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
Panthalassa Secures $140 Million to Deploy Wave‑Powered Floating Data Centres
Panthalassa closed a $140 million financing round led by Peter Thiel, valuing the start‑up at nearly $1 billion. The capital will fund the construction of 85‑metre solid‑steel nodes that generate electricity from ocean waves to power AI‑intensive data centres, a direct response to the projected 30% annual rise in data‑centre energy use.
Cerebras Raises $5.55 Bn in Biggest US Tech IPO Since Snowflake
Cerebras Systems closed its debut on the Nasdaq with a $5.55 bn raise, valuing the wafer‑scale chip maker at roughly $95 bn. The offering marks the biggest US tech IPO since Snowflake in 2020 and signals fierce investor appetite for pure‑play AI...
SMGP Taps ₱30-Billion Bond War Chest to Accelerate Renewable Energy Projects
San Miguel Global Power Holdings (SMGP) raised a ₱30 billion (~$540 million) bond, allocating nearly half (₱14.84 billion, about $267 million) to solar and hydro projects as part of its renewable‑energy push. The funding also supports a 200‑MW baseload supply contract with Meralco that...
LiveRamp Announces Fourth Quarter and Fiscal Year 2026 Results
LiveRamp reported Q4 2026 revenue of $206 million, a 9% year‑over‑year increase, and full‑year revenue of $813 million, also up 9%. GAAP operating income turned positive at $15 million in the quarter and $83 million for the year, driving a record operating cash...
Kailera Therapeutics IPO Priced at $16, Opens at $26 Targeting Obesity Market
Kailera Therapeutics priced its initial public offering at $16 per share and opened at $26 on April 17, raising capital to advance its GLP‑1 obesity drug pipeline. The move places the company directly against industry giants Eli Lilly and Novo Nordisk as...
Musk Wants SpaceX to Go Public. Here's How It Works
Elon Musk is pushing SpaceX toward an initial public offering, with the company slated to file its S‑1 registration statement with the SEC this week. The filing will trigger a multi‑month roadshow, including a special event for 1,500 retail investors...
Anthropic's Shadow IPO Market Is Already Flashing Trillion-Dollar Prices
Anthropic remains a private AI startup, but a new shadow‑IPO market now tracks its valuation on a public‑style ticker. Forge’s private‑company price sheet listed Anthropic at $264.57 per share as of May 15, 2026, giving investors a rare glimpse into demand for...
Doosan to Acquire 100% of SK Siltron, Expanding Semiconductor Footprint
Doosan Group has been named the preferred bidder to acquire 100% of SK Siltron, the world’s third‑largest semiconductor wafer supplier. The deal, expected to close by early 2026, would give Doosan a direct foothold in wafer production, silicon carbide (SiC)...
Netflix’s Greg Peters on Why It Walked Away From the Warner Bros. Discovery Deal
Netflix co‑CEO Greg Peters explained why the company abandoned its $82.7 billion bid for Warner Bros. Discovery, citing a valuation that exceeded the benefit to members. The decision triggered a $2.8 billion termination fee but underscored Netflix’s focus on organic growth through...
Power Finance Corp Board Clears Next Step for REC Merger, Seeks President's Nod
Power Finance Corp (PFC) has cleared a board resolution to request the President of India’s approval for its proposed merger with REC Limited. The deal, structured as a share swap, raises concerns that the combined entity’s government stake could dip...
North Reef Capital Dumps $103 Million of Stellar Bancorp Amid 37% Rally
North Reef Capital Management liquidated its full 2.88 million‑share position in Stellar Bancorp for an estimated $103.10 million, cashing in on a 37% stock rally. The move comes as Stellar prepares for a merger with Prosperity Bancshares, raising questions about capital‑raising needs...
SpaceX Files for $75 Billion IPO, Targeting $2 Trillion Valuation
SpaceX filed an S‑1 to raise up to $75 billion at a valuation above $2 trillion, accelerating its Nasdaq debut to June 12. The offering combines SpaceX’s launch and satellite businesses with its newly merged AI arm, xAI, which contributed a $4.94 billion...
Blackrock Eyes SpaceX Stake as Musk Pulls IPO Forward to June
Elon Musk has accelerated SpaceX's initial public offering to June 11, with trading set to begin on Nasdaq the following day under the ticker SPCX. The company is targeting a valuation between $1.75 trillion and $2 trillion, which could raise as much...
PFC Board Clears Next Step for REC Merger, Seeks Govt Approval
Power Finance Corporation (PFC) board approved seeking the President’s approval for its merger with REC Limited. The deal will use a share‑exchange ratio set by appointed valuers, and the merged entity will retain government‑company status. With the government holding 55.9%...
JPMorgan Tops Tech Investment Banking Rankings After Early-Stage Startup Push
JPMorgan surged to the No. 1 spot in global technology investment banking in Q1, capturing 16.7% of total tech fees and outpacing Goldman Sachs in most categories. The gain stems from a deliberate early‑stage startup strategy, highlighted by its role in...
Auddia Files S‑4 to Merge with Thramann, Creating Unified AI Platform
Auddia has filed a Form S‑4 to merge with Thramann Holdings, creating a combined entity branded as the McCarthy Finney AI platform. The filing, made public today, marks a formal step toward consolidating two competing AI software providers.
Channing Capital Management Buys $89.5 Million of Belden, Adds $73.6 Million Independent Bank Stake
Channing Capital Management, LLC disclosed a new $89.48 million position in Belden Inc., acquiring 710,458 shares that represent 2.09% of its 13F assets. The fund simultaneously built a $73.65 million stake in Independent Bank Corp., highlighting a diversified push into industrial networking...
China’s State AI Fund Leads Up to $4 B Financing for DeepSeek, Valuing Lab at $50 B
DeepSeek, the Hangzhou AI lab founded by billionaire Liang Wenfeng, is close to closing a financing round led by China’s National Artificial Intelligence Industry Investment Fund that could raise as much as $4 billion and value the company at $50 billion. The...
SpaceX Is Reportedly Getting Ready to Go Public as Early as June
SpaceX is accelerating its initial public offering, aiming for a Nasdaq debut as early as June 12, with a roadshow slated to start June 4 and a share sale by June 11. The company hopes to raise up to $75 billion, targeting a $1.75 trillion...
GIP‑EQT Consortium Offers $15 Bn Cash Deal to Acquire AES, Premium Over 35%
GIP and EQT have announced a cash offer of $15 per AES share, valuing the U.S. power producer at roughly $15 bn. The deal, backed by $10.69 bn of equity and debt commitments, requires shareholder approval and regulatory clearances before the company...
Vista Equity Partners Opens Abu Dhabi Office, Boosting Middle East Tech Investment
Vista Equity Partners has opened a new Abu Dhabi office within the Abu Dhabi Global Market (ADGM), gaining full regulatory authorization to advise on and arrange technology investments across the region. The move underscores rising Middle Eastern demand for enterprise‑software...
Aditya Birla Group to Invest ₹4,730 Crore in Vodafone Idea
Aditya Birla Group announced a $500 million equity infusion into Vodafone Idea (Vi) through fully convertible warrants worth ₹4,730 crore. The move brings the group’s cumulative investment in Vi to roughly $3.3 billion, underscoring its commitment to the distressed telecom operator. The infusion follows a...
Gemini Space Station Lands $100 Million From Winklevoss Twins, Stock Surges 21%
Gemini Space Station announced a $100 million strategic investment from Winklevoss Capital Fund at $14 per share, propelling the company's shares 21% higher. The infusion underscores a growing trend of private‑equity‑style capital flowing into crypto‑focused ventures amid heightened market volatility.
IDBI Bank to Raise up to ₹10,000 Crore via Long-Term Rupee Bonds in FY27
IDBI Bank’s board approved a private‑placement of up to ₹10,000 crore (≈ $1.2 bn) in long‑term rupee bonds to be issued by March 2027. The move follows a 16% YoY rise in net advances to ₹2.54 trn (≈ $30.5 bn) and a 12% YoY increase in deposits...
Elon Musk Says He Isn’t Selling His SpaceX Shares as IPO Looms
Elon Musk told followers on X that he will not sell any of his SpaceX shares as the company prepares to file for an initial public offering as early as next week. Bloomberg reports that SpaceX is targeting a valuation...
Anthropic Nears $900 B Valuation in $30 B Funding Round, Overtaking OpenAI
Anthropic is reportedly negotiating a $30 billion financing round that would value the company at roughly $900 billion, overtaking OpenAI’s $852 billion mark. The rapid surge reflects explosive enterprise demand for its Claude models and signals a new scale‑up phase for frontier AI...
NextEra Energy Is Said to Be in Talks to Acquire Dominion
NextEra Energy is reportedly in talks to acquire Dominion Energy in a primarily stock transaction. The deal is designed to expand capacity for the surging electricity demand from data centers. Talks are at an early stage, with a potential announcement...
NextEra and Dominion in Talks over Tie-Up to Create $400bn US Utility Giant
U.S. power giants NextEra Energy and Dominion Energy are in advanced talks to combine their operations, potentially forming a utility company worth roughly $400 billion. The proposed tie‑up would merge NextEra’s renewable‑focused generation portfolio with Dominion’s extensive transmission and regulated assets,...
Verizon Raises $4 B with First U.S. Hybrid Bond Offering
Verizon Communications launched a $4 billion inaugural U.S. hybrid bond offering, issuing $2 billion of 6.05% notes due 2058 and $2 billion of 6.2% notes due 2056. The deal was priced on May 11, 2026, closed three days later, and was underwritten by Goldman...
Iron Dome Acquisition I Prices $150 M IPO at $10 per Share, Targeting B2B Defense Buyers
Iron Dome Acquisition I Corp. announced a $150 million IPO of 15 million units at $10 each, with proceeds earmarked for a search for a business‑combination target in the B2B defense market. The offering includes Class A shares and redeemable warrants and will...
Cerebras IPO Raises $5.55 Bn, Shares Nearly Double as Analysts Scrutinize Valuation
Cerebras Systems closed its U.S. IPO at $185 per share, raising $5.55 bn and becoming 20‑times oversubscribed. The stock surged nearly 100% from the IPO price, prompting a split among analysts over whether the valuation is justified amid soaring AI‑chip demand.
Siemens to Buy MERMEC Core Rail Tech Assets for €1.2 Bn, Boosting Digital Rail Portfolio
Siemens Mobility announced an agreement to acquire the core rail‑technology businesses of Italy’s MERMEC for an estimated €1.2 bn ($1.40 bn). The deal promises mid‑term revenue synergies of more than €400 m ($466 m) a year and gives Siemens a stronger foothold in Italy’s...
METiS TechBio IPO Raises $270 M, Debuts as First Public AI‑Powered Drug Delivery Firm
METiS TechBio listed on the Hong Kong Stock Exchange, raising HK$2.11 billion ($269.5 million) and becoming the world’s first publicly listed AI‑powered drug‑delivery company. The offering was oversubscribed more than 6,900 times, propelling the stock 173% higher on debut and drawing a...
Hotel Renovation Locks In $103M: The Los Angeles Deal Sheet
National Core secured a $103 million financing package to redevelop the Ontario Airport Hotel and Conference Center into a 295‑room Hyatt Regency. The capital structure blends $26 million in tax‑exempt C‑PACE bonds with $77 million in tax‑exempt mortgage revenue bonds, underwritten by J.P. Morgan...
Cerebras Systems Raises $5.55 B in Record AI‑Chip IPO, Valued at $56 B
Cerebras Systems completed an upsized initial public offering that raised $5.55 billion, giving the company a fully‑diluted market value of $56.43 billion. The Sunnyvale‑based wafer‑scale chip designer listed on Nasdaq under the ticker CBRS, marking the largest AI‑chip IPO of the year...
What You Need to Know About Nvidia Competitor Cerebras After Wild IPO
Cerebras Systems went public with a market value just under $100 billion, making it one of the largest tech IPOs ever. The company’s flagship WSE‑3 ASIC, a dinner‑plate‑sized chip built on TSMC’s 5‑nanometer process, is marketed for high‑speed AI inference. Cerebras...
WIRobotics Secures $68 Million Series B to Accelerate Humanoid Robot Commercialization
WIRobotics announced a KRW 95 billion ($68 million) Series B round led by JB Investment, bolstering its push to commercialize the ALLEX humanoid platform. The funding follows rapid growth of its wearable robot WIM, which has sold over 3,000 units and more...
Exyn Technologies Raises $19.4 Million in IPO, Pricing at $7.75 per Share
Exyn Technologies announced the pricing of its initial public offering on May 15, selling 2.5 million units at $7.75 each for gross proceeds of about $19.4 million. The capital will back growth initiatives for its autonomous robotics solutions aimed at enterprise customers,...
Houlihan Lokey’s One Conference Plays Deals Matchmaker
At an investment‑banking conference in New York, Houlihan Lokey highlighted its One Conference platform, positioning it as a real‑time matchmaker for mid‑market deals. The event also spotlighted a high‑profile AI chip IPO projected to raise roughly $1.2 billion, drawing significant investor...
Broadridge Opens Glasgow Hub to Boost BPO Services for Global Banks
Broadridge Financial Solutions announced the launch of a new BPO hub in Glasgow, Scotland, to serve global banks and an anchor investment‑bank client. The center adds a near‑shore delivery option that leverages local talent and regulatory proximity, aiming to improve...
City Sounds Alarm on £40bn Foreign M&A Offensive Targeting ‘Cheap’ UK Firms
A wave of foreign take‑private bids has targeted UK‑listed firms worth about $51 billion this year, pushing the total value of offers above $55 billion. High‑profile deals include a $3.4 billion offer for Tate & Lyle by US ingredient maker Ingredion and EQT’s $13.5 billion...
Cerebras IPO Surge Collapses—Sell, Not Buy
Cerebras (CBRS) priced Wed at $185 (already 50%+ above its first marketed range), opened Thu at $350, hit $386, closed $311. Today, day two: $294, intraday low $275. The same IPO that gave it a $100B paper market cap on...
Newcore Announces Upsized $15 Million Bought Deal
Newcore Gold Ltd. announced an upsized $15 million bought‑deal financing, increasing the offering from $10 million to 28.3 million common shares priced at C$0.53 each, with closing expected by May 28, 2025. The proceeds will fund exploration and development of the Enchi Gold Project in...
Debt Buybacks Boost Credit but Rating Stays Junk
Using preferred and equity issuance to raise cash to buy back corporate debt is positive for the credit and for its credit rating. A credit rating is good for one thing. New issuance of debt. Iirc S&P global already...
Seraya Partners Considers Sale, IPO for Offshore Wind Firm Cyan Renewables
Singapore‑based private equity firm Seraya Partners is exploring a dual‑track process for its offshore wind services subsidiary Cyan Renewables, weighing a sale or an initial public offering. The marine‑energy operator, valued at up to $2 billion, generates more than $100 million in...
Mahanadi Coalfields Gets Govt Nod for IPO; Coal India to Dilute up to 25% Stake
The Indian government has cleared the proposal to list Mahanadi Coalfields Limited (MCL) via an IPO, allowing Coal India Limited (CIL) to dilute up to 25% of its stake. The approval enables CIL to sell shares through an offer‑for‑sale and...
Catalyst IR Handles Mobix's Potential Deal for SPD
Mobix Labs, represented by Catalyst IR, has signed a non‑binding letter of intent to acquire Special Project Delivery LLC (SPD), a privately held platform with holdings in U.S. rare‑earth properties. The proposed transaction aims to bolster Mobix’s ability to supply...
Brookfield to Acquire World Freight Company in $1.2 Billion Deal
Brookfield Asset Management announced an agreement to acquire World Freight Company for an enterprise value of about $1.2 billion from EQT and PAI Partners. The deal, expected to close by the end of 2026, gives Brookfield a platform that serves more...
Iridium to Acquire Aireon for $366.7 Million, Expanding Satellite Connectivity
Iridium Communications announced a $366.7 million deal to acquire the remaining 61% of Aireon, bringing the sole space‑based ADS‑B surveillance system fully under its control. The transaction, split into two equal payments, positions Iridium to bundle air‑traffic data with its satellite...
Morgan Stanley Warns "Capex Over Consumption" As AI Drives US Growth
Morgan Stanley’s mid‑year US outlook, released May 12, declares a "Capex Over Consumption" economy, projecting 2.3% real GDP growth in 2026 while consumer spending slows to 1.8%. The bank highlights AI‑related capital spending—$805 bn from the five largest hyperscalers in 2026—as the...