☕️Cashed-up Bro(gan)s

Good morning.

While some may be lamenting the Santos mega-deal that never was, IREN founders Will and Dan Roberts are wrapped up in slightly more exciting things. Around $49.5 million more exciting things (each) to be precise.  

Last week, the former Macquarie VPs and brothers each sold one million IREN shares, SEC documents show, pocketing USD33 million ($49.5 million) each as the data centre and Bitcoin mining company hit fresh all-time highs, Capital Brief reports.

IREN’s stock has jumped 50% since 8 September, when the company revealed it had bought about 9,000 Nvidia Blackwell chips for its AI data centre services, pushing IREN’s market value past USD10 billion.

The Roberts brothers still hold large stakes of about 6% each. IREN is headquartered in Sydney but listed on the Nasdaq.

🏆 LOI Subscriber #TBD

Market movers

Shares in coal miner New Hope slumped Wednesday after Macquarie downgraded the stock to underweight and cut its target price, citing a weaker-than-expected production outlook through FY28.

The quick sync

• Red tape and net zero policies are driving small businesses out and concentrating power among big corporates, the IPA warns. (Capital Brief)

• Australia is barely on track to cut emissions 50% by 2035, with Oxford Economics warning this should be seen as a baseline, not a target. (Capital Brief)

• Blackbird’s soaring $9.9b portfolio marks a return to growth for VC- as long as you’ve got an AI angle. (Capital Brief)

• After years of scattered causes, the Tech Council has found its fight in AI. (Capital Brief)

• Jensen Huang ‘disappointed’ by new Chinese curbs, says Nvidia ‘could only be in service of a market if the country wants us to be.’ (AP)

Trading floor

M&A

• ADNOC-led group scraps $36b Santos takeover bid. (Capital Brief)(AFR)

• Engie lines up Rothschild for bid on Metlen’s Aussie renewables assets. (AFR)

• EnergyAustralia merger with Alinta stalls, eyes sale next year. (The Australian)

• Puma shares surge 10% on reports of takeover bid for Pinault family stake. (Capital Brief)

• Bendigo exits HSBC Australia auction, offshore banks in lead. (The Australian)

• Mitsubishi snaps up 15% FleetPartners stake at premium, nears 20% ownership. (AFR)

• Roberts brothers sell $99m in IREN shares after AI-driven stock surge. (Capital Brief)

Capital Markets

• Citi trims Paladin target to $9 after $300m raise. (Capital Brief)

• BHP to axe 750 Qld jobs, suspend Saraji South mine on low prices, high royalties. (Capital Brief)

• Aura Group plans ASX IPO in 2026, targeting $150m valuation. (AFR)

• DroneShield lands $7.9m US defense contracts, boosting global system sales past 4,000. (Capital Brief)

• IAG bond offering 5x oversubscribed amid strong investor demand. (The Australian)

• Gold miners fall as spot price dips from record highs, with markets eyeing US Fed rate cut. (Capital Brief)

• Realm closes Dominion Income Notes 1 at $425m, year’s largest ASX fund raise. (AFR)

• New Hope shares drop 8% as Macquarie downgrades on poor growth outlook. (Capital Brief)

• Dexus tapped spy firm Hakluyt amid Melbourne Airport stake fight with IFM. (AFR)

• Beijing bans tech giants from Nvidia chip purchases, intensifying US-China chip war. (Capital Brief) (FT)

• US housing starts drop 8.5% in August; permits also fall amid oversupply. (Capital Brief)

• StubHub shares sink below IPO price after brief early gains. (Capital Brief)

• Charlie Kirk’s shooting triggers frenzy of speculative memecoins, as traders race to turn attention into profit under the banner of tribute. (Bloomberg)

• Tesla to combine manual and electronic door releases as safety concerns trigger US probe. (Bloomberg)

• The SEC handed IPO issuers a powerful shield from shareholder class actions by greenlighting mandatory arbitration. (Reuters)

• Saudi Arabia and nuclear-armed Pakistan lock in mutual defence pact, as Gulf allies hedge against US security guarantees. (Reuters)

• Ray Dalio takes the reins at his family office, betting big on a fresh investing chapter. (Bloomberg)

• Strava hires Goldman, JPMorgan and Morgan Stanley for possible 2026 IPO after clocking a USD2.2b valuation. (Reuters)

VC 

• Ex-Google exec Richard Spilsbury joins adtech startup Veridooh to drive OOH adtech. (Startup Daily)

People moves

• GPT adds ex-Citigroup banker Tony Osmond to board from March 2026. (Capital Brief)

• Victoria Weekes named ASIC markets disciplinary panel chair amid multiple member changes. (Capital Brief)

• Partners Group eyes ex-Bain Capital partner for senior role, with likely move to Asia. (AFR)

• Coles director Terry Bowen to step down in October for full-time Rokt role. (Capital Brief)

• Brighter Super CIO Mark Rider to retire in December after 38-year career. (Capital Brief)

• Five partners quit Tenet Advisory ahead of incoming CEO Paul Howes. (AFR)

• Scentre Group appoints ex-CSR chief Julie Coates as non-executive director. (Capital Brief)

• Jerry Greenfield resigns from Ben & Jerry’s over Unilever’s limits on activism. (Capital Brief)

The watercooler