Major financial news, IPOs, earnings, and macro — for finance professionals, market operators, and early investors.
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The Financial Wolverine! Welcome from the market's apex predator. Major news, earnings, IPOs, macro and more.
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How much AI compute can a rocket company really put to work?
About $40B: the total principal payments SpaceX expects to make leasing GPUs from an Apollo-managed entity.
SpaceX calls it the largest committed GPU financing ever.
The chips are Nvidia's next-generation Vera Rubin, delivered in batches starting in the first half of 2027.
Each lease runs about five to five and a quarter years.
Rent is paid quarterly: one-twentieth of each batch's cost, plus a fixed rate on the balance.
Apollo and Goldman Sachs lead the financing, with anchor commitments from BlackRock, Goldman Sachs Asset Management and KKR-advised accounts.
SpaceX's CFO says the company is seeing payback periods of less than one year on its AI infrastructure.
The deal is expected to close before the end of 2026.
It lands a day after a $63B financing for Broadcom chips leased to Anthropic.
Wall Street isn't just funding the AI boom; it's renting out the hardware.
Who is really taking the risk on AI's biggest chip bill?
$63B in financing to buy Broadcom AI chips and networking gear for Anthropic.
A newly formed company buys the gear and leases it to Anthropic, with deliveries starting in 2027.
Bank of America, Citi and Morgan Stanley are arranging the senior debt, reportedly about $43.5B, or 69% of the total.
Blackstone is the sole committed provider of the junior debt.
Broadcom is backing the value of the gear, with peak exposure of $43B that falls to zero over five years of lease payments.
The deal covers 1.7 gigawatts of the 3.5 gigawatt compute agreement between Broadcom and Anthropic.
Apollo and Blackstone already agreed to finance an earlier $35B expansion, with Broadcom backstopping up to $29B.
Broadcom rose about 0.7% after hours.
Chips, leases and a chipmaker guarantee: this is what AI financing looks like now.
How much is it worth to catch a single drip inside an AI data center?
$675M: what Acuity is paying for Parameter Technologies, a maker of data-center leak detection systems.
$500M of that will be borrowed, with the rest paid in cash.
About $100M in expected 2027 sales for Parameter, growth of more than 30%.
About 40% expected EBITDA margins.
That works out to roughly 6.75x 2027 sales and about 17x 2027 EBITDA.
The pitch: as data centers shift to liquid cooling, a leak can take out critical gear.
Acuity expects the deal to add to adjusted EPS in fiscal 2027.
It is expected to close in the second quarter of fiscal 2027, pending antitrust clearance.
$AYI closed basically flat at $318.76.
The AI boom is paying off even for the plumbing.
Did EQT just lock up America's natural gas crown?
0.987 EQT shares for every Range Resources share, in an all-stock deal.
$54.91 a share at Friday's prices, a 20.6% premium to Range's $45.52 close, per Reuters.
About $12.8B in equity value, and a pro forma enterprise value of more than $50B.
More than 9 Bcfe a day of combined net production, with more than 30 years of inventory.
$325M in expected annual synergies within two years, with a path to more than $600M.
EQT holders will own about 73% of the combined company, and Range holders about 27%.
Range closed up 17.7% at $53.57.
EQT Corp fell 1.4% to $54.85, which values the offer at about $54.14 a Range share today.
The deal is expected to close in Q1 2027, pending shareholder and regulatory approvals.
Appalachia's two gas heavyweights become one.
How much Meta stock is about to hit the market?
$35B: the underwritten common and convertible preferred stock offerings Meta launched this morning.
$60B more: a planned at-the-market share sale program, set to start after the new Class C shares begin trading, expected in Q1 2027.
$95B total, about 5.8% of Meta's roughly $1.64T market value.
The first $35B alone is about 2.1%.
$0 in buybacks over the first nine months of 2026, down from $26.2B a year earlier.
$21.1B in stock-based comp over the same stretch, up 45%.
Q3 free cash flow came in at negative $2.1B, with capex at $34.9B.
2026 capex guidance is now $135B to $145B.
Meta says the money will fund AI infrastructure and superintelligence.
The new Class C shares are non-voting, so Zuckerberg keeps about 60.6% of the vote with a 13.4% economic stake.
The stock was up 1.6% premarket after the news.
$META went from buying back its stock to selling it in about a year.
Did markets just price a fourth Lula term as a fiscal crisis, or is this the overreaction of the decade?
Lula won Brazil's runoff 51.79% to 48.21% over Flávio Bolsonaro, with 100% of ballots counted, per the TSE.
He is the first candidate since Brazil's return to democracy to lose the first round and still win the presidency.
The iShares MSCI Brazil ETF $EWZ was down about 25% premarket as of 7 AM ET, on track for the worst day in its 26-year history, per WSJ.
XP was down about 47%, Bradesco 31%, Itaú 27%, Petrobras 23% and Nu 22% in premarket trading.
The real fell about 10% in Chicago futures, implying roughly R$5.59 per dollar versus about R$4.99 on Friday.
Vale was down only about 3%.
The Ibovespa closed Friday at 205,082, about 2% below its record high.
Bolsonaro has not conceded and says he will seek to annul the result.
B3 opens at 9 AM ET, and analysts are warning of a possible circuit breaker, which halts trading if the Ibovespa falls 10%.
Is a hospital system about to take Surgery Partners private?
SGRY reportedly jumped ~21% premarket to $19.00, from Friday's $15.75 close.
Bon Secours Mercy Health is reportedly in late-stage talks to buy a majority stake, per the Financial Times.
The reported price: about $20 a share, roughly $6B including about $3.5B of debt.
Bain Capital, a holder since 2017, would reportedly keep its almost 40% stake.
A deal could reportedly be announced as soon as Monday.
Before the jump, SGRY was down about 31% over the past year.
Last year, Surgery Partners walked away from a Bain-led take-private at a $6.7B enterprise value.
Surgery Partners runs 176 surgery centers and hospitals in 30 states.
Bon Secours runs 47 hospitals across the US and Ireland, with about $14B in revenue.
Neither company has commented, and nothing is signed yet.
Would Switzerland really risk losing its last global bank over how much capital it holds?
A Swiss bank staff union warns that 10,000 to 12,000 UBS jobs in Switzerland could be at risk if the bank leaves.
That would be up to roughly one in three of UBS' approximately 34,000 Swiss jobs.
The Swiss Bank Employees Association calls it a worst-case scenario in a letter to lawmakers, reported by NZZ am Sonntag and seen by Reuters.
It is a union warning, not a UBS plan.
UBS declined to comment on the estimate and has repeatedly said it wants to stay in Switzerland.
The bank still expects about 3,000 Swiss layoffs from the Credit Suisse integration, spread over several years.
The fight is over capital: Switzerland's upper house proposed last month that UBS back its foreign units with 90% Common Equity Tier 1 capital.
UBS says that is too much, and its chairman has warned it would have to rethink its future in Switzerland if the rules are too harsh.
Some shareholders have called for a move, and UBS has reportedly drafted contingency plans including relocating its headquarters or a merger.
A lower-house committee takes up the capital question next.
What's left to stop a $6 billion bond-trading deal once Washington steps aside?
US antitrust regulators ended their review of ICE Markets purchase of MarketAxess early, effective Oct. 21, per a MarketAxess SEC filing.
ICE is paying $167 a share in cash, a 33% premium to MarketAxess' price the day the deal was announced.
That values MarketAxess at about $6 billion.
MarketAxess closed Friday at $164.67, just $2.33 below the offer.
That small gap shows investors expect the deal to close.
Back in May, ICE first floated $175 a share in a non-binding offer, per the companies' filings.
The final price came in $8 lower.
MarketAxess shareholders vote this Thursday, Oct. 29.
Other regulators still have to approve, and the companies expect to close in the first half of 2027.
ICE is borrowing to fund the full price and expects $100 million a year in cost savings.
The owner of the New York Stock Exchange is betting big on electronic bond trading.
