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
ADG 4/20: Brake Dancing
Edmunds reports that 30.9% of trade‑ins for new vehicles carried negative equity in Q1 2024, the second‑highest quarterly reading on record. The average underwater balance rose to $7,183, a 42% increase over the past five years, while 90.2% of those loans extend 72 months or longer, with an average term of 77 months. Borrowers with negative equity are paying a 7.9% APR, about 100 basis points above the market norm, and subprime 60‑day delinquency rates have climbed to 7%, the highest level since the early 1990s.
CuspAI Raising $200m at Unicorn Valuation, Reports Say
CuspAI, a 2024‑founded AI startup that speeds material design, is in talks to raise at least $200 million, which would lift its valuation above the $1 billion unicorn threshold. The platform functions as a search engine for materials, generating chemical compositions from...
Plata Raises $405M Series C at $5B Valuation
Mexican fintech Plata closed a $405 million Series C round, pushing its valuation to $5 billion. The round was led by Bicycle Capital with participation from Kora, Qatar Investment Authority and BTG Pactual. Plata, now a fully licensed digital bank, plans to expand lending,...
Tigerless Health to Go Public via $280 Million SPAC Deal with Piermont Valley
Tigerless Health, the New York‑based insurtech, signed a business combination agreement with Piermont Valley Acquisition Corp. that values the company at roughly $280 million. The deal will roll all existing Tigerless equity into the combined entity and is slated to close...
Hong Kong Pulls in Over $13 Billion Q1 Capital Amid Global Turmoil
Hong Kong’s capital markets attracted more than HK$103 billion (≈$13 bn) in the first quarter of 2026, driven by strong IPO activity and renewed interest from global banks amid Middle‑East war volatility. The inflow underscores the city’s role as a gateway for...
Fusion Founders and Investors Clash Over IPO Timing and Side‑Business Strategies
TAE Technologies and General Fusion announced high‑profile mergers that could bring $200 million and $335 million respectively, sparking a debate among founders, investors, and scientists about whether the fusion sector is moving to market too soon and whether ancillary revenue streams distract...
STAT+: Eli Lilly’s $3.25 Billion Acquisition of Kelonia Therapeutics Caps Startup’s Tortuous Ride
Eli Lilly announced a $3.25 billion acquisition of Kelonia Therapeutics, a small biotech focused on cell therapies for cancer and autoimmune diseases. The deal may include additional payments if Kelonia meets clinical, regulatory, and commercial milestones. Kelonia, formerly Elcano Therapeutics, survived on...
Culture Due Diligence Is Real and Necessary
The article highlights a surge of more than 200 mergers, acquisitions, alliances and joint ventures among the top 100 CPA firms, driven by an aging partner base, stagnant organic growth, and talent shortages. While financial and operational due diligence is...
World’s Best Investment Banks 2026: Africa
The 2026 Global Finance ranking highlights Rand Merchant Bank, Standard Chartered, Chapel Hill Denham and Absa as Africa’s top investment banks. RMB delivered $939.2 million profit before tax and a 20.7% ROE while commanding a 16% South African M&A market share....
USA Rare Earth Boosts Western Supply with $2.8B Brazil Deal
USA Rare Earth (USAR) announced a $2.8 billion acquisition of Brazil’s Serra Verde Group, paying $300 million in cash and issuing 126.85 million shares. The deal brings the Pela Ema heavy‑rare‑earth mine—Latin America’s only producing operation—into a vertically integrated Western supply chain that also...
Warner Bros. Discovery and Irenic’s Plan for SNAP With Dr. Paul Nary – Special Situations Report Podcast Episode 63
Episode 63 of the Special Situations Report Podcast features Wharton professor Paul Nary discussing four high‑profile corporate actions. The conversation covers Warner Bros. Discovery’s widening bid spread, Irenic Capital’s activist campaign targeting Snap, Bill Ackman’s intricate proposal for Universal Music...
The IPO Buzz: From Burritos to Small Nukes – Something for Everyone
IPO bankers are lining up eight offerings this week to raise roughly $1.78 billion. Convenience‑store chain Yesway plans to sell 13.95 million shares, targeting $300 million at $20‑$23 per share, and reports $54 million net income on $2.67 billion revenue. Nuclear‑tech developer X‑Energy seeks $750.1 million...
FCA Publishes Findings in Relation to Market Soundings in UK Equity Capital Markets
The FCA released a review of market soundings in UK equity capital markets, analysing transactions over £50 million (about $63 million) that ran between January 2023 and June 2025. It found that trading volumes fell roughly 13% during the sounding window, while key quality...
World’s Best Investment Banks 2026: Asia-Pacific
Asia‑Pacific investment banks are cementing dominance as deal flow surges across M&A, equity and debt markets. ICBC reported $121 billion operating income and led China’s merger financing and bond underwriting, while DBS facilitated a $1.1 billion brokerage merger in Singapore and multiple...
From $125k Loan to $12B Franchise Empire
Jersey Mike’s founder Peter Cancro sold majority of sub chain to Blackstone for $8B in 2024. In 2025, Wingstop's former CEO took top job and has filed to go public. Details on Cancro skipping college and turning $125k loan into...
World’s Best Investment Banks 2026: Central & Eastern Europe
The 2026 Global Finance ranking spotlights four Central and Eastern European banks that dominated 2025 deal flow. PKO Bank Polski coordinated Allegro’s €677 million accelerated book‑build and issued a €500 million green bond, while Bank Pekao advised the €1.2 billion Packeta Group sale...
Kelonia Investor Venrock Will Clear a 45-Fold Return on Startup's Sale to Lilly
Venture capital firm Venrock is set to pocket roughly $900 million after its modest $20 million seed investment in Kelonia Therapeutics paid off. Kelonia agreed to an all‑cash acquisition by Eli Lilly valued at $3.25 billion, delivering an upfront payment that triggers the windfall....
9.5%
New preferred stock alert: Cantor Fitzgerald Income Trust is issuing CFTRPRA shares with a fixed 9.5% dividend. High yield, but it's illiquid & carries BDC risk. Not for everyone. Investing
Lilly Adds Gene Delivery Technology to CAR T in up to $7B Kelonia Deal
Eli Lilly announced an up‑to $7 billion acquisition of Kelonia Therapeutics, securing its Phase 1 lentiviral in‑vivo CAR‑T candidate KLN‑1010 and the iGPS gene‑delivery platform. iGPS uses lentiviral particles to program a patient’s own T‑cells, potentially eliminating ex‑vivo manufacturing and pre‑treatment chemotherapy. The deal...
How India Became the World's Most Prolific IPO Market
India dominated the global IPO scene in 2025, delivering 367 new listings that represented 28.4% of worldwide deal count, outpacing the US, China and Hong Kong. Decades of reforms beginning in 1991 transformed the market, first by attracting foreign institutional...
Four Major Deals Showcase Hefty Premiums Across Sectors
Today's M&A notes $BLD to be acquired by $QXO for $227.25 cash per share + 11.11x shares, 23.1% premium, $17.0 billion $SILA to be acquired by $OWL for $30.38 cash per share, 19.0% premium, $2.4 billion $RUP.to to be acquired by $AEM for...
Jersey Mike’s Could Go Public
Jersey Mike’s Submarines is preparing for an initial public offering after filing a confidential S‑1 with the SEC. The sandwich chain expanded from 2,387 stores in early 2023 to 3,227 locations by early 2026, driven by a majority‑stake purchase by...
2026 Could Add Three Trillion‑Dollar IPOs to Top Ten
2026 may see 3 IPOs that instantly put the companies in the world's top 10 largest by market cap. In our recent Scouting the Tape, I try to quantify the impact of this coming onslaught of trillion dollar IPOs. Shoutout to...
LLY Acquires Kelonia for $3.25bn After ASH25 Insights
It's official: $LLY buying Kelonia for $3.25bn + milestones. @ByMadeleineA take on the #ASH25 dataset that triggered this move: https://t.co/nVUNlq7YlO
Private‑Equity Bid Worth $3.9 B Targets San Diego Padres, Raising CBA Stakes
Private‑equity investors Jose E. Feliciano and Kwanza Jones are poised to acquire the San Diego Padres for $3.9 billion. The bid arrives amid a succession dispute and just before MLB’s new TV contracts and collective bargaining agreement are finalized, prompting concerns...
Blue Owl to Acquire Sila Realty Trust in a $2.4 Billion Cash Deal
Blue Owl Capital announced a definitive agreement to acquire Sila Realty Trust for $2.4 billion in cash, pricing the transaction at $30.38 per share, a 19% premium to the prior close. The acquisition values Sila at 11.89 times its funds from...
Pulnovo Medical Raises $100 Million in Strategic Round Led by Medtronic
Pulnovo Medical announced a $100 million strategic financing round led by Medtronic, adding new investors and cementing a commercial partnership. The capital will accelerate clinical trials, regulatory filings and international rollout of its Pulmonary Artery Denervation system.
Honeywell to Sell Productivity Solutions and Services Business to Brady Corporation
Honeywell announced it will sell its Productivity Solutions and Services (PSS) business to Brady Corporation for $1.4 billion in cash. The PSS unit, which generated about $1.1 billion in 2025 revenue, provides mobile computers, barcode scanners and printing solutions for warehouse and...
Ripple Completes $750 Million Share Buyback, Launches $3 Billion Cross‑border Expansion
Ripple announced the completion of a $750 million share buyback, lifting its market value to $50 billion. The company also disclosed a $3 billion deployment plan for cross‑border payments, backed by recent acquisitions and new central‑bank partnerships.
New Found Gold Secures $150M for First Phase of Queensway Project
Canadian miner New Found Gold secured C$205 million (approximately $150 million) in financing to advance its Queensway gold project in Newfoundland and Labrador. The package includes a C$100 million equity raise and a C$105 million senior secured credit facility, both led by EdgePoint Investment...
‘Multiple’ Parties Express Interest in Acquiring Wasserman’s The Team Agency
Multiple suitors, including United Talent Agency, private‑equity firm Permira, former Endeavor chairman Patrick Whitesell, and a consortium led by Reddit co‑founder Alexis Ohanian, are circling The Team, the rebranded Wasserman talent agency. Interested parties have until April 20 to submit offers...
The Home Depot Acquires Automation Firm
The Home Depot announced the acquisition of SIMPL Automation, a firm that combines advanced engineering with artificial‑intelligence to streamline distribution‑center operations. The deal, whose financial terms were not disclosed, adds AI‑driven robotics and real‑time analytics to Home Depot’s supply‑chain toolkit....
Bulley & Andrews Acquires Interiors Contractor ICG
Bulley & Andrews, a 135‑year‑old Chicago contractor, announced the acquisition of Interior Construction Group (ICG). Financial terms were not disclosed, and ICG will operate as Bulley & Andrews Interior Construction Group with no layoffs. The deal expands B&A’s interior‑fitout capabilities...
Update: Lilly Makes $7bn Bid for in Vivo CAR-T Firm Kelonia
Eli Lilly has confirmed a $3.25 billion upfront offer for Kelonia Therapeutics, with milestone payments that could lift the total value to $7 billion. Kelonia’s in vivo CAR‑T candidate KLN‑1010 demonstrated MRD‑negative responses in a four‑patient early‑stage study, highlighting the promise of off‑the‑shelf cell...
How a Buyer’s AI Conversations Sank Its Earnout Avoidance Strategy
The Delaware Court of Chancery ruled that Krafton breached its Equity Purchase Agreement by terminating Unknown Worlds' key executives without contractual cause and seizing operational control of the studio. The court reinstated the studio's CEO, enjoined Krafton from circumventing that...
The (Missing) Relation Between Acquisition Announcement Returns and Value Creation
The paper by Ben‑David, Bhattacharya, Huang and Jacobsen shows that the cumulative abnormal return (CAR) around acquisition announcements does not predict actual deal outcomes. Analyzing over 47,000 deals from 1980‑2018, the authors find no correlation between CAR and goodwill impairments,...
Dangote Sugar Refinery Gets Shareholders’ Approval for N500bn Rights Issue
Dangote Sugar Refinery Plc secured shareholder approval for a N500 billion (≈$1.1 billion) rights issue at its AGM. The company, with 12.146 billion shares outstanding at N68 (~$0.15) each, is 66.9% owned by Dangote Industries, while Aliko Dangote holds 5.4%. Financially, the 2025 loss...
Agnico Lines up $3B Multi-Deal to Build Finland Hub
Agnico Eagle is orchestrating a roughly $3 billion, three‑deal package to consolidate a 2,492‑sq‑km gold district in Finland. The core transaction is a $2.1 billion acquisition of Rupert Resources, adding the 3.5 million‑ounce Ikkari project adjacent to its Kittila mine. Additional cash deals...
World’s Best Investment Banks 2026: Latin America
Latin America’s investment banking sector showed robust activity in 2025, with BTG Pactual reaffirming its lead by generating $15 bn in M&A, $2 bn in equity capital markets and over $159 bn in debt capital markets. Itaú BBA leveraged a market rebound to...
World’s Best Investment Banks 2026: Middle East
In 2025 the Middle East’s investment‑banking scene was driven by post‑pandemic growth, energy diversification and sweeping capital‑market reforms. KFH Capital topped the list, executing over $60 billion in transactions and leading 16 debt issuances, including a landmark $3 billion sukuk for Saudi...
World’s Best Investment Banks 2026: North America
In 2025 North America’s investment banks overcame early‑year geopolitical and tariff headwinds, with J.P. Morgan, Houlihan Lokey, Morgan Stanley and BofA Securities emerging as the top performers. J.P. Morgan drove a $1 billion Circle deal, a $364 million Heartflow offering and advised a $15 billion Walgreens...
UCB to Acquire Neurona Therapeutics for $650M, Adding Regenerative Epilepsy Asset
UCB announced a definitive agreement to acquire Neurona Therapeutics for $650 million upfront and up to $500 million in milestones, adding the regenerative cell therapy NRTX‑1001 to its epilepsy pipeline. The deal, expected to close by Q2 2026, expands UCB’s portfolio into advanced‑therapy...
World’s Best Investment Banks 2026: Western Europe
The 2026 Global Finance ranking spotlights Western Europe’s top investment banks as the region rebounds. UBS led equity capital markets, coordinating the €808 m (≈$874 m) Ottobock IPO and a £348 m (≈$467 m) UK listing, while Rothschild & Co dominated M&A with 362...
Cora Gold Secures $120m in Funding for Mali Project
Cora Gold has secured a $120 million gold‑stream financing from Eagle Eye Asset to fully fund its Sanankoro Gold Project in southern Mali, complementing a recent $21.2 million equity raise. The stream covers 30.44% of the mine’s output at a discounted 20%...
Houlihan Lokey: Hiring Top Talent Is The Key
Houlihan Lokey reported closing 458 M&A deals in 2025, surpassing giants such as Goldman Sachs, Rothschild and JPMorgan Chase. The firm attributes the surge to deep sector expertise combined with a broad geographic footprint—55% of its revenue comes from the U.S. and...
Eli Lilly in Advanced Talks to Buy Kelonia Therapeutics for over $2 Billion
Eli Lilly is in advanced talks to acquire Kelonia Therapeutics for over $2 billion, according to the Wall Street Journal. The deal, which may include milestone payments, could be announced as early as Monday and would bolster Lilly’s oncology pipeline. Shares...
SpaceX Targets $75 B IPO, Could Set Record with $1.75 T Valuation
Elon Musk’s SpaceX is lining up a $75 billion capital raise that would value the private launch and satellite firm at roughly $1.75 trillion, the largest IPO ever contemplated. Morgan Stanley is leading the bookrun as investors weigh the upside of Starlink...
Sidus Space Secures $58.5 Million in Direct Stock Offering to Fuel Growth
Sidus Space, the Florida‑based space and defense technology firm, priced a best‑efforts registered direct offering of 13.45 million Class A shares at $4.35 each, raising roughly $58.5 million. The cash will be used for working capital and general corporate purposes, signaling strong investor...
Kailera Therapeutics' $625 Million IPO Sets Record as Largest Biotech Offering
Kailera Therapeutics completed a $625 million IPO on Nasdaq, the largest biotech offering by proceeds to date. The upsized deal lifted its share price 62.5% on debut and dramatically increased RTW Bio’s net asset value, underscoring the appeal of its new‑co...
Amazon to Acquire Globalstar for $11.6 B, Expanding Satellite IoT Services
Amazon announced a $11.6 billion deal to buy Globalstar, securing 24 operational satellites, spectrum licenses and direct‑to‑device capability for its Leo network. The acquisition dovetails with an Apple partnership and positions AWS to offer satellite‑backed IoT solutions to remote enterprises.