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
Nickel Hayden Grows Municipal Advisory Team
Nickel Hayden Advisors announced the addition of Lucas Janda and Eduardo Cabrera, expanding its roster of registered municipal advisors to seven. Janda brings over 15 years of public‑finance experience in school‑district roles, while Cabrera adds five years of municipal financing expertise, both formerly of Frost Bank. The Austin‑based firm has originated roughly $4.28 billion in Texas municipal financings since 2024, primarily for K‑12 education. CEO Rudy Mejia said the hires reflect growing demand for independent advisory services in the state.
Bank Of America Lends A Hand To Nexstar
Bank of America, alongside undisclosed lenders, has arranged a leveraged loan to finance Nexstar Media Group’s proposed acquisition of TEGNA. The financing is intended to help Nexstar secure the deal that would make it the nation’s largest single owner of...
Agomab IPO Raises $200M to Fund Fibrosis Therapies
Agomab Therapeutics NV closed its Nasdaq IPO, raising roughly $200 million by selling 12.5 million American Depositary Shares at $16 each. The capital will fuel its fibrosis‑focused pipeline, beginning with ontunisertib, an oral TGFβ‑ALK5 inhibitor for fibrostenosing Crohn’s disease that achieved its...
Citi Stock Rebounds As CEO Jane Fraser Paints A Bullish Picture
Citigroup’s shares jumped 2.5% after CEO Jane Fraser outlined a bullish outlook at an RBC conference. She said investment‑banking fees and markets revenue should grow in the mid‑teens year‑over‑year, and reaffirmed a target of 10‑11% return on tangible common equity...
Kenya’s Parliament Committees Back $1.5 Billion Safaricom Stake Sale
Kenyan parliamentary Public Debt and Privatisation Committees have endorsed the government's plan to sell 15% of its Safaricom stake for KES204 billion ($1.5 billion). Proceeds will be funneled into a National Infrastructure Fund to finance roads, energy and other projects, easing fiscal...
Edinburgh Worldwide Seeks End to Saba Saga by Offering Shareholders Cash Exit and SpaceX Upside
Edinburgh Worldwide (EWIT) has tabled a 100% tender offer that would let shareholders cash out at roughly 85% of net asset value, with the remaining 15% deferred until SpaceX’s anticipated IPO. The proposal does not require support from activist hedge...
Amazon Reportedly Targeting Up To $42 Billion In Bond Sale
Amazon filed a preliminary prospectus to raise between $37 billion and $42 billion in a mixed‑currency bond offering, the largest since its $15 billion sale in November. The proceeds are earmarked for Amazon’s aggressive AI push, including massive data‑center construction and a recently...
CFOs and Private Equity Sponsors Diverge on IPO Timing and Approach
A new Accordion survey of 200 CFOs and 200 private‑equity sponsors reveals a sharp misalignment on IPO timing and responsibility. While 85% of CFOs say boards or sponsors control the exit, 65% of sponsors expect finance chiefs to own IPO...
Eliot Kerlin and Broadwing: Principles over Playbooks
Eliot Kerlin, founder of Broadwing Capital, discussed the evolving lower‑middle‑market private‑equity landscape, highlighting larger fund sizes, higher purchase multiples, and greater equity contributions. He noted the rise of operational private equity, independent sponsors and family‑office capital, and the need for...
Euler Motors Signals Hero MotoCorp Stake Raise as EV Maker Scales Capacity and Portfolio
Hero MotoCorp will invest an additional ₹275 crore in Euler Motors, raising its stake from 34.1% to roughly 36% on a fully diluted basis. Euler has unveiled a ₹300‑400 crore capital‑expenditure plan for the next 18‑24 months to add new production lines,...
CVC Secures €3.7bn Financing for Global Sport Group Backed by KKR and Pimco
CVC has arranged a €3.7 billion financing package for its Global Sport Group, valuing the platform at about €7 billion. The deal combines €1.4 billion from KKR—partly via Global Atlantic—and €1.5 billion of debt from Pimco, with KKR eligible for up to €200 million of...
Morning SPAC News Roundup: March 10, 2026
The March 10, 2026 SPAC Insider roundup offers a curated snapshot of today’s special‑purpose acquisition company landscape, bundling headline stories, Intel‑related updates, and broader market movements. Access to the full content is gated behind a paid monthly subscription, underscoring the platform’s premium...
Investors Skeptical of OpenAI's Profitability Ahead of IPO
Investors are concerned about OpenAI's ability to turn a profit -> OpenAI’s IPO Hopes Face Skeptical Investor Community "The mood is mixed. Investors expect the company to raise tens or potentially hundreds of billions of dollars in its initial public...
TALK Commands ~3× Revenue Multiple, Outpacing Digital Health
This is actually good news for health-tech. TALK’s takeout multiple of ~3.0x revenues actually represents a fairly healthy premium to the recent digital health average (recall ACCD was taken out at ~1x). https://t.co/4FyXzAiny4
Flipkart Reappoints Nishant Verman as SVP as IPO Preparations Gather Pace
Flipkart has reappointed Nishant Verman as senior vice president as the Walmart‑owned retailer accelerates its IPO preparations. Verman previously led the $16 billion sale of Flipkart to Walmart and a $4 billion fundraising round involving SoftBank, Tencent, eBay and Microsoft, and he...
Bankers Claim $100M ARR Now Enough for IPO
"I'm hearing bankers say things like, '$100 million ARR, we could probably take that public.' I haven’t heard that in a while."
Spring IPO Surge Attracts Billionaire Investors
Looks like this spring is shaping up to be a "Billionaire Bonanza" what with Musk, Lucky, Ackman, and others lining up with IPOs...
![[INTERVIEW] Creality CEO Pitches Long-Term Growth Story as It Prepares for IPO](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://3dprintingindustry.com/wp-content/uploads/2026/03/Creality-at-Formnext-2025.-Photo-by-Michael-Petch-scaled.jpg)
[INTERVIEW] Creality CEO Pitches Long-Term Growth Story as It Prepares for IPO
Creality, the leading Chinese desktop 3D printer maker, is preparing for an IPO while shifting its narrative from product launches to market penetration. CEO Jack Chen argues the industry’s 20‑30% annual growth and untapped household adoption justify long‑term investor focus....
OceanSound Hires TPG’s Laura Noisten to Lead Capital Markets
OceanSound announced the appointment of Laura Noisten, formerly of TPG, as head of capital markets. The move comes as the firm prepares for a significant expansion in size and operational complexity. Noisten will be tasked with building the necessary capital...
Aalberts Reports the Progress of Its Share Buyback Programme 02 – 06 March 2026
Aalberts N.V. disclosed that between 2 March and 6 March 2026 it repurchased 166,300 shares for €5,602,990.88, at an average price of €33.69 per share. This transaction brings the cumulative buyback to 197,900 shares worth €6.72 million since the programme’s launch on 27 February...
Pershing Square Launches $5B Closed‑end IPO, Offers Management Shares
Pershing Square has filed for a $5 billion IPO of a closed-end fund, Pershing Square USA $PSUS. Additionally, Pershing Square Inc. will go public under the symbol $PS. Buyers of the closed-end fund IPO will also receive shares in the management company. Interesting...
Arkema: Statement About the Number of Shares and Voting Rights in Compliance With the Article L.233-8 II of the French...
Arkema filed a regulatory notice on February 28 2026 detailing its capital structure in compliance with French Commercial Code article L.233‑8 II and AMF article 223‑16. The company reported 76,060,831 outstanding shares and a total of 95,362,268 voting rights, of which 94,964,128 are held...
Evercore APAC Secondaries Director Departs
Evercore has announced the departure of its APAC secondaries director, a key figure in the firm’s regional secondary market operations. Simultaneously, the investment bank hired Ben Hart, formerly head of investor relations at Adams Street Partners Asia, to lead its...
Euronext Oslo Børs - Received Application for Admission to Trading – Capital Tankers Corp.
Capital Tankers Corp has submitted an application to list its shares on Euronext Growth Oslo, as announced on 10 March 2026. The move aims to secure a European trading venue for the tanker operator’s equity. Euronext Oslo Børs confirmed receipt...
GridStor Secures $120m for Gunnar Reliability Project in Texas
GridStor has secured a $120 million financing package from NORD/LB and Siemens Financial Services for its 150 MW/300 MWh Gunnar Reliability Project in Hidalgo County, Texas. The funding includes construction and tax‑equity bridge loans as well as letters of credit, marking Siemens’ first...
Asia’s Senior Bankers Jump Ship Amid Booming Deal Flow
Senior bankers in Asia are leaving for competitors at an intensifying pace as the job market heats up again on rising deal flow, sources say https://t.co/airqzDwssP @chan_cat @bergmanjonaso
Aramco Launches $3B Buyback, Re‑nationalising After IPO
Having IPO-ed only 6½ years and with a tiny free float, Saudi Aramco announces what effectively is a partial re-nationalisation with a share buyback of up to $3 billion over the next 18 months. That’s going to buy-back ~10% of...
SEDEMAC IPO: A91 Partners Nets ₹325 Cr, Most Investors Post Over 3X Gains
SEDEMAC, a deep‑tech firm, launched an offer‑for‑sale IPO of 80.43 lakh shares worth ₹1,087 cr, valuing the company at up to ₹5,970 cr. A91 Partners emerged as the top seller, earning ₹325 cr and achieving a 3.6× return while retaining a 56.2 lakh‑share stake. Nandan...
Rethinking Exit Multiples in High-Growth Company Valuations
The article presents a valuation framework that derives exit multiples from long‑run growth, ROIC, and discount‑rate assumptions rather than treating them as arbitrary market plugs. Empirical regressions on high‑growth firms show that expected one‑year revenue growth accounts for roughly 55%...
SCI-In-Focus:-Middle-East-Conflict-Clouds-Outlook-for-Aviation-ABS-and-Global-Issuance
The escalating Middle‑East conflict is dampening confidence in aviation asset‑backed securities (ABS), prompting issuers to reassess new deals. Investors fear heightened geopolitical risk could trigger airline defaults and impair aircraft lease cash flows. Consequently, global issuance volumes are expected to...
Increased-CAS-and-STACR-Issuance-Mooted
Investment banks and mortgage lenders are discussing a potential increase in the issuance of Credit Asset Securities (CAS) and Structured Trade Asset-Backed Credit Receivables (STACR) following a strong Q4 performance in the US mortgage market. The proposal aims to tap...
MAX Power Announces $20 Million Brokered Offering
MAX Power Mining Corp., the crypto‑mining firm formerly known as X, announced a $20 million brokered private placement to fund its next phase of growth. The offering, led by a syndicate of institutional investors, will be used to expand hash‑rate capacity,...
Buy Low, Sell High: Leverage Cash‑Flow for $50M Exit
The acquisition math nobody shows you: Buy at 3–5x earnings Sell at 8–12x earnings 10 businesses × $500K profit = $5M EBITDA $5M EBITDA × 10x = $50M exit Businesses you paid nothing for Funded by the cash flow they already produced This is the game. Learn...
IDB Invest Finances Rincon Mining to Expand Lithium Production in Argentina
IDB Invest has joined a multi‑lender financing package worth up to $1.175 billion to expand Rio Tinto’s Rincón Mining lithium project in Salta, Argentina. The bank will provide a $100 million loan and technical assistance, while the International Finance Corporation, Export Finance...
COFINA Bondholders Argue MBIA Inc. Is Responsible for Actions of Subsidiaries
COFINA bondholders have filed a second amended complaint against MBIA Inc., alleging the insurer used its control over subsidiaries to allocate assets that disadvantage bondholders. A Connecticut judge previously dismissed claims against the subsidiaries for lack of jurisdiction but permitted...
Ellisons' AI Story Can't Hide Overleveraged Media Fire‑sale
The question isn’t what the Ellisons will do with Paramount and WBD, but who will acquire those assets at fire-sale prices when their AI synergy narrative can no longer provide cloud cover for their pair of overleveraged legacy media companies.
PGIM Provides $103M Facility to Alterra IOS Secured By 23 U.S. Assets
Alterra IOS secured a $103 million senior debt facility from PGIM’s real‑estate credit arm, backed by 23 industrial outdoor storage properties across 18 U.S. markets. The financing will fund future IOS acquisitions, marking Alterra’s first debt partnership with PGIM. Executives called...
DSX Raises Offer, Poison Pill Hinders GNK Takeover
$DSX isn’t giving up on acquiring $GNK - New bid at $23.50/shr (~14% above the rejected offer) - Spread ~7% - DSX (owns 14.5%) brought in $SBLK as a deal partner - Might be interesting at these levels - But keep in mind management...
EchoStar Dismisses $1T SpaceX IPO, Faces $1.4B Debt
.@EchoStar's Ergen on $1 trillion+ @SpaceX IPO valuation: 'No amount is crazy here.' @HughesConnects subsidiary has $1.4B in debt due in Aug. EchoStar noncommital on paying it. @NSIL_India wants $117M in Hughes compensation for scrapping sat capacity deal. https://t.co/SLW1OgmkVx https://t.co/73JNfEGG6Z
Edelweiss Financial Services Divests 4.4% Stake in Its EAAA Alternatives India
Edelweiss Financial Services has divested a 4.4% stake in its wholly‑owned subsidiary EAAA Alternatives India for ₹375 crore. The sale coincides with EAAA’s preparation for an IPO targeting up to ₹1,500 crore, as outlined in its draft red herring prospectus filed in...
Questioning Zero‑Marking of Jiffy Lube Private Credit Loans
"Golub Capital will act as sole administrative agent and joint lead arranger on the financing. Ares Credit funds and MidCap Financial will also act as joint lead arrangers on the financing." Should we be marking the private credit loans to Jiffy...
Record Corporate Debt Signals Potential Credit Bubble
IS THE CREDIT BUBBLE HERE? Record Corporate Debt Explained | Trading Zone Ep. 94 https://t.co/saPNeSSafk
Flexential Seeking $1.4bn in ABS, Backed by 28 Data Center Sites
Flexential is pursuing a $1.4 billion asset‑backed securities (ABS) issuance. The notes, structured in two series across four classes, will be secured by its 28 data‑center sites spanning 14 markets and roughly 1.8 million sq ft of floor space. Proceeds will cover closing costs...
IPO Market Open Now, but Could Close Fast
Feb. 4: "The IPO window is wide open, but it can slam shut quickly." https://t.co/ojxYOaYx7R
Mayo Clinic to Issue $750 Million of Bonds
Mayo Clinic announced a $750 million bond issuance slated for early to mid‑April, comprising a blend of 30‑year notes and intermediate‑term debt ranging from seven to 15 years. The proceeds will finance the nonprofit’s expansive "Bold. Forward. Unbound." capital program, which...
Megaworld Raises P945 Miilion From Sale of MREIT Shares
Megaworld Corp. raised P945 million by selling 70 million MREIT shares at P13.50 each, adding to prior REIT fundraises of P1.32 billion in December and P2.24 billion in September 2025. The proceeds support a P65 billion capital‑expenditure plan focused on provincial township expansion. MREIT posted...
Side Letter: New Mountain’s Holt Halt
A former New Mountain Capital executive attempted to acquire five of the firm’s portfolio assets, but the bid collapsed after negotiations stalled. The breakdown highlights the growing importance of baseline economics in pricing trophy‑level private‑equity assets. Investors now treat valuation...
The SaaSpocalypse and Salesforce’s Massive Buyback – The Special Situations Report Episode 57
Episode 57 of the Special Situations Report podcast discusses four headline stories. Salesforce announced a $50 billion stock buyback, the largest ever for the company. The show also covers a bidding war for Reservoir Media, insider sales at Warner Bros. Discovery, and Elliott...
NHAI-Backed Raajmarg InvIT to Launch ₹6,000-Crore IPO on March 11
Raajmarg Infra Investment Trust (InvIT), backed by the National Highways Authority of India, is launching a ₹6,000‑crore IPO on March 11, priced between ₹99 and ₹100 per unit. The InvIT will own five toll‑road assets across Jharkhand, Andhra Pradesh, Tamil Nadu...
First IPO From Gift City Rescheduled Amid Middle East ‘Uncertainties’; to Open March 16
XED Executive Development Ltd, the first company to list on India’s Gift City International Financial Services Centre, has postponed its IPO opening to March 16‑24, 2026 due to heightened geopolitical tensions in the Gulf, specifically the Iran‑US‑Israel conflict. The dollar‑denominated offering,...