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Good Morning,

JPMorgan will hire more AI staff and less bankers, Starbucks scrapped its AI inventory tool, SpaceX launched another Starship test flight ahead of its IPO, and SpaceX will mint a handful of billionaires (and the first one trillionaiređŸ€·â€â™‚ïž) from its historic IPO, and Anthropic is nearing its first quarterly operating profit amid booming revenue growth.

Wall Street's favorite financial modeling platform Mosaic is expanding into banking and credit. In a world full of AI slop, they've stayed true to their rules-based, deterministic roots to cut hours of modeling grunt work for associates across Wall Street. If you work in finance, you should give it a try.

Let's dive in.

Before The Bell

As of 5/21/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

  • US stocks inched upwards yesterday on hopes for an Iran resolution

    • Dow hit an ATH

Earnings

  • Walmart met on Q1 earnings and revenue estimates but issued a worse-than-expected outlook as high gas prices hit shoppers (CNBC)

  • Hamilton Lane beat Q4 earnings estimates on improving private markets and stronger PE deal and exit activity despite negative headlines (YH)

  • Zoom beat Q1 earnings and revenue estimates and forecast stronger-than-anticipated sales growth on strong adoption of its expanded suite of office products (BBG)

  • Workday issued a Q1 beat-and-raise on strength in its AI strategy under returning CEO Aneel Bhusri (CNBC)

  • Ralph Lauren beat Q1 earnings and revenue estimates and issued strong guidance on broad-based strength across its categories, geographies, and channels, especially in China (WSJ)

  • Full calendar here 

Prediction Markets

  • Going all in on USA for the World Cup (based on fundamentals of course)đŸ‡ș🇾

  • Trade event contracts on Polymarket, the world's largest prediction market

Headline Roundup

  • Congress seeks to curb US Treasury's ability to fund foreign allies (FT)

  • Trump vows US will retrieve uranium from Iran in any deal (RT)

  • JPMorgan will hire more AI staff and less bankers (BBG)

  • Goldman eclipsed Morgan Stanley’s Michael Grimes on SpaceX IPO (FT)

  • EQT is looking to snap up software firms at a discount (BBG)

  • SpaceX IPO requires a leap of faith in AI, Musk, and Mars (BBG)

  • SpaceX joins battle for control of $27T AI market (BBG)

  • SpaceX launched a Starship rocket ahead of its IPO (BBG)

  • SpaceX has bought $900M of EVs and batteries from Tesla (BBG)

  • SpaceX will make $45B from its Anthropic compute deal (BBG)

  • Grok falls flat in DC (RT)

  • Anthropic is nearing its first quarterly profit (WSJ)

  • Anthropic is in talks to use Microsoft's AI chips (TI)

  • Starbucks scrapped AI inventory tool across North America (RT)

  • Global sustainable funds saw Q1 inflows while US peer saw 14th-quarter of outflows (RT)

  • StraightPath founder were sentenced to 8+ years for $390M VC fraud (BBG)

  • Chinese EV giant BYD is in talks to enter FT with ex-Red Bull chief (FT)

A Message from Mosaic

Complex financial modeling, in minutes

It's been a while since we've highlighted Mosaic and they recently had their biggest update yet: expanding into investment banking and private credit.

Since 2021, Mosaic has served as PE's go-to deal modeling automation platform for its ability to crank out complex financial models in minutes. Now, they're bringing their same deal modeling tech to the sell-side and private credit.

Mosaic is finally expanding its deterministic, rules-based software to cover banking and credit financial modeling demands with the same accuracy, complexity, and practicality that it's been offering PE for years. 

Their digital deal-modeling platform prides itself on: 

  • 100% accuracy in math and logic from first draft and every iteration after

  • A rules-based, deterministic approach to all accounting and calculations

  • An industry-leading library of models including 'special situations' like div recaps, M&A and earnouts

  • Being exportable to Excel with dynamic, auditable formulas


and the all-in-all ability to construct complex financial models in mere minutes.

If you've ever dreaded building a financial model, you must try it out. They've been a favorite at leading PE firms for some years now.

Try a demo!

Deal Flow

M&A / Strategic

  • Apartment REITS AvalonBay Communities and Equity Residential agreed to merge in a $69B all-stock deal, including debt  

  • Cosmetics giant EstĂ©e Lauder and Spanish peer Puig ended talks to create an over $40B enterprise

  • Motion and control tech firm Parker-Hannifin will acquire aero parts supplier Circor Aerospace from KKR for $2.55B 

  • US will ​take $2B in equity stakes in nine quantum-computing companies including IBM, GlobalFoundries, D-Wave, Infleqtion, Rigetti, Diraq, PsiQuantum, and Quantinuum 

  • $2B-listed theater chain IMAX is exploring a sale to entertainment companies

  • The founders of Chinese AI startup Manus are exploring raising $1B to re-acquire the company from Meta after China blocked Meta's $2B acquisition

  • Work boot and apparel brand Brunt ‌Workwear is exploring a sale or a strategic investment at an over $1B valuation 

  • Authentic Brands Group will acquire the Lee denim brand from Kontoor Brands in a $1B deal 

  • Adhesives manufacturer H.B. Fuller offered to acquire UK medical bandage maker Advanced Medical Solutions Group for $805M cash at a 30% premium days after sale talks with a PE firm failed 

  • Anthropic's new PE-backed consulting JV will acquire enterprise AI platform Fractional AI, who will end its deal with OpenAI

  • Sports streaming platform DAZN is weighing a merger with DirecTV Latin America

  • PE firm Lone Star Funds is exploring a sale of German lender IKB Deutsche Industriebank nearly two decades after buying the firm

  • Euronext ruled out a merger with Deutsche Boerse in the ​near future despite merits

VC

  • AI infrastructure startup Modal raised a $355M Series C at a $4.65B valuation led by Redpoint Ventures and General Catalyst

  • Hark, an AI lab building models and hardware for personal assistants, raised a $700M Series A at a $6B post-money valuation led by Parkway Venture Capital

  • Farther, an intelligent wealth management platform, raised a $150M Series D led by General Atlantic

  • Fresha, a beauty and wellness booking marketplace, raised an $80M growth investment at an over $1B valuation led by KKR's Next Generation Technology Growth fund

  • The Path, an AI therapy and coaching app, raised a $14.3M seed round led by Prime Movers Lab 

  • Sparq, an AI-native game engine and creator platform, raised an $8.5M seed round from a16z and others

  • VĂȘtir, an AI-powered luxury wardrobe OS, raised a $5.5M Series A at a $150M valuation from Laidlaw & Company, strategic partners, and luxury-adjacent family offices 

Access the complete VC deal flow and data on Fundable

IPOs / Listings / Issuances / Block Trades

  • Africa's Dangote Petroleum Refinery and Petrochemicals attracted $2B of investor demand for a pre-IPO private share placement

  • Goldman Sachs and Quadria Capital-backed Indian contract manufacturer Aragen Life Sciences is considering raising $300M in an India IPO

  • Nuclear startup Deep Fission is seeking to raise $156M at a $1.7B valuation in an IPO

  • Pakistani LPG firm Mecom Gas is considering raising $20M in a Pakistan IPO

  • SoftBank-backed date center power firm SB Energy will confidentially file for a US IPO

  • Crypto firm Blockchain.com filed confidentially for an IPO

  • Finnish smart ring maker Oura Health filed confidentially for a US IPO

SPAC / SPV

  • Asset tokenization platform Securitize plans to merge with Cantor Equity Partners II at a $1.25B pre-money valuation

Debt

  • SpaceX secured a $20B bridge loan from banks at a 4.6% YTM to take out $17.5B of high-interest junk debt for subsidiaries X, xAI, and Terafab 

  • Banks led by JPMorgan boosted its $6B leveraged loan sale to $10.2B to refinance part of Warner Bros. Discovery's $15B bridge facility ahead of its takeover 

  • Insurance and asset management firm Aquarian Holdings is seeking more backers for the $3B debt package committed by Abu Dhabi's Mubadala Capital to support its acquisition of insurer Brighthouse Financial

  • Canada's Bird Construction is looking to raise $180M in its first bond sale

  • Russia announced its second yuan bond sale after Putin met with Xi

Bankruptcy / Restructuring / Distressed

  • The Finance Tower, a Brussels skyscraper owned by bankrupt Korean REIT JR Global, sued PIMCO and Legal & General in UK to stall efforts to freeze rental income after they attempted to push the tower's valuation below $950M

  • Geneva School of Manhattan will acquire the campus of bankrupt Manhattan Country School in a $20M stalking horse bid

  • Raizen, the struggling sugar and ethanol JV between Shell and Brazilian conglomerate Cosan, is considering pushing ahead with a debt restructuring plan despite objections of offshore bondholders

Funds / Secondaries

  • Credit investor Varde Partners aims to raise $1B for an Asia private credit fund

  • Ex-Kadensa PM Kyle Su launched new equity L/S hedge fund Kuark Capital with $400M to trade Asian tech stocks

Crypto Sum Snapshot

  • Crypto platforms rush to launch derivatives linked to SpaceX

  • Billionaire Mark Cuban says he has sold all of his Bitcoin

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

Investment Banking Analyst Opportunity đŸ’ŒÂ 

Investment Banking Analysts (1-3 years experience) – NYC

We are working with a leading institutional broker-dealer and capital markets firm in NYC to hire IB analysts. The firm offers corporate clients and institutional investors strategic advisory and tailored capital solutions across a range of transactions, including M&A, equity offerings, and structured financings.

The firm is seeking analysts to support advisory and capital markets transactions as a generalist across various sectors. As an analyst, you will play a key role in financial analysis and transaction execution, working closely with seniors to ensure high-quality deliverables across engagements.

We are currently speaking with folks who possess:

  • 1-3 years of experience in IB, PE, CorpFin, or a related field

  • A bachelor's degree in finance, economics, business, or a related field

  • Strong financial modeling and valuation skills, including DCF, comps, and precedents analysis

  • Demonstrated experience executing M&A, capital markets, or strategic advisory transactions

  • Strong attention to detail, robust analytical and problem-solving skills, and a proactive, detail-oriented and adaptable approach to work

  • Excellent communication and interpersonal skills

If this sounds like, we'd love to get in touch!

Apply here đŸ€

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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.