Analysis Archive
SpaceX: The IPO That Made Its Own Rules
A founder-control arrangement public investors are asked to accept, and two very different businesses inside one issuer: launch as a capacity-constrained utility with visible margins, Starlink as the growth asset a public multiple would actually be underwriting.
How the PIF Structured the Largest LBO in History
The largest leveraged buyout ever recorded is, on the capital structure, two thirds equity. How PIF wrote $36bn, why one bank carried $20bn alone, and what the syndication revealed about the price.
PIF Divests 70% Stake in Al Hilal FC
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.
Cerebras: The Deal Beneath the Debut
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.
The Aramco Multi-Tranche Bond Architecture
Dissecting the pricing mechanics and investor allocation of a sovereign-adjacent issuance.
ADNOC Logistics & Services IPO Teardown
Cornerstone allocations, greenshoe mechanics, and the dual-class governance question.
