# Past the Headline — full text index

A publication on the mechanics of capital markets. Each piece is a structural teardown of a
single transaction, derived from primary documents. Written by Elias Calfat.

This endpoint serves the plain-markdown source of every published teardown, generated live
from the publication database. Append ?slug={slug} for a single article, or &lang=ar for the
Arabic version where one exists.

Attribution when citing: Past the Headline (past-the-headline.com), by Elias Calfat.

Articles: 5

## SpaceX: Escape Velocity and the Largest IPO in History

IPO · United States · TBD · deal TBD · published 2026-08-23

Inside the structure, valuation, and timing of the public-market debut a decade in the making.

Structural focus: IPO structure · Mega-cap listing · Starlink economics · Valuation mechanics

Full text: https://past-the-headline.com/api/apps/6a04c28d1dad62beeb23abfa/functions/articleText?slug=spacex-ipo-largest-in-history
Article page: https://past-the-headline.com/article/spacex-ipo-largest-in-history

## PIF Divests 70% Stake in Al Hilal FC

M&A · Saudi Arabia · SAR 1.4B EV · deal Apr 2026 · published 2026-07-02

PIF signs a binding SPA handing 70% of Al-Hilal to Kingdom Holding at a SAR 1.4bn enterprise value — a 1.1x revenue print, a buyer PIF itself part-owns, and the first properly priced data point in the largest sovereign capital recycling program on earth.

Structural focus: SAR 840m secondary · 1.1x revenue · Related-party circularity · Sovereign capital recycling

Full text: https://past-the-headline.com/api/apps/6a04c28d1dad62beeb23abfa/functions/articleText?slug=pif-divests-al-hilal-fc
Article page: https://past-the-headline.com/article/pif-divests-al-hilal-fc

## Cerebras: The Deal Beneath the Debut

IPO · United States · $5.55B · deal May 2026 · published 2026-06-17

How a non cash accounting gain, an Abu Dhabi customer base and an OpenAI handshake produced the largest US tech IPO since Uber, and what the tape said next.

Structural focus: Accounting gain, not operating profit · 86% UAE revenue · 80% OpenAI backlog · 99% founder voting control

Full text: https://past-the-headline.com/api/apps/6a04c28d1dad62beeb23abfa/functions/articleText?slug=cerebras-ipo-wafer-scale-debut
Article page: https://past-the-headline.com/article/cerebras-ipo-wafer-scale-debut

## The Aramco Multi-Tranche Bond Architecture

Financing · Saudi Arabia · $6.0B · deal Apr 2026 · published 2026-05-05

Dissecting the pricing mechanics and investor allocation of a sovereign-adjacent issuance.

Structural focus: Multi-tranche bond · 5Y/10Y/30Y · Pricing mechanics · Credit spread analysis

Full text: https://past-the-headline.com/api/apps/6a04c28d1dad62beeb23abfa/functions/articleText?slug=aramco-multi-tranche-bond
Article page: https://past-the-headline.com/article/aramco-multi-tranche-bond

## ADNOC Logistics & Services IPO Teardown

IPO · United Arab Emirates · $1.8B · deal Mar 2026 · published 2026-04-21

Cornerstone allocations, greenshoe mechanics, and the dual-class governance question.

Structural focus: IPO structure · Book-building · Cornerstone investors · Lock-up provisions

Full text: https://past-the-headline.com/api/apps/6a04c28d1dad62beeb23abfa/functions/articleText?slug=adnoc-logistics-ipo
Article page: https://past-the-headline.com/article/adnoc-logistics-ipo