US Borrows $432B in July; FY26 Deficit Already Tops FY25
July’s $432B deficit pushes FY26 borrowing past $1.8T in 10 months — more than all of FY25 — as tariff refunds bleed receipts and debt nears $40T.
capital markets
Goldman Buys NEOS for $2.25B: An Options-Income ETF Bet
Goldman Sachs Asset Management will pay up to $2.25 billion for NEOS Investments, adding $30 billion of options-income ETFs and pushing GSAM’s active ETF book to about $80 billion.
Lyntris Sets $492M IPO Terms: Trive’s Defense-Tech Roll-Up Hits NYSE
Lyntris (NYSE: LYNX), the Accelint + Vitesse combination backed by Trive Capital, set an IPO range of $19-$22 targeting up to $528M and a ~$2.36B market cap.
Palmer Luckey’s Erebor Nears $1.5B Round at $9.5B
Erebor, the tech-focused bank co-founded by Palmer Luckey, is in talks to raise $1.5B at a $9.5B valuation — more than doubling in eight months.
Buffett Sits on $365B: Berkshire’s Q2 T-Bill Fortress
Berkshire Hathaway’s Q2 10-Q shows $324.9B in Treasury bills and $40.6B in cash — a $365.5B war chest and a signal to fixed-income markets.
Switch Files Confidential IPO, Eyes $80B Data-Center Return
Las Vegas data-center giant Switch confidentially filed to return to public markets, chasing a valuation up to $80B just four years after an $11B take-private by DigitalBridge and IFM.
Hadrian Raises $1.37B at $7.87B for AI Defense Factories
Chris Power’s automated defense factory just landed $1.37B from a public-market-heavy Series D, with the Alabama submarine facility at the center.
Apollo Wins easyJet: £5.7bn Take-Private at 715p a Share
Apollo Global Management sealed a £5.7bn ($7.7bn) all-cash bid for easyJet after Castlelake walked away, in one of the largest airline take-privates ever.
Credit Spreads at 20-Year Tights as Supply Tops $1.7T
IG at 81bps, HY at 281bps, and $1.68T of corporate bonds already issued YTD — why record supply keeps meeting record demand in the credit market.
Robinhood’s $200M RVII Fund: Retail Access to YC Startups
Robinhood filed to list RVII, a $200M NYSE-traded BDC that lets any retail investor buy exposure to Y Combinator startups. Structure, fees, and catches.