Startups & Venture
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SpaceX lowballed its bankers on fees. Goldman Sachs has another way to win big
It’s been widely reported that SpaceX will provide its underwriters a “gross spread” of just 0.75% or less for shepherding the biggest initial public offering of all time. According to Jay Ritter, a professor at the University of Florida who’s the nation’s top academic expert in the field, that number ties the lowest percentage on…
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Abridge wants to be the operating system for medicine—and NVIDIA and Eli Lilly are helping build it
On Thursday morning in New York City, Dr. Shiv Rao stood before a room of health system executives and made a case that ambient AI—a technology that began largely as a transcription tool—was ready to do something far more consequential than writing a doctor’s notes. Abridge, the startup Rao cofounded in 2018, announced a strategic…
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As SpaceX goes public, a $100 billion shadow market faces a reckoning
A day ahead of the spectacle of SpaceX’s IPO, the much-anticipated trillion-plus valuation of the company—a Frankensteined creature of Elon Musk’s dreams and realities—is emerging as an investor Rorschach test. Some will see cosmic potential, while others will see science-fiction red flags. But for one group of investors—those who purchased SpaceX stock on the overheated…
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SpaceX’s record IPO has Wall Street torn between a Musk ‘holy grail’ and a $72-per-share leap of faith
SpaceX’s $1.77 trillion IPO is set to become the largest in history this week, and, analysts say, among the most controversial. The IPO, which aims to raise $75 billion by selling 555 million shares at a fixed price of $135 per share, starts trading on Friday, June 12, and will be listed on the NASDAQ…
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The space economy’s next frontier is in ground infrastructure, Northwood Space CEO says
In the last six years, a surge of satellites in orbit has triggered what Northwood Space Chief Executive Bridgit Mendler called the “infrastructure building era” of space. Speaking at the Fortune Brainstorm Tech conference in Aspen, Colorado on Tuesday, Mendler emphasized how massive leaps in launch capacity and spacecraft manufacturing are supercharging the space economy.…
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A $7 billion horse race: Goldman Sachs and Morgan Stanley battle for ‘lead left’ position ahead of OpenAI and Anthropic IPOs
Goldman Sachs and Morgan Stanley, the two investment banks harboring the biggest market shares by far in tech IPOs, are now battling to lead looming debuts that promise the winners a pair of the richest profit pots in Wall Street history. Goldman already captured a huge prize by clinching the position of “lead left” book…
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Anduril CEO Brian Schimpf says economic warfare is the ‘new normal’ for military conflicts—and the U.S. needs to get serious
Brian Schimpf, CEO of defense tech company Anduril, says that the nature of modern armed conflict has fundamentally shifted—and that the U.S. military’s supply chain is dangerously unprepared for it. “The U.S. and Israel did something like ten times as many strikes in the first month of the war as they did in the entire…
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ChatGPT maker OpenAI confidentially files for IPO, a week after Anthropic
OpenAI filed confidentially for an IPO, as the ChatGPT maker looks to join artificial intelligence rivals tapping public markets to fund ambitious growth plans. The Sam Altman-led firm submitted paperwork for an initial public offering with the US Securities and Exchange Commission, the company said. OpenAI is working with Goldman Sachs Group Inc. and Morgan…
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Bending Spoons, the Italian app acquirer behind AOL, Evernote, Vimeo, and WeTransfer, files for a U.S. IPO
Bending Spoons, the Milan-based technology company that has built a sprawling portfolio by buying up well-known but underperforming digital apps and overhauling them, filed paperwork on Monday for an initial public offering in the United States—offering the public its first detailed look at the finances powering its acquisition spree. The company’s revenue grew 95% year…
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The Class of 2026: Meet the 12 companies making their Fortune 500 debut
Making the Fortune 500 list is no small feat, yet every year a fresh group of companies elbows its way in by displacing incumbents and reshuffling the ranks of American corporate power. To make it on the list of the top 500 companies in the U.S. by revenue, a company has to meet strict requirements,…