The rocket and satellite company is considering raising more than $25bn in an offering that could come as early as June, according to a person familiar with the plans. Retail demand is expected to be substantial, despite the significant capital requirements and operational risks associated with commercial space ventures. Shay Boloor of Futurum Equities Research said enthusiasm is likely to overwhelm concerns about Musk's unconventional approach. He said the IPO is going to be the 'craziest' in the 'history of the stock market,' and noted that a $1.5tn valuation could surge above $2tn once trading begins. Musk's confrontations with regulators and past governance controversies remain part of the risk profile. The Tesla CEO has previously clashed with the US Securities and Exchange Commission and threatened to leave Tesla earlier this year over compensation disputes. Investors said such drama is intrinsic to backing high-growth ventures run by powerful founders. Institutional exposure already exists. GAMCO Investors owns SpaceX shares through a spectrum deal with EchoStar, though it is undecided on participating in an IPO. Neuberger Berman holds unlisted shares and believes strong fundamentals underpin demand, citing the combination of a proven launch business and the rapid expansion of Starlink services. Portfolio manager Dan Hanson said SpaceX offers both 'the steak and the sizzle.'...

The firm aims to raise between $9bn and $10bn for its next opportunistic real estate fund, according to chief executive Jon Winkelried. Investor interest has picked up after property values declined by 15% to 25%, creating opportunities that were previously unavailable. Winkelried said market stress has brought higher-quality assets to market, allowing TPG to pursue deals more aggressively. He added that timing the cycle remains central to delivering attractive returns. Beyond institutional capital, TPG is developing real estate products for wealth investors. The firm is working on a structure that could combine equity and credit exposure, broadening access to property strategies. Subscribe to our Newsletter to increase your edge. Don't worry about the news anymore, through our newsletter you'll receive weekly access to what is happening. Join 120,000 other PE professionals today....

Startup investors this week demonstrated continued willingness to write big checks for promising companies in sought-after areas. Leading the pack was Saviynt, an AI identity security platform that picked up a fresh $700 million. 1. Saviynt, $700M, AI identity security: Saviynt, a provider of AI-optimized identity security tools, announced that it secured $700 million in Series B financing. KKR led the round, which set a $3 billion valuation for the 15-year-old, El Segundo, California-based company. 2. Unconventional AI, $475M, AI energy efficiency: Unconventional AI, a startup designing a computer to optimize energy efficiency for AI, raised $475 million in seed funding. Andreessen Horowitz and Lightspeed Venture Partners led the financing for the San Francisco Bay Area company. 3. Fervo Energy, $462M, geothermal energy: Houston-based Fervo Energy, a developer and operator of geothermal energy projects with a focus on technologies to scale this power source, picked up $462 million in Series E funding led by B Capital. The funding will go toward a geothermal project in Western Utah as well as other projects in its pipeline....

Tal Reback, global investment strategist for KKR's credit and markets business, said on the Bloomberg Intelligence Credit Edge podcast that Europe is entering a 'renaissance' as investors seek geographic diversification beyond the US. She said lower corporate leverage and strong cross-border buyout activity are supporting credit demand. KKR believes potential reforms to Europe's '1.2trn asset-backed securities market could unlock close to $1trn in high-grade asset-backed finance opportunities. Reback said insurers are currently discouraged from holding such exposure due to capital charges. 'If that reform ' which looks like it's trending in the right direction ' happens, that can open up what we estimate as close to $1 trillion of high-grade ABF opportunities,' Reback said. She added that European insurers hold less than 1% exposure to asset-backed securities, compared with about 17% in the US. KKR sees opportunities across auto finance, consumer credit, power generation, and solar infrastructure. Asset-backed finance has been a bright spot for the firm, with $84bn under management, up 30% from a year earlier....