Market Performance

Last week was historic in the markets, with over 95 stocks notching all-time highs across sectors, including JPMorgan (JPM), Micron (MU), Live Nation (LYV), Expedia (EXPE), Rocket Lab (RKLB), Alphabet/Google (GOOG), CBRE Group (CBRE), Reddit (RDDT), Viking Holdings (VIK), Houlihan Lokey (HLI), Oracle (ORCL), Robinhood (HOOD), and many more.

U.S. equities soared to new records as investors bet on an imminent Fed rate cut amid signs of a weakening labor market and persistent but stable inflation; all major indexes closed strong, led by tech, materials, and consumer discretionary shares, while Treasury yields declined and market sentiment turned decisively bullish ahead of next week’s FOMC decision.

Earnings & Major Events Next Week

Major Events:

• Fed Meeting — Tues, Sep 16 - Wed, Sep 17

  • A rate cut is seen as nearly certain and widely anticipated by economists, investors, and major market forecasters, marking a likely shift toward policy easing

Prominent Earnings to Watch:

• General Mills (GIS) — Wed, Sep 17, before market open.

  • Consensus expects flat to declining EPS; forecasts indicate a year-over-year decrease of about 21–24% in quarterly profit, with focus on whether cost inflation is offset by price increases as consumer demand shifts downmarket.

• Darden Restaurants (DRI) — Thu, Sep 18, before market open.

  • Analyst consensus calls for same-store sales growth and margin compression, with consensus EPS of $1.99 (+13.7% YoY), focusing on wage and input cost trends.

• FedEx (FEDX) — Thurs, Sep 18, after market close.

  • Forecasts are for muted top-line growth, with key concerns around freight volumes and surcharge pricing as a macroeconomic indicator. Investors will watch management’s outlook for logistics demand.

• Lennar (LEN) — Thurs, Sep 18, after market close.

  • The expectation is strong deliveries but margin pressure as pricing incentives and higher costs balance housing market strength. Key metrics will be forward orders and guidance on incentives and costs.

All Earnings Above $5B Market Cap:

IPOs & Other Public Listing Recap

IPO/ Listing Action

Past week

Last week, there were 12 listings:

• 8 Traditional IPOs highlighted by Klarna (KLAR), Gemini (GEM), and Black Rock Coffee Bar (BRCB)

• 3 SPAC IPOs and 1 De-SPAC listing

See more: Latest Listings

Expected IPOs

Notable action:

• StubHub (STUB) plans to debut on NYSE on September 17, 2025, pricing shares at $23.50 within its expected range to raise $800 million in a major offering underwritten by J.P. Morgan.

• Netskope (NTSK), a cybersecurity company, is set to go public on NASDAQ on September 18, 2025, pricing at $16.00 to raise $765 million in a high-profile tech IPO backed by Morgan Stanley.

• Pattern Group (PTRN) will list on NASDAQ on September 19, 2025, pricing shares at $14.00 mid-range to raise $300 million, with Goldman Sachs as the lead underwriter.

See more: Upcoming Listings

Industry/Theme Recap

Covered in Alphabetical order: AI + Robotics, Aerospace/Defense, Consumer, Crypto, Energy/Materials/Industrials, Financials/Real Estate, Healthcare, Logistics/Transport/Automotive, Media/Telecom

AI, Robotics, Quantum

Live Coverage: Core AI & Infrastructure theme page, Next Wave AI theme page

Listings - Launches/ Plans / Rumors:

• Infleqtion, a quantum technology leader, is merging with Churchill Capital Corp X (NASDAQ: CCCX), Michael Klein’s tenth SPAC, in a $1.8 billion pre-money equity deal expected to generate over $540 million. The transaction includes $416 million from Churchill X's trust and over $125 million via a PIPE from institutional investors. The merger, anticipated to close later this year or early 2026, will allow Infleqtion to list as INFQ on a North American exchange, accelerating the commercialization of its quantum computing and precision sensing products. CEO Matthew Kinsella emphasized the SPAC route's speed and Klein's track record.

• Fermi America (FRMI), co-founded by former U.S. Energy Secretary Rick Perry, has filed for a U.S. IPO on Nasdaq under the ticker FRMI. Less than a year after its founding, the pre-revenue company plans to build the world’s largest energy and data complex, powered by nuclear, natural gas, and solar, to meet surging AI-driven electricity demand. In August, Fermi raised $100 million in funding led by Macquarie Group.

Notable Earnings Reports:

• Oracle (ORCL) reported its fiscal Q1 results, which undershot analyst estimates for revenue and profit but boosted cloud infrastructure forecasts due to strong AI demand. Oracle stock surged 36% as investors reacted to ambitious AI revenue projections and new client wins.

Pre-IPO Financings (Series C+ and Prominent):

• Cognition raised over $400M at a $10.2B post-money valuation. Founded in 2024, Cognition builds software engineering solutions, enabling engineers to focus on creative problem-solving with autonomous agents. Its flagship product, Devin, scaled from $1M ARR in September 2024 to $73M ARR by June 2025. The recent acquisition of Windsurf doubled ARR and expanded Cognition’s AI coding suite. The combined platform integrates IDEs for AI-assisted coding and agentic systems, positioning Cognition as a leader in AI-driven software development infrastructure.

• Databricks surpassed a $4B revenue run-rate in Q2 2025, growing over 50% YoY, with AI products exceeding $1B. They achieved positive free cash flow. The company is finalizing a $1B Series K round at a $100B+ valuation, co-led by Andreessen Horowitz, Insight Partners, MGX, Thrive Capital, and WCM. This funding will accelerate AI strategy, including Agent Bricks and Lakebase, global expansion, acquisitions, and AI research.

• ElevenLabs, an AI audio startup, is allowing employees to sell up to $100 million in stock through a tender offer, doubling its valuation to $6.6 billion. Led by Sequoia Capital and Iconiq Growth, with participation from Andreessen Horowitz, this offer enables employees with at least one year of tenure to cash out shares and investors to increase their stakes.

• Mercor, an AI model refinement startup, is in talks for a Series C round targeting a $10B+ valuation, up from $8B. Felicis, which led Mercor’s $100M Series B at a $2B valuation, may double down. Founded in 2022, Mercor has seen explosive revenue growth, reaching $450M in annualized run-rate revenue, up from $75M ARR in February and $100M ARR in March.

• Mistral AI: Mistral AI, a Paris-based generative AI startup founded in 2023, raised €1.7B in a Series C round, valuing the company at €11.7B ($13.7B). New backing includes ASML and existing investors DST Global, Andreessen Horowitz, and Bpifrance. The financing made co-founders Arthur Mensch, Timothee Lacroix, and Guillaume Lample billionaires, each with at least an 8% stake worth about $1.1B. Employees and founders remain majority shareholders as the company develops large language models and its chatbot Le Chat.

• Motion raised $60M across Series B, C, and C2 rounds, totaling $75M funding and reaching a $550M valuation. The $38M Series C was 5x oversubscribed, led by Scale Venture Partners. Motion develops an end-to-end agentic work suite with AI agents. Funding will expand engineering and product teams to accelerate new applications and deepen agentic workflow integration.

• Perplexity, the AI search startup, raised $200M at a $20B valuation just two months after securing $100M at an $18B valuation, bringing total funding to $1.5B since its founding three years ago; the company, which previously closed a $500M round led by Accel at a $14B valuation earlier in 2025, is approaching $200M in annual recurring revenue, up from $150M reported last month.

• PsiQuantum raised $1B in a Series E round, valuing the company at $7B. The funding, led by BlackRock affiliates with participation from various investors, will support utility-scale quantum computing sites in Brisbane and Chicago, deployment of large-scale prototypes, and continued development of its photonic qubit architecture for fault-tolerant quantum systems.

• QuEra Computing expanded its $230 million Series B round with investment from NVentures (NVIDIA's VC arm), following Google's participation in February 2025. This strengthens QuEra's partnerships with top-tier AI and cloud providers like Amazon Web Services. QuEra will also collaborate with NVIDIA on go-to-market initiatives, integrating its neutral-atom quantum systems with NVIDIA’s accelerated computing stack, advancing scalable quantum technology.

• Reflection AI, a one-year-old AI coding startup backed by Nvidia and Sequoia, is set to raise about $1B in a new financing round valuing the company at $4.5B–$5.5B, up tenfold from six months ago; Nvidia’s venture arm will contribute at least $250M alongside Lightspeed Venture Partners, Sequoia, and DST Global.

• Replit, an AI-driven software creation platform with over 40M users, raised $250M at a $3B valuation, nearly tripling since 2023. Led by Prysm Capital, the round included Amex Ventures and Google’s AI Futures Fund. The company reported revenue growth from $2.8M to $150M in under a year and launched Agent 3, its most autonomous AI agent.

Other Industry Activity:

• Nebius Group (NBIS) shares jumped 43.3% to a record high of $91.75 after announcing a five-year, $17.4B AI infrastructure supply deal with Microsoft (MSFT), potentially expanding to $19.4B. The agreement provides Microsoft with dedicated GPU capacity from Nebius’s new Vineland, NJ data center starting in late 2025. This deal positions Nebius, spun out of Yandex, to secure additional hyperscaler and AI lab customers while de-risking its planned capacity buildout.

• Nscale: OpenAI and Nvidia plan to pledge multibillion-dollar investments in UK data centers in partnership with Nscale Global Holdings Ltd., with announcements expected during President Donald Trump’s visit next week; the initiative builds on Nscale’s earlier $2.5B UK commitment, including a Loughton, Essex site capable of housing up to 45,000 Nvidia GB200 chips, and positions OpenAI to be a major customer as U.S. firms prepare to unveil tens of billions of dollars in UK investments.

THE CONVERSATION:

• The wild Nebius (NBIS) price action following the news of the Microsoft GPU agreement lit Fintwit up. @ResearchQf on Twitter/X breaks the agreement down here:

Aerospace & Defense

Live Coverage: New Space theme page; NextGen Defense theme page

Pre-IPO Financings (Series C+ and Prominent):

• Apex Space, a spacecraft manufacturer of configurable satellite bus platforms, raised $200M in a Series D round led by Interlagos, valuing the company at over $1B; the funding, coming just months after its Series C, will support scaling production to meet demand for large-scale LEO constellations across commercial and government customers in communications, sensing, and national security.

Other Industry Activity:

• SpaceX is acquiring EchoStar's (SATS) AWS-4 and H-block spectrum licenses for $17B ($8.5B cash, $8.5B SpaceX stock, plus $2B interest payments). This deal resolves FCC probes into underutilized licenses for EchoStar, allowing them to pay down debt and end their wireless carrier ambitions. For SpaceX, it accelerates their direct-to-device satellite service by combining spectrum rights with Starlink and launch capabilities. This follows EchoStar's prior $23B spectrum sale to AT&T.

THE CONVERSATION:

• Following the announcement that Starlink will acquire spectrum from Echostar (SATS) in a $17 billion deal, AST SpaceMobile (ASTS) slid $14 this week, and UBS downgraded the stock. Top Twitter/X ASTS bull voice, Anpanman, remains confident, and here he shares the Direct-to-Device Connectivity Landscape:

What’s On ListingTrack

New Feature: Theme Tag Buttons on company pages

» When you view the profile page for a company that’s part of our tracked themes, like AI, New Space, NextGen Defense, Nuclear, Quantum, Crypto, or even SPACs/De-SPACs, you’ll now see bold, interactive theme tags at the top of the company's profile page.

Tap any tag to instantly dive into a full-featured dashboard for that theme:

• » Explore the entire landscape of public stocks and standout private players

• » Theme pages track IPO rumors, active & closed mergers, and breaking industry news

Consumer & Retail

Listings - Launches/ Plans / Rumors:

• Pattern Group (PTRN), an e-commerce aggregator, will list on NASDAQ on September 19, 2025, pricing shares at $14.00 mid-range to raise $300 million, with Goldman Sachs as the lead underwriter.

• Black Rock Coffee Bar (BRCB) priced its $294.1 million IPO at $20 per share and closed up 38%, giving the company a market cap of around $1.32 billion. Lead Left underwriter: J.P. Morgan.

• The Magnum Ice Cream Company: Ben & Jerry's founders are advocating for the brand's independence from Unilever, citing concerns that its social justice mission is stifled within a large conglomerate. This comes as Unilever plans to spin off its entire ice cream division, including Ben & Jerry's, into a new publicly listed company by November 2025. The founders propose a separate spin-off for Ben & Jerry's, funded by socially aligned investors.

Notable Earnings Reports:

• Kroger (KR) beat earnings expectations, posting EPS of $1.11 compared to last year’s $0.93, and raised its profit guidance’s lower end for the year.

Public M&A:

• DICK'S Sporting Goods (DKS) acquired Foot Locker, combining two major U.S. retailers into a global sports and lifestyle platform. Foot Locker shareholders can choose between $24.00 cash or 0.1168 shares of DICK'S stock per share. This deal expands DICK'S market presence and aims to drive growth in athletic apparel and footwear.

• Potbelly Corporation (PBPB): RaceTrac will acquire Potbelly Corporation (PBPB) for $17.12 per share in an all-cash tender offer, valuing the deal at $566M. This represents a 47% premium to Potbelly’s 90-trading-day VWAP as of September 9, 2025. Potbelly’s board, along with directors and officers holding 11% of shares, recommend and agree to the tender. The deal is expected to close in Q4 2025, subject to majority tender and HSR clearance.

• Vimeo (VMEO): Bending Spoons agreed to acquire Vimeo, Inc. (NASDAQ: VMEO) in an all-cash deal valued at approximately $1.38B, with Vimeo shareholders to receive $7.85 per share, representing a 91% premium to the 60-day VWAP as of September 9, 2025; the transaction was unanimously approved by Vimeo’s board and is expected to close in Q4 2025.

Crypto

Listings - Launches/ Plans / Rumors:

• Asset Entities (ASST) merged with Strive, a firm co-founded in 2022 by Vivek Ramaswamy, to form Strive, Inc., the first publicly traded asset management Bitcoin treasury company. ASST Class B Common Stock will undergo reclassification and uplisting to the Nasdaq Global Market effective September 15, 2025. The merger included $750M in equity financing, with an additional $750M from warrant exercises, providing up to $1.5B in proceeds.

• Avalanche Foundation is close to raising $1B through two U.S. crypto investment vehicles to buy Avax tokens at discounted prices. The first deal, led by Hivemind Capital with Anthony Scaramucci, is for up to $500M via a Nasdaq-listed company, potentially closing this month. The second, sponsored by Dragonfly Capital, is a SPAC targeting up to $500M and may conclude in October. Proceeds will build digital asset treasuries as Avalanche aims to be a primary capital markets ledger.

• Faraday Future (FFAI) plans to spin off its crypto flywheel assets, including C10 Treasury, into a separately listed company. This creates two independent entities: FFAI will focus on its EV Flywheel, and the new company on crypto operations.

• Figure Technology Solutions (FIGR) completed a $787.5M IPO at $25 per share and closed its first day of trading at $31.11, up 24%, giving the blockchain-based lending platform a $6.6B market value compared with a $3.2B valuation in a 2021 funding round; the company, which facilitates loans using blockchain technology, reported $29.1M in net income on $190.6M in revenue for the six months ended June 30, 2025.

• Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, raised $425M in its U.S. IPO at $28 per share and saw its stock surge as much as 64% to $40.02, and closed at $32, giving it a market cap of around $3.8B. Nasdaq also invested $50M via a private placement alongside the IPO. The company, which previously raised funds at a $7.1B valuation in 2021, has more than $21B in platform assets across exchange, stablecoin, staking, custody, and crypto credit card products.

THE CONVERSATION:

• Eightco Holdings (OCTO —> ORBS) had one of the wildest DAT (Digital Asset Treasury) announcement pops we’ve seen (and we’ve seen a lot)… The stock soared almost 3,000% in one day after announcing a crypto treasury deal targeting Worldcoin, a crypto project co-founded by Sam Altman. @DJohnson, the resident DAT/crypto expert on Twitter/X breaks it down:

Energy, Materials, and Industrials

Listings - Launches/ Plans / Rumors:

• WaterBridge Infrastructure (WBI) launched its IPO roadshow, aiming to raise $459M-$540M by selling 27M shares at $17-$20 each. The market cap at pricing midpoint is around $2.11B. IPO pricing is expected tomorrow, Monday, Sep 15, with trading beginning on NYSE on Sep 16. Lead underwriters are J.P. Morgan and Barclays.

• Legence (LGN), a Blackstone-backed engineering firm specializing in HVAC, plumbing, and building systems for sectors like data centers, completed a U.S. IPO, raising $728M by selling 26M shares at $28 each. Shares closed at $30.50, up 8.9%, giving the San Jose-based company a market value of about $3.1B. This follows Blackstone’s 2020 acquisition of the business, which previously operated as Therma Holdings.

• Corteva (CTVA), valued at about $50B, is considering breaking up its seed and pesticide businesses into two independent companies. This potential move follows its spinout from DowDuPont and comes after significant share price increases. Corteva's Pioneer brand and Enlist soybean platform contribute to its strong position alongside Bayer in supplying a large portion of U.S. corn and soybean seeds.

Public M&A:

• Nano Dimension (NNDM): Nano Dimension Ltd. (Nasdaq: NNDM) has launched a strategic review to explore alternatives for maximizing shareholder value, engaging Guggenheim Partners and Houlihan Lokey as exclusive advisors, while also making a leadership change that saw Ofir Baharav removed and Board member David S. Stehlin appointed CEO.

• Teck Resources (TECK): Anglo American plc and Teck Resources Limited are merging to form Anglo Teck, a global critical minerals giant focusing on copper. Anglo American shareholders will own ~62.4% and Teck shareholders ~37.6% of the new company. Anglo American will pay a US$4.5 billion special dividend to its shareholders. The merger needs shareholder and regulatory approvals, expected to close in 12–18 months.

  • More: Shareholder Canoe Financial (0.5% stake, ~C$130M) believes Anglo American's takeover offer undervalues Teck, suggesting a higher offer is needed. Senior analyst Alex Garriock noted Teck's value is greater than implied, a sentiment echoed by Citigroup analysts who called the premium "very light." Despite Keevil family backing, the deal needs two-thirds Class B shareholder approval, opening the door for investor pushback to influence the outcome.

• Maui Land & Pineapple Company (NYSE: MLP) announced a strategic review, begun in early 2025, to evaluate a potential sale or lease of its water source and infrastructure assets, overseen by a board subcommittee.

Pre-IPO Financings (Series C+ and Prominent):

• proteanTecs, a provider of deep data solutions for monitoring electronics, closed a $51 million Series D funding round led by IAG Capital Partners, with new strategic investors Samsung Catalyst Fund, Arm, and Siemens. The company's platform optimizes power, performance, and reliability of complex electronic systems and is rapidly expanding across sectors, including cloud hyperscalers, semiconductors, automotive, consumer electronics, and telecommunications.

Enterprise Software, Cybersecurity

Listings - Launches/ Plans / Rumors:

• Netskope (NTSK), a cybersecurity firm backed by Sequoia and Accel, is looking to raise between $717 million and $813 million by selling 47.8 million shares at $15-17 per share in its Thursday IPO (Sep 18). At the pricing midpoint, the market cap at IPO would be around $6.11 billion. Lead underwriters: Morgan Stanley, J.P. Morgan.

Notable Earnings Reports:

• Adobe (ADBE) rallied on better-than-expected results and raised its FY2025 revenue outlook to $23.65–$23.7B.

Fintech & Financial Services, Insurance, Real Estate

Listings - Launches/ Plans / Rumors:

• Klarna Group (KLAR) raised $1.37B in its U.S. IPO, pricing shares at $40, above the range, implying a $15.1B market value, with shares debuting at $52 and closing the session at $45.82. The offering was roughly 25 times oversubscribed and was led by Goldman Sachs, JPMorgan, and Morgan Stanley, marking a rebound from Klarna’s $6.7B 2022 valuation but well below its $45.6B peak in 2021.

• Lendbuzz, a Boston-based AI-driven auto finance platform, filed for an IPO on the Nasdaq Global Select Market under the ticker LBZZ, reviving its plan after shelving it in late 2023 when it was estimated to be worth over $2B; Goldman Sachs, JPMorgan, RBC, and Mizuho are leading the deal, with the company reporting $11.1M in net income on $172.9M in revenue for H1 2025, up from $5.6M on $125.4M a year earlier.

• Zenta (ZGM): Chinese fintech services company Zenta Group priced its $6 million IPO at $4 per share. Est. market cap at IPO of $46.3 million. Lead Left underwriter: Cathay Securities.

Public M&A:

• Columbia Banking System (COLB): Columbia Banking System (Nasdaq: COLB) completed its acquisition of Pacific Premier Bancorp (Nasdaq: PPBI) on August 31, 2025.

• Mechanics Bancorp (MHCB): HomeStreet, Inc. (NASDAQ: HMST) and Mechanics Bancorp completed their merger on September 2, 2025. HomeStreet Bank merged into Mechanics Bank, which is now a wholly owned subsidiary of Mechanics Bancorp. HomeStreet, Inc. changed its name to Mechanics Bancorp, relisting its common stock on Nasdaq under MCHB.

• Townebank (TOWN): Old Point Financial Corporation (OPOF) shareholders approved the merger with TowneBank, which officially closed on September 1, 2025. Trading in OPOF was halted on August 29, 2025, and suspended effective September 3, 2025. OPOF shareholders received $41.00 in cash per share.

Pre-IPO Financings (Series C+ and Prominent):

• Aven, a home equity–backed credit card startup, raised $110M in a Series E round at a $2.2B valuation, more than doubling its value from last year. Khosla Ventures led the round, with participation from General Catalyst, Caffeinated Capital, GIC, Electric Capital, and Founders Fund. The company also expanded its advisory board to include former U.S. Treasury Secretary Lawrence Summers and former House Financial Services Committee Chair Patrick McHenry.

• Kin, a digital direct-to-consumer home insurance provider, raised an oversubscribed $50 million Series E at a $2 billion pre-money valuation, and closed a $200 million debt facility ($145 million for refinancing). The combined transactions provide $105 million of incremental capital for growth, a new reciprocal exchange, and product development. Kin now manages over $600 million inforce premiums and covers over $100 billion in insured property value across 13 U.S. states.

THE CONVERSATION:

• Robinhood (HOOD) will roll out short selling in the coming weeks, an interesting development for the GameStop-era anti-short segment of its user base. Twitter/X trader @pennycheck weighs in:

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Healthcare

Listings - Launches/ Plans / Rumors:

• LB Pharmaceuticals (LBRX) priced its $250 million IPO at $15 per share. Est. market cap at IPO of $301.5 million. Lead Left underwriter: Leerink Partners.

Public M&A:

• Tourmaline Bio (TRML): Novartis (NYSE: NVS) will acquire Tourmaline Bio (NASDAQ: TRML) for $1.4 billion ($48.00/share), a 59% premium. The acquisition focuses on pacibekitug, Tourmaline’s late-stage IL-6 inhibitor for cardiovascular disease. Both boards approved the deal, expected to close in Q4 2025 via a tender offer. Tourmaline will become a Novartis subsidiary. Novartis sees potential in transforming cardiovascular care, while Tourmaline highlights shareholder value and strategic fit.

• Bausch Health Companies (NYSE: BHC; TSX: BHC) acquired DURECT Corporation for $1.75 per share in cash ($63M upfront, up to $350M in additional net sales milestone payments). This acquisition adds DURECT’s lead asset larsucosterol, an FDA Breakthrough Therapy–designated epigenetic modulator for alcohol-associated hepatitis, to Bausch’s hepatology pipeline, with a registrational Phase 3 trial in planning.

• Anebulo Pharmaceuticals (ANEB) provided an update on its going-private process, confirming that after announcing the transaction on July 23, 2025, it received inbound interest from financial and strategic parties. The board will evaluate all options, including the proposed going-private deal with a reverse stock split, a sale of assets, or a merger, while continuing preparations for a special stockholder meeting.

Pre-IPO Financings (Series C+ and Prominent):

• Kriya Therapeutics closed a $320M oversubscribed Series D financing, co-led by Patient Square Capital and Premji Invest, with participation from Peter Thiel, at an increased valuation. Proceeds will fund clinical trials in geographic atrophy, thyroid eye disease, type 1 diabetes, MASH, and trigeminal neuralgia, and support continued development through Kriya’s integrated manufacturing and R&D platform. Akshay Rai of Premji joined the board.

• Odyssey Therapeutics closed a $213M Series D financing with participation from existing and new investors, including Affinity Asset Advisors, Dimension Capital, Jeito Capital, Lightspeed Ventures, TPG Life Sciences Innovations, and Wedbush Healthcare Partners. Proceeds will advance its clinical and preclinical pipeline for autoimmune and inflammatory diseases.

• Strive Health, a leader in value-based kidney care, raised $550 million in new capital: $300 million in Series D equity and $250 million in debt funding. NEA led the equity round with participation from CVS Health Ventures, CapitalG, and BlackRock-managed funds. Hercules Capital led the debt financing. This capital will support Strive's mission to transform and scale value-based kidney care nationwide.

Other Situations / Industry Activity:

• OraSure Technologies (OSUR): Altai Capital Management increased its stake in OraSure from 3% to 5% and is preparing a boardroom challenge. This follows OraSure rejecting a buyout offer from Ron Zwanziger. Altai plans to nominate two candidates, including Bajaj, for board seats at next year’s annual meeting to push management to engage with shareholders, rather than pursuing a direct buyout bid.

Logistics, Transportation & Travel, Autos

Live Coverage: Logistics theme page

Listings - Launches/ Plans / Rumors:

• Via Transportation (VIA): maker of the Citymapper app and transit planning software, raised $492.9M in its IPO at $46 per share, giving it a ~$3.5B valuation; shares opened at $44, 4.3% below the offer price, before recovering to $46.19 in New York trading, as the company reported $429M in annualized Q2 2025 revenue, up 34% year over year from expanding city transit contracts.

Public M&A:

• Union Pacific (UNP) CEO Jim Vena expressed confidence in regulatory clearance of its $85B stock-and-cash acquisition of Norfolk Southern (NSC), which was announced in July, despite heightened scrutiny following recent White House actions affecting STB leadership. A notice of intent was filed to the Surface Transportation Board on July 30, 2025 with a formal application due by January 29, 2026, and an expected close in early 2027.

Other Situations / Industry Activity / Private or Non-US Listed M&A:

• DHL Group (OTC:DHLGY): Deutsche Post DHL Group’s DHL Supply Chain acquired SDS Rx, a U.S. healthcare logistics provider, marking DHL's second healthcare acquisition in 2025 after CryoPDP. This comes as peers like UPS have expanded in the sector, with UPS acquiring Frigo-Trans and BPL, and purchasing Andlauer Healthcare.

• Faraday Future Intelligent Electric (FFAI): Short seller Wolfpack Research published a report targeting Faraday Future Intelligent Electric (FFAI) titled 'This House of Cards Is Falling Apart as YT Jia’s Latest Pump Is Built on Fake Orders and a Tsunami of Lies'.

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Media & Entertainment/ Communications

Listings - Launches/ Plans / Rumors:

• StubHub (STUB) is expected to price its IPO on Tues, Sep 16 and trade on NYSE on Sep 17. The company is aiming to raise $749M-$851M by selling 34M shares at $22-$25 each, with a market cap at IPO of ~$8.64B at the midpoint. The Lead underwriters are J.P. Morgan and Goldman Sachs.

• Angel Studios (ANGX), the independent Christian film studio behind the film Sound of Freedom, completed its business combination with SPAC Southport Acquisition Corp. (PORT), and the combined company began trading on the NYSE under the ticker ANGX on September 11.

Public M&A:

• Warner Bros. Discovery (WBD): Paramount Skydance (PSKY) is preparing a majority-cash bid, backed by the Ellison family, to acquire Warner Bros. Discovery (NASDAQ: WBD), covering all assets including cable networks and the movie studio. Warner, valued at nearly $33B (more than double Paramount Skydance’s market cap), had planned to split into units, but this preemptive bid aims to block rival offers from tech firms like Amazon and Apple. Warner shares rose 35% and Paramount Skydance was up 6% on the report.

THE CONVERSATION:

• Top Vegas attraction, Sphere Entertainment (SPHR), announced another share buyback this week. Astute X/Twitter traders @OddDiligence and @KevinLMak break down the float implications:

Thanks for reading,

The team at ListingTrack

Market Data and Coverage: All market data presented is based on the stock prices at the close of the previous trading day. We cover the US market only at this time.

DISCLAIMER: The information provided in this newsletter is for informational purposes and for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. The author or guest authors may have positions in any of the stocks discussed. ListingTrack and its parent, CommonFi, do not make any guarantees, representations, or warranties as to, and shall have no liability for, the timeliness, truthfulness, sequence, quality, completeness, or accuracy of any of the information or data provided in this newsletter or on the ListingTrack website.