Good Morning,

Fidelity will allow anybody to invest in SpaceX's IPO, Goldman and Morgan Stanley are beefing over SpaceX IPO bragging rights, S&P will not quicken index inclusion for SpaceX, SpaceX launched a dedicated IPO website, and SpaceX won't move its fixed IPO price in hopes to raise no less than a record $75B.

Just some standout headlines from Wall Street yesterday. Did we miss the SpaceX IPO???

Let's dive in.

Before The Bell

As of 6/4/2026 market close.

Markets

  • US stocks closed mixed yesterday as traders rotated out of AI trades

    • Dow rallied to a new ATH

    • Small-caps Russell 2000 is near its ATH

  • Korean won fell 1.4% to the lowest since 2009 despite central bank support

  • Some of my Litquidity portfolios on Autopilot are also actively outperforming. I've been actively managing them for two years now and thought I'd give them a quick shoutout. You can learn more about the strategies below.

Earnings

  • lululemon beat Q1 estimates but cut its FY outlook amid 'negative' media commentary and disappointing product launches; the firm recently settled a high-stakes proxy fight with founder Chip Wilson (CNBC)

  • Full calendar here

Prediction Markets

  • Knicks in 4??

  • Trade event contracts on Polymarket, the world's largest prediction market

Headline Roundup

  • US-Iran talks stalled after Hezbollah rejects truce (BBG)

  • US tech firms announced the most job cuts in two years (BBG)

  • Active stock funds reel as Big Tech's grip on market strengthens (BBG)

  • Covid-era private markets dry powder is at $1.28T (BBG)

  • Apollo sees investment grade debt sales topping US Treasuries (BBG)

  • S&P will not quicken index inclusion for SpaceX and others (BBG)

  • Goldman and Morgan Stanley beef over SpaceX IPO bragging rights (BBG)

  • Fidelity will offer SpaceX IPO shares to anyone with over $2k (WSJ)

  • Jane Street will build its own data center (BBG)

  • Monterey Park, CA becomes first-ever city to ban data centers (NYT)

  • Anthropic calls for global slowdown in AI development (WSJ)

  • Anthropic CEO sees high computing costs as driver for IPOs (BBG)

  • Sam Altman does not plan to put money into 2026 elections (BBG)

  • Palantir and K&E will build an AI tool to help PE firms with fundraising (FT)

  • Airbnb CEO Brian Chesky plans to start a new design AI lab (BBG)

  • Arm's $180B rally makes it one of the most expensive stocks (BBG)

  • Banks offloaded $1T in credit risk via SRTs last year (BBG)

  • Asian nations are stepping up FX defense (BBG)

  • Indian owner of Swiss gold refiner is under investigation for $160B fraud (BBG)

A Message from Litquidity

The Litquidity strategies on Autopilot

As most of you know, I've been managing five thematic portfolios on Autopilot to offer investors the chance to invest alongside my highest conviction themes. My AI Alpha Fund and Finance Chad Index are doing particularly well by beating the S&P 500 benchmark by a wide margin:

  • The AI Alpha Fund has been investing in companies across the AI value chain – from semiconductor leaders, infrastructure providers enabling scale, and application innovators. This portfolio is designed for investors who want to ride the AI transformational wave and participate in the upside of this global innovation cycle.

  • My Finance Chad Index embodies the typical 'Chad' who works on Wall Street. It captures a mix of assets reflecting the confidence and trends of finance culture. Where does a Chad spend his money? Where does he work? What products and services does a Chad consume? This is one of my favorite portfolios to manage as it draws on Litquidity's deep insider knowledge (no pun intended lmao) and cultural edge.

I'm also actively managing my Litquidity Alpha Fund, my Basic Becky Index, and a Greenland Portfolio.

Check out the strategies and invest alongside me on Autopilot here.*

The Litquidity Strategies

Deal Flow

M&A / Strategic

  • Malaysia's MMC Port Holdings approached prospective bidders for a minority stake at a potential $10B valuation

  • Fifteen bidders including KKR, Blackstone, and Goldman Sachs are interested in acquiring Sankei Building, the real estate unit of Japanese media conglomerate Fuji Media Holdings, for $3B-$6.3B

  • Investment firm Castlelake tapped shipping giant MSC to support a ‌potential takeover bid for $4.8B-listed UK budget airline easyJet 

  • LS Power is in advanced talks to buy Electricite de Frances's North American renewable power business for over $4.7B

  • Members of the Glazer family are considering selling their stake in $4B-listed Manchester United 

  • Ares-backed medical spa chain LaserAway is exploring a $2B sale

  • Chinese groups Sinoma and Huaxin Building Materials, Italy's Italcementi, Brazil's ​Votorantim, and others are bidding for Brazilian steelmaker CSN's ‌cement unit, which could fetch $2B

  • LatAm utility conglomerate Equatorial Energia submitted the sole bid for Copasa, the Brazilian water utility undergoing privatization, offering $1.6B for a 30% stake

  • Trading giant Mercuria Energy will acquire an Argentine refinery and a network of gas stations from Raizen, the struggling sugar and ethanol JV between Shell and Brazilian conglomerate Cosan, for $1.42B following a bidding war with rival Vitol

  • SoftBank's payments unit PayPay will acquire T&D Financial Life Insurance, the life insurance unit of T&D Holdings, for $840M 

  • Industry peers and pension funds eyeing a partial or total acquisition of BlackRock-backed Australian battery developer Akaysha Energy

  • French spirits company Remy Cointreau is exploring options for its drinks portfolio 

  • Peloton acquired Pilates-focused startup Skōp

VC

  • Enterprise banking fintech Ramp raised a $750M Series F at a $44B valuation led by ICONIQ, GIC, and Canada's OTPP

  • Supabase, a database startup for vibe coders, raised a $500M Series F at a $10.5B post-money valuation led by GIC  

  • Flourish, a neuroscience-focused AI startup, raised a $500M funding round at a $2.5B valuation led by Jeff Bezos and others

  • Helion Energy, a nuclear fusion startup, raised $465M at a $15.5B valuation led by Thrive Capital

  • Robotics startup Generalist AI raised a $400M round at a $2B post-money valuation led by Radical Ventures

  • Honeycomb, an AI-native insurer for apartment buildings and condo associations, raised a $40M round led by Zeev Ventures

  • Scotch, a liquor retail POS and operating platform, raised a $20M Series A led by VMG Partners

  • Scispot, an AI-native operating layer for modern labs, raised an $8M Series A led by Avenue Growth Partners

  • Offroad, an AI identity security startup, raised a $7M seed round led by Ibex Investors and Skywell Capital Partners 

  • Willow, an agentic access and governance platform for enterprise AI agents, raised a $7M seed round led by Hetz Ventures

  • Kodesage, an on-premise AI platform for legacy software modernization, raised a $6.6M seed round led by VentureFriends

Access the complete VC deal flow and data on Fundable

IPOs / Listings / Issuances / Block Trades

  • SpaceX won't move its $135/share IPO price as it seeks to raise no less than $75B at a $1.8T valuation 

  • Databricks will not IPO this year amid a wave of other big tech listings; the startup is valued at $134B

  • Korean memory chip giant SK Hynix received positive feedback for its proposed $14B US listing

  • Advent and SWF ADIA-backed German power equipment firm INNIO jumped 23% in its trading debut after raising $2.4B for a $25.5B valuation its US IPO

  • Cancer biotech Parabilis Medicines is seeking to raise $475M at $2.1B valuation in an IPO

  • Blackstone-backed ad tech firm Liftoff Mobile climbed 24% in its trading debut after raising $437M for a $4.75B valuation in an IPO priced above a marketed range

  • Sunshine Silver Mining & Refining rose 27% in its trading debut after raising $270M at a $2.4B valuation in an upsized IPO

Debt

  • Nigeria plans to refinance high-cost debt and raise funds to help plug a $22B budget deficit amid a rally in oil prices

  • Bitcoin miner-turned-data center developer Hut 8 is seeking to raise $4.25B in a private debt offering to finance an AI data center campus in Texas

  • McKesson's medical-surgical unit McKesson Medical-Surgical sold a $2.25B leveraged loan ahead of its $13B spinoff

  • Africa Finance Corp raised a $2B syndicated loan

Bankruptcy / Restructuring / Distressed

  • Apollo will hand over control of Italian packaging firm Reno de Medici to creditors holding $700M of bonds in a debt restructuring

  • A tobacco munis defaulted for the first time in history after agency Nassau County Tobacco Settlement Corporation failed to make a principal payment on a $430M bond

  • Mattress maker Sleep Number is preparing to file for Chapter 11 bankruptcy

  • Two landlords are challenging Fortress-backed UK discount retailer Poundstretcher's plan to slash rent on some stores in a restructuring

Funds / Secondaries

  • VC Benchmark Capital raised $750M for its twelfth flagship early-stage fund and $1.25B for its first growth fund

  • Blackstone's flagship private credit fund BCRED restricted withdrawals after investors sought to redeem 10% of shares 

  • Hedge fund giant DE Shaw extended the investor lockup period for two flagship funds to 3 and 4 years

Crypto Sum Snapshot

  • Over 50% of all Bitcoin in circulation is held at an unrealized loss

  • JPMorgan, Citigroup, BofA, and Wells Fargo will launch a new tokenized deposit system to compete with crypto

  • Coinbase issued first Fannie-backed mortgage using Bitcoin collateral

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

Financial Services Recruiting 💼

If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.

We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!

Get Hired 🤝

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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.

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