Wednesday, 25 March 2026
SpaceX plans to file a prospectus for its initial public offering as soon as this week, according to reports from The Information. The company aims to raise over $75 billion and is targeting a public listing by June, with a projected valuation of $1.25 trillion.
Turkey's central bank is considering utilizing its gold reserves to stabilize the lira amid ongoing volatility linked to the conflict in Iran, having already spent $30 billion to support the currency. With official gold holdings nearing $134 billion, a 55.66% increase over the past five years, the bank is exploring gold-for-foreign currency swap transactions in London to enhance its foreign exchange intervention capabilities.
A JPMorgan Chase & Co.-led bank group is finalizing a nearly $15 billion junk-debt sale to finance the record $55 billion take-private acquisition of Electronic Arts Inc., amid significant demand of approximately $45 billion. The loan and bond offering is expected to conclude as soon as Tuesday, with adjustments made to the loan portion to provide the borrower with increased flexibility.
Intel and AMD are facing worsening supply constraints for their CPUs, prompting both companies to announce price increases of 10% to 15% for their entire CPU ranges starting in March and April. Delivery lead times have surged from one to two weeks to an average of eight to twelve weeks, with some waiting times extending to six months, significantly impacting PC and server manufacturers already struggling with memory chip shortages. Industry executives warn that the CPU shortage is expected to worsen in the April to June quarter, as demand for general-purpose servers continues to exceed supply capabilities.
Block's CFO announced that the company has cut 40% of its workforce, equating to approximately 4,000 jobs, citing advancements in artificial intelligence as a key factor for the reductions. This follows a broader trend among major tech firms, with similar layoffs reported at companies like Atlassian, Meta, and Amazon. Meanwhile, a recent study indicated that CFOs expect AI to lead to a modest overall job reduction of about 0.4% in 2026, primarily affecting routine and clerical roles, while skilled positions may benefit from AI integration.
Apollo Global Management announced its acquisition of Nippon Sheet Glass Company for nearly $3.7 billion, marking its largest private-equity investment in Japan to date. The deal aims to strengthen NSG's financial position and support its long-term growth through equity investment and collaboration with principal lenders transitioning loans to equity. The transaction is pending shareholder approval in June and various regulatory clearances, with an expected completion around March 2027.
RAC Group is planning a £5bn initial public offering on the London Stock Exchange, aiming to revive the city's IPO market amid ongoing uncertainties. The West Midlands-based roadside assistance firm has conducted preliminary meetings with prospective investors, signaling its intent to list before the end of the year, potentially joining the FTSE 100 index. Last year, RAC reported a 7% increase in sales to £840m and a 12% rise in core earnings to £329m.
Merck & Co. is nearing an all-cash acquisition of Terns Pharmaceuticals valued at approximately $6 billion, aiming to strengthen its cancer drug pipeline ahead of the 2028 patent expiration of its treatment Keytruda. The deal is reportedly in advanced stages, with Terns' shares rising by about 10% in after-hours trading following the news.
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