Cognition Hits $26B in $1B Series D; Devin ARR Reaches $492M
Cognition raised $1B at a $26B post-money valuation — 2.5x its September 2025 mark — as Devin’s ARR reached $492M with enterprise usage up 50% monthly.
capital markets
Banks Push Fed to Codify Bowman Supervision Rollbacks
Wall Street wants the Fed to formally codify Vice Chair Bowman’s supervisory rollbacks before a future administration can undo them.
Warsh Takes Fed Chair: Bond Yields Fall as Powell Era Ends
Kevin Warsh was sworn in as Fed Chair on May 22, replacing Jerome Powell. Treasury yields fell across the curve in his first week.
Credit Default Swaps Explained: How Bond Insurance Works
What is a credit default swap? How CDS premiums, credit events, and the ISDA auction work, with worked numbers and verified market data.
Applied Aerospace IPO: $634M Defense Float Tests AADX Demand
Greenbriar-backed Applied Aerospace & Defense sets terms for a $634M NYSE IPO at a $3.33B market cap, pricing June 2 under ticker AADX.
Cat Bonds Hit Record $69.9B as Hurricane Season Opens
Cat bond market enters 2026 Atlantic hurricane season at a record $69.9B outstanding, with $15.5B issued YTD as NOAA forecasts a below-normal season.
June 2026 IPO Wave: 7 Deals Worth $4.7B Hit Calendar
Seven IPOs led by INNIO’s $1.9B and Quantinuum’s $1B target a combined $4.7B as the Renaissance IPO Index outpaces the S&P 500 by 11.5 points YTD.
Fed Revives ‘Payment Account’ Plan; Tier 3 Reviews Paused
The Fed re-proposed a limited ‘payment account’ for non-bank fintechs and novel-charter institutions, freezing Tier 3 master-account reviews.
China’s $885M Hong Kong Green Bond Debut Draws 10x Demand
China sold 6B yuan of sovereign green bonds in Hong Kong on May 28 — a 10x covered debut at 1.42% (3Y) and 1.56% (5Y).
Apollo, Blackstone Pitch $36B Debt to Power Anthropic TPUs
Apollo and Blackstone are arranging a record $36B debt deal to fund Anthropic’s Google TPU buildout — a watershed for AI-infra private credit.