Kalshi Eyes IPO at $22B Valuation as Revenue Triples
Kalshi is in early IPO talks at a ~$22B valuation after annualized revenue tripled to about $2B in seven months. Here is the case and the risk.
Capital Markets
IPO Window Reopens: Kardigan Pops, Deep Fission Lags
Five IPOs priced and five new S-1s filed the week of June 15, 2026 — biotech soared, nuclear stumbled, and Brookfield queued a $650M data-center deal.
Secondaries Hit Record $240B as GP-Led Deals Take Over
Global secondaries volume hit $240B in 2025, a 48% jump driven by GP-led continuation funds. Jefferies sees a $300B run rate within 24 months.
First Brands Liquidation Cleared: A $2.3B Private Credit Hit
A Houston judge cleared First Brands’ liquidation on June 12, 2026, after $2.3 billion vanished. Here is what the failure exposes about private credit.
Capital Structure Waterfall: Who Gets Paid First in Default
Senior debt, subordinated bonds, preferred stock, common equity — here is the exact order claims get paid when a company defaults, with the GM 2009 worked example.
Partners Group Caps $8.6B Fund as Q2 Gates Spread to PE
Partners Group gated its $8.6B Global Value SICAV after 9.8% redemption requests, dragging Blackstone, KKR and Apollo lower as BCRED also tightens back to its 5% cap.
Crescent Capital Closes Record $10.8B Direct Lending Fund
Crescent’s CDL Fund IV closed at $10.8B in investable capital — more than double its 2022 predecessor — as Apollo and Ares cap BDC redemptions.
Triton Buys Flender from Carlyle in PE-to-PE Wind Deal
Triton Fund 6 will take Flender, the 125-year-old German gear specialist with major wind exposure, off Carlyle’s hands in a Q4 2026 close.
Alphabet’s $80B AI Raise: Largest Stock Sale on Record
Alphabet’s $80B equity raise—$15B common, $15B convertible preferred, $10B from Berkshire, $40B ATM—is the biggest stock sale ever, all to feed AI.
Relative Strength vs RSI: What’s the Difference?
Relative Strength (RS) and the Relative Strength Index (RSI) sound alike but measure totally different things. Here’s the clean distinction.