What you Need to Know for June 10th

Claude launches Mythos. SpaceX takes in strong institutional demand.

Author

HY Harry
June 10, 2026

Welcome back,

The market has been a little rocky on higher rates derailing the AI trade, plus Iran downing a U.S. helicopter led to U.S. retaliatory strikes that have now concluded. While more of a “message” the cease fire is getting shakier.

More on it below, but SpaceX’s IPO is nearly 4x oversubscribed, Anthropic released a lower-tier, “safer” version of Mythos, and OpenAI confidentially filed for an IPO. These big 3 are going to be a massive part of the stock market this year, and I’d argue SpaceX’s Friday IPO is one of the most consequential IPOs ever.

Let’s get into it:

Here’s a look at the remaining earnings for this week.

  • Wednesday: Oracle, Chewy, Stitch Fix, Oxford Industries

  • Thursday: Adobe, Lennar

Here’s a look at economic data this week (estimates are in quotations).

  • Wednesday: Consumer price index (0.5%), CPI y/y (4.2%), Core CPI (0.3%), Core CPI y/y (2.9%), Monthly U.S. federal budget (-$277B)

  • Thursday: Initial jobless claims (220,000), Producer price index (0.6%), Core PPI (0.4%), PPI y/y, Core PPI y/y

  • Friday: Consumer sentiment prelim June

Earnings Corner 💸 

  • Vail Resorts $MTN ( ▼ 4.34% ) revenue came in roughly in line with expectations at $1.21B, while adjusted EPS missed at $8.81 vs. $8.97. Results were hurt by record low snowfall and unusually warm weather across key Western markets, which led to fewer skier visits, earlier resort closures, and weaker demand for lift tickets, ski schools, dining, retail, and lodging. Total visitation fell 15%, contributing to a 7% y/y decline in revenue, though higher ticket prices and season pass sales helped offset some of the pressure. Management lowered full year guidance due to the weather driven slowdown.

  • Cracker Barrel $CBRL ( ▲ 6.11% ) revenue beat at $797M vs. $775M, while EPS beat at $0.29. Results were driven by better than expected restaurant and retail trends, while the company’s ongoing turnaround strategy, including operational improvements, menu updates, and cost discipline, helped support profitability. Management raised its full year revenue and EBITDA outlook.

On The Move 📈 📉

IPO Roundup 📍 

  • SpaceX is seeing its IPO nearly 4x oversubscribed, drawing nearly $250B of investor demand. Pricing is set for Friday with trading to begin June 12 at $135 per share, raising about $75B at a $1.8T valuation.

  • OpenAI filed confidentially for an IPO Monday, with a potential listing as soon as this fall. Lat valued at $852B, the filing places OpenAI alongside Anthropic and SpaceX in an AI IPO pipeline now worth $3.6T. Goldman Sachs and Morgan Stanley are leading the offering.

  • Bending Spoons filed for a US IPO targeting a $20B to $22B valuation, up from $14.5B in 2025. The Milan-based acquirer of struggling software businesses now owns Vimeo, WeTransfer, Evernote, and AOL. Goldman Sachs, JPMorgan, and Allen & Co. are leading the offering.

  • Apotex Health Corp. is targeting C$24 per share at the top of its C$20 to C$24 range for a C$1.3B Toronto IPO, which would be Canada’s largest IPO since 2021. Owned by SK Capital Partners since 2023, Apotex upsized the offering after strong demand. RBC, TD Bank, and Bank of Nova Scotia are working on the offering.

  • Inspire Brands Inc. filed confidentially for a potential $2B IPO in May, but franchisees at one of its flagship brands, Buffalo Wild Wings, are pushing for changes to counter weakening foot traffic at the chain’s 1,200 sports bars. The Roark Capital backed restaurant operator also owns Dunkin’, Arby’s, Sonic, and Baskin-Robbins.

For our latest investing club piece on hyperscalers and the South Korean stock market upgrade to the WSR Investing Club

F2 Raises $24M to Scale its LLM-Agnostic AI Operating System for Private Credit

F2, the compounding intelligence platform for private markets, has raised $24 million in total equity — including a new $14 million seed round led by HighlandX, on top of $10 million previously raised. Backers include Left Lane Capital, NFX, Y Combinator, and Torch Capital.

Now live across 100+ private credit funds and commercial banks, F2 automates screening, underwriting, and portfolio monitoring at 5x throughput, with enterprise-grade security and zero data retention.

What's new for your deal team:

  • Adam — an LLM-agnostic deal agent that's faster, more token-efficient, and more capable than leading frontier models on complex credit work.

  • Institutional Knowledge — a living repository of your team's deal history and context that informs every financial workflow.

The results are showing: monthly active users are up 650%, and deals analyzed have grown 10x to over 15,000 this year.

See what F2 can do for your team at f2.ai. Request a demo today

Today’s Headlines 📖🍿 

  • Claude “launches” Mythos: Claude launched “Fabel 5” for consumers which is supposed to be a safer version of the oh-so-scary Mythos model. With the benchmarks below, these are stronger than prior models, but there’s skepticism among a lot of the AI community on whether Anthropic overhyped this one. I’m seeing a mix of “oh this is really smart” and “yeah this is nerfed” reactions on socials. People also seem to be running up on their usage limits quite quickly too…showcasing we’re probably getting closer to a world where more and more people are priced out of using the top models:

  • Apple unveils Siri AI and sweeping platform overhaul at WWDC: The rebuilt Siri, now powered by Google Gemini, now has a dedicated app with cross-device sync and on-device context awareness across apps. Apple rebuilt its search architecture, sped up app launches, among other changes, and set the stage for a foldable iPhone this fall.

  • Columbia study finds private credit ratings inflated by 2-3 notches: Assets with private ratings are twice as likely to incur credit losses as publicly rated debt at the same grade, masking systemic investment risk. Life insurers now hold $481B in privately rated assets and would need $4.5B in additional capital if ratings were aligned with actual performance.

  • Shutterfly sweetens high-yield bond terms to close AI-skeptic investors: Despite a 12% yield, Apollo’s photo-sharing site had to restrict dividends, cap EBITDA add-backs, and limit cash transfers to get the $1.15B deal over the line, underscoring the depth of AI disruption fears.

  • JPMorgan is sitting on a $5.3B hung Qualtrics deal: Banks are planning to offload the Silver Lake deal from their balance sheets after investors balked at the software sector, with existing debt sliding to 83.75 cents. The syndication, likely restructured to include high-yield bonds, will wait for Q3 results to hopefully make the AI-disruption case easier to sell.

  • JPMorgan marketing $1B Sable Offshore debt amid legal overhang: The Trump-backed California oil driller is looking to refinance an Exxon loan expiring June 26 at a 15% interest rate and 20% amortization payments, even as the company pumps out 46,000 barrels of oil daily.

  • Thoma Bravo declares the SaaSpocalypse over as AI becomes a software tailwind: Founder Orlando Bravo says 50% of new revenue across the firm’s $35B portfolio now comes from AI and agentic tools, with software stocks already staging a recovery.

  • Hunter Point Capital closes $4.3B across NAV lending and preferred financing strategies, exceeding both fund targets and bringing total AUM to $10B. The raise signals continued institutional appetite for NAV-based lending as PE managers seek liquidity without forcing portfolio exits.

  • Sycamore Partners in talks to sell Boots for $10B: The Weston family and Australia’s Sigma Healthcare are among parties in discussion for the UK pharmacy and beauty chain, which Sycamore acquired through its Walgreens Boots Alliance takeover last year. If a sale takes place, Sycamore would be shelving London IPO plans.

  • Broadcom, Apollo, and Blackstone launch $35B AI infrastructure platform: The AI XPV Platform will enable more than 20 gigawatts of compute capacity through 2028 using Broadcom chips and networking. The initial $35B tranche will fund Anthropic’s previously announced 1-gigawatt-plus capacity expansion. Broadcom CEO Hock Tan said the platform pairs the company’s tech roadmap with long-term capital.

  • Only 26% of companies have a comprehensive view of their AI costs: A KPMG survey shows 50% have partial visibility and 22% have none or only see costs after billing. Some KPMG clients have blown through annual token budgets in months, prompting companies to cap AI tool access and build real-time spend monitors.

  • Private share marketplace Hiive eyes $780M secondary share sale: Hiive held investor talks to capitalize on demand ahead of SpaceX, OpenAI, and Anthropic IPOs, following a primary raise late last year at a $650M pre-money valuation. Founder Sim Desai said the platform has seen record sign-ups, transactions, and trading volume despite the usual Q1 seasonal dip.

  • Hut8 closed on $4.25B of IG SS notes for a data center build: The energy infrastructure platform priced the 2042 notes at 6.129% at BBB-/Baa2 ratings.

  • Used Toyota RAV4 hybrids are selling above their original sticker prices: Iran war-driven gas prices above $4/gallon have sent demand for hybrids surging, while a production gap between RAV4 generations left dealers with under five days of inventory. Some 2024 and 2025 models are listing used vehicles for $6,000+ above MSRP, more than a brand-new 2026 version.

M&A Transactions💭 

Motto Investment, manufacturer of aircraft engines, entered into a definitive agreement to be acquired for $500.0M by Arcline.

Aguas CCU-Nestle Chile, producer of bottled mineral water, was acquired for $180.0M by Compania Cervecerias Unidas (SGO: CCU).

Vegas Therapeutics, operator of a clinical-stage biotechnology company, has reached a definitive agreement to be acquired for $1.25B by Incyte (NAS: INCY).

Tate & Lyle (LON: TATE), a global provider of food and beverage ingredients, has reached a definitive agreement to be acquired for GBP 2.7B by Ingredion (NYS: INGR). EV/EBITDA was 7.7x and EV/Revenue was 1.35x. Bank of America, Citigroup, and Goldman Sachs advised on the sale.

Masorange, operator of telecommunications services, was acquired for EUR 4.25B by Orange (PAR: ORA). Bank of America, Barclays, J.P. Morgan, and Goldman Sachs advised on the sale.

Kneat (TSE: KSI), in the business of developing and marketing a software application, has entered into a definitive agreement to be acquired for CAD 650.0M by Thoma Bravo. EV/EBITDA was 68.03x and EV/Revenue was 9.8x. ATB Cormark Capital Markets and CIBC Capital Markets advised on the sale.

FireFly Bio, operator of an antibody-drug, has reached a definitive agreement to be acquired for $1.0B by Johnson & Johnson (NYS: JNJ).

Factorial, manufacturer of nano-engineered batteries, received $100.0M of development capital from undisclosed investors. Concurrently, the company was acquired by Cartesian Growth III through a reverse merger for an estimated $276.0M resulting in the combined entity trading on the NASDAQ under the ticker symbol FAC. Cantor Fitzgerald advised on the transaction.

Continental Aerospace Technologies, manufacturer of piston aircraft engines, has reached a definitive agreement to be acquired for $535.0M by Arcline.

Nuvalent (NAS: NUVL), a clinical-stage biopharmaceutical company, has reached a definitive agreement to be acquired for $10.6B by GSK (LON: GSK). Centerview Partners and Jefferies advised on the sale.

IntelliSmart Infrastructure, provider of power supply services, has reached a definitive agreement to be acquired for INR 30.5B by Adani Energy Solutions (BOM: 539254). EV/Revenue was 4.47x.

Inkia Energy, operator of an energy production company, was acquired for $3.4B by CPP Investments.

Riverpoint Medical, manufacturer of medical devices, has reached a definitive agreement to be acquired for $1.45B by Novanta (NAS: NOVT). Jefferies advised on the sale.

Private Placement Transactions💭 

Rapidus, manufacturer of advanced logic semiconductors, received JPY 150.0B of financing from Information-technology Promotion Agency.

DayOne, operator of hyperscale data centres, raised $4.5B of Series C venture funding led by Hillhouse Investment Group and Coatue Management.

PhyscisX, developer of machine learning applications, raised $300.0M of venture funding led by Temasek Holdings.

Isar Aerospace, developer of space launch vehicles, raised EUR 270.0M of venture funding led by Lakestar, HV Capital Management, and Molten Ventures at a pre-money valuation of EUR 1.73B.

Iceye, developer of radar-satellite-based earth-observation systems, raised EUR 1.0B of Series F venture funding led by General Atlantic at a pre-money valuation of EUR 9.0B.

Apex, developer of standardized satellite buses, raised $200.0M through a combination of debt and Series D venture funding at a pre-money valuation of $838.77M. The equity portion of $161.23M was led by Interlagos Capital.

Beacon, operator of a permanent holding company designed to acquire and grow essential software businesses, raised $225.0M of Series C venture funding led by General Catalyst and HabourVest Partners.

GT Medical Technologies, developer of a medical therapeutic device, raised $100.0M of Series E venture funding led by Viking Global.

Element Biosciences, developer of generic analysis tools, raised $175.0M of Series E venture funding from Samgsung Electronics.

CeQur Simplicity, developer of an insulin patch, raised $100.0M of Series E of venture funding from undisclosed investors.

Cellares, operator of an integrated development and manufacturing organization, raised $227.0M of Series D venture funding led by BlackRock Private Equity Partners and Eclipse Capital.

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