—— SpaceX Plans Internal Share Sale; Big Banks Mandate Five-Day Office Return; Google to Invest in Walmart’s Indian Subsidiary; Eli Lilly Commits $9 Billion to New Facility; Sparkling Water Startup Surpasses $500M in Revenue; Lululemon Stock Down 41%; MoneyGram Cuts Loan Rate on $400M Facility

1. SpaceX Plans Internal Share Sale

According to insiders, Elon Musk’s rocket company SpaceX plans to sell shares at a valuation of $200 billion, with prices ranging between $108 and $110 per share, offering liquidity to employees and internal investors.

Terms are still under discussion and could change. Musk wrote on X that SpaceX provides liquidity events every six months, doesn’t require new capital, and uses the proceeds to repurchase shares.

SpaceX was last valued at $180 billion, rivaling the largest public companies.

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Source：Bloomberg – SpaceX Weighs Plan to Sell Shares at $200 Billion Valuation

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2. Big Banks Mandate Five-Day Office Return

Citigroup, HSBC, and Barclays are requiring more employees to return to the office five days a week.

Citigroup announced that 600 previously remote employees must now report in full-time, though most staff still follow a hybrid model.

HSBC is asking half of its New York workforce—around 530 employees—to return full-time. Barclays has mandated in-office or client-facing work five days per week for thousands of investment bankers globally.

Bank executives argue full office presence boosts collaboration, innovation, and company culture.

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Source：Bloomberg – Citi, HSBC, Barclays Ramp Up Demands for Five Days in Office

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3. Google to Invest in Walmart’s Indian Subsidiary

Google is planning to invest $350 million in Flipkart, the Indian e-commerce platform backed by Walmart.

Flipkart launched a $1 billion funding round last year, and Walmart has already contributed nearly $600 million.

Founded in 2007 by former Amazon engineers, Flipkart was acquired by Walmart in 2018 for $16 billion and is Amazon’s key rival in India.

The deal strengthens Google’s role in India’s fast-growing digital commerce sector.

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Source：Bloomberg – Google to Invest $350 Million in Walmart-Controlled Indian Firm

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4. Eli Lilly Commits $9 Billion to New Facility

Pharma giant Eli Lilly announced an additional $5.3 billion investment in a new weight-loss drug manufacturing facility in Indiana, bringing the total investment to $9 billion.

The plant is being built near Lilly’s headquarters to meet surging demand for GLP-1-based weight-loss medications.

Lilly is now the world’s most valuable pharmaceutical company, with analysts projecting the weight-loss drug market could hit $100 billion by 2030.

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Source：Financial Times – Eli Lilly to invest extra $5.3bn in manufacturing site for weight loss drugs

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5. Sparkling Water Startup Surpasses $500M in Revenue

Soda startup Olipop expects to hit $500 million in sales this year—more than double its $200 million in 2023 revenue.

In 2019, the company generated less than $1 million. It has since reached profitability—an unusual feat in the beverage industry.

Co-founder David Lester said the company has been profitable every month this year. Olipop has raised just $55 million and now has a $200 million valuation.

Lester says the company may raise more capital as competition intensifies.

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Source：Bloomberg – Soda Startup Olipop to hit $500 Million in Sales This Year

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6. Lululemon Stock Down 41% YTD

Lululemon shares fell 10% this week after Chief Product Officer Sun Choe departed, prompting a restructuring of the product and brand teams.

The stock is now down 41% year-to-date, making it the worst performer in the S&P 500.

Although the company thrived during the athleisure boom, its Q1 forecast and earnings disappointed investors, erasing gains from previous years.

Wedbush analysts said Lululemon’s financials no longer justify its historically high valuation multiples.

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Source：Bloomberg – Lululemon Shares at Bottom of S&P 500 as Sales Concerns Grow

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7. MoneyGram Cuts Loan Rate on $400M Facility

MoneyGram International missed Thursday’s deadline to finalize a rate cut on a $398 million leveraged loan.

Lenders including Goldman Sachs are considering reducing the interest rate on the loan maturing in 2030 to as low as 4%. The loan is currently being sold at 99.75 cents on the dollar.

Over $56 billion in leveraged loans were issued this week ahead of the U.S. Memorial Day holiday.

On Thursday alone, more than 20 leveraged loans hit the market.

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Source：Bloomberg – MoneyGram Misses Deadline on $398 Million Leveraged Loan Deal

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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.