Q1 Investment Banking League Tables, M&A Outlook, SpaceX IPO & Whoop Funding

In this episode of the Market Maker Podcast, we review Q1 investment banking league tables and the rebound in global M&A activity.

We discuss the key drivers behind deal flow, including interest rates, financing conditions, and geopolitical risk, and consider how the outlook may evolve into Q2. We also analyse the potential SMFG–Jefferies transaction, focusing on strategic rationale, regulatory constraints, and execution challenges.

The episode covers the latest developments around the potential SpaceX IPO, including valuation expectations and syndicate structure, before turning to Whoop’s $575 million funding round and $10 billion valuation. We explore what this signals about private market dynamics, subscription-based business models, and future IPO positioning.

(00:00) Q1 M&A & League Tables

(05:07) Deal Flow Outlook

(07:30) SpaceX IPO Structure

(13:43) SMFG–Jefferies Deal

(19:17) Deal Risks & Constraints

(23:12) Whoop $10B Funding

(33:05) Subscription Model Risks

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