Good Morning! SpaceX soared another 20% (and more in after-hours), rocketing Musk's net worth to $1.3 trillion. Nvidia plans to raise about $20 billion in its first-ever debt sale amid the AI boom. And Fox is buying streaming device maker Roku for $22 billion in its biggest bet yet.

Goldman and JPMorgan eased WFH rules to counter World Cup disruption if New York-based employees can’t commute into the office. Truist named Fiserv's Michael Lyons as its next president and CEO. And L Catterton is in talks for a stake in fitness brand Hyrox.

Plus: Lazard reportedly offered to do Venezuela’s sovereign debt deal for a $25 million fee at a significant haircut to Centerview’s $150 million, KFC doubles down on boneless chicken, and 5 signs your cognitive load is too high.

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SQUEEZ OF THE DAY

Rhoback Meets Private Equity

Champ, a new fund backed by LVMH-linked private equity firm L Catterton and more than 200 professional athletes, just made its first investment: nearly $50 million into Rhoback. The activewear brand, best known for its dog logo, performance polos, and quarter-zips that have quietly taken over golf courses and investment banking bullpens, now includes Dak Prescott and Tyrese Haliburton as new backers.

The structure is what makes this interesting. These athletes are not getting paid to post; they can invest their own capital into deals alongside the fund, which means they have actual skin in the game. If Rhoback works, they participate as owners. But if it doesn't, they're not just losing brand heat, they're losing money. 

L Catterton brings the institutional infrastructure: deal sourcing, diligence, capital, and brand-building playbooks honed across investments like Birkenstock. The athletes bring cultural reach, social media audiences, and credibility with exactly the consumers these brands want. The combination is obvious in retrospect, which is usually a sign someone should have done it sooner.

Rhoback is a strong first swing. The company started in 2016 out of a Charlottesville basement, founded by two Darden MBA students who initially sold performance polos out of a camper van. It grew without outside capital, has been profitable since day one, and surpassed $150 million in revenue in 2025, with expectations to clear $200 million this year.

It was also early to athlete-driven marketing, becoming one of the first activewear companies to work with college athletes after NIL rules changed in 2021. At this point it is hard to walk down Park Avenue or through a Wall Street office without seeing a Rhoback quarter-zip.

The new capital will fund store openings, collegiate partnerships, and the expansion of its women's business. Rhoback currently has just one retail location in Charlottesville, so the physical footprint opportunity is real. But the bigger unlock is distribution: a network of professional athletes who are investors, not influencers, with actual financial motivation to move product.

Takeaway: This is not another athlete endorsement deal. It is a sign that athletes want to move from the marketing budget to the cap table, and that blue-chip private equity is now willing to help them do it. Rhoback gets capital, credibility, and a distribution army with ownership incentives. Champ gets a profitable, fast-growing brand that already owns a lane in golf, college sports, and Wall Street casualwear. And L Catterton gets to test a model where athletes are not just selling the product; they are underwriting it.

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HEADLINES

Top Reads

• SpaceX IPO raises total of $85.7 billion as underwriters exercise 'greenshoe' overallotment option (CNBC)

• Nvidia plans to raise about $20 billion in first debt sale in AI boom (CNBC)

• Fox to buy Roku for $22 billion (CNBC)

• Goldman and JPMorgan ease office working rules to counter World Cup disruption (FT)

• Truist names Fiserv's Michael Lyons as next president and CEO (WSJ)

• L Catterton in talks for stake in Hyrox fitness brand, Sky says (BB)

• Lazard offers to undercut rival investment bank for historic Venezuela deal (BB)

• KFC unveils major menu and brand overhaul, doubling down on boneless chicken (CNBC)

• Charlie Javice reportedly seeking a pardon from Trump (CNBC)

• Goldman brings Google to prepaid energy market after equity deal (BB)

• Manhattan median rents hit record high with nearly 10% increase over a year (NY Post)

• Big brands, venture capital and MrBeast put money behind short-video 'clipping' (WSJ)

• Salesforce to buy AI customer service platform Fin for $3.6 billion to boost agentic offerings (CNBC)

• Nuvei agrees to buy Payoneer in $2.75 billion payments deal (BB)

• KKR-backed firm raises $1.3 billion in debt for EVs, batteries (BB)

• SpaceX surge further boosts Saudi billionaire prince's fortune (BB)

CAPITAL PULSE

Markets Rundown

Market Update

• Markets rallied after the U.S. and Iran agreed to a 60-day deal to reopen the Strait of Hormuz and halt the conflict.

• Oil prices fell 4%, briefly dropping below $80 per barrel for the first time since March.

• Technology and small-cap stocks led gains, while energy and defensive sectors lagged.

• Treasury yields and the U.S. dollar moved lower.

Market Leadership

• Lower oil prices and easing geopolitical tensions supported cyclical sectors and broader market participation.

• The rally since March has been led primarily by technology stocks.

• Investors are watching whether leadership broadens into mid-caps, equal-weight indexes, and international markets.

Fed Watch

• The Federal Reserve announces its policy decision Wednesday.

• Markets expect the Fed to keep rates unchanged.

• Updated projections for rates, inflation, growth, and employment will be released.

• Recent declines in oil prices have reduced expectations for additional policy tightening.

Movers & Shakers

• (+) SpaceX ($SPCX) +20% after extending Friday’s record IPO debut, with the company announcing it raised more than expected.

• (+) Nvidia ($NVDA) +4% because analysts flagged the company as a quiet beneficiary of SpaceX’s $920M-per-month GPU compute deal with Google.

• (–) Fiserv ($FISV) -11% after CEO Mike Lyons abruptly announced he’s departing to become CEO of Truist.

Prediction Markets

• After a successful first weekend of World Cup action, who remains the favorite?

• Trade on real-world events with Kalshi. Use code OWS to get a $10 bonus when you trade $10.

Private Dealmaking

• Fox Corp. agreed to acquire Roku for around $22 billion

• Nuvei agreed to acquire Payoneer, a cross-border payments firm, for around $2.75 billion

• Theker, a Barcelona-based developer of industrial robots, raised $85 million

• Current, a consumer fintech, raised $80 million

• NewCore, an AI agent security startup, raised $66 million

• Rhoback, an activewear brand, raised nearly $50 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

Tech Money

Description:
A modern investing guide from Igor Pejic focused on understanding how technological innovation creates wealth in today's markets. The book explores the forces driving value creation across artificial intelligence, software, digital platforms, fintech, and emerging technologies. Rather than concentrating solely on stock selection, it teaches readers how to think about technological disruption, competitive advantages, network effects, and long-term trends that shape investment opportunities.

Book Length: 304 pages
Release Date: May 20, 2025

Ideal For:
Investors, entrepreneurs, and technology enthusiasts looking to better understand the drivers of innovation, disruption, and long-term wealth creation in the digital economy.

The greatest investment opportunities emerge when technology changes behavior faster than markets can understand it.

DAILY VISUAL

Price of Brick Going Up

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DAILY ACUMEN

Second Level

First-level thinking says this is a great company, buy the stock. Second-level thinking asks who does not already know that, and what is left in the price once everyone agrees. The first answer is usually correct and worthless at the same time, because being right about something fully known pays nothing.

This is the uncomfortable structure of any competitive field. The obvious insight is already consumed. The value lives one layer down, in the question of what the consensus is missing, what is true that people are not yet willing to believe, where the crowd's agreement has created the mispricing.

Most people stop thinking the moment they reach a conclusion that sounds smart. The edge begins exactly where that comfort ends.

ENLIGHTENMENT

Short Squeez Picks

• Frustrating habits of the most intelligent people

• The no. 1 habit all highly-intelligent people have

• AI saves time, but most companies waste the gain

• 5 signs your cognitive load is too high

• 10 things working class people do that the upper class don’t

MEME-A-PALOOZA

Memes of the Day

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