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Top stories today:
- Elon’s xAI said to be prepping tender at $113B valuation
- Chime, last valued at $25B, aims for $11B in IPO
- OECD’s 2025 world GDP forecast -0.2 p.p. to 2.9% due to tariffs
- Neuralink rival Paradromics completes 1st human brain implant
- Global stocks near record high, fueling optimism for further gains
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):
1. Elon’s xAI said to be prepping tender at $113B valuation, raising $5B in debt
The $33B valuation increase in xAI reflects its $33B purchase of X in Mar.:
Will allow staff to sell shares to new investors.
Rumored to be followed by a larger investment round.
xAI is also selling $5B in debt, with Morgan Stanley said to be participating at a “double-digit” interest rate, likely around 12%.
Includes a floating-rate term loan, fixed-rate term loan, and senior secured notes.
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3. Chime, last valued at $25B, aims for $11B in IPO
$24-$26 per-share range, 60% below Chime’s 2021 private share price.
~26M shares will be up for sale in the IPO.
Chime plans to raise $650M for its business, while existing shareholders will sell ~$150M in shares.
Cathay Innovation is by far the largest selling shareholder in the IPO.
Chime’s founders own between 4%-5% on a fully diluted basis.
4. OECD’s 2025 world GDP forecast -0.2 p.p. to 2.9% due to tariffs
Optimistic forecasts vs. many private market participants:
