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
Hong Kong IPO Revival Stalls as Regulators and Market Turbulence Raise Stakes for Big Deals
Hong Kong's IPO market, which raised nearly $14 bn in the first quarter – its best since 2021 – is now confronting regulatory warnings, a shortage of deal‑banking staff and Beijing's new restrictions on Chinese listings, dampening investor appetite and putting large transactions at risk.
Organigram's Sanity Deal Boosts EU Reach, Buy Pullback
Macro: Organigram acquires Sanity, expands into EU; Key: 93% vote, BAT financing, 68.6% LTM rev, positive EBITDA; Risks: closing risks, earnout; Trade: buy on pullback — Viktor Kopylov, PhD, CFA. More insights: t.me/si14Kopylov
Valuation of Solar Development Pipeline
Zenith Energy Ltd announced an independent re‑valuation of its Italian solar pipeline, now totaling 173.5 MWp and worth €54.7 million (≈$59 million), nearly double the €27.5 million valuation from December 2025. The company plans to divest 50 MWp—about 20 MWp operational and 30 MWp ready‑to‑build—for roughly €41 million...
Lanzatech Global Inc (LNZA) Q4 2025 Earnings Call Transcript
Lazard Ltd. reported $3 billion in full‑year 2025 revenue, highlighted by a record $1.8 billion Financial Advisory haul and a 12% rise in assets under management to $261 billion. Q4 revenue reached $892 million, up 10% YoY, while Asset Management generated $339 million, an 18%...
SCI-In-Conversation-Podcast:-Alex-Branton,-Nodem-Capital
In a recent episode of SCI In Conversation, Jacob Chilvers interviews Alex Branton, founder of Nodem Capital, about the firm’s net‑asset‑value (NAV) lending strategy. Branton describes how NAV lending has moved from a niche product to a mainstream financing tool for private‑equity and...
Evercore ISI Predicts 'Inflection Point' Is Days Away, Plans to Commit Capital if S&P 500 Drops to This Level
Evercore ISI managing director Julian Emanuel warned that the market is approaching an inflection point within days, hinging on President Donald Trump's decision on Iran's energy facilities on April 6. He said Evercore will commit new capital if the S&P 500 falls...
Piper Sandler Launches Coverage on Dime Community Bancshares (DCOM) with Bullish View
On March 16, Piper Sandler initiated coverage of Dime Community Bancshares (DCOM) with an Overweight rating and raised its price target to $37, up from $36. The brokerage cites a recovering net interest margin and anticipates significant loan repricing in...
Sherritt Announces Non‑Brokered Private Placement for up to $50 Million
Sherritt International Corp. announced a non‑brokered private placement to raise up to CAD $50 million (≈ US $37 million). The deal includes Seymour Schulich subscribing for up to 68.6 million common shares for CAD $14.4 million, with the company issuing up to 238.1 million shares at CAD $0.21 each (≈ US $0.16). The...
Even Legacy Founders Eventually Cash Out
Sysco just acquired Restaurant Depot from its 94 year old founder for $29B. Every founder will eventually exit their business at some point.
Rocket Lab Wins German Approval for Mynaric Deal
Rocket Lab received approval from Germany's Federal Ministry for Economic Affairs and Energy to acquire laser‑communications firm Mynaric for roughly $150 million, clearing the final regulatory hurdle. The approval, announced on March 30, enables the deal to close in April and marks...
Acquisitions Accelerate Growth: Favor Mid‑Size M&A Deals
Solid thoughts Art… Compressing “time to scale” is always a good M&a model — as is “owning a loved brand” Facebook was quickly copying WhatsApp and instagram — but decided to accelerate through an acquisition (and got two more swings...
Rebellions Secures $400 Million Pre‑IPO Funding, Valued at $2.34 Billion
Rebellions, the South Korean fabless AI inference chip maker, raised $400 million in a pre‑IPO round led by Mirae Asset and the Korea National Growth Fund, lifting its valuation to $2.34 billion. The cash will fund aggressive expansion into the United States,...
E*Trade in Talks to Lead SpaceX IPO for Retail, Report Says
Morgan Stanley’s E*Trade unit is negotiating to become the primary conduit for retail investors in SpaceX’s upcoming IPO, potentially outpacing rivals Robinhood and SoFi. SpaceX may set aside as much as 30% of the offering for individual investors, a move...
After Missing Kezar Buyout in 2024, Tang Returns as CEO of Aurinia With $50M Offer
Kevin Tang, newly installed CEO of Aurinia Pharmaceuticals, has revived his bid for Kezar Life Sciences with a $50 million offer of $6.95 per share, roughly matching Kezar’s $47 million market cap. The proposal follows Tang’s earlier, unsuccessful $1.10‑per‑share attempt made through...
Disclosure of Trading in Own Shares
Publicis Groupe disclosed a two‑day share repurchase on March 23‑24, 2026, buying a total of 387,454 shares. The transactions were executed through BOFA Securities Europe and multiple venues, averaging €71.0605 per share. The gross consideration amounted to €27.53 million (approximately $30.3 million). The buyback...
Harvard Returns to Market with a $675 Million Bond Sale
Harvard University is pricing a $675 million tranche of unsecured general‑obligation revenue bonds, rated Aaa by Moody’s and AAA by S&P. The proceeds will fund campus construction, refinance 2016 bonds and repay commercial paper. The sale comes amid ongoing federal lawsuits,...
Mevo Raises $18M Round Led by Prosus
Brazilian digital prescription platform Mevo secured an $18 million funding round led by Prosus, with participation from Matrix, Jefferson River Capital and Floating Point. The capital will fund expansion of exam‑scheduling tools, patient‑support program integration, and growth of its online pharmacy...
Software Obsolescence Risk Menaces CLO Market
A looming debt maturity wall is hitting AI‑focused software firms, prompting borrowers to sell debt amid fears of product obsolescence. Bank of America warns that 2026‑2027 loan maturities could trigger self‑fulfilling defaults, pressuring CLO managers to shy away from refinancings....
Marijuana Farmer Turned Digital Sports Name Soars 922% In March
Urban‑gro, a controlled‑environment agriculture supplier for cannabis, merged with digital sports media firm Flash Sports & Media on February 17, creating Flash Sports & Media Holding. The combined entity secured international cricket broadcasting rights, prompting the stock to jump 416%...
XED, India's First GIFT City IPO, Withdraws Issue After Weak Demand
XED Executive Development, the first company to list from India’s low‑tax GIFT City, withdrew its roughly $12 million IPO after only about 5 % of shares were subscribed. The pull‑back was driven by delays in mandatory video‑based verification for foreign investors and...
Judge Blocks Nexstar's $6.2 Billion Tegna Deal, Halting TV‑Station Giant
A federal judge has issued a 14‑day temporary restraining order on Nexstar Media Group's $6.2 billion purchase of Tegna, stopping the creation of a broadcast entity that would control 260 stations and reach about 60% of U.S. households. The injunction follows...
BNP Paribas Buys Stakes in 4 Stocks via Block Deals; LG Electronics, Max Health & 2 More
BNP Paribas executed four block‑deal purchases on Indian exchanges, acquiring stakes in Siemens Energy India, GMR Airports, LG Electronics India and Max Healthcare Institute. The total outlay was roughly $20 million, with individual deals ranging from $3.7 million to $6.9 million. Despite the inflow...
Indian Gas Maker INOX Air Products Plans $1 Billion IPO, Appoints Bankers, Sources Say
Indian industrial‑gas maker INOX Air Products, a joint venture between Air Products and Chemicals and the INOX Group, is preparing a $1 billion IPO in Mumbai. The company has hired Kotak, JPMorgan and Citi as lead managers and expects to file...
IDB Invest and Proparco Partner with Millicom to Expand Digital Infrastructure Across Latin America
IDB Invest and French development finance firm Proparco are jointly investing $100 million in a Colombian‑peso‑denominated bond issued by Millicom International Cellular. Each institution will anchor $50 million, financing network upgrades across Bolivia, Colombia, El Salvador, Guatemala, Honduras, Panama and Paraguay. The proceeds...
Banking Giant Turns 'Firmly Positive' On Orsted: 'Trump's Iran War Is Helping Offshore Wind'
Bank of America upgraded Danish offshore‑wind leader Ørsted to a Buy, lifting its price target to DKr 180 (≈ $25) from DKr 155 (≈ $22). The upgrade cites a stronger European push for renewable energy after the Middle‑East energy shock and a de‑risking of...
Chart of the Week: Leverage Takeover
The latest LSEG LPC chart shows a decisive shift in middle‑market leveraged‑buyout financing. In 2014 banks supplied roughly 70 % of the capital, but by 2025 their share fell below 30 %, while direct lenders now fund over 60 % of deals. This...
Credit Crunch: GSAM’s McClain on High Yield Risks, Resilience
In this episode of Credit Crunch, Goldman Sachs’ global co‑head of high yield and bank loans, John McClain, discusses the current state of the below‑investment‑grade market, noting that high‑yield spreads have stabilized in the low‑300 bps range and that double‑B issuers are...
Credit Crunch: GSAM’s McClain on High Yield Risks, Resilience
Goldman Sachs Asset Management’s high‑yield co‑head John McClain says the post‑COVID high‑yield market remains robust, with scarce new issuance, minimal downgrades and strong investor demand anchored by elevated base rates. Credit spreads are holding at reasonable levels, reflecting solid underlying...
Hong Kong Turns the Page on Paper Shares as Digital Shift Kicks Off in November
Hong Kong’s Securities and Futures Commission announced that the city’s stock market will go fully digital on November 16, eliminating paper share certificates. Around 2,600 listed companies will migrate to the new uncertificated securities regime over the next five years, while...
What Is Your Firm Worth?
Accounting firms are seeing valuation methods shift as private‑equity investors push EBITDA‑multiple pricing, with “good” multiples now 5‑7× and “outstanding” 9‑10×. The article outlines how factors such as organic growth, succession planning, industry specialization, and buyer competition influence those multiples....
T&G Global Hires Goldman Sachs to Work on Possible Sale
T&G Global Limited has hired Goldman Sachs to run a sales process as its majority shareholder, Germany's BayWa AG, looks to divest its stake. BayWa, which posted a €1.6 bn (≈$1.86 bn) loss in 2024, announced the intention in December and T&G...
Insufficient Source Data to Report on Novartis‑Excellergy Deal
The requested story about Novartis acquiring Excellergy for up to $2 billion cannot be produced because none of the provided source material contains any details about this transaction.
Investment Banks Keep Deal Flow Alive as Iran Conflict Fuels Energy Shock
Bloomberg says major investment banks continued to execute mergers, acquisitions and capital‑raising transactions despite the Iran‑Israel war driving oil above $100 a barrel and cutting Qatar LNG output by 17%. The resilience underscores the sector’s strategic role as markets grapple...
IPO’s Early Surge Erodes, Now Trading Below Issue Price
IPO & Listing (August 2025): The IPO was priced at ₹800 and listed at a 10% premium (₹880). It even rallied to a post-listing high of ₹1,425 shortly after. The Current Slump: As of today, the stock is trading around...
Analysts Flag Two Quantum‑Computing Stocks for Five‑Year Upside
Equity analysts released research reports in the past day that single out two publicly traded quantum‑computing firms as the most promising bets for the next five years. While the analysts did not disclose specific price targets, they cited strong technology...
DigitalOcean Raises $800M to Scale AI‑ready Cloud for SMBs, Stock up 77% in 2026
DigitalOcean announced an $800 million capital raise to build AI‑ready data‑center capacity for small‑ and medium‑size businesses. The move follows a 77% rise in its shares this year and record ARR of $970 million, positioning the company for faster growth amid rising...
LA Wildfires a Real-World Stress Test. Investor Confidence in Wildfire Cat Bonds Rose: Swiss Re
The January 2025 Palisades and Eaton wildfires in Los Angeles served as a real‑world stress test for U.S. wildfire catastrophe bonds. Swiss Re Capital Markets reported that, despite no per‑occurrence payouts, the events reinforced investor confidence and spurred record‑size issuance, including the...
Buy a $2M Business With Zero Down by Understanding Sellers
Nobody teaches you this in school: You can buy a $2M business with $0 down if you understand how sellers think.
Goldman Predicts Retail Outflows in Direct Lending Through 2027
Good episode from Goldman on private credit. They forecast outflows from retail channel for direct lending into 2027 https://t.co/eP2DhDcZhr
Starcloud Raises $170M Series A at $1.1B Valuation
Starcloud, a Redmond‑based orbital data‑center startup, closed a $170 million Series A round that values the company at $1.1 billion. The financing, led by Benchmark and EQT Ventures with participation from institutional and angel investors, follows the successful November launch of Starcloud‑1, which...
Prediction Market Insider Trading Surges Ahead of SpaceX IPO
🆓 Monday links: prediction market insider trading, the SpaceX IPO, and the Las Vegas economy. https://t.co/YOHx684pmO chart: https://t.co/oI8dMmmDov https://t.co/SXFchEDUrC
Essential Tips Before Buying a Business
Live Thursday Buying a Business? What You NEED to Know First. Tune in as we discuss what buyers often miss, how deals really work, and why having the right advisors can make or break your next business move. Set yourself...
Recent Restaurant Deals Show Where the Industry Is Headed
This week’s restaurant finance briefing highlights recent equity deals for Nothing Bundt Cakes and Dave’s Hot Chicken, signaling a growing investor appetite for niche bakery and fast‑casual concepts. The coverage also notes that rising fuel costs are squeezing full‑service operators,...
16% of EasyPost Slated for Auction Amid Merger
16% of EasyPost going up for auction on April 22 according to a LI post from Ben Emmrich of Tusk Logistics. EasyPost is part of Auctane which was acquired by Thoma Romo and now in process of combining it with...
Sony Nears $1B Sale of Home Entertainment to TCL
"Sony is nearing an agreement to sell a majority stake in its home entertainment business to TCL in a deal that may be valued at about $1 billion... with Sony holding 49% and TCL holding 51%."
Sysco to Acquire Restaurant Depot for $29.1B
Sysco announced a $29.1 billion cash‑and‑stock acquisition of Jetro Restaurant Depot, adding 166 cash‑and‑carry warehouses and access to roughly 725,000 independent restaurants. The deal values Restaurant Depot at a 14.6‑times EBITDA multiple, with shareholders receiving $21.6 billion in cash and 91.5 million Sysco...
Sysco Moves Into Cash‑and‑carry with Restaurant Depot Acquisition
Big news as @Sysco announces the acquisition of Restaurant Depot. While broadline has done well, cash-n-carry distribution continues to do well & this gets Sysco into a segment that it has historically avoided. This is from last year but growth is...
TotalEnergies Completes UK Upstream Merger to Form NEO NEXT+
TotalEnergies has merged its U.K. upstream oil and gas assets with NEO NEXT, creating NEO NEXT+ and taking a 47.5% stake. The new entity becomes the largest independent producer on the U.K. Continental Shelf, targeting over 250,000 barrels of oil equivalent per...
Olaplex to Salt & Stone: All the Beauty M&A Deals of 2026 so Far
The first quarter of 2026 has seen a surge in beauty‑industry mergers and acquisitions. Henkel announced the purchase of hair‑care innovator Olaplex, while Estée Lauder Companies completed a full acquisition of Indian luxury brand Forest Essentials. Private‑equity firms are deepening...
Capital A Eyes U.S. and Hong Kong Listing, Names New Deputy CEO
Capital A announced plans for dual stock‑market listings, targeting a Hong Kong IPO in July‑August and a U.S. listing for its AirAsia Next entity by year‑end, contingent on clearing its PN17 distressed status. The company also appointed former CIMB executive...