☕️IREN(t)-a-Billboard

Good morning.

Nasdaq-listed bitcoin miner turned AI data centre builder IREN has ramped up a charm offensive in its home city, sponsoring the Sydney Swans AFL team and buying billboard advertising space in and around Macquarie Park, near several operational and proposed data centres.

But the neocloud’s co-chief executive Dan Roberts has remained coy about any move to open facilities on Australian shores, having previously complained about excessive red tape.

Roberts told Capital Brief that while “It’s positive to see AI and digital infrastructure getting attention at a national level”, he would like to see a sustained difference in execution, to help unlock more large-scale investment.

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Market movers

Shares in Magellan soared almost 22% on Tuesday after the fund manager completed a $130 million institutional placement to fund its proposed merger with boutique investment bank Barrenjoey, with CLSA describing the deal as a "game changer" for the struggling asset manager.

The quick sync

• The Sydney-Newcastle high-speed rail project stacks up on jobs and growth, Anthony Albanese writes (Capital Brief)

• GDG and Australian Unity eye windfall from looming CGT discount cut on investment properties. (Capital Brief)

• Albanese defends Sydney-Newcastle high-speed rail as critics question cost and priorities. (Capital Brief)

• RBA's Michele Bullock says the AI jobs disruption will be gradual, but admits no one knows where the new jobs will come from. (Capital Brief)

• Angus Taylor labels stranded Australian children ISIS sympathisers, breaking with years of bipartisan agreement seeing kids as innocent victims. (Capital Brief)

• Government clean energy funds are playing it too safe to fulfil their purpose, backing projects the market would fund anyway, write Toby Phillips and Mara Hammerle. (Capital Brief)

Trading floor

M&A

• Stockland sealed a deal with EdgeConneX to build and run Australian data centres. (Capital Brief)

• Fortitude kicks off new fund with laundry business acquisition. (AFR)

• IFS bought Softeon to expand its AI supply chain technology globally. (Capital Brief)

• TPG Capital aims to sell Made Group for $1.5–2b, attracting global buyers; Bega Group is not bidding. (The Australian)

• Pacific Green puts its 4.3 GW Australian battery platform up for sale. (AFR)

• Bain Capital targets Up Education in a $1b sale, joining other potential global buyers. (The Australian)

• BGH Capital seeks co-investors for its $2.4b Aspen Pharmacare Asia Pacific buyout. (AFR)

• BlueScope Steel shows openness to Steel Dynamics/SGH bid and due diligence amid shareholder pressure. (The Australian)

• Partners Group eyes collapsed Priceline chain Infinity, facing competition from Chemist Warehouse and PE firms. (AFR)

Capital Markets

• Fletcher Building won a 10-year NZ highway maintenance contract. (Capital Brief)

• Life360 posted record profits and revenue growth, but its shares dropped. (Capital Brief)

• Life360 CEO Lauren Antonoff slows hiring as AI drives efficiency gains across the business. (Capital Brief)

• Realm Investment House has small exposure to British lender Market Financial Solutions (AFR)

• Capstone Copper lifted production 22% in FY25, boosting profits. (Capital Brief)

• Pepperstone’s owners must pay $100 m to CPE Capital after a profit dispute. (AFR)

• Acadia will challenge Europe’s rejection of its Rett syndrome drug. (Capital Brief)

• Magellan shares surged after a $130m capital raise for its Barrenjoey merger. (Capital Brief) (Capital Brief)

• Macquarie CEO says Australian banking rules are toughest, as the bank gains market share. (AFR)

• WGEA says pay gaps are narrowing, but men are still far more likely to be top earners. (Capital Brief)

• Australian LNG exporters face higher prices but limited ability to replace halted Qatari supply. (AFR)

• Chalmers urges ACCC to monitor fuel prices amid Middle East conflict. (Capital Brief)

• Amazon Web Services is experiencing prolonged service outages in the Middle East after drone attacks hit facilities in the UAE and Bahrain. (Capital Brief)

• IREN is promoting itself in Sydney but hesitant to build local data centres because of red tape. (Capital Brief)

• OpenAI defends signing US defense contracts, citing its duty as an American company. (AFR)

• Elliott is investing USD1b in Pinterest to fund a major share buyback amid financial pressures. (Capital Brief)

• Australia is developing Sydney–Newcastle high-speed rail to boost jobs, housing, and productivity. (Capital Brief)

• Investor urges Rio Tinto to pay 55% more for remaining Energy Resources of Australia shares, citing undervaluation. (AFR)

• Investment bond providers stand to benefit if Australia cuts the CGT discount, boosting their tax-advantaged offerings. (Capital Brief)

• Apollo CEO Marc Rowan warns of shakeout coming for private markets. (Bloomberg)

VC 

• PlasmaLeap raises $30m to advance zero-emission fertilisers. (AFR)

• Lyka raises $67m in Series C, taking total funding to $155m. (Startup Daily)

• Grow Therapy secured USD150m, valuing the company at USD3 billion as it grows its mental health platform. (Capital Brief)

• Future Minds Network raises $650,000 to help 80,000 disadvantaged students pursue entrepreneurship and education. (Smart Company)

People moves

• A Chinese shareholder dropped its push to oust Northern Minerals’ chair amid a FIRB probe. (Capital Brief)

• Deepan Pavendranathan has recruited ex-Goldman Sachs colleague Andrew Kam as vice-president at his Catalyst investment team. (AFR)

• ARN pulled the Kyle & Jackie O Show after a fallout between Jackie O and Kyle Sandilands. (Capital Brief)

• McKinsey’s leadership remains 30% female, driving a 50.5% pay gap. (AFR)

The watercooler