SpaceX Takes Its 109x EBITDA Math to a Peace-Priced Market
Tuesday's analyst day asks bankers to sign a book at 56x revenue and 109x EBITDA, with Starlink carrying the entire valuation and models held for a May walkthrough.
Theo Kaplan
Bureau: San Francisco
Tesla Expansion Shows One Vehicle Each in Dallas and Houston
Electrek's Robotaxi Tracker puts Saturday's Dallas and Houston rollout at 0-2% availability and a single vehicle each, three days before Q1 earnings on a 50,363-unit inventory overhang.
Cerebras Swapped One Concentrated Customer for Another and Put It in the Prospectus
Friday's S-1 shows a $1B OpenAI loan at six percent, warrants for 33.4M near-free shares, and over half of projected revenue tied to a single customer. G42 is out; OpenAI is in.
Brad Jacobs Buys TopBuild for Seventeen Billion in Largest QXO Roll-Up Yet
Thirteen billion of Beacon and Kodiak over eleven months. Then seventeen billion for TopBuild on a Sunday evening. The housing market is soft and Jacobs is accelerating.
IBM's Q1 Earnings Will Test Whether the GenAI Book Outran the Accenture Warning
Consensus is $1.81 EPS on $15.65 billion in revenue Wednesday; the GenAI book ended Q4 at $12.5 billion and the Accenture softness is the pre-print hedge.
Amex Closes Hypercard and Three Networks Now Own Agentic Commerce
Visa, Mastercard and Amex all have agentic-commerce rails now. No antitrust regulator has said a word.
The Pershing Square Memory That Hastings's Board Inherits
Ackman lost $430 million on Netflix in 2022; that loss is the activist memory Hastings's successor board walks into.
Delta's Two-Billion Fuel Line Is MSM's Footnote and the Paper's Thread
Delta disclosed a $2 billion fuel-expense increase in Q1; MSM filed it footnote, the paper reads it war thread.