SpaceX seeks $75bn in largest IPO ever

Musk's rocket company is planning to raise $75 billion at a $1.75 trillion valuation, which would make it the largest public offering in history. The company plans to sell 555.6 million shares at $135 each, with roadshow marketing expected to begin around June 8 and debut targeted for June 12. SpaceX is positioning itself as more than a launch operator, pitching investors on AI and satellite infrastructure as core growth drivers. The fixed pricing structure is unusual for IPOs and suggests SpaceX believes it can command premium terms given institutional demand.

The semiconductor giant's shares fell 15 percent in after-hours trading despite reporting 48 percent revenue growth and AI chip revenue that more than doubled to $10.8 billion. The sell-off came after management's forward guidance fell short of the most bullish investor expectations for AI growth acceleration. The broader market followed, with the Nasdaq falling 1.8 percent as investors questioned whether AI valuations had outpaced fundamentals. Broadcom's stumble illustrates how even strong AI results can trigger massive losses when growth trajectories disappoint hyped-up expectations.

Both governments have committed to implementing a full ceasefire, conditional on steps by Hezbollah to withdraw forces and weapons from southern Lebanon. The agreement includes international monitoring mechanisms and reconstruction aid packages for affected areas. Markets have responded positively to reduced regional tension, with oil prices retreating from recent highs and regional equity indices gaining ground. The durability of the arrangement will depend on enforcement mechanisms and whether Iran-backed groups comply with withdrawal timelines.

The Competition and Markets Authority has imposed a binding requirement forcing Google to let UK publishers opt out of AI Overviews and model training while remaining in traditional search results. Publishers can now use a new Search Console toggle to block their content from powering generative AI features without losing organic traffic. Google must also increase links and attribution in AI responses within nine months. The world-first ruling gives publishers genuine leverage to negotiate AI licensing deals rather than accept uncompensated content use.

Alphabet has launched its first primary equity offering in over 20 years, targeting $85 billion through new Class C shares to fund aggressive AI infrastructure investment. The raise reflects a strategic shift as hyperscaler capex is projected to exceed $600 billion in 2026, with 75 percent tied to AI data centers, chips, and networking. Order books were heavily oversubscribed, forcing Google to upsize from an initially smaller target. The dilutive equity raise signals management believes AI capex requirements now outstrip even Google's massive cash generation capabilities.

The $90 billion quant giant has lengthened withdrawal periods to as long as four years in its flagship multi-strategy funds, making it harder for investors to pull capital quickly. The move follows the firm's 9.6 percent return in 2023 and comes as large hedge funds tighten liquidity terms to match increasingly complex, less liquid strategies. D.E. Shaw paid a $10 million SEC penalty last year for using employment agreements that impeded whistleblower complaints. Extended lock-ups give managers more stable capital but reduce investor flexibility, especially concerning given recent governance issues.

Pershing Square is selling its 4.5 percent stake in Universal Music Group just days after UMG's board rejected Ackman's $65 billion takeover bid. The exit crystallizes roughly $600 million in profits since Pershing's 2021 entry but abandons Ackman's plan to migrate UMG to a U.S. Listing at a 25x earnings multiple. UMG's board called the proposal, which valued shares at €30.40 versus current levels around €17, fundamentally undervalued despite the 78 percent premium. The failed activist campaign illustrates the limits of financial engineering against concentrated European ownership structures.

Tokens tied to cash-generating protocols have surged 180 percent while billions of dollars have left Bitcoin and Ether investment products, signaling a shift toward fundamental value over macro speculation. The rotation favors tokens with fee-sharing mechanisms, including tokenized Treasuries, DeFi platforms that distribute trading fees, and real-world asset protocols with transparent yield streams. Bitcoin has underperformed its typical Q4 rally pattern, gaining under 50 percent in the final quarter versus a historical average of 85 percent since 2013. Institutional investors are finally discriminating based on cash flows rather than treating all crypto as correlated macro bets.

The non-binding agreement would see China's third-largest carmaker assemble Omoda and Jaecoo branded vehicles at Nissan's UK plant starting in 2027. Sunderland has been running at roughly 50 percent capacity following Nissan's global restructuring, making the contract manufacturing deal crucial for safeguarding jobs. The arrangement gives Chery a ready-made European production base without building new capacity, while Nissan monetizes idle infrastructure. Chinese automakers are increasingly shifting from pure imports to embedded manufacturing partnerships in Western markets.

Fernando Fernández pushed back at criticism that breaking up Unilever shows management laziness, saying he is "not paid to be lazy" while defending the $15.7 billion deal to combine the food unit with McCormick. The Reverse Morris Trust structure would give Unilever shareholders 65 percent of the combined entity valued around £33 billion. Unilever's food division grew just 2.5 percent last year compared to 4.3 percent for Beauty & Wellbeing and 4.7 percent for Personal Care. The separation continues Unilever's pivot away from slower-growing packaged foods toward higher-margin personal care categories.

The Trade Representative has targeted major partners including China, the EU, Japan, South Korea, Australia, and the UK with additional duties of at least 10 percent following a Section 301 investigation into forced labor enforcement failures. 54 economies were found to lack effective forced labor import prohibitions, while six others including Canada and Mexico have inadequate enforcement. The move comes after the Supreme Court struck down previous emergency tariffs in February, forcing the administration to use more durable Section 301 authority. Certain products including energy, rare earths, and pharmaceuticals are exempted for supply security reasons.

The government will provide £1.3 billion in infrastructure support for Universal's first European resort, opening in 2031.

The medical-surgical distributor secured leveraged financing following Apollo's $1.25 billion convertible investment at a $13 billion valuation.

Bank Indonesia deployed "smart intervention" after the currency hit record lows of 17,733 per dollar amid regional tensions.

The Australian winemaker announced a strategic review of its underperforming US business, with asset sales and exits from lower-margin labels under consideration.