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SpaceX in talks with Saudi Arabia’s Public Investment Fund about potential $5B investment in IPO: report

admin — Fri, 03 Apr 2026 15:48:51 +0000

Elon Musk’s SpaceX has reportedly held talks with Saudi Arabia’s Public Investment Fund about investing an additional $5 billion in the company’s IPO.

The extra investment would help prevent any dilution of the sovereign wealth fund’s stake in SpaceX when the company goes public, Reuters reported on Thursday, citing sources familiar with the matter.

SpaceX, known for its rocket launches and Starlink satellite internet service, is aiming to raise a record $75 billion when public trading begins. That would shatter the previous mark set by Saudi Aramco, which raised $29.4 billion when it went public in 2019.

SpaceX is aiming to raise about $75 billion. Getty Images

The talks with the Saudi PIF are part of SpaceX’s efforts to line up anchor investors ahead of the debut — or backers who commit to fixed purchase of shares before the IPO roadshow.

Representatives for SpaceX and PIF did not immediately return The Post’s request for comment.

SpaceX confidentially filed for an IPO earlier this week, Bloomberg reported. It is said to be targeting a valuation of more than $2 trillion.

Previous reports said the famously eccentric Musk was eyeing a mid-June date for the IPO, to coincide with his birthday as well as a rare planetary alignment in which Jupiter and Venus will be in “conjunction” for the first time in three years. Musk turns 55 on June 28.

The potential investment would help protect the Saudi PIF’s stake from dilution. AFP via Getty Images

Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley are all expected to take leading roles in the IPO.

In February, Musk revealed that SpaceX was merging with his artificial intelligence firm xAI, best known as the creator of the Grok chatbot. The billionaire has floated the concept of building AI data centers in space to support his ambitions in the sector.

XAI rivals Anthropic and OpenAI are each reportedly planning to go public in the near future.

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Bob’s Discount Furniture (BOBS) to start trading on NYSE after IPO

admin — Thu, 05 Feb 2026 21:34:57 +0000

Shares of Bob’s Discount Furniture barely budged on the New York Stock Exchange on Thursday after the company priced its initial public offering at $17 per share.

That price was within Bob’s expected range of $17 to $19 per share and valued the company at about $2.22 billion. The stock, trading on the NYSE under the ticker symbol BOBS, closed the day at $17.02, roughly flat.

The Manchester, Connecticut-based company, which was founded in 1991, has grown to 206 showrooms across 26 states, as of Sept. 28, according to its S-1 filing. It plans to more than double that store count to over 500 locations by 2035, the filing said.

In an interview with CNBC, CEO Bill Barton said that even in a slow housing market and during a time when consumers have hesitated to splurge on some big-ticket items, Bob’s has seen demand for buying furniture across all incomes.

“People still need furniture, but in challenging times they are often looking for good value and we are the value leader,” he said.

Many of its customers are motivated by life changes, such as setting up a new apartment, buying a home, having a child or downsizing for retirement, he said.

Barton said Bob’s has seen more significant customer gains among higher-income households in recent years. About 27% of its customers have an annual household income of more than $150,000, and that part of the customer base is growing the fastest. He said that group is up by about 3% as a share of Bob’s shoppers in the past two years.

About half of its customers have an annual household income of more than $100,000, he said.

Bob’s is known for selling lower-priced couches, rugs, dining room tables and other furniture. It has an average order value of about $1,400 per transaction, excluding sales at its outlets, according to its S-1 filing. The retailer estimates its prices are on average about 10% lower than its value-focused furniture competitors’ lowest promoted prices or about 20% to 25% below their listed prices.

To keep prices low, the company said it relies on a “curated merchandising strategy, longstanding sourcing relationships and efficient supply chain,” according to the filing. It carries roughly one-third fewer items than value-oriented competitors, but orders in larger quantities, the filing said.

It’s also tried to stand apart from other furniture retailers with quicker deliveries. Instead of customers waiting for weeks or months, most purchases can be delivered in as few as three days, the company said in the filing.

With its new locations, Bob’s plans to add to both existing and new markets, Chief Financial Officer Carl Lukach told CNBC. It plans to open stores in regions where it already has high density, such as in the Midwest and the New England area, but also expand to new states this year, including South Carolina and Tennessee.

Initial public offerings in the U.S. are expected to gain momentum this year, as waning inflation and interest rate cuts are expected to nudge late-stage private companies off the sidelines, according to a report by consulting firm PwC. They’ll build on a decent past year for IPOs, too. Traditional IPOs raised $33.6 billion in 2025, which represented the best year since 2021.

This year, IPO activity may be led by artificial intelligence infrastructure, insurance and specialty risk companies, and AI-enabled software platforms, according to PwC. Industrials and manufacturing, including reshoring, aerospace and defense, and energy or grid-related infrastructure have gotten higher interest, too.

One of the widely anticipated IPOs this year is of Elon Musk’s company SpaceX. News of the potential IPO broke in December and Musk called reports about the planned offering “accurate.”

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Databricks obtains $1.8 billion in additional debt ahead of IPO

admin — Fri, 23 Jan 2026 23:06:48 +0000

Databricks co-founder and CEO Ali Ghodsi.

Databricks

Data analytics software company Databricks has landed $1.8 billion in fresh debt, a person familiar with the matter told CNBC.

Databricks now has access to over $7 billion in debt, the person added. The company declined to comment.

Databricks is among the highly valued technology companies that are primed to go public in 2026, alongside Anthropic, Canva, OpenAI and Stripe. Ali Ghodsi, Databricks’ co-founder and CEO, told CNBC in December that he wouldn’t rule out an initial public offering this year.

In December, Databricks said it was raising over $4 billion at a $134 billion valuation. The company said it was generating $4.8 billion in annualized revenue, growing at more than 55% year over year. Databricks also said that it had positive free cash flow over the past year.

Its subscription gross margin in the 2025 fiscal year was over 80%, the company said at a June investor briefing.

Founded in 2013, Databricks received the third highest ranking on CNBC’s 2025 Disruptor 50 list of private companies.

Bloomberg reported on the financing details earlier.

WATCH: Databricks CEO Ali Ghodsi: Wouldn’t rule out going public in 2026

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Baidu plans Hong Kong IPO of AI chip unit Kunlunxin in spin-off move

admin — Fri, 02 Jan 2026 06:08:30 +0000

A general view of the Baidu logo is seen at the Shanghai New Expo Center during the World Artificial Intelligence Conference 2025 in Shanghai, China, on July 28, 2025.

Ying Tang | Nurphoto | Getty Images

Chinese tech giant Baidu has announced plans to spin off its artificial intelligence chip subsidiary, Kunlunxin, and list it in Hong Kong, as more domestic chipmakers seek funds amid Beijing’s push for semiconductor self-sufficiency.

The company said in an announcement Friday that it had confidentially filed a listing application on the Hong Kong Stock Exchange, though details of the offering, including size and structure, remain undecided.

The move would still require regulatory approvals, including from China’s securities watchdog. Baidu emphasized there is no guarantee the spin-off will proceed. The company reportedly owns about 59% of Kunlunxin.

Baidu, a major player in China’s growing AI space, is both a buyer of specialized AI chips for data centers and cloud computing, as well as a designer of them through Kunlunxin.

The firm said that the spin-off would align with its strategy to highlight Kunlunxin’s standalone potential, attract sector-specific investors, and expand financing options. Kunlunxin would remain a Baidu subsidiary, it added.

The move comes against a backdrop of intensifying U.S.-China tech tensions. Both Washington and Beijing have imposed various restrictions on Chinese AI companies’ access to leading-edge AI chips from California-based Nvidia.

Meanwhile, Beijing has increasingly encouraged domestic chip purchases and mobilized billions in public funds towards development.

In recent months, several Chinese chipmakers have announced plans to list, including Moore Threads and Biren Technology.

A Growing Business Focus

Founded in 2012, Kunlunxin is central to Baidu’s ambition to become a “full stack” AI company, spanning hardware, servers and data centers, as well as AI models and applications.

While Baidu still relies heavily on Nvidia’s chips for AI computing power, Kunlunxin has enabled the company to increasingly use a mix of its self-developed chips in data centers running its Ernie AI models.

Kunlunxin has also shifted to operate as a separate entity, expanding its sales to third-party customers outside Baidu.

“In the market, Kunlunxin is seen as one of the most practical and widely used AI chips in China,” Brady Wang, associate director at Counterpoint Research, told CNBC.

He added that one of the chipmaker’s main strengths is in software. “Instead of forcing users to adopt a closed system, Kunlunxin works well with common AI frameworks and makes it easier to move workloads from [Nvidia].”

Reuters previously reported that Kunlunxin’s revenue is projected to exceed 3.5 billion yuan ($500 million) last year, reaching break-even. External sales were expected to account for more than half of its revenue in 2025, the report added.

In another sign of strength last year, Kunlunxin won orders worth over 1 billion yuan from suppliers to China Mobile, one of the country’s biggest mobile carriers.

China Mobile also participated in the entity’s latest funding, which had raised over 2 billion yuan and valued the unit at about 21 billion yuan, according to Reuters.

In its announcement, Baidu said its plans to spin off and list Kunlunxin would better tie management incentives with performance and elevate the unit’s market presence.

Late last year, JPMorgan analysts forecast that Kunlunxin’s chip sales would increase sixfold to 8 billion Chinese yuan in 2026.

However, while Kunlunxin may help reduce China’s reliance on chips from Nvidia, it cannot fully replace them, Counterpoint’s Wang said, citing Beijing’s ongoing constraints in advanced chip manufacturing.

“[Kunlunxin’s chips] work best for inference and other workloads that are easier to move, especially for government, telecom, and state-owned cloud users, where stable supply and lower cost matter more than top performance,” he said.

“Because of this, Beijing is not relying on a single company. Instead, Kunlunxin works together with Huawei Ascend, Cambricon, Alibaba, and others to build a domestic AI computing ecosystem.”

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Alphabet-backed fleet management software company Motive files for IPO

admin — Wed, 24 Dec 2025 00:50:14 +0000

Direxion signage at the New York Stock Exchange (NYSE) in New York, US, on Monday, Dec. 22, 2025. The holiday-shortened week started with gains in stocks amid a broad advance that saw a continuation of the bullish momentum on Wall Street.

Michael Nagle | Bloomberg | Getty Images

Motive, a company with software for managing corporate trucks and drivers, on Tuesday filed for an initial public offering on the New York Stock Exchange under the symbol “MTVE.”

The paperwork puts Motive among a fast-growing group of tech companies looking to go public in 2026. Anthropic, OpenAI and SpaceX have all reportedly considered making their shares widely available for trading next year.

Motive is smaller, reporting a $62.7 million net loss on $115.8 million in revenue in the third quarter. The loss widened from $41.3 million in the same quarter of 2024, while revenue grew about 23% year over year. The company had almost 100,000 clients at the end of September.

Ryan Johns, Obaid Khan and Shoaib Makani started Motive in 2013, originally under the name Keep Truckin. Makani, the CEO, is Khan’s brother-in-law.

Investors include Alphabet’s GV, Base10 Partners, Greenoaks, Index Ventures, Kleiner Perkins and Scale Venture Partners.

Motive’s AI Dashcam device for detecting unsafe driving “has prevented 170,000 collisions and saved 1,500 lives on our roads,” Makani wrote in a letter to investors. Most revenue comes from subscriptions, although Motive does sell replacement hardware and professional services.

The San Francisco company changed its name to Motive in 2022, and as of Sept. 30, it employed 4,508 people. Motive employs 400 full-time data annotators who apply labels that are meant to enhance artificial intelligence models.

Motive has ongoing patent-infringement litigation with competitor Samsara, which went public in 2021 and today has a $22 billion market capitalization.

WATCH: AI IPO boom next year? The changing 2026 IPO landscape

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Medline debuts on Nasdaq after biggest IPO of 2025

admin — Thu, 18 Dec 2025 04:20:52 +0000

Shares of U.S. medical supplies giant Medline jumped in its debut on the Nasdaq on Wednesday after the biggest initial public offering of the year globally.

The stock opened at $35, up from its $29 IPO price. Shares closed up more than 41% at $41 a share, bringing Medline’s market capitalization to roughly $54 billion.

The private equity-owned company sold a little over 216 million shares on Tuesday, raising $6.26 billion in an upsized offering that finished off a strong year for new listings and bolstered optimism about the IPO market in 2026. Shares of Medline will trade under the symbol MDLN.

That IPO pricing gives Medline a market value of at least $37 billion, based on the shares listed in its regulatory filings.

“Historically, we’ve done very little advertising, very little marketing, and this gives us a way to amplify our voice and actually expand really the receptivity of who we are,” Medline CEO Jim Boyle told CNBC’s “Squawk Box” earlier Wednesday. “We are the largest company you’ve never heard of, and we happen to be everywhere. And that’s a really interesting thing.”

The U.S. IPO market has held steady despite market volatility in the spring, driven by President Donald Trump’s sweeping tariffs, and the longest U.S. government shutdown in history in the fall. Just over 200 IPOs have priced this year, including Medline, which is the largest U.S. listing since Rivian‘s $13.7 billion deal in November 2021, according to data compiled by CNBC.

But Medline’s IPO is also among the biggest private equity-backed listings. Three private equity firms — Blackstone, Carlyle and Hellman & Friedman — acquired a majority stake in the company in 2021 for a whopping $34 billion. At the time, the deal was the biggest leveraged buyout since the financial crisis.

CEO Jim Boyle celebrates with others as medical supplies giant Medline (MDLN) holds it’s IPO at the Nasdaq stock market site in Times Square in New York, Dec. 17, 2025.

Shannon Stapleton | Reuters

Medline, founded in 1966, is based in Northfield, Illinois. The company manufactures and distributes roughly 335,000 different medical and surgical supplies — from gloves, masks and scalpels to wheelchairs. Medline has customers in more than 100 countries and, as of the end of 2024, employed more than 43,000 workers worldwide.

Medline’s total debt was around $16.8 billion as of late September 2025. The company raked in $25.5 billion in net sales in 2024.

Medline’s earlier plans to go public this year were postponed due to uncertainty around tariffs affecting products from Asia. The majority of the company’s products are sourced or manufactured in Asian nations, particularly China.

Medline expects a $150 million to $200 million hit from tariffs to income before taxes in fiscal 2026.

The company competes with names like McKesson and Cardinal Health.

— CNBC’s Gina Francolla contributed to this report

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Navan sets price range for IPO, expects market cap up to $6.5 billion

admin — Sat, 11 Oct 2025 04:55:04 +0000

FILE PHOTO: Ariel Cohen during a panel at DLD Munich Conference 2020, Europe’s big innovation conference, Alte Kongresshalle, Munich.

Picture Alliance for DLD | Hubert Burda Media | AP

Navan, a developer of corporate travel and expense software, expects its market cap to be as high as $6.5 billion in its IPO, according to an updated regulatory filing on Friday.

The company said it anticipates selling shares at $24 to $26 each. Its valuation in that range would be about $3 billion less than where private investors valued Navan in 2022, when the company announced a $300 million funding round.

CoreWeave, Circle and Figma have led a resurgence in tech IPOs in 2025 after a drought that lasted about three years. Navan filed its original prospectus on Sept. 19, with plans to trade on the Nasdaq under the ticker symbol “NAVN.”

Last week, the U.S. government entered a shutdown that has substantially reduced operations inside of agencies including the SEC. In August, the agency said its electronic filing system, EDGAR, “is operated pursuant to a contract and thus will remain fully functional as long as funding for the contractor remains available through permitted means.”

Cerebras, which makes artificial intelligence chips, withdrew its registration for an IPO days after the shutdown began.

Navan CEO Ariel Cohen and technology chief Ilan Twig started the company under the name TripActions in 2015. It’s based in Palo Alto, California, and had around 3,400 employees at the end of July.

For the July quarter, Navan recorded a $38.6 million net loss on $172 million in revenue, which was up about 29% year over year. Competitors include Expensify, Oracle and SAP. Expensify stock closed at $1.64on Friday, down from its $27 IPO price in 2021.

Navan ranked 39th on CNBC’s 2025 Disruptor 50 list, after also appearing in 2024.

WATCH: Brex CEO on Navan partnership

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Here’s why investors shouldn’t hold their breath for a lucrative TikTok IPO

admin — Fri, 10 Oct 2025 15:24:00 +0000

President Trump may have cut a deal to save TikTok from extinction in the US – but investors shouldn’t expect to cash in on a lucrative initial public offering anytime soon, On The Money has learned.

That’s the consensus from people inside the US investment group as they put the finishing touches on a new company that President Trump says satisfies a law that bans the app domestically unless it removes all vestiges of control by its Chinese parent, Bytedance.

The law was meant to prevent the Chinese government from using the short-video app for spycraft. President Trump, once a TikTok critic, did a remarkable about-face after he came to believe pro-MAGA videos helped him win over a major chunk of TikTok’s user base, which is dominated by people under the age of 25.

After President Trump saved TikTok from being banned, investors shouldn’t expect to cash in on a lucrative initial public offering anytime soon, On The Money has learned. Jack Forbes / NY Post Design

The problem is that while Trump says TikTok’s new iteration in the US is legal, it might not be later on depending on who occupies the White House. Under the bipartisan legislation approved by the Supreme Court, it’s the president that has final say over whether the deal’s current structure passes legal muster and is free of Chinese “control.”

In a few years, for instance, a Trump-hating Democratic president, say Gavin Newsom or JB Pritzker, might want to stick it to the investors who helped Trump by ruling that the law was purposely circumvented because of the way Bytedance is still involved.

More From Charles Gasparino

That would lead to massive liabilities for all investors including average Joes who bought shares in an IPO: they could be on the hook for billions of dollars in damages given the way the ban law is written.

Informing small investors of those thorny – and possibly expensive details in IPO documents – would also lead to the mother of all disclosures and expose the weak underpinnings of the current deal’s structure, On The Money has learned.

The problem is that while Trump says TikTok’s new iteration in the US is legal, it might not be later on depending on who occupies the White House. Getty Images

“The disclosure of the liability would be enough to cast doubt on how the TikTok deal came about,” said one investor involved in the creation of the new company. “That’s why no one sees it happening.”

IPOs, of course, are a rite of passage for most normal private companies with substantial private equity or venture capital investments that want to cash in. TikTok has received financing from the likes of private equity powerhouses KKR, Susquehanna International Group, General Atlantic and even tech giant Oracle.

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But even company insiders concede that TikTok’s new iteration – spinning off the US portion of its global operations into a new company – is anything but normal. Trump says the deal is legal, but the Chinese maintain a significant ownership stake in the US operations. They are also leasing to the Americans their all-important algorithm, which is both the addictive secret sauce of the platform, but also the alleged means of China’s spying capabilities.

Yes, tech giant Oracle will be able to rewrite some of the algo’s code to try and remove the spyware, but questions remain on how much anyone can clean this software, which means a president other than Trump could still deem the new structure illegal.

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Wealthfront files for IPO, joining wave of fintechs going public

admin — Tue, 30 Sep 2025 09:42:10 +0000

Wealthfront app.

Source: Wealthfront

Wealthfront, the startup that helped popularize the robo-advisor style of automated investing, filed for a U.S. initial public offering Monday, making it the latest in a wave of fintech firms going public this year including Chime and Klarna.

The company in June filed confidentially for an IPO, but waited until now to make that filing public. That signals that Wealthfront is planning on kicking off its roadshow to pitch shares to investors; an IPO typically follows weeks after the S-1 filing is made public. The company intends to list on Nasdaq under the ticker symbol “WLTH.”

Wealthfront, led by CEO David Fortunato, had $88.2 billion in assets on its platform and served 1.3 million customers as of July 31, according to the filing. It generated $194.4 million in net income on $308.9 million in revenue during in fiscal 2025 which ended on Jan. 31, per the filing.

“Our clients are primarily digital-native high earners who prioritize savings and wealth accumulation,” the company said. “Digital natives typically have large liquid savings with long time horizons ahead, and they are undeterred by corrections and bear markets.”

The company, founded in 2008, has had a long and winding journey to the public markets.

Along with rival Betterment, Wealthfront helped define the robo-advisor category, which uses algorithms to automate investment decisions for customers.

Within years, big banks including Morgan Stanley and Bank of America unveiled their own robo offerings to complement their large armies of human financial advisors.

In 2022, the Zurich-based global bank UBS said it was buying Wealthfront for $1.4 billion in cash, but the deal collapsed as the market turned suddenly skeptical on fintech firms amid rising interest rates.

It’s taken years for the market for fintechs to recover, leading to a rebound in listings this year.

Founded in 2007 and based in Palo Alto, California, Wealthfront employed 359 people as of July 31, according to the filing.

— CNBC’s Jordan Novet contributed to this report.

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Navan files for IPO with corporate travel firm riding deal market boom

admin — Sat, 20 Sep 2025 13:35:45 +0000

Navan, the business travel, payments, and expense management startup, filed on Friday afternoon to go public.

Its S-1 filing with the Securities and Exchange Commission indicates that the company plans to list on the Nasdaq Global Select Market under the symbol “NAVN.”

Navan reported trailing 12-month revenue of $613 million (up 32%) across over 10,000 customers, and gross bookings of $7.6 billion (up 34%), according to the S-1 filing.

Goldman Sachs and Citigroup will act as lead book-running managers for the proposed offering.

Navan ranked No. 39 on this year’s CNBC Disruptor 50 list, and also made the 2024 list.

The IPO market has bounced back this year, with deal activity up 56% across 156 deals (roughly 200 IPO filings in all) and $30 billion in proceeds, up over 23% year over year, according to IPO tracker Renaissance Capital. It has been the best year for IPOs since 2021, though still far below the Covid offering boom years, when over $142 billion (2021) and $78 billion (2020) was raised by IPOs.

This year’s deal flow has been highlighted by hot AI names like Coreweave, as well as some of the startup world’s most highly valued firms from the past decade, such as fintech Klarna and design firm Figma, crypto companies Circle, Bullish and Gemini, and some long-awaited IPO candidates finally hitting the market, such as Stubhub this week, though its shares have slumped since the first day of trading. Top Amazon reseller Pattern went public on Friday.

Other startups are expected to pursue deals given the increased investor appetite.

The Renaissance IPO ETF is up 20% this year.

Launched by CEO Ariel Cohen and co-founder Ilan Twig in 2015, Navan set out to disrupt a business travel sector where incumbents relied on clunky legacy tools and fragmented workflows.

The Palo Alto-based company, formerly called TripActions, refers to itself as an “all-in-one super app” for corporate travel and expenses.

Customers include Unilever, Adobe, Christie’s, Blue Origin and Geico.

It has also been pushing further into AI, with a virtual assistant named Ava handling approximately 50% of user interactions during the six months ended July 31, according to the filing, and a proprietary AI framework called Navan Cognition supporting its platform, as well as proprietary cloud infrastructure.

“We built Navan for the road warriors, for CEOs and CFOs who understand travel’s critical importance to their strategy, the finance teams who demand precision and control, the executive assistants juggling itineraries, and the program admins ensuring seamless events,” the co-founders wrote in an IPO filing letter.

“We saw firsthand the frustration of clunky, outdated systems. Travelers were forced to cobble together solutions, wait for hours on hold to book or change travel, and negotiate with travel agents. They struggled to adhere to company policies, with little visibility into those policies, and after all that, they spent even more time on tedious expense reports after a trip. We felt the pain of finance teams struggling to gain visibility into fragmented travel spending and to enforce policies, and the frustration of suppliers unable to connect directly with the high-value business travelers they sought to serve,” they wrote in the filing.

The company has been preparing for an eventual IPO since last year, when it made several key executive moves tied to the plans. Navan is backed by major investors including Andreessen Horowitz, Coatue, Goldman Sachs, and Lightspeed. Navan has raised more than $1.5 billion in venture funding to date and was last valued at $9.2 billion.

Revenue grew 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025, according to the S-1 filing. The company reported a net loss that decreased 45% year-over-year from $332 million in fiscal 2024 to $181 million in fiscal 2025. Losses moved higher again by 8% in the most recent six month period included in the filing, from $93 million for the six months ended July 31, 2024 to $100 million for the six months ended July 31, 2025. Gross margin improved from 60% in fiscal 2024 to 68% in fiscal 2025.

The business travel and expense space is crowded, with fellow Disruptors Ramp and Brex, and TravelPerk, as well as incumbents like SAP Concur and American Express Global Business Travel.

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