SpaceX, OpenAI and Anthropic are preparing IPOs for 2026, raising hopes of a listings revival. The trio have talked with bankers and investors about valuations and liquidity. These floats could be among the largest in years, boosting fee income and widening public access to AI and space growth.
Private equity groups are selling portfolio companies to funds they also manage at a record pace, as weak exit valuations curb IPOs and trade sales. The rise of continuation vehicles brings extra fees for managers and liquidity for investors, but heightens conflict-of-interest concerns.
Global shares outpaced Wall Street as investors diversified amid unease over Trump’s policies, stretched US valuations and concerns about big tech and AI competition from China. Asset managers are shifting regional allocations after a prolonged period of US outperformance.
Tech start-ups have built a record $150bn cash pile to weather a potential AI downturn, prioritising ‘fortress’ balance sheets as funding cools and public market jitters grow. Backers urge discipline on burn, compute costs and revenue, warning valuations may outpace real adoption.
Global dealmaking hit about $4.5tn, the second-highest year on record. Cheap finance, boardroom confidence and US tax and regulatory shifts fuelled megadeals, lifting investment bank fees. Activity was led by US buyers, with technology, healthcare and energy among key sectors.
Labour has softened plans for farm inheritance tax, raising the threshold to £2.5m and leaving about 15% of estates liable. The change, expected to cost the Treasury about £130m, follows rural concerns. The NFU welcomed the step as support for family farms.
Binance continued to process suspicious crypto flows despite a $4bn US plea deal, according to internal data and compliance alerts. Analysts flagged transfers linked to sanctions and illicit finance risks. The exchange says it has strengthened controls and blocks suspect activity.
Overseas buyers are accelerating UK takeovers, up 74% this year to about $142bn, as assets are viewed as undervalued. Private equity is particularly active while domestic dealmaking has slumped. Advisers expect more bids next year, potentially targeting larger companies.
EU leaders approved a €90bn multi‑year loan for a neighbouring state, funded via the bloc’s budget after a bid to use frozen assets fell through. Disbursements will be phased and tied to reforms, with audit safeguards. The move aims to stabilise the country’s finances.
BoE cut Bank Rate 0.25pp to 3.75% as inflation cools. Bailey struck a cautious tone on further easing amid signs of a slowing economy. Reeves welcomed the decision, saying it should help households and businesses, while investors see scope for more, gradual reductions.