This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. SpaceX (SPCX US): Demand Picks Up as Investors Place Disciplined Bets on Musk’s Mega IPO
- SpaceX IPO is fully fixed at $135/share, removing price-range signaling and forcing investors to focus directly on scale, demand, and valuation discipline.
- Channel checks suggest ~2–3x oversubscription reflecting more measured bidding given the deal’s unprecedented $75B+ size.
- Tight ~4–5% free float, expanded retail allocation, and Elon Musk’s 366-day lock-up create a structurally constrained supply setup with heightened post-IPO volatility risk.
2. Aequitas: SpaceX IPO Trading – Updates – Ready for Lift Off
- SpaceX (SPCX US), an Elon Musk led Space to AI company, raised around US$75bn (US$86bn including greenshoe) 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 have looked at the company’s past performance and valuations in our earlier note. In this note, we talk about the trading dynamics.
3. Lingyi ITech (领益智造) A+H Pre-IPO: Early Thoughts
- Lingyi iTech is seeking an A+H listing and has passed hearing. GTJA is the sole sponsor.
- We look at the company’s core segments: electronic devices and automotive and advanced air mobility.
- We discussed our preliminary thoughts on the company’s fair value based on A-H premium.
4. SpaceX (SPCX US) Goes Public: Unassailable Moat, Unanswerable Valuation
- Largest IPO in financial history — but priced beyond fundamentals. Our EV/Revenue FC range is US$1.16-1.60 trillion, or US88.4-122.3/share
- You are buying Elon Musk, not a diversified conglomerate. Stop here if you don’t like the man!
- Starlink is the cash engine; Starship and AI are the long bets.
5. SK Hynix: To Complete an ADR Listing on NASDAQ in August?
- Reuters reported that SK Hynix is likely to list its ADR shares on NASDAQ as early as August. Passive flows on the SK Hynix ADR listing on NASDAQ are significant.
- If SK Hynix decides to raise $15 billion or more from the ADR listing, it is reasonable to estimate iShares Semiconductor ETF (SOXX) to contribute $1.5 billion or more.
- I think there could be enough demand from the large passive investors in the U.S. to contribute to nearly half or more of the total ADR issuance by SK Hynix.
6. SpaceX Isn’t Just the Biggest IPO Ever — It’s the Biggest Test of the IPO Market Ever
- When most companies go public, investors spend their time evaluating the business.
- They study the financials, compare valuations, and decide whether the opportunity justifies the risk.
- SpaceX is different.
7. IPO Rating: Space Exploration Technologies Corp.
- ✅ IPO PROPHET RATING:9.42/10🏦 Deal Quality & Underwriters: 10/10 Space Exploration Technologies Corp. is expected to come public on Nasdaq under the ticker SPCX, offering approximately 555.55 million shares at $135 per share and targeting roughly $75 billion in proceeds.
- The transaction would immediately rank among the largest IPOs ever completed and would represent the public debut of one of the most influential private companies in the world.
- The company operates across commercial launch services, satellite communications, government and defense programs, advanced aerospace systems, space transportation, and global connectivity infrastructure.
8. Aequitas: Powerchip Semiconductor Manufacturing GDR Offering –
- Powerchip Semiconductor Manufacturing (6770 TT) is looking to raise around US$895m, selling 420m shares (28m GDRs) via a GDR offering.
- Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
9. Aequitas: BIWIN Storage Technology A/H Listing – Strong Memory Revenue Growth but Low Market Share
- Biwin Storage Technology (688525 CH) (BST), focuses on the R&D, design, packaging, testing, production, and sales of semiconductor memory, and aims to raise around US$1bn in its H-share listing.
- BST is an independent provider of semiconductor memory solutions with expertise across the full technology stack — from controller chip design, memory solution design to advanced packaging and testing.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
10. Aequitas: Lingyi ITech A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Lingyi iTech Guangdong (002600 CH) (002600 CH, LIT), an intelligent manufacturing platform, aims to raise around US$1bn in its H-share listing.
- LIT offers a full range of development and manufacturing capabilities that cover core materials, high-precision functional components, modules and assembled systems for diverse end products.
- We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.
