SpaceX is preparing to launch the largest IPO of all time, with expectations that it could raise more than all U.S. listings in 2024 and 2025 combined.

• Wall Street is understandably giddy. But what it's about to pitch investors is unprecedented, and could impact how (or if) OpenAI and Anthropic go public later this year.

Here are four ways this IPO is different from all others:

1. Size: SpaceX reportedly wants to raise around $75 billion.

• For context, the entire U.S. IPO market only raised more money in two of the past 10 years.
• It also will seek to become the first company to ever go public at a valuation of $1 trillion or more, with hopes of immediately being worth more than Walmart, Exxon Mobil or Meta.
• Finally, Musk is said to be reserving up to 30% of the offering for individual investors — three times the norm.

2. Flux capacity: SpaceX has been around for decades, but the version going public is a newly formed conglomerate.

• Elon Musk recently merged xAI into SpaceX, after having previously merged X (fka Twitter) into xAI (whose 11 cofounders have all left).
• No one really knows if the combinations will work, and it's too early for there to be much evidence in either direction. Let alone if SpaceX's plan for one million orbital data centers — which seems to be Musk's grand vision — is viable.
• IPO investors always get access to a couple of years of past financial performance but, in this case, it's relatively irrelevant.

3. X factor: Elon Musk himself. And not just the part about him seeking to simultaneously run two of the world's most valuable companies.

• Musk hasn't been part of an IPO since Tesla in 2010. At the time, he was fairly quiet on social media. In fact, his first-ever tweet was just a couple of weeks earlier.
• Today's Musk may struggle to comply with rules about what company insiders can and can't say once the IPO process begins. For example, Google's IPO was almost waylaid by comments its cofounders made in a Playboy interview.
• On the other hand, the current Securities & Exchange Commission is lax when it comes to enforcement, and Musk is (usually) friendly with the boss' boss. Plus, there are reports that the two sides are preparing to settle a dispute over Musk's alleged violation of securities law in 2022.

4. Red ink: We don't yet know SpaceX's overall financials, and its initial IPO filing is likely to be confidential.

• What we're fairly certain of, however, is that its xAI unit (sans X/Twitter) is hemorrhaging money. Just like other large foundation models that are scaling by spending on GPUs.
• Investors may not care, believing all things AI are up and to the right, but this would be the first major market test.

Sysco (NYSE: WYY) has agreed buy cash-and-carry wholesaler Jetro Restaurant Depot from its founding Kirsh family for $29.1 billion (including debt).

Why it's the BFD: It would create one of the country's largest food services companies, at a time when food prices continue to climb.

Deal details: Sysco will pay $21.6 billion in cash and 91.5 million Sysco shares, which works out to a 14.6x multiple on Restaurant Depot's operating income.

• Sysco plans to fund almost all of its cash outlay with new debt, with hopes that Restaurant Depot's profits can help offset the new leverage. Its shares fell more than 5% in pre-market trading.

The bottom line: "Restaurant Depot's business offers small-restaurant owners and other independent businesses free memberships allowing them to visit one of the company's warehouses any time they are running short to pick up food supplies that same day. It cuts out the middleman and offers more affordable prices." — Lauren Thomas, WSJ

• Physical Intelligence, an SF-based developer of AI software for robots, is in talks to raise around $1b at an $11b valuation from Founders Fund, Lightspeed and insiders Thrive Capital and Lux Capital, per Bloomberg. axios.link/47ulVrI

• Sycamore Labs, an AI agent operating system founded by former Atlassian CTO Sri Viswanath, raised $65m in seed funding, per Axios Pro. Coatue and Lightspeed led, joined by Abstract Ventures, Dell Technologies Capital, 8VC, Fellows Fund, and E14 Fund. axios.link/4dOcnvx

• Sett, a developer of AI agents for the gaming industry, raised $30m in Series B funding. Greenfield Partners led, joiuned by insiders F2 and Bessemer Venture Partners. axios.link/4m01hpv

• Mars Men, an Austin-based supplements maker, raised $27.5m in Series A funding from L Catterton, per Axios Pro. axios.link/4t8NGyu

• Huskeys, an Israeli edge security management startup, raised $8m in seed funding from 10D, toDay, Merlin Ventures, SVAngel, CCL, and Alumni Ventures. axios.link/4ccMy77

⚡TerraSpark, a developer of space-based solar energy systems, raised €5m in pre-seed funding from Daphni, better ventures, and Hans(wo)men Group. axios.link/416HFGy

• Deeplify, a German provider of industrial inspection tech, raised €2m in pre-seed funding. D11Z Ventures led, joined by Vanagon Ventures and EWOR. axios.link/4sCJQ0z

• Advent International invested in Atwell, a Southfield, Mich.-based provider of infrastructure engineering, construction, and consulting services. axios.link/4dhIhjT

• Astorg agreed to buy a majority stake in Barkene, a French B2B services platform for fire safety and remote security monitoring, from Montefiore. axios.link/3O5bMLA

• CD&R, KKR, and PAI Partners each moved forward to the next round of bidding for Nestlé's (Swiss: NESN) 50% stake in its water business, including Perrier and San Pellegrino, ​per the FT. axios.link/4lXeBej

• Miller Environmental Group, a Coalesce Capital portfolio company, acquired both Haz-Mat Environmental Services, a Charlotte-based provider of industrial and waste treatment and disposal services, and Canco, a Chester, S.C.-based provider of industrial services. axios.link/4dBjgR5

⚽ Sixth Street Partners is in advanced talks to buy a majority stake in the women's club of Sunderland AFC, per Bloomberg. axios.link/4s6XOH9

• TruArc Partners acquired Matrix Adhesives Group, a Columbus, Ohio-based provider of adhesive and sealant solutions, from Goldner Hawn. axios.link/4bVnUGX

• Universal Plant Services, a New State Capital Partners portfolio company, acquired Mechanical Solutions, a Whippany, N.J.-based engineering firm focused on fluid machinery and turbomachinery systems. axios.link/4thfVer

🚑 Vision Innovation Partners, a Gryphon Partners portfolio company, acquired Frederick Eye Institute, an ophthalmology practice in Frederick, Maryland. axios.link/4c09tS9

HMH Holding, a Houston provider of drilling equipment and services co-owned by Baker Hughes and Akastor, is the only major U.S. IPO expected to price this week.

🚑 Alamar Biosciences, a Fremont, Calif.-based protein biomarker detection platform, filed for a $100m IPO. It reports a $29m net loss on $74m in revenue for 2025, and plans to list on the Nasdaq (ALMR). Alamar raised over $300m in VC funding from firms like Qiming Venture Partners, Illumina Ventures, Sands Capital, and Sherpa Healthcare Partners. axios.link/4vdzNRw

• Collective Acquisition II, a SPAC led by Daniel Hoffman (ex-Cerberus), filed for a $220m IPO. axios.link/3O5gtFe

• Elmet Group, a Portland, Maine-based maker of materials and microwave products for aerospace and defense, filed for a $115m IPO. It reports $5m of net income on $202m in revenue for 2025, and plans to list on the Nasdaq (ELMT). axios.link/4dBvrgL

• Future Money Acquisition, a SPAC led by Siyu Li (FutureMoney Group), raised $100m in its IPO. axios.link/48pLiff

🚑 Kailera Therapeutics, a Waltham, Mass.-based developer of GLP-1 drugs for obesity, filed for a $100m IPO. The Phase 3 company plans to list on the Nasdaq (KLRA) and raised around $1b from Bain Capital Life Sciences, RTW Investments, CPPIB, Atlas Ventures, Adage Capital Management, Invus, Janus Henderson, Perseverance Capital, QIA, Royalty Pharma, Surveyor Capital, Rowe Price, and Sirona Capital. axios.link/4chsOOT

• Inflection Point Acquisition VI, a tech SPAC led by Michael Blitzer (Kingstown Capital Management), raised $220m in its IPO. axios.link/4slHsvz

• Yesway, a Fort Worth, Texas-based gas station and convenience store operator, filed for an IPO that Renaissance Capital estimates could raise $300m. It reports $54m of net income on $2.67b of revenue for 2025, plans to list on the Nasdaq (YSWY), and previously tried to go public in 2021 before pulling the offering in 2022. Backers include Brookwood Financial Partners and HPS Investment Partners. axios.link/3PMVVlh

• Altor and SMS Group are seeking to sell Kaefer, a German industrial services company that could fetch more than €2b, per Bloomberg. axios.link/47s2mjY

• H.I.G. Capital agreed to sell Desktop, a Brazilian ISP, to Claro Telecom Participações, a subsidiary of América Móvil (NYSE: AMX), for around US$750m (including debt). axios.link/4sM7OXw

• SAP (NYSE: SAP) agreed to acquire Reltio, a Redwood City, Calif.-based data management software provider that had raised nearly $200m from firms like NewView Capital, Brighton Park Capital, Crosslink Capital, .406 Ventures, Sapphire Ventures, RPS Ventures, Savano Capital Partners, and Sweetwater Private Equity. axios.link/4caAp2C

• Citigroup (NYSE: C) held early discussions about buying a regional bank, per Bloomberg — with Citi later dismissing the report as "baseless speculation."

• First Brands, whose bankruptcy helped kick off private credit concerns, agreed to sell an auto parts brand portfolio that includes Autolite and Trico for $25m. axios.link/4uWHzyL

• Raiffeisen Bank of Austria agreed to buy Garanti BBVA's Romanian unit for €591m. axios.link/4lVsTMx

🏀 Tilman Fertitta reportedly has agreed to buy the Connecticut Sun, a WNBA franchise that would relocate to Houston, for around $300m. Sun ownership originally agreed to sell the club for $325m to a group led by former Boston Celtics co-owner Steve Pagliuca, but the league blocked it. axios.link/4sEHvlH

• Two Harbors Investment (NYSE: TWO) accepted a sweetened $1.13b takeover offer from Cleveland's CrossCountry Mortgage, bailing on a prior agreement with UWM Holdings (NYSE: UWMC). axios.link/4rXsNFz

🚑 Blackstone raised $6.3b for its sixth life sciences fund. axios.link/4m1IfPp

• Hannah Grey Ventures of Denver so far has raised more than $10m for its second fund, per an SEC filing.

• Inflexion raised €4.5b for its seventh midmarket buyout fund, topping its target. axios.link/3PCwuTG

• Reformation Partners, a Miami-based "early growth equity" firm, is raising up to $125m for its third fund, per an SEC filing.

• Gillian Fox (ex-Euromoney) and Orlando Machado (LEGO Group) joined ECI Partners as "growth specialists" focused on HR and data/AI, respectively. axios.link/3NXYdxk