This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. MINIMAX-W: Guide to Lock-Up Expiry Waves
- The first unlock wave should dominate near-term liquidity as supply expands sharply.
- Revenue growth does not offset supply risk while losses remain deep and model read-through is mixed.
- Reported short interest shows investors are already positioning before the event.
2. Initial Thoughts on the Anthropic IPO in 2H26 and Key Beneficiaries in Korea
- In this insight, I discuss my initial thoughts on the mega Anthropic IPO in 2H26 and the key beneficiaries of this IPO in Korea.
- I provide a list of top six Korean companies that could benefit from the upcoming Anthropic IPO in 2H 2026.
- Combined market caps of Anthropic, SpaceX, and OpenAI are likely to be around $4 trillion or more. Once listed, this could negatively impact investors’ capital allocation to other tech stocks.
3. SpaceX (SPCX US): Elon Musk’s SpaceX Sets Terms with Surprising Fixed Price, Set to Raise $75b
- SpaceX prices IPO at $135/share for 555.5M shares, eliminating range uncertainty as market shifts to valuation debate ahead of 6/12 listing.
- Mega-Cap offering expected to raise ~$74.4B–$85.7B in proceeds, funding AI compute, Starship/launch expansion, and global satellite constellation growth initiatives.
- Strong institutional backing, expanded retail allocation (~up to 30%), and staged 91-day lock-up create multiple liquidity events and potential post-IPO volatility catalysts.
4. Aequitas: GO Inc IPO – Final Thoughts on Valuations – Domestically Dominant, but Not at a Discount
- GO (581A JP) a leading taxi app in Japan, aims to raise around US$550m via a secondary selldown in its Japan IPO
- GO combines app-based taxi hailing with in-taxi technology to meet the needs of both users and partner taxi operators through services such as ride matching, payment processing and advertising.
- We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.
5. 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.
- 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.
6. Go Inc. IPO: Peer Comparison and Valuation
- GO (581A JP) has set the IPO pricing at ¥2,350-2,400 per share, the secondary shareholders will raise ¥550m at a market cap and valuation of ¥184.4bn and ¥154bn respectively.
- The company is the dominant player in the Japanese ride-hailing market which is underpenetrated. GO has seen strong revenue growth, improved profitability and strong cash flows.
- We have compared the company against Uber, Lyft, Grab and GoTo and our analysis suggests that the IPO is not very cheap.
7. SpaceX IPO Shares Distribution in Korea & Impact on Aerospace/Other Related Stocks in Korea
- There has been a change in the distribution of SpaceX IPO shares in Korea. SpaceX plans to distribute its IPO shares in Korea through private placement basis in Korea.
- Mirae Asset Securities has applied for a SpaceX public offering volume worth approximately $5 billion (7.5 trillion won).
- The SpaceX IPO could potentially result in some institutional investors reducing their holdings in aerospace related companies in Korea.
8. Aequitas: SpaceX IPO – No Surprises, Watch the Lockup Roll Offs
- 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 IPO valautions.
9. Aequitas: Doosan Robotics Placement – Third Block Trade in 2 Months
- Existing shareholders are looking to sell 2.1m shares in a secondary offering of Doosan Robotics (454910 KS).
- This comes on the heels of 2 other block trades done earlier in May this year.
- In this note, we will talk about the placement and run the deal through our ECM framework.
10. 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.
- 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.
