‑bay logistics portfolio spanning Dallas‑Fort Worth, Chicago, Cincinnati and Indianapolis. The deal, involving a joint venture between a global asset manager and Dalfen Industrial, underscores...
Bayer to Acquire Perfuse Therapeutics, Expanding Its Ophthalmology Portfolio
Bayer disclosed plans to acquire biotech firm Perfuse Therapeutics, aiming to strengthen its ophthalmology pipeline. The deal, announced through Bayer’s newsroom, comes without disclosed financial terms but signals a strategic push into eye‑care. The acquisition could accelerate Bayer’s development of...
Timing, Valuation, and Structure Outweigh Strategic Fit in M&A
1/🧵Respectfully disagree with the framing here. The strategic logic of combining Tesla and SpaceX may be sound — but timing, valuation, and structure matter enormously in M&A. A few points worth considering:
Bullish to Acquire Equiniti for $4.2 B, Aiming to Fuse Crypto with Traditional Capital Markets
Bullish announced a $4.2 billion deal to buy transfer‑agent Equiniti, combining $1.85 billion of assumed debt with $2.35 billion of Bullish stock. The acquisition gives the crypto exchange a regulated infrastructure to support tokenized securities and positions it for a broader institutional rollout.
Sierra Secures $950 Million Funding, Valued at $15 Billion to Scale AI‑Driven CX Platform
Sierra, the San Francisco‑based AI startup, announced a $950 million financing round that lifts its post‑money valuation above $15 billion. The round, led by Tiger Global and Alphabet’s GV, is earmarked for expanding its enterprise AI customer‑experience platform and accelerating global adoption.
Santander Completes Takeover of TSB – Here's What It Means for Savers and Borrowers
Santander completed its takeover of TSB on 1 May 2026, but both banks will remain separate legal entities until regulators approve full integration. Customers keep their existing savings, current‑account, mortgage and credit‑card terms, with interest rates unchanged for now. The Financial...
ABF-Deal-Digest:-Parafin-Upsizes-Warehouse,-While-LibreMax-Launches-ABF-Interval-Fund
Parafin announced an upsizing of its asset‑backed finance warehouse, expanding the pool of capital available for securitisation of niche assets. At the same time, LibreMax launched an interval fund dedicated to ABF investments, offering periodic liquidity to private credit investors....
SCI-In-Focus:-ECON-Backs-Securitisation-Revamp,-but-Market-Warns-of-'Pyrrhic-Victory'
The European Commission’s ECON unit has unveiled a sweeping revamp of the EU securitisation framework, aiming to modernise standards and unlock €200 bn of new issuance by 2028. The proposal replaces the 2020 rules with a more flexible, risk‑based approach and...
Aemetis Inc (AMTX) Q1 2026 Earnings Call Transcript
Aemetis reported Q1 2026 revenue of $54.6 million, up 27% year‑over‑year, and posted its first positive gross profit of $2.8 million. Operating loss narrowed 60% to $6.3 million and net loss improved to $21.7 million, helped by $4 million in 45C production tax credits. The...
South Star Announces Non-Brokered Private Placement
South Star Battery Metals Corp. announced a non‑brokered private placement of up to 26,666,667 common shares at CAD $0.15 per share, targeting gross proceeds of CAD $4 million (≈US $2.9 million). The capital will fund the expansion of its Santa Cruz graphite project in Brazil to...
Where Is Ryan Cohen’s Highly Confident Letter?
Ryan Cohen’s $55 billion hostile bid for eBay relies on a secret “highly confident” letter from TD Bank, a financing pledge traditionally used to assure markets of funding capability. The letter, seen by eBay’s advisers, contains assumptions that the combined eBay‑GameStop...