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 segments in our previous note. In this note, we talk about other remaining issues.</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 segments in our previous note. In this note, we talk about other remaining issues.


Aequitas: SpaceX IPO - Additional Points - Revenue from Conn, Dreams from Space but TAM from AI

<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 Space and Connectivity segments in our previous note. In this note, we talk about its AI Segment.</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 Space and Connectivity segments in our previous note. In this note, we talk about its AI Segment.


Aequitas: SpaceX IPO - AI - The Next Frontier, but a Cash Guzzler and MAU Laggard

<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 Space segment in the previous note. In this note, we talk about its connectivity segment.</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 Space segment in the previous note. In this note, we talk about its connectivity segment.


Aequitas: SpaceX IPO - Connectivity - The Growth Driver and Cash Generator

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>SpaceX now plans to list on the NASDAQ on 12 June. The company is expected to raise $80 billion or more in this capital raise (largest ever in the world).</li>
<li>After SpaceX, the two other mega IPOs that are expected to be completed in 2H 2026 include Anthropic and OpenAI. </li>
<li>Although SpaceX's valuation has not been finalized, it is expected that the SpaceX IPO could fetch about $1.75 trillion to $2.0 trillion, representing P/S (not P/E) of nearly 100x. </li>
</ul>


SpaceX now plans to list on the NASDAQ on 12 June. The company is expected to raise $80 billion or more in this capital raise (largest ever in the world).
After SpaceX, the two other mega IPOs that are expected to be completed in 2H 2026 include Anthropic and OpenAI. 
Although SpaceX's valuation has not been finalized, it is expected that the SpaceX IPO could fetch about $1.75 trillion to $2.0 trillion, representing P/S (not P/E) of nearly 100x. 


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>CSG NV, <a href="https://www.smartkarma.com/entities/nlight-inc" target="_blank" data-smartkarma-citation="entities:27108:1" rel="noopener">nLight Inc</a>, Exosens SA and <a href="https://www.smartkarma.com/entities/droneshield-ltd" target="_blank" data-smartkarma-citation="entities:30509:1" rel="noopener">DroneShield</a> will be added to the MarketVector Global Defense Industry Index at the close on 20 March.</li>
<li>The 4 adds, float changes and capping changes will result in an estimated one-way turnover of 6.2% resulting in a round-trip trade of US$1.16bn.</li>
<li>The MarketVector Global Defense Industry Index has continued to trade higher, and ETF creations have continued over the last few months.</li>
</ul>


CSG NV, nLight Inc, Exosens SA and DroneShield will be added to the MarketVector Global Defense Industry Index at the close on 20 March.
The 4 adds, float changes and capping changes will result in an estimated one-way turnover of 6.2% resulting in a round-trip trade of US$1.16bn.
The MarketVector Global Defense Industry Index has continued to trade higher, and ETF creations have continued over the last few months.


MV Global Defense Industry Index Rebalance: 4 Adds; 6.2% Turnover; US$1.2bn Trade

United States

Palantir Technologies Inc. develops software to analyze information. The Company offers solutions support many kinds of data including structured, unstructured, relational, temporal, and geospatial. Palantir Technologies serves customers worldwide.

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Palantir Technologies (PLTR US)

Aequitas: SpaceX IPO - Additional Points - Revenue from Conn, Dreams from Space but TAM from AI

SpaceX (SPCX US), aims to raise around US$75bn in its US IPO. We have looked at its segments in our previous notes, in this note we talk about some...

Sumeet Singh

Aequitas: SpaceX IPO - AI - The Next Frontier, but a Cash Guzzler and MAU Laggard

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 its AI segment.

Sumeet Singh

Aequitas: SpaceX IPO - Connectivity - The Growth Driver and Cash Generator

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 its connectivity...

Sumeet Singh

Initial Thoughts on the SpaceX IPO

SpaceX now plans to list on the NASDAQ on 12 June. The company is expected to raise $80 billion or more in this capital raise (largest ever in the...

Douglas Kim

MV Global Defense Industry Index Rebalance: 4 Adds; 6.2% Turnover; US$1.2bn Trade

There are 4 adds for the index in March. Estimated one-way turnover is 6.2% resulting in a round-trip trade of US$1.16bn. The index is near its...

Brian Freitas

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