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
SpaceX Files for $75 Bn IPO, Targeting $1.8 Trn Valuation as AI Push Eclipses Rocket Business
SpaceX has filed an S‑1 seeking to raise about $75 bn at a valuation near $1.8 trn. The filing shows $18.7 bn in revenue, a $2.6 bn operating loss, and a strategic shift toward AI, while its Starlink connectivity arm remains the only profit center.
IPO Calendar: 3 Companies Set to Launch Public Offers This Week; Check Details
India’s SME market is gearing up for a busy week as three jewelers and a fashion maker launch public offers. Yaashvi Jewellers aims to raise about ₹44 crore (~$5.3 million) at ₹83 per share, SMR Jewels targets ₹67 crore (~$8.1 million) with a fresh...
AI Economy Soars: Billions in Funding, Trillions in TAM
In ONE week: Anthropic raised $30B at a $900B valuation — overtaking OpenAI. OpenAI filed its S-1. SpaceX filed for a $75B IPO, and a $28T TAM. NextEra agreed to a $67B utility megamerger to power AI. The exponential economy...
Three Mega‑IPOs Target $4 Trillion Valuation as SpaceX, OpenAI and Anthropic Face Financial Strains
SpaceX, OpenAI and Anthropic are filing for IPOs that together represent roughly $4 trillion in market value. The filings come amid reports of deepening losses at xAI, cash‑burn concerns at OpenAI and profitability doubts at Anthropic, raising questions about the sustainability...
Oura Health Files Confidential IPO, Targeting Late 2026 Listing Amid Wearable Health Boom
Finnish‑American smart‑ring maker Oura Health has confidentially filed a draft IPO prospectus, aiming for a public debut later in 2026. The filing highlights an 80%+ subscription renewal rate, a growing partnership network, and a patented ring design that could give...
Post Oak Group Says Middle Market Leads 2026 M&A Surge
Post Oak Group, the top middle‑market investment bank in Texas, reports that the middle market is the primary engine of 2026 M&A activity, driven by aligned buyer‑seller expectations, record private‑equity dry powder, and expanding family‑office participation across diverse sectors.
SpaceX IPO Could Force Index Funds to Buy 19% of Its $1.75T Float
SpaceX filed its S‑1 on May 20, targeting a June 12 Nasdaq debut at a $1.75‑$2 trillion valuation. Bloomberg analyst Rob Du Boff estimates S&P 500 index funds will be required to buy roughly 19% of the public float, while the fast‑track inclusion rules...
Rocket Lab Launches $3 B ATM Equity Program as Shares Dip 6.6%
Rocket Lab disclosed a $3 billion at‑the‑market (ATM) equity distribution program on May 20, 2026, prompting its shares to fall about 6.6% in pre‑market trading. The filing enlisted a 16‑bank syndicate, including Goldman Sachs, Morgan Stanley and BofA Securities, highlighting the...
Intel Mulls $5 B Takeover of AI Chip Maker Tenstorrent
Intel is weighing a $5 billion purchase of Toronto‑based AI chip designer Tenstorrent, a bid that signals the chipmaker’s push to catch up with rivals like Nvidia and Qualcomm. The news lifted Intel shares 0.92% as investors priced in a potential...
Surat-Based Anupam Rasayan India to Acquire Upto 74.2 per Cent in Bliss GVS Pharma
Surat‑based Anupam Rasayan India Ltd announced it will acquire up to 74.2% of Mumbai‑listed Bliss GVS Pharma Ltd, beginning with a 43.3‑48.2% equity purchase followed by an open offer to public shareholders. The transaction is valued at more than ₹1,360 crore...
JPMorgan Seeks to Offload $4 Billion of Private‑equity NAV Loan Risk
JPMorgan Chase is in talks to transfer the first‑loss slice of more than $4 billion of private‑equity‑linked NAV loans to outside investors. The deal would shift potential losses on roughly 12.5% of the loan pool while the bank retains the underlying...
AvalonBay, Equity Residential Merge in $69 B Deal to Form 180,000‑Unit REIT Giant
AvalonBay Communities and Equity Residential announced an all‑stock merger valued at $69 billion, creating a new REIT with more than 180,000 rental apartments. The deal gives AvalonBay shareholders a 51.2% stake and positions the combined firm as one of the largest...
Uber Proposes Delivery Hero Takeover at €10 Billion Valuation
Uber Technologies has submitted a takeover proposal for Germany’s Delivery Hero, valuing the company at roughly €10 billion (about $11.6 billion). The bid offers €33 per share, a small premium of three cents over the stock’s last close. Uber says the move is...
Banks and HFT Firms Chase Post‑trade Infrastructure Edge in $100 M Pilot
On May 21, REAL Technologies and EU‑broker Factori AD signed a securities‑infrastructure agreement that will route more than $100 million of equity‑derivative flows through a new post‑trade layer. The deal underscores a broader migration among high‑frequency traders and investment banks from speed‑centric...
ESENTIA Raises $2 Billion via Investment‑Grade Bond, Secures Triple‑Agency Ratings
ESENTIA Energy Development closed a $2 bn senior unsecured bond offering, oversubscribed 4.5 times, and earned Baa3/BBB– ratings from Moody’s, S&P and Fitch. The proceeds retire $2.1 bn of project‑level debt and fund a new $600 m revolving credit facility, marking the Mexican...
Why SpaceX Defies Valuations
SpaceX posted $18.7 billion in revenue for 2025 and is being floated with a speculative $1.75 trillion valuation, implying a 93‑times sales multiple far above the S&P average of three. About 70% of that revenue comes from Starlink, its satellite‑internet service, prompting...
Uber Takes 19.5% Stake in Delivery Hero, Sparking Takeover Talk
Uber disclosed a 19.5% equity stake in German food‑delivery platform Delivery Hero, plus an additional 5.6% via options. The move, facilitated by Morgan Stanley traders, has analysts debating whether it signals a full‑scale takeover, potentially reshaping the competitive dynamics of...
HSBC and Circulate Capital Launch Revolving Green Loan Facility for SE Asian Circular Economy
HSBC has signed a revolving green loan agreement with Singapore‑based Circulate Capital to finance circular‑economy investments in South and Southeast Asia. While the loan size was not disclosed, the partnership dovetails with Circulate Capital’s recently closed $220 million Asia II fund, aiming...
Superdrug Owner Eyes up London Float in $30bn Dual Listing
AS Watson, the Hong‑Kong conglomerate that owns Superdrug, is planning a $30 bn dual listing in London and Hong Kong, targeting roughly $2 bn of new capital before the end of 2026. Superdrug reported revenue of $2.05 bn and pre‑tax profit of $175 m for...
Shein Buys Sustainable Brand Everlane for $100 M, Aiming at Higher‑Margin Apparel
Shein has agreed to buy a majority stake in Everlane for an estimated $100 million, a deal that will settle the sustainable brand’s $90 million debt and give Shein a higher‑margin, eco‑focused product line. Executives say Everlane will stay independent, but critics...
OpenAI Mulls $1 Trillion IPO, Raising Stakes for AI SaaS Valuations
OpenAI is weighing a confidential SEC filing that could lead to a $1 trillion initial public offering, the largest ever for an AI SaaS company. The prospect forces investors to confront the firm’s $852 billion last‑round valuation, massive cash burn and the...
Bain Capital-Backed Dhoot Transmission Files Updated IPO Papers with SEBI
Auto component maker Dhoot Transmission, backed by Bain Capital, filed an updated IPO draft with SEBI to raise about $169 million in fresh equity and up to $250 million overall, including an offer‑for‑sale by the private‑equity sponsor. The fresh issue of ₹1,400 crore...
Uber Explores Delivery Hero Takeover to Fight DoorDash Globally: Sources
Uber is weighing a full takeover of Germany‑based Delivery Hero after raising its stake to 19.5% and securing 5.6% of options. The move, facilitated by Morgan Stanley’s derivative‑based buying, aims to give Uber a stronger foothold in more than 60 markets where...
Onslow Funding Latest RMBS Raises $517.7 Million
Onslow Bay Funding’s OBX RMBS transaction will raise $517.7 million, backed by 1,322 prime fixed‑rate mortgages that finance second homes and investment properties. The pool is 93.1% agency‑eligible, with 74.2% of loans tied to investment properties and a 5.00% coupon on...
FedEx Leads $9 Billion Leveraged Buyout of InPost, Deal Runs May 26‑July 27
FedEx, together with Advent International and other InPost shareholders, announced a EUR7.8 billion ($9 billion) leveraged buyout offer for InPost. The offer period runs from May 26 to July 27, with key regulatory clearances already secured and the remaining reviews slated for the second...
JPMorgan Deploys AI Tools Across Global Investment Banking Division
JPMorgan Chase is rolling out artificial‑intelligence tools across its global investment‑banking business, said Paul Uren, the bank’s Asia‑Pacific head of investment banking. The move includes hiring more AI specialists, cutting traditional banker hires and leveraging Anthropic’s Mythos model under Project...
JPMorgan Warns Colombia Will Need $54 Bn of Sovereign Debt in 2026
JPMorgan’s latest report warns that Colombia’s incoming government will have to raise about $54 bn in sovereign bonds in 2026 – roughly 10% of GDP – to cover a projected $6 bn financing shortfall. The forecast comes amid weaker tax collections, a...
DeepSeek Targets $10 Bn Valuation in 70 Bn Yuan AGI Funding Round
DeepSeek, the Hangzhou‑based AI lab, announced a 70 bn yuan ($10 bn) valuation target as it seeks at least $300 m in new capital. The round, the first to bring outside money into the lab, pits its open‑source, research‑first agenda against mounting pressure...
SpaceX Files for U.S. IPO, Banks Line up for Blockbuster Offering
SpaceX submitted an IPO registration to the SEC on May 20, seeking a Nasdaq listing under SPCX. The offering is being underwritten by a syndicate that includes Goldman Sachs, Morgan Stanley, BofA Securities and others. The filing comes as the...
IMAX Potential Suitors Include Netflix, Apple, Wedbush Says
IMAX Corp. (IMAX) is reportedly exploring a sale, prompting interest from several high‑profile potential buyers. Wedbush analysts cite streaming giant Netflix, tech powerhouse Apple, and a slate of private‑equity firms as likely suitors. The speculation sent IMAX stock up roughly...
Emirates NBD to Launch Open Offer for 26% Stake in RBL Bank From June 1
Dubai‑based Emirates NBD will launch an open offer on June 1 to buy up to a 26% stake in India’s RBL Bank at ₹282.38 ($3.40) per share, a roughly 15% discount to the market price. The tender period runs until June 12,...
IDB Invest Supports Acelen Renewables' Fuel Production Expansion in Brazil
IDB Invest has approved a $109 million senior loan to Acelen Renewables for a new sustainable aviation fuel (SAF) plant in Bahia, Brazil. The facility, built next to the Refinaria de Mataripe, will leverage shared logistics to become one of the...
When Is OpenAI Going Public? Here’s What to Know About the Rumored IPO
OpenAI is reportedly preparing a confidential IPO filing with Goldman Sachs and Morgan Stanley, potentially submitting paperwork as early as next week. The company aims to begin trading on public markets by September, leveraging the offering to fund its massive...
China's JD.com Weighs £2 Billion Bid for UK Retailer The Very Group, Sky News Reports
Chinese e‑commerce giant JD.com is weighing a £2 billion ($2.69 billion) offer for UK online retailer The Very Group, according to Sky News. The potential deal follows JD.com’s recent, unsuccessful attempts to acquire UK retailers Currys and Argos. The Very Group, owned...
Post Oak Group Reports Middle Market Emerging as the Strong Segment of 2026 M&A
Post Oak Group, named Texas' top middle‑market investment bank, says the middle market has become the strongest segment of 2026 M&A activity. A narrowing bid‑ask spread, abundant private‑equity dry powder and aggressive family‑office participation are driving a surge in deals...
FortuneX Acquisition Prices $75 M IPO at $10 per Unit, Securing Funds for Future Deals
FortuneX Acquisition Corp. (FXACU) priced its initial public offering of 7.5 million units at $10 each, generating $75 million in gross proceeds. The filing also gives underwriters a 45‑day option to buy up to 1.13 million additional units, potentially adding $11.3 million to the...
Schroders Greencoat Acquires Dutch Biomethane Platform APF Energy to Boost Renewable Gas Portfolio
Schroders Greencoat has bought 100% of APF Energy, a Dutch biomethane platform with six assets—three operating and three under construction—plus a late‑stage pipeline. The deal, sourced from SWEN Capital Partners, deepens the fund’s renewable gas footprint in Europe and underscores...
SSAs and US Treasuries: Crossing the Final Frontier
The episode examines the surge in supranational and agency (SSA) bond issuance, highlighting how record‑high demand has driven spreads to as low as 2‑3 basis points over U.S. Treasuries, with some secondary trades even tighter. Hosts discuss whether a primary‑market...
SteelAsia Secures P1.25 Billion Loan for Green Initiatives
SteelAsia Manufacturing Corp. secured a roughly $22.5 million green loan from Taiwan’s Cathay United Bank to fund its electric‑arc‑furnace (EAF) expansion and other low‑carbon initiatives. The loan, the first under SteelAsia’s Sustainable Finance Framework, supports working capital for green steel production...
AI Chip IPOs Surge: Malaysia and US Lead
Two company from different side of the world, IPO, caught everyone attention, same industry: the AI IC chip. Malaysia = SkypeChip USA = Cerebras https://asia.nikkei.com/business/markets/ipo/skyechip-soars-in-ipo-at-open-as-malaysia-bets-on-chip-design https://www.thestar.com.my/business/business-news/2026/05/15/ai-chipmaker-cerebras-raises-us56bil-in-biggest-ipo
Rocket Lab Launches $3 B At‑The‑Market Share Sale, Stock Slides 6.6%
Rocket Lab filed an 8‑K on May 20 authorizing a $3 billion at‑the‑market equity distribution, prompting a 6.6% pre‑market decline in its shares. The offering is being sold by a 16‑bank syndicate that includes Goldman Sachs, Morgan Stanley and Deutsche Bank,...
NervGen Secures $60 Million in Share‑Warrant Offering to Push NVG‑291 Forward
NervGen Pharma Corp priced a public offering of 24 million common shares and matching warrants at $2.50 per unit, generating roughly $60 million in gross proceeds. The cash will be used to advance the company’s lead candidate NVG‑291 for spinal‑cord injury, while...
Two Rivers SEZ Seeks $37m in Kenya’s First Green Dollar I-Reit
Kenya’s Trific Ltd is launching a $37.3 million green, dollar‑denominated Income‑Real Estate Investment Trust (I‑Reit) on the Nairobi Securities Exchange. The I‑Reit will finance the acquisition of the fully leased Trific North Tower and the development of additional sustainable commercial towers...
CXMT Ready for Its IPO
ChangXin Memory Technologies (CXMT), China’s largest DRAM maker, announced plans for a Shanghai STAR Market IPO in the second half of 2026, seeking to raise about 29.5 billion yuan ($4.3 billion), potentially the year’s biggest Chinese listing. The company posted a dramatic...
Institutional Buyers Over-Subscribe Central Bank of India OFS by 2 Times; Put in ₹2,380 Cr Bids
India's Central Bank of India announced an Offer‑For‑Sale of up to 8% of its shares at a floor price of ₹31 per share. Institutional investors placed bids worth ₹2,380 crore (about $286 million), oversubscribing the 32.58 crore shares on offer by 2.36 times....
ESENTIA Secures $2 Billion Investment‑Grade Bond Offering, Triple‑Agency Rating
ESENTIA Energy Development closed a $2 billion senior unsecured 144A/Reg S bond offering, oversubscribed 4.5 times and rated investment‑grade by Moody's, S&P and Fitch. The proceeds retire $2.1 billion of project debt and fund a new $600 million revolving credit facility, marking the Mexican...
SpaceX IPO Prospectus Is Notably Vague on Musk’s Long-Term Ambitions
SpaceX filed a 377‑page S‑1 prospectus ahead of a June IPO, highlighting its dominant launch market share and historic cost reductions. The filing notes a 99% mission success rate and that Starlink accounts for roughly 9,700 of the 15,000 active...
JPMorgan Explores Risk Transfer for $4bn NAV Loan Portfolio
JPMorgan is evaluating a risk‑transfer structure for its roughly $4 billion net‑asset‑value loan portfolio, signalling banks’ appetite for securitising private‑credit exposure. At the same time, private‑equity firms are actively reshuffling assets: Warburg Pincus‑backed PDG has launched a sale of Chinese data‑centre...
SFR Takeover Deal 'Uncertain' – Iliad CEO
Iliad CEO Xavier Reynaud said the proposed €20.35 billion ($22.2 billion) takeover of Altice’s SFR remains uncertain, with the exclusivity period now extended to 5 June 2026. The bid, backed by Orange, Bouygues Telecom and Iliad, follows a missed May deadline and reflects valuation...
The Friday File: SpaceX IPO; 6G; T-Mobile AI
SpaceX confirmed plans for a Nasdaq IPO as early as next month, with a potential $75 billion raise and a reported $1.75 trillion valuation that would eclipse all prior tech listings. Telstra and Ericsson signed a letter of intent to jointly develop...