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
AI Firm C5i Revives IPO Plans, Eyes ₹1,200 Crore Raise Amid Sector Momentum
AI analytics firm C5i, formerly Course5 Intelligence, has revived its IPO plans, targeting a raise of ₹1,000‑1,200 crore ($120‑$144 million) within the next 12‑18 months. Backed by 360 One, the company is re‑engaging investment banks such as ICICI Securities after shelving a 2022 filing due to weak market sentiment. Early‑stage discussions are underway to gauge demand and structure the offering. The move reflects renewed confidence in the Indian AI sector’s growth trajectory.
The Musk Banker Who Took a Back Seat to Goldman Sachs
The article profiles veteran investment banker John McCaskey, who was Elon Musk’s primary financial adviser during the early fundraising rounds for Tesla and SpaceX. McCaskey helped secure billions of dollars in equity and debt, but a recent $5 billion private financing...
Vedanta Resources Looking to Rejig $5.5 Bn Holdco Debt in One Go
Vedanta Resources is negotiating a single‑shot refinancing of its $5.5 bn holding‑company debt. The plan targets $3.5‑3.7 bn of 10‑year amortising bonds and $1.5‑1.7 bn of five‑year senior loans, aligning repayments with dividend cash flows after a recent demerger. Extending the average debt...
Anthropic‑Backed AI Services Firm Acquires Fractional AI in Private‑Equity‑Backed Deal
An AI‑native enterprise services firm backed by Anthropic, Blackstone and Hellman & Friedman announced the acquisition of San Francisco‑based Fractional AI. The deal adds a top‑tier applied‑AI engineering team to the new company, positioning it to embed Anthropic’s Claude model across...
Kennedy Wilson Prices $1.8 Billion Senior Notes to Fund Merger and Debt Repayment
Kennedy Wilson priced a $1.8 billion senior notes offering—$1.1 bn at 7.00% due 2031 and $700 m at 7.25% due 2033—aimed at redeeming existing debt, supporting a pending merger, and bolstering its credit facility. The transaction, structured under Rule 144A and Regulation S, underscores active...
OpenAI to File Confidential IPO Docs by May 22, Targets September Listing
OpenAI is preparing to confidentially submit its IPO application to the U.S. SEC as early as May 22, with a September market debut in view. The filing puts the AI firm on a fast track to become a large‑cap contender...
Gibson Dunn and Davis Polk Land Key Roles in SpaceX’s $2 Trillion IPO
Gibson Dunn is advising SpaceX on its planned $2 trillion initial public offering, the largest ever, while Davis Polk is steering the underwriting banks. The deals highlight the firms’ deepening involvement in private‑space finance and set a new benchmark for capital‑markets...
MRE's Aircraft ABS Aims to Raise $612 Million
MRE’s aircraft asset‑backed securities (ABS) program is set to raise $612 million through two tranches—class A notes of $585 million and a smaller class B tranche—issued via the FTAI MRE 2026‑1 Cayman and US structures. The pool comprises 48 narrow‑body and freighter aircraft, 90.6% of value...
LIV Golf Seeks $250 Million as Saudi Funding Ends, Eyes Bankruptcy Filing
LIV Golf announced a $250 million capital raise to keep the league operating after Saudi Arabia’s Public Investment Fund withdrew its multi‑billion‑dollar backing. With cumulative losses exceeding $1.4 billion, the circuit is also preparing a U.S. Chapter 11 filing and may relocate its...
AvalonBay and Equity Residential to Form $52B REIT in All‑Stock Merger
AvalonBay Communities and Equity Residential announced an all‑stock merger that will create a combined entity valued at roughly $52 billion in equity and $69 billion enterprise value. The deal gives AvalonBay shareholders 2.793 Equity Residential shares per AVB share, resulting in a...
Congo Secures $850 Million 10‑Year Bond, Citigroup Leads Landmark African Sovereign Deal
The Republic of Congo issued an $850 million, 10‑year international bond at a 9.5% coupon, drawing $1.6 billion of orders. Citigroup acted as sole bookrunner, and the oversubscribed deal signals renewed investor appetite for African sovereign issuances.
SpaceX Used a $20 Billion Bridge Loan to Slash Musk’s Debt Costs in Half, IPO Filing Reveals
SpaceX’s IPO filing shows the company secured a $20 billion bridge loan that retired $17.5 billion of high‑interest junk debt from X and xAI. The new loan carries a 4.58% effective rate, cutting annual interest expenses to roughly $900 million—about half of the...
Unilever to Sell Food Business to McCormick in $66 Billion Mega‑Merger
Unilever agreed to sell its food division to McCormick for $66 bn, paying $15.7 bn in cash and giving Unilever a 65% equity stake in the new entity. The deal creates a $20 bn‑revenue global flavour leader and leaves Unilever as a €39 bn...
Blockchain.com Files Confidential Draft S‑1, Paving Way for Crypto‑Focused IPO
Blockchain.com submitted a confidential draft registration statement to the SEC, moving the Dallas‑based crypto platform toward a public offering. The filing comes as the firm, which runs a wallet with over 80 million users and has processed $1.2 trillion in transactions, seeks...
The Estée Lauder Cos. And Puig End Merger Talks
The Estée Lauder Companies and Spanish fashion‑and‑beauty group Puig announced Thursday that they have ended discussions on a potential merger. Both CEOs thanked each other and reaffirmed confidence in their independent strategies. Estée Lauder said it will continue to pursue...
TD Survey Finds Middle‑Market Dealmakers Ready for M&A but Valuation Gaps Remain
TD’s H2‑2026 survey of middle‑market financial decision‑makers reveals strong optimism—67% say conditions are improving and 64% expect more deals—while 77% flag valuation gaps as the biggest obstacle. Capital is accessible but structuring challenges persist, shaping the next wave of M&A...
SpaceX Is Worth $1.75 Trillion. Only 7% of That Is Real.
SpaceX filed a Form S‑1 on May 20 to raise up to $80 billion in a dual‑class IPO that would value the company at roughly $1.75 trillion, making it one of the world’s most valuable public firms. The prospectus breaks the business into three...
SpaceX and OpenAI’s IPO Updates Are Strangely Simpatico
Elon Musk’s SpaceX accelerated its IPO timeline, filing an S‑1 and targeting a June 12, 2026 Nasdaq debut under the ticker SPCX. A week later, Sam Altman’s OpenAI announced plans to confidentially file its prospectus by May 20, with a goal of going...
PNE Issues Bond: PNE AG Plans €65 Million for Refinancing and Project Business
PNE AG announced a new corporate bond of up to €65 million (approximately $70 million) to be issued in Q2 2026, marking its fourth bond in 13 years. The five‑year instrument will carry a coupon between 6.75% and 7.75% and mature on 18 June 2031. An...
SpaceX Files S‑1 for $1.75T IPO, Unveils $700B Musk Pay Package and Mars‑robotics Roadmap
SpaceX filed its S‑1 on May 20, 2026, seeking a $1.75 trillion IPO valuation and granting Elon Musk a $700 billion restricted‑share package. The prospectus details a $4.9 billion 2025 loss, $18.7 billion revenue and a $28.5 trillion addressable market anchored by robotics for Mars colonization.
CBS, TNT Sports Parents Face New Merger Scrutiny by Lawmakers
Paramount Global’s $110 billion bid to acquire Warner Bros. Discovery has drawn fresh scrutiny from six Democratic senators, who sent a letter to FCC Chair Brendan Carr highlighting national‑security risks tied to the proposed 49.5 % foreign ownership of the combined entity....
SpaceX IPO Filing Shows Billions in AI Losses, a $2 Trillion Valuation Target, and Turbine Spending that Signals More Data...
SpaceX filed an S‑1 seeking up to $75 billion in proceeds and a $2 trillion market cap, the largest IPO ever contemplated. The filing shows a $4.28 billion Q1 2026 loss driven by a $6.36 billion AI‑division deficit, while Starlink contributed two‑thirds of revenue. Anthropic...
Reebok Owner Acquires Lee and Plans IPO with a New “Wall Street CEO”
Authentic Brands Group (ABG), the owner of Reebok, Champion and Brooks Brothers, announced it will pursue an initial public offering within the next twelve months. Simultaneously, ABG is acquiring the denim label Lee, expanding its apparel portfolio. Founder Jamie Salter...
The Main Takeaways From Elon Musk’s Plans for $1.75tn SpaceX Flotation
Elon Musk’s SpaceX filed a prospectus for a $1.75 tn (≈$1.63 tn) flotation slated for next month, seeking public capital to fund its multi‑planetary vision. The 2025 financials show a $4.9 bn loss on $18.7 bn revenue, with Starlink’s $11.4 bn connectivity segment the only...
Brink’s Completes $1.5 B Buyout of NCR Atleos as GlobeFlex Exits Stake
Brink’s has closed a $1.5 billion buyout of NCR Atleos, paying $30 in cash plus 0.1574 Brink’s shares per Atleos share. At the same time, GlobeFlex Capital sold its entire 250,950‑share position for an estimated $10.37 million, wiping out its 3.8% AUM...
Fat Brands to Be Sold to Multiple Buyers for Nearly $1B
Fat Brands, the owner of restaurant chains such as Round Table Pizza and Twin Peaks, has received court approval for a series of asset sales that total nearly $1 billion. Hot Dog on a Stick and Elevation Burger were sold for...
SpaceX, OpenAI and Anthropic Race to Go Public
SpaceX has filed an S‑1 prospectus, signaling an IPO that could launch as early as next month, making it the largest public offering ever contemplated. OpenAI is targeting a September listing after a $150 billion legal victory, while Anthropic eyes a...
Saudi Arabia's Alinma Bank Prices $500mn Sustainable AT1 Sukuk at 6.625%
Saudi Arabia’s Alinma Bank priced a $500 million sustainable AT1 sukuk at a 6.625% coupon, issuing 2,500 certificates with a $200,000 par value each. The perpetual capital instrument is callable after five and a half years, with settlement slated for June 3...
SpaceX’s IRA Grants Early Investors Exit Rights
🚀 SpaceX - Governance #10 “Amended and Restated Investors’ Rights Agreement” (often just called the IRA) SpaceX added a link to the IRA document in the S-1, so let's go there before we discuss in the next post lockup periods: It is a contract...
OpenAI Preparing to File for IPO Within Days (Report)
OpenAI is poised to file a confidential U.S. IPO as early as May 22, with a public debut targeted for September. The ChatGPT maker, valued at $852 billion after a $122 billion funding round, is working with Goldman Sachs and Morgan Stanley on...
Podcast: Carlos Domingo on Securitize, Tokenization and Its SPAC Deal with Cantor Equity Partners II (CEPT)
Securitize, a leading digital‑asset tokenization platform, is finalizing a $1.36 billion business combination with Cantor Equity Partners II (NASDAQ: CEPT). The SPAC merger will take Securitize public, giving investors direct exposure to the infrastructure behind stablecoin and tokenized‑asset growth. CEO Carlos...
Paramount-WBD Deal Raises Questions over SkyShowtime Future
Paramount’s pending acquisition of Warner Bros. Discovery could upend the SkyShowtime joint venture, as the deal would place HBO Max—already active in most of SkyShowtime’s 22 European markets—under the same corporate umbrella. Lawyers are reviewing the partnership’s shareholder agreement, which...
SpaceX Files for $80 Billion Mega‑IPO, Eyeing Record‑size Equity Sale
SpaceX submitted a Form S‑1 on May 20, proposing to raise as much as $80 billion at a $1.7‑trillion valuation – a deal that would dwarf any IPO in history. The filing outlines a dual‑class share structure that keeps Elon Musk in control...
James Murdoch's Lupa Systems Pays Over $300 M for Half of Vox Media, Including New York Magazine
James Murdoch’s Lupa Systems has agreed to purchase roughly half of Vox Media – New York Magazine, Vox.com and the Vox podcast network – in a deal valued at over $300 million. The transaction, advised by LionTree, signals a major media consolidation...
NextEra Energy to Acquire Dominion Energy in $66.8 B All‑Stock Deal
NextEra Energy announced an all‑stock acquisition of Dominion Energy valued at $66.8 billion, creating the largest regulated electric utility in the United States. The deal, which gives NextEra a 74.5% stake and Dominion shareholders 25.5%, is being hailed as a strategic...
SpaceX Files for Nasdaq IPO, Ticker SPCX, Targeting Public Markets
SpaceX submitted an IPO registration with the SEC on May 20, aiming to list on Nasdaq under the symbol SPCX. The filing disclosed a Q1 operating loss of $1.94 billion, a net loss of $4.276 billion on $4.694 billion revenue, and listed a...
AIM ImmunoTech Secures $2.4 Million via Direct Share Offering and Warrant Placement
AIM ImmunoTech Inc. entered definitive agreements for a registered direct offering of 7.51 million shares at $0.325 per share, targeting roughly $2.4 million in gross proceeds. A concurrent private placement of Series I warrants for up to 15.04 million shares will also raise capital,...
SpaceX IPO Requires Leap of Faith in AI, Mars and Musk’s Vision
SpaceX filed an unprecedented IPO prospectus that lays out a multi‑billion‑dollar valuation target while acknowledging soaring losses and growing debt. The filing reveals that Musk’s empire is pouring billions into artificial‑intelligence research and a next‑generation Mars launch vehicle. By betting...
Admiral Markets Announces Buyback Offer for up to 8,476 Tier 2 Bonds
Admiral Markets AS announced a buyback offer for up to 8,476 Tier 2 bonds issued in December 2017, covering a total nominal value of €847,600 (≈ $932,000). The repurchase price is €101.02 per bond (≈ $111), consisting of the €100 face value, a €1...
Deal Lawyers Download Podcast: SRS Acquiom Annual M&A Deal Terms Study
The Deal Lawyers Download Podcast featured Kip Wallen discussing SRS Acquiom’s 2026 M&A Deal Terms Study. In a 20‑minute episode, the hosts highlighted emerging patterns such as the rise of “jumbo” transactions, evolving earnout structures, and shifts in purchase‑price adjustments....
M&A Wave Hits the Mid-Market
Shawbrook’s latest research shows a surge in mergers and acquisitions among mid‑market firms, with 56% either actively negotiating or having recently closed a deal. Growth acceleration, demand management, and market entry each motivate roughly 30% of firms pursuing transactions. However,...
Oceanhawk Acquisition Corp. (OHACU) Prices Upsized $160M IPO
Oceanhawk Acquisition Corp. (OHACU) priced an upsized $160 million initial public offering, with units slated to start trading on Nasdaq on May 21, 2026. The SPAC, led by CEO Ernest Miller and CFO Jon Ryan, will seek a merger with a company in...
Armada Secures $230 Million Series B to Build Arizona Modular Data‑Center Factory
Armada announced a $230 million Series B round that values the San Francisco‑based modular data‑center builder at $2 billion. The funding, led by Johnson Controls, will finance a 400,000‑square‑foot factory in Arizona to mass‑produce its megawatt‑scale Leviathan units, targeting AI workloads in defense, energy...
SpaceX Revealed as AI‑driven Connectivity Powerhouse in S‑1
Space X is actually 3 companies in one. Space , connectivity & AI $SPCX. Today, SpaceX has released its long-awaited S-1 to go public on the Nasdaq. We just did a deep dive from the S-1 filing. 👉🏽 https://open.substack.com/pub/bdinvesting/p/spacex-is-really-an-ai-stock-in-disguise?r=1fden7&utm_medium=ios
IMMX Secures $150M at $8.94 to Fund NXC-201
$IMMX prices $150M underwritten offering at $8.94/share, with proceeds expected to fund continued NXC-201 development and extend operational runway into mid-2028. Morgan Stanley and BofA Securities are leading the deal. Read more: https://t.co/QxQsiNNXbz
SpaceX S-1 Reveals Tesla’s Terafab Deal Is Far From Done
SpaceX filed a 308‑page S‑1 ahead of its anticipated IPO, revealing that its flagship collaborations with Tesla—Terafab and Macrohard—are still in “very early stages” with no binding financial terms, IP rights, or timelines. The prospectus shows a sharp rise in...
Oura Files Confidential IPO, Targets Public Launch This Year
Oura has filed confidentially for IPO. Plans to go public later this year. Goldman, MS, JPMorgan, Allen & Co. and Jefferies on it. @markgurman reporting @TheTerminal
Full-Life Technologies Secures $150 Million Multi‑Instrument Financing Led by Vivo Capital
Full-Life Technologies closed a $150 million financing package comprising $110 million in Series D equity and $40 million in debt, led by Vivo Capital and joined by strategic partners. The funds will accelerate clinical programs and launch a GMP‑grade actinium‑225 manufacturing plant in...
![[Video] Taking The Pulse, A Health Care and Life Sciences Video Podcast | Episode 277: M&A Trends and Growth in...](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://jdsupra-static.s3.amazonaws.com/profile-images/og.9605_3852.jpg)
[Video] Taking The Pulse, A Health Care and Life Sciences Video Podcast | Episode 277: M&A Trends and Growth in...
In the latest episode of "Taking The Pulse," Maynard Nexsen’s new health‑care attorney John Erwin discusses the accelerating pace of mergers and acquisitions in the life‑sciences sector. He highlights how data privacy, artificial intelligence and other emerging technologies are reshaping deal structures....
SpaceX Files, OpenAI Prepares for Hot IPO Summer
SpaceX officially filed for a Nasdaq IPO under the ticker SPCX, aiming to raise up to $75 billion and valuing the company at more than $2 trillion—far above the $29.4 billion record set by Saudi Aramco. At the same time, OpenAI is preparing a...