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Per reader feedback we have adjusted this newsletter to be structured by industry and much more concise to give you the full view and then move on with your day! Let us know what you think.

Pro users are able to see any of these stories in full detail along with source links, on our News page. There you can view all our curated updates broken out by news type: Listing (Public listings + Pre-IPO activity), Mergers (including private deals), Situations (activism, bankruptcies, delistings, separations, and more), and SPAC.

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Tariffs/ Trade War

Read our comprehensive Weekly Trade War Round-Up. Summary below.

U.S.–China negotiations held, markets surged, and corporate warnings mounted as the White House moved toward unilateral tariff setting and Moody’s cut the U.S. credit rating.

Weekly Market Performance (May 16 close):

• S&P 500: +5.27% (5958.38), YTD: +1.30%

• Nasdaq Composite: +7.15% (19211.10), YTD: -0.52%

• Dow Jones: +3.41% (42654.74), YTD: +0.26%

• Russell 2000: +4.46% (2113.25), YTD: -5.24%

• VIX: -21.28% (17.24), YTD: -0.63%

• 10Y Treasury Yield: +1.39% (4.44), YTD: -2.89%

• Gold: +0.57% (3205.30), YTD: +21.37%

See more: Tariff tracker: our page covering Trade War & Tariff news and the US companies most at risk

IPOs & Other Public Listing Recap

IPO/ Listing Action

Past week

Last week, there were 15 listings:

• 3 Traditional IPOs headlined by eToro’s $620M IPO (ETOR, +23.4%)

• 6 SPAC IPOs with huge pops (for SPACs), led by RTACU (+14.8%)

• 2 Direct Listings down sharply, ARAI –74.5%

• 3 Uplistings & 1 De-SPAC mostly down hard, KWM –79.7% and IQST –32.3%

See more: Latest Listings

Expected IPOs

See more: Upcoming Listings

Commentary

• Morgan Stanley reports 40% of late-stage startups prefer tender offers over IPOs, with avg. exit timeline now 12 years.

AI, Robotics, Quantum

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

Listings - Launches/ Plans / Rumors:

• AI chipmaker Cerebras, backed by Microsoft, cleared CFIUS hurdle to go public.

• Foundation, developing humanoid robots, aims to raise $100M at $1B valuation after previous $11M pre-seed from Tribe Capital.

• AI platform Antalpha priced its $49.3M IPO at $12.80/share, valuing it at $303.3M.

Prominent Private/ Non-US Listed M&A:

• Databricks, a $62B data analytics platform, acquired cloud-native Postgres firm Neon for ~$1B.

• Semiconductor developer Alphawave and Qualcomm extended acquisition deadline to May 27.

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

• AI platform AI21 Labs raised $300M Series D led by Google and Nvidia, bringing total funding to $636M.

• Customer experience AI firm Forethought raised $25M Series D led by Blue Cloud Ventures with NEA and Industry Ventures.

• Legal AI startup Harvey AI is raising $250M at a $5B valuation, led by Kleiner Perkins and Coatue.

• AI search engine Perplexity AI is negotiating a $500M round at a $14B valuation led by Accel.

• AI infrastructure firm TensorWave raised $100M Series A led by Magnetar and AMD Ventures to scale GPU deployments.

• Quantum software firm Classiq raised $110M mid-stage round led by Entree Capital; total now $173M.

• Robotics startup Foundation is raising $100M at $1B valuation to scale humanoid Phantom robot.

Other Situations / Industry Activity / Commentary:

• OpenAI and Microsoft are renegotiating their multibillion-dollar partnership to clear path for IPO and grant Microsoft guaranteed access to post-2030 models.

• U.S.–UAE AI deal will create 10-square-mile AI campus in Abu Dhabi operated by American firms and featuring Nvidia infrastructure.

• Vistra acquired seven gas plants from Lotus Infrastructure for $1.9B to meet AI-era energy demand.

• SoftBank reaffirmed $30B commitment to OpenAI's Stargate data center initiative.

• SoftBank Q4 net income rose 124% to $3.5B, driven by Vision Fund recovery and ByteDance gains.

Aerospace & Defense

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

Listings - Launches/ Plans / Rumors:

• SPAC Perimeter Acquisition priced its $210M IPO at $10/unit with a defense-focused mandate.

• Space station developer Voyager Technologies filed for IPO, targeting $2–3B valuation, led by Morgan Stanley.

Public M&A:

• TransDigm will acquire aerospace components firm Servotronics for $110M ($38.50/share), a 274% premium, through tender offer starting by June 9.

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

• Solid rocket motor developer X-Bow raised $105M Series B led by Lockheed Martin and Boeing Ventures.

Other Situations / Industry Activity / Commentary:

• GE Aerospace, RTX, and others increasing use of Foreign Trade Zones to cut tariff costs and streamline customs processing.

Logistics, Transportation, Autos

Live Coverage: Logistics theme page

Listings - Launches/ Plans / Rumors:

• Autonomous delivery startup Arrive AI began trading on Nasdaq under "ARAI."

Prominent Private/ Non-US Listed M&A:

• Stellantis dismissed merger rumors with Renault, reaffirming no talks underway.

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

• Shared freight broker Flock Freight raised $60M Series E led by O’Neil Strategic Capital.

• Trucking decision-AI firm Optimal Dynamics raised $40M Series C led by Koch Disruptive Tech.

• Supply chain platform Stord raised $80M Series E at $1.5B valuation, with $120M in debt financing.

Other Situations / Industry Activity / Commentary:

• GM unveiled new lithium manganese-rich batteries for EVs, launching in 2028.

• Irenic Capital to vote against Forward Air directors over Omni Logistics acquisition.

• Bankrupt EV bus maker Lion Electric (LEVGQ) to restructure under Montreal investor Vincent Chiara.

• Lidar firm Luminar’s CEO Austin Russell resigned following board ethics inquiry.

Energy, Materials, and Industrials

Listings - Launches/ Plans / Rumors:

• OMS Energy priced $33.3M IPO at $9/share; market cap ~$382M.

Public M&A:

• TXNM Energy will be acquired by Blackstone Infrastructure for $11.5B EV ($61.25/share), with a $400M PIPE and $400M additional equity raise; deal expected to close H2 2026.

• NV5 to merge with Acuren in $1.7B cash-stock deal; $23/share consideration.

• Pan American Silver to acquire MAG Silver for $2.1B via cash and share deal valuing MAG at $20.54/share; closing expected H2 2025.

• Whitecap and Veren closed their merger, becoming 5th-largest Canadian natural gas producer.

Other Situations / Industry Activity / Commentary:

• Elliott Investment Management, holding approximately $2.5 billion in Phillips 66 stock, received support from ISS, which recommended shareholders vote for all four of Elliott’s board nominees.

Bankruptcies / Delistings:

• Graphite processor Graphex (GRFXY) delisted from NYSE American.

• Battery recycler Li-Cycle began court-supervised restructuring; Glencore submitted $40M bid.

Healthcare & Life Sciences

Listings - Launches/ Plans / Rumors:

• Hinge Health IPO targets $437M raise at up to $2.58B valuation; backed by Tiger Global and Insight.

• CNS and stress-focused biotech Protagenic Therapeutics (PTIX) to merge with Phytanix Bio in all-stock reverse merger with Phytanix shareholders to own ~65% of new entity.

Public M&A:

• BioMarin to acquire Inozyme for $270M at $4.00/share in all-cash deal.

• Bristol Myers completed acquisition of 2seventy bio.

• Concentra completed $0.33/share acquisition of Allakos.

• bluebird bio buyout offer revised: $3 cash + CVR (up to $6.84) or $5 cash; deadline May 29.

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

• Sprinter Health raised $55M Series B led by General Catalyst and a16z Bio for hybrid home care services.

Other Situations / Industry Activity / Commentary:

• Movano Health began strategic review with Aquilo and K&L Gates.

• Atea Pharma exploring sale or partnerships with Evercore as advisor.

Bankruptcies / Delistings:

• Accelerate Diagnostics delisted following bankruptcy; now trades as AXDXQ.

Fintech & Financial Services, Insurance, Real Estate

Listings - Launches/ Plans / Rumors:

• Investment platform eToro priced its IPO at $52/share (IPO market cap of ~$4.23B), raising $620M; shares jumped 42% to $74 on debut.

• Isabella Bank uplisted to Nasdaq under ticker "ISBA."

• SPAC Alchemy Investments SPAC signed LOI to merge with litigation-finance firm Cartiga.

Public M&A:

• Capital One Financial Corporation (NYSE: COF) has completed its $35 billion acquisition of Discover Financial Services.

• Homebuilder Landsea to be acquired by New Home Co. for $1.2B; $11.30/share tender.

• OneConnect received buyout proposal offering HK$2.068/share

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

• Wealthtech platform Addepar raised $230M Series G at $3.25B valuation, led by Vitruvian and WestCap.

• Insurtech Bestow raised $120M Series D co-led by Goldman Sachs and Smith Point; $50M credit line from TriplePoint.

• Insurance broker HUB International secured $1.6B investment at $29B valuation led by T. Rowe Price.

• Consumer finance platform Stash raised $146M Series H, reaching 1.3M subscribers and $4.3B AUM.

• PropTech Entrata raised $200M from Blackstone at $4.3B valuation.

Other Situations / Industry Activity / Commentary:

• Franklin Street Properties launched a strategic review with BofA Securities to explore a company or asset sale.

• Office REIT Paramount Group (NYSE: PGRE) initiated a strategic review with BofA Securities to explore value-maximizing options.

Bankruptcies / Delistings:

• Pineapple Financial delisted from NYSE American and now trades as PAPLF.

Crypto

Listings - Launches/ Plans / Rumors:

• Crypto financial firm Galaxy Digital uplisted to Nasdaq with ~$7.5B valuation.

• Bitcoin treasury vehicle Nakamoto Holdings will merge with KindlyMD (KDLY), supported by a $510M PIPE at $1.12/share and $200M in 2028 convertible notes; investors include Van Eck, ParaFi, and Balaji Srinivasan.

• Gryphon Digital (GRYP) will reverse merge with American Bitcoin Corp., founded by Hut 8 and Eric Trump, with Gryphon shareholders retaining 2% and new ticker "ABTC" post-close in Q3 2025.

• DeFi Technologies began trading on Nasdaq under ticker "DEFT."

• SPAC Renatus Tactical Acquisition priced its $241.5M SPAC IPO targeting crypto and dual-use tech.

• SPAC Wen Acquisition priced $261M IPO at $10/unit focused on crypto infrastructure.

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

• Crypto exchange Kraken raised $400M, per SEC filing dated May 1.

Enterprise Software, Cybersecurity

Listings - Launches/ Plans / Rumors:

• Figma, backed by Index Ventures and Kleiner Perkins, hired Morgan Stanley to lead IPO after $20B Adobe deal was terminated.

Public M&A:

• Workforce SaaS firm TrueBlue rejected $7.50/share buyout offer from HireQuest.

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

• Clay launched $20M employee tender offer at $1.5B valuation; Sequoia to increase stake.

• Content OS firm Sanity raised $85M Series C led by Bullhound; 2024 ARR at $40M+.

• Background check company Checkr raised $61M out of a $63M offering beginning May 1.

Bankruptcies / Delistings:

• Baijiayun, a Chinese video technology provider, delisted from Nasdaq; now trades as RTCJF.

Consumer & Retail

Public M&A:

• DICK’S to acquire Foot Locker for $2.5B; 66% premium to 60-day VWAP.

• Marfrig to acquire BRF in share exchange deal delivering R$3B in tax synergies.

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

• Restaurant-tech startup Owner raised $120M Series C at $1B valuation, led by Meritech and Headline.

Other Situations / Industry Activity / Commentary:

• EdTech Chegg confirmed strategic review and filed lawsuit against Google; Q4 results showed pressure.

Bankruptcies / Delistings:

• WW International (WeightWatchers) delisted post-bankruptcy; now trades as WGHTQ.

Media, Telecom

Listings - Launches/ Plans / Rumors:

• K Wave Media Ltd. began trading under the ticker “KWM” following the closing of its SPAC merger with Global Star Acquisition Inc. (GLST).

• Telecom firm iQSTEL (IQST) began trading on Nasdaq following its uplisting from OTC.

• Adtech firm MNTN launched IPO roadshow, targeting $164M–$187M raise.

Public M&A:

• Charter to acquire Cox Communications for $34.5B in cash, equity, and debt.

• Liberty Broadband to align acquisition closing with Charter–Cox merger.

Other Situations / Market Activity / Commentary:

• Sony to spin off financial arm Sony Financial Group via direct listing on TSE, with ADRs distributed OTC in the U.S.

• Warner Bros. Discovery CFO hinted at potential future business unit separation as its restructuring segregates its global linear TV division from its studios and streaming units.

Travel

Listings - Launches/ Plans / Rumors:

• SPAC Thayer Ventures II priced $175M IPO at $10/unit; travel and transport focus.

Public M&A:

• Prosus closed its $1.3 billion acquisition of travel tech platform Despegar (DESP).

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 your convenience only and is not intended to be treated as financial, investment, tax, or other advice. 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.