Market Beats | Jersey Mike’s Files Confidentially for IPO with $12 Billion Valuation Target; War in Iran Clouds Mideast Drilling Outlook; Iran Signals Reluctance Toward Second Round of Peace Talks Amid US Escalation; JPMorgan and Citi Executives Pivot Toward a Tokenized; Eli Lilly to Acquire Kelonia Therapeutics for Up to $7 Billion; Polymarket Seeks Extra $400m as Prediction Market Valuation Wars Intensify; Michael Saylor’s Strategy Inc. Makes $2.54bn Bitcoin Purchase

—— Jersey Mike’s Files Confidentially for IPO with $12 Billion Valuation Target; War in Iran Clouds Mideast Drilling Outlook; Iran Signals Reluctance Toward Second Round of Peace Talks Amid US Escalation; JPMorgan and Citi Executives Pivot Toward a Tokenized; Eli Lilly to Acquire Kelonia Therapeutics for Up to $7 Billion; Polymarket Seeks Extra $400m as Prediction Market Valuation Wars Intensify; Michael Saylor’s Strategy Inc. Makes $2.54bn Bitcoin Purchase

1. Jersey Mike’s Files Confidentially for IPO with $12 Billion Valuation Target

Jersey Mike’s Subs, the rapidly growing sandwich chain with over 3,300 locations, has officially submitted a confidential filing for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. Backed by Blackstone Inc., the company is reportedly targeting a valuation of at least $12 billion and aims to raise more than $1 billion in the offering. Leading financial institutions, including Morgan Stanley and JPMorgan Chase, are spearheading the process, with the debut potentially occurring as early as the third quarter of this year.

The move marks a significant milestone for the brand, which was acquired by Blackstone early last year for approximately $8 billion. Under the guidance of founder Peter Cancro—who recently transitioned to chairman after nearly 50 years at the helm—the company is in the midst of an aggressive expansion phase. This includes a recent partnership to open 400 stores across the UK and Ireland. As the IPO market continues to show signs of life, Wall Street is watching closely to see if Jersey Mike’s can sustain its premium valuation amid a competitive fast-casual landscape.

As IMF officials call for AI safety to be prioritized on the international agenda, the focus for central banks is shifting toward building resilience against autonomous, AI-driven cyber threats.

______

2. War in Iran Clouds Mideast Drilling Outlook

The outlook for the world’s premier oilfield-service providers is deteriorating as the ongoing conflict in Iran dampens expectations for a sustained drilling boom in the Middle East. Since the outbreak of hostilities in late February, financial analysts have consistently lowered earnings-per-share estimates for the sector’s “Big Three” firms. As corporate earnings season kicks off this week, the market is bracing for reports on operational disruptions, particularly regarding rig deployments and crew safety across the volatile region.

The military offensive has triggered unprecedented upheaval in global oil markets, creating a precarious environment for contractors who recently shifted their strategic focus to the Middle East as North American shale growth plateaued. Analysts from RBC Capital Markets and TD Cowen suggest that even if a resolution is reached, the lingering risk of future instability may deter long-term investment in regional infrastructure.

For an industry responsible for the technical heavy lifting of global energy production—including mapping and fracking—the war represents a significant structural threat to the growth narrative that had previously energized the sector.

______

3. Iran Signals Reluctance Toward Second Round of Peace Talks Amid US Escalation

Tehran expressed significant hesitance on Monday regarding a second round of peace talks in Pakistan, citing the continued US blockade of the Strait of Hormuz and the recent seizure of an Iranian vessel. Foreign Ministry spokesman Esmail Baghaei stated that while a final decision is pending, there are currently no plans to attend, noting a perceived lack of “seriousness” from Washington in pursuing a diplomatic resolution to the seven-week conflict.

While Iran is reportedly reviewing a US proposal delivered via Pakistan’s army chief Asim Munir, the outlook remains bleak as the current ceasefire nears its expiration on Tuesday night. The diplomatic impasse is centered on intractable disputes over Iran’s nuclear program and the strategic control of global energy transit through the Hormuz chokepoint.

Although President Trump announced that special envoy Steve Witkoff is deployed for talks, his simultaneous use of escalatory rhetoric—threatening “mass destruction” if a deal is not reached—has further strained the prospects for a peaceful breakthrough.

______

4. JPMorgan and Citi Executives Pivot Toward a Tokenized

In a significant joint perspective, top executives from JPMorgan and Citigroup highlighted how the global banking landscape is pivoting toward a world of 24/7, tokenized transactions. Umar Farooq, global co-head of JPMorgan Payments, and Shahmir Khaliq, global head of services at Citigroup, acknowledged that while current digital asset volumes are a fraction of the trillions processed daily on traditional rails, the groundwork for a systemic shift is being laid. The goal is to move beyond the limitations of legacy systems, enabling financial flows that operate seamlessly across borders and time zones.

The focus for both institutions has shifted toward tokenizing real-world assets and deposits to facilitate instantaneous settlement. According to Farooq and Khaliq, the move to digital ledgers isn’t just about speed; it’s about preparing for a future where collateral and liquidity can be moved with the same ease as information.

By building out these capabilities now, the banks aim to lead the transition to a high-velocity financial ecosystem that could eventually handle the full scale of their multitrillion-dollar daily operations without the friction of manual clearing and traditional banking hours.

______

5. Eli Lilly to Acquire Kelonia Therapeutics for Up to $7 Billion

Eli Lilly & Co. announced on Monday a definitive agreement to acquire Kelonia Therapeutics for up to $7 billion, marking a significant bet on the next generation of cancer treatment. Under the terms, Lilly will pay $3.25 billion upfront in cash, with an additional $3.75 billion contingent on clinical and regulatory milestones. Kelonia specializes in “in vivo” CAR-T therapy, a cutting-edge approach that genetically modifies a patient’s immune cells directly inside their body after a single infusion.

This method seeks to eliminate the logistical nightmares of traditional CAR-T, which currently require cells to be shipped to a laboratory for modification and patients to undergo harsh pre-conditioning chemotherapy. Jacob Van Naarden, president of Lilly Oncology, emphasized that Kelonia’s platform could “democratize” access to these life-saving treatments by providing a far simpler, off-the-shelf format. While Lilly shares saw a slight 1.2% dip on the news Monday morning amid broader market caution, analysts view the move as a major strategic play to diversify Lilly’s pipeline beyond its dominant metabolic and diabetes portfolio.

The deal is expected to finalize in the second half of 2026.

______

6. Polymarket Seeks Extra $400m as Prediction Market Valuation Wars Intensify

Polymarket is in negotiations to raise an additional $400 million in funding, following a $600 million injection last month that pegged its valuation at $15 billion. This marks a significant leap from its $9 billion valuation last year, a period characterized by a massive $1 billion investment from Intercontinental Exchange Inc. (ICE). Despite this momentum, Polymarket still trails the $22 billion valuation recently achieved by its rival Kalshi, which secured $1 billion in its latest round.

The surge in capital mirrors the booming trading volumes on prediction exchanges, where users bet on everything from sports outcomes to geopolitical shifts. While ICE has fulfilled its $1.6 billion commitment to the platform, Polymarket is now looking toward new investors to further fuel its expansion.

Management is reportedly debating whether to close this $400 million round at the current $15 billion mark or hold out for a higher premium as the “vibe” around decentralized and event-based trading continues to strengthen globally.

______

7. Michael Saylor’s Strategy Inc. Makes $2.54bn Bitcoin Purchase

The four-member crew of NASA’s Artemis II mission—Reid Wiseman, Victor Glover, Christina Koch, and Jeremy Hansen—has already secured its place in history by shattering human deep-space distance records. Beyond their technical achievements, the astronauts have also earned acclaim as skilled photographers, capturing breathtaking high-resolution images of Earth and the moon from a distance of approximately 252,760 miles. Operating from within the Lockheed Martin-built Orion capsule, the crew has provided a rare glimpse into daily life and work during this historic lunar journey.

The imagery sent back to Earth has inspired global awe, with one particular shot of the moon eclipsing the sun drawing significant attention. In a post on X, the White House described the vantage point as “a view few in human history have ever witnessed.”

As Artemis II continues its mission, these visual records serve as a powerful testament to the progress of the Artemis program and humanity’s return to deep-space exploration.

______