Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its past performance in our previous notes. In this note, we talk about the additional aspects on valautions.</li>
</ul>



SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its past performance in our previous notes. In this note, we talk about the additional aspects on valautions.


Aequitas: SpaceX IPO - Valuations - Now for a Bite of Reality - Retail Euphoria, Index Buying...

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its past performance in our previous notes. In this note, we talk about the fundmental valuation views.</li>
</ul>



SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its past performance in our previous notes. In this note, we talk about the fundmental valuation views.


Aequitas: SpaceX IPO - Fundamental Thoughts on Valuation

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>GAAP EPS of $2.39 vs. $1.87 non-GAAP has the delta owing to a $15.9bn unrealised mark-to-market gain on private AI stakes. Any correction, and GAAP swings violently without touching operations.</li>
<li>Inventory build is front-loaded in raw materials; NVIDIA is supply-constrained at inputs, not demand-constrained at outputs. The risk is HBM4 yield and CoWoS-L capacity as against unsold product.</li>
<li>Jensen guided $20bn in standalone Vera CPU revenue this year; a ceiling if CoWoS-L supply stays tight, but potentially understated if it scales; x86 incumbency remains the underappreciated risk.</li>
</ul>


GAAP EPS of $2.39 vs. $1.87 non-GAAP has the delta owing to a $15.9bn unrealised mark-to-market gain on private AI stakes. Any correction, and GAAP swings violently without touching operations.
Inventory build is front-loaded in raw materials; NVIDIA is supply-constrained at inputs, not demand-constrained at outputs. The risk is HBM4 yield and CoWoS-L capacity as against unsold product.
Jensen guided $20bn in standalone Vera CPU revenue this year; a ceiling if CoWoS-L supply stays tight, but potentially understated if it scales; x86 incumbency remains the underappreciated risk.


NVIDIA Q1 FY27: The Numbers Are Immaculate, but the Balance Sheet Has Questions

<ul>
<li>The massive $13.6bn revenue beat proved the market fundamentally mispriced how agentic AI is turning the CPU into an urgently necessary orchestration bottleneck.</li>
<li>With orchestration dominating workload latency, an incremental $60 billion CPU TAM plays directly into Intel’s massive x86 installed base and NVLink partnerships.</li>
<li>Intel’s 20% server (and/or more) price hikes remain intact; the actual threat to this re-rating is entirely tied to 18A production yields. Lower Q2 marginal guidance not a structural indicator. </li>
</ul>


The massive $13.6bn revenue beat proved the market fundamentally mispriced how agentic AI is turning the CPU into an urgently necessary orchestration bottleneck.
With orchestration dominating workload latency, an incremental $60 billion CPU TAM plays directly into Intel’s massive x86 installed base and NVLink partnerships.
Intel’s 20% server (and/or more) price hikes remain intact; the actual threat to this re-rating is entirely tied to 18A production yields. Lower Q2 marginal guidance not a structural indicator. 


The ChatGPT Moment for a 60-Year-Old Company

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Cerebras Systems / Equity Capital Markets

<ul>
<li>Cerebras Systems, founder-led AI infrastructure decacorn that designs and manufactures AI compute platform, has once again filed their S-1 to go public on the Nasdaq.</li>
<li>The AI chipmaker will likely begin trading sometime in May and will be one of the most anticipated IPOs in recent memory given its focus on “red-hot” AI inference market.</li>
<li>Morgan Stanley, Citigroup, Barclays and UBS are the lead bankers on the IPO. In February, Cerebras closed a $1B Series H financing at a ~$23B post-money valuation, according to Pitchbook.</li>
</ul>


Cerebras Systems, founder-led AI infrastructure decacorn that designs and manufactures AI compute platform, has once again filed their S-1 to go public on the Nasdaq.
The AI chipmaker will likely begin trading sometime in May and will be one of the most anticipated IPOs in recent memory given its focus on “red-hot” AI inference market.
Morgan Stanley, Citigroup, Barclays and UBS are the lead bankers on the IPO. In February, Cerebras closed a $1B Series H financing at a ~$23B post-money valuation, according to Pitchbook.


Cerebras IPO Valuation Update: OpenAI Deal Powers AI Decacorn Toward ~$2.5B Revenue in 2027.

United Kingdom

ARM Holdings designs and licenses semiconductor intellectual property (IP), including central processing unit (CPU) cores, graphics processing units (GPUs), and system IP. Its energy-efficient chip designs are widely used in smartphones, IoT devices, automotive systems, and computing infrastructure. The company is headquartered in Cambridge, United Kingdom, and was founded in 1990.

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ARM Holdings (ARM US)

Aequitas: SpaceX IPO - Valuations - Now for a Bite of Reality - Retail Euphoria, Index Buying...

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about the retail frenzy,...

Sumeet Singh

Aequitas: SpaceX IPO - Fundamental Thoughts on Valuation

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we take a fundamental look at...

Sumeet Singh

NVIDIA Q1 FY27: The Numbers Are Immaculate, but the Balance Sheet Has Questions

GAAP EPS boosted by unrealised gains on AI stakes, NVIDIA faces supply constraints on raw materials and potential revenue ceiling from CoWoS-L...

Mint Finance

The ChatGPT Moment for a 60-Year-Old Company

Intel's revenue beat highlights the importance of AI-driven orchestration in turning the CPU into a bottleneck, with potential for price hikes and...

Mint Finance

Cerebras IPO Valuation Update: OpenAI Deal Powers AI Decacorn Toward ~$2.5B Revenue in 2027.

Cerebras Systems has once again filed their S-1 to go public. Given their $20B contract with OpenAI, hyper-growth profile and solid balance sheet,...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: SpaceX IPO - Valuations - Now for a Bite of Reality - Retail Euphoria, Index Buying...

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about the retail frenzy,...

Sumeet Singh

Aequitas: SpaceX IPO - Fundamental Thoughts on Valuation

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we take a fundamental look at...

Sumeet Singh

NVIDIA Q1 FY27: The Numbers Are Immaculate, but the Balance Sheet Has Questions

​GAAP EPS boosted by unrealised gains on AI stakes, NVIDIA faces supply constraints on raw materials and potential revenue ceiling from CoWoS-L...

Mint Finance

The ChatGPT Moment for a 60-Year-Old Company

​Intel's revenue beat highlights the importance of AI-driven orchestration in turning the CPU into a bottleneck, with potential for price hikes and...

Mint Finance

Cerebras IPO Valuation Update: OpenAI Deal Powers AI Decacorn Toward ~$2.5B Revenue in 2027.

Cerebras Systems has once again filed their S-1 to go public. Given their $20B contract with OpenAI, hyper-growth profile and solid balance sheet,...

Andrei Zakharov

GAAP EPS boosted by unrealised gains on AI stakes, NVIDIA faces supply constraints on raw materials and potential revenue ceiling from CoWoS-L...

Intel's revenue beat highlights the importance of AI-driven orchestration in turning the CPU into a bottleneck, with potential for price hikes and...