Circle's IPO euphoria has revived debate over the "pop."

• This is a first-world problem, after years of IPO dormancy, but could impact the anticipated rush of second-half offerings.

By the numbers: Circle priced its IPO earlier this month at $31 per share, and closed Friday trading at $240.38 per share. That's a whopping 675% increase.

• This included a 168% pop on its first day of trading, which was a record for a company that raised at least $1 billion in its IPO.
• Circle had originally filed to price at $26-$28 per share, before upping the range.

Zoom in: Critics view this as further evidence that the IPO system is broken, designed for bankers to reward their best clients rather than for issuers to maximize earnings. Particularly in an age where technology should be able to make a more efficient market.

• Had Circle just doubled its IPO price — which still would be less than one-third of the current mark — it would have added another $1.1 billion to its balance sheet. Venture capital firm General Catalyst (and its LPs) would have netted an extra $110 million.
• Defenders of the status quo, however, emphasize that the pop rewards issuers by boosting employee morale, making it easier to recruit new employees, and solidifying the resolve of long-term institutional investors. Pricing for perfection, they argue, sounds better in theory than it works in practice.

Yes, but: Circle may be an outlier, operating within the volatile and feels-based crypto industry.

• Moreover, it got to ride legislative tailwinds last week when the U.S. Senate passed stablecoin legislation, before which shares were trading at around $150. It was an expected development at the time of the IPO, but hardly guaranteed (and still needs to pass the House).
• For context, neobank Chime popped 59% at the open on its first day of IPO trading but has since slumped down to a 9% gain. Digital health company Omada is actually trading below its IPO price.

The bottom line: The official IPO calendar is threadbare, with bankers seeming to prepare more for summer vacations than for new offerings, but price talk should return once Labor Day is within view.

Bank of New York Mellon (NYSE: BK) last week approached Chicago-based rival Northern Trust (Nasdaq: NTRS) about a takeover, per the WSJ.

Why it's the BFD: This would be one of the largest U.S. bank mergers ever, and comes as President Trump just repealed a Biden-era restriction on such deals.

By the numbers: Northern Trust shares are up 8.6% for the year, as of Friday's close, for a market cap of nearly $22 billion.

• BNY shares have risen nearly 15% so far in 2025, giving it a $65.5 billion market cap.

The bottom line: "A deal would marry two of the world's largest asset-servicing businesses and create an investment-management powerhouse that oversees more than $3 trillion." — Lauren Thomas & Justin Baer, WSJ

• Thinking Machines Lab, the startup led by former OpenAI CTO Mira Murati, raised $2b in "seed" funding at a $10b valuation, per the FT. A16z led, joined by Conviction Partners. axios.link/3T3F24k

• Neura Robotics, a German developer of humanoid robots, is in talks to raise up to €1b in new funding, per Bloomberg. axios.link/4kRty08

• Harvey, an SF-based legal AI startup, raised $300m in Series E funding at a $5b valuation. Kleiner Perkins and Coatue. led, joined by Sequoia Capital, GV, DST Global, Conviction Capital, Elad Gil, Open AI Startup Fund, Elemental, SV Angel, and REV. axios.link/3FS6Ndf

• PhysicsX, a London-based AI startup focused on defense-tech design, raised $135m at nearly a $1b valuation from backers like Siemens, Temasek, Atomico, and Applied Materials. axios.link/40ipjST

• Finom, a Dutch neobank for SMBs,, raised €115m in Series C funding. AVP led, joined by Headline and insiders Cogito Capital, General Catalyst, and Northzone. axios.link/4eltJ1m

• Conquest Planning, a Canadian provider of financial planning software, raised US$80m in Series B funding. Goldman Sachs led, joined by Canapi Ventures, BDC Capital, Citi Ventures, TIAA Ventures, USAA and insiders BNY and Portage. axios.link/3HRqD90

⚡ Insight M (fka Kairos Aerospace), a Sunnyvale, Calif.-based provider of methane detection services for the oil and gas industry, raised $30m from Morgan Stanley's 1GT unit. axios.link/4ebRatG

• Spinwheel, an Oakland-based consumer debt management startup, raised $30m in Series A funding, per Axios Pro. F-Prime Capital led, joined by QED Investors, Foundation Capital and Fika Ventures. axios.link/44e7aXK

• Snowcap Compute, a Palo Alto-based developer of a superconducting compute platform, raised $23m in seed funding. Playground Global led, joined by Cambium Capital and Vsquared Ventures. snowcapcompute.com

• Profound, a New York-based answer engine optimization tool for brands, raised $20m in Series A funding. Kleiner Perkins led, joined by NVentures, Saga Ventures, South Park Commons and SV Angel. axios.link/4kWAmtk

• Cluely, an app that lets users cheat on things like tests and job interviews, raised $15m led by a16z. axios.link/3HT8Wpx

• Voliro, a Swiss aerial robotics developer, raised $11m in Series A extension funding led by Noa. axios.link/3ZF0mkn

• Qomon, a French advocacy organizing platform, raised €5.5m from Asterion Ventures, Ternel, and Good Only Ventures. axios.link/4k6rMXL

• Stackup, a digital asset management platform, raised $4.2m. 1kx led, joined by YC, Goodwater Capital, Soma Capital, Amino Capital, and DCG. axios.link/3ZExYyU

• Advent Internatonal agreed to buy U.K. testing equipment maker Spectris (LSE: SXS) for £4.4b (including assumed debt). axios.link/44hUWNK

⚡ Ares Management agreed to buy a 20% stake in the Plentitude renewables arm of Eni (Milan: ENI) for €2b, via its alternative credit business. axios.link/4ebw6n0

🚑 Assura (LSE: AGRP), a British medical properties REIT, recommended a sweetened £1.79b cash-and-stock takeover offer from Primary Health Properties (LSE: PHP), after previously accepting a £1.7b bid from KKR and Stonepeak Partners. axios.link/44hVmUk

• Citation Capital acquired a majority stake in Gallo Mechanical, a New Orleans-based mechanical contractor focused on large-scale HVAC and plumbing services. gallomechanical.com

• Decks & Docks Co., a CCMP Growth portfolio company, acquired The Deck Supply, a composite decking building products distributor in Kansas and Iowa. decks-docks.com

• Diverse Logistics, an Argosy Private Equity portfolio company, acquired Massiano Logistics, an Orlando-based provider of delivery, warehousing, and distribution of furniture and other heavy goods. diverselogistics.com

🚑 GetixHealth, an H.I.G. Capital portfolio company that provides health-care revenue cycle management solutions, acquired Americollect, a Manitowoc, Wis.-based provider of patient engagement solutions. getixhealth.com

• KKR is in talks to acquire Chinese soda maker Dayao, per Bloomberg. axios.link/44bdJKr

• Mechanix Wear, a Valencia, Calif.-based work glovemaker owned by Gryphon Investors, acquired Portland, Ore.-based glovemaker Kinco. mechanix.com

• TSG Consumer Partners invested in men's personal hygiene brand Dude Wipes. dudewipes.com

• WalkerHughes, an Indianapolis-based insurer backed by BW Forsyth Partners, acquired Vincennes, Ind.-based McCormick Insurance Agency. walkerhughes.com

Jefferson Capital, a Minneapolis-based consumer debt collector owned by J.C. Flowers, is the only U.S. IPO expected this week.

• PhonePe, an Indian payments and financial services firm, plans to raise up to $1.5b in a domestic IPO, per Bloomberg. Backers include Walmart, General Atlantic, Ribbit Captial, Temasek, TVS Capital, and Tiger Global. axios.link/449NCnc

• ProCap BTC, a bitcoin treasury and services startup led by Anthony Pompliano, agreed to go public via a merger with Columbus Circle Capital Corp. I (Nasdaq: CCCM), a SPAC sponsored by Cohen & Co. axios.link/40eqyCy

• NYK Line, a Japanese shipping company, agreed to acquire Kadmos, a German payment platform for maritime workers that had raised around $40m from backers like Blossom Capital, SCOR Ventures, Addition, Discovery Ventures, and Atlantic Labs. axios.link/3T4yVwE

• Penta Capital hired Rothschild to sell Amber River, a London-based financial planning company that could fetch £800m, per Reuters. axios.link/45xcuaX

• Snap (NYSE: SNAP) acquired student calendar app Saturn, which had raised $44m from firms like Insight Partners, Coatue, General Catalyst, Bezos Expeditions, and 01 Advisors. axios.link/4ll9i70

• Unilever (NYSE: UL) agreed to buy men's personal care brand Dr. Squatch from Summit Partners. No terms were disclosed, but Reuters previously reported that the deal could fetch around $2b. axios.link/43ZqQ2I

• Chowdeck, a Nigerian food delivery startup that's raised 43m from VCs, acquired Mira, a provider of point-of-sale solutions for the food and hospitality markets. axios.link/4kWw1GD

• Darden Restaurants (NYSE: DRI) said it's considering strategic alternatives for its Bahama Breeze chain, which could include a sale. axios.link/43SCV9F

• RCG Ventures, the real estate investment arm of Argonne Capital, acquired a 99-property retail portfolio from Global Net Lease (NYSE: GNL). axios.link/4jZQg4H

• Stellantis is disputing a Reuters report that it's weighing a sale of its Maserati luxury car brand.

⚽ Woody Johnson, owner of the NFL's New York Jets, agreed to pay £215m for a stake in Premier League club Crystal Palace from John Textor. axios.link/3T4tsWM

• Morgan Stanley Capital Partners raised $3.2b for its eighth midmarket buyout fund. axios.link/44riZe9

• Movens Capital of Poland raised €60 for a VC fund focused on Central and Eastern Europe. axios.link/3FRYI8p

• MetLife Investment Management named Brian Funk as president. He previously was serving as the firm's interim president and global head of private capital. axios.link/3FLEBZy

• Elizabeth Pritchard joined HarbourVest Partners as a managing director and head of data and analytics. She previously was with Liberty Mutual Investments. axios.link/4efIUcn

• Drago Rajkovic is joining Citi as co-head of M&A. He previously was with JPMorgan. axios.link/4jWOvVZ

Iran's parliament has endorsed closing the Strait of Hormuz, which could cripple global oil flows and other supply chains, in retaliation to this weekend's U.S. strikes on the country's nuclear facilities.

• But markets so far are discounting the risk.
• Likely because top Iranian regime officials would need to sign off, and they know that closing the Strait of Hormuz would devastate the domestic economy.