ET Intelligence Group: The initial public offering (IPO) of Jio Platforms, based on the data from the DRHP filing, is priced at a premium to listed peers given its market leadership and large scale of operations across telecom and digital services.

In addition, though small in terms of annual revenue and profits, Jio commands a significant valuation premium over its global peers, reflecting its differential offerings aided by a pureplay 4G and 5G network and proprietary digital platforms compared with global giants that are mature utility providers with legacy 2G and 3G infrastructure.

Jio Platforms plans to issue 270 million fresh equity shares, taking the total paid-up equity to 9.21 billion shares. At an anticipated market capitalisation of over ₹12-14 lakh crore, the company is estimated to raise up to ₹42,000 crore, or more than $4 billion, from the primary market.

This implies a price-earnings (P/E) multiple between 40 and 46, while its enterprise value (EV) will be 16-19 times of the operating profit before depreciation and amortisation (Ebitda). In comparison, Bharti Airtel trades at a P/E of 43.6 and an EV/Ebitda of 10.8.

Top global telecom giants based on market capitalisation including T-Mobile, Verizon and AT&T trade at P/E multiples between 10 and 17 while their EV/EBITDA is between 7 and 11. In revenue terms, these companies are six-nine times bigger than Jio Platforms.

Jio Platforms’ revenue from operations increased by 16% annually to ₹1.5 lakh crore between FY24 and FY26 while net profit grew by 18.4% to ₹30,049 crore. The Ebitda margin remained in a tight range of 50-52% during the period. For Bharti Airtel, revenue grew by 19% annually to ₹2.1 lakh crore while net profit increased four times to ₹33,823 crore. Bharti’s operating margin improved to 57% in FY26 from 52% in FY24.
Bharti’s net debt relative to Ebitda was 1.4 times while its return on capital employed was 19%. This compares with 0.4 times and 10.8% for Jio Platforms in that order.On the operating front, Jio Platforms had a larger scale with 524.4 million customers at the end of FY26 compared with 482.4 million for Bharti’s Indian business. In addition, Jio handled data traffic of 241.4 billion gigabytes (GB), more than two times when compared with 101.3 billion GB for the latter. However, Bharti’s average revenue per user (ARPU) at ₹257 was higher than ₹214 for Jio Platforms.

The business model of launching a public company to buy crypto is falling apart. As a result, those in the queue to do so through blank-check companies are facing pressure from investors against a market backdrop that is fiercely unfriendly.

Take ReserveOne Inc., a cryptocurrency asset manager that had prominent associates, including private equity magnate and former US Commerce Secretary Wilbur Ross.

ReserveOne had agreed to combine with M3-Brigade Acquisition V Corp., a special-purpose acquisition company, or SPAC, whose sole purpose is to find another entity to buy, taking it public in the process. Ross did not back the deal financially, but after it closed, he was slated to join ReserveOne’s board. Other promoters of the effort are a who’s who of big names in finance and crypto.However, the $1 billion transaction collapsed after at least two large investors in ReserveOne demanded the sale be terminated, according to people familiar with the matter.

Those investors believed ReserveOne’s shares would inevitably trade at a discount to its net asset value if they listed because of how far Bitcoin and other tokens have fallen since the tie-up was announced nearly a year ago, said the people, who were not authorized to discuss details publicly. Combined with fees that would’ve been owed to bankers and sponsors for completing the deal, it simply wasn’t worth it, the people said.

Ultimately the two firms agreed to bid each other farewell, according to a June 12 filing.
A spokesperson for M3 declined to comment. ReserveOne didn’t respond to requests for comment.The scuttled ReserveOne-M3 transaction is emblematic of problems with trying to introduce a digital-asset treasury company, or DAT, through a SPAC these days. Others with similar plans have either failed or flopped, reflecting the market’s deterioration.

For instance, Avalanche Treasury Corp., which combined with a SPAC called Mountain Lake Acquisition Corp. on June 11, has been mercilessly pummeled since its debut.

Avalanche Treasury shares have tumbled almost 90% since shareholders approved the combination, with the price dropping to around 85 cents on Thursday. A spokesperson for Avalanche Treasury directed Bloomberg to a press release about its Nasdaq debut, but declined further comment.

The DAT trade effectively stopped working when it became dilutive for companies to raise money through equity markets to buy crypto, said Jan-Philip Grabs, a partner at the digital-asset advisory firm Areta. DATs have sometimes characterized their long-term plans as being not just crypto accumulators, but companies that facilitate payments or perform other, more important work.

“We expect this bear market to be a decisive filter for the category: some of these companies will use it to build a genuine operating model and make accretive acquisitions, while others will remain capital-markets vehicles with no underlying business and struggle to survive as token prices stay depressed,” he said.

DAT Plunge

Michael Saylor engineered the idea of DATs in 2020, turning his software company MicroStrategy into one focused on buying Bitcoin instead. The market took off: shares of the company, now called Strategy Inc., hit a high above $500 by 2024. A number of companies including Metaplanet, BitMine, Twenty One Capital and SharpLink followed in its footsteps that year or the next.

Strategy’s stock closed at $112.53. Bitcoin itself is down roughly half since hitting a high last October, which has left some firms that sought to replicate Saylor’s idea out of luck.

Those still waiting in the wings include BSTR Holdings Inc., whose initials stand for Bitcoin Standard Treasury Company. A blank-check entity sponsored by an affiliate of Cantor Fitzgerald agreed to combine with BSTR in a deal with as much as $1.5 billion in equity financing last July, but its fate is now in question.

The Cantor-linked SPAC has scheduled a vote on June 26 about whether to proceed with the merger, according to a recent filing. Its board is unanimously in favor of the deal going through and recommends a “yes” vote, but it’s not clear that will happen.

BSTR is led by Adam Back, co-founder and chief executive officer of Bitcoin infrastructure firm Blockstream Corp. The British cryptographer was recently in the news after the New York Times portrayed him as Satoshi Nakamoto, a pseudonym used by the inventor of Bitcoin, a claim he denies.

Investment firm Meteora Capital was involved in both the BSTR and ReserveOne deals through a strategy known as private investment in public equity, or PIPE, according to the people. That means it put up capital to participate after privately negotiating terms with sponsors.

But because PIPE investors have less sway in the outcome than sponsors, who are the key decision makers, Meteora also decided to build up positions in the two related SPACs in the public market, they said. Meteora had been pushing for the deals not to close given the fundamentals, said the people.

Representatives for Meteora and Cantor Fitzgerald declined to comment. BSTR didn’t respond to requests for comment.

Other crypto treasury firms that were pursuing SPAC deals remain in limbo as the financials for doing so have turned upside down. DATs that already trade publicly shed some $62 billion in market value between Bitcoin’s peak in October and early June, Bloomberg previously reported, citing Artemis data.

“Only real operating companies in the digital-asset industry will succeed long-term,” said Alexander Blume, CEO of crypto asset manager Two Prime. “DATs aiming to just follow the Saylor playbook will have a hard time going forward.”

Costly Bet

Up until fairly recently, crypto accumulation seemed like a winning bet.

Public companies that did everything from operate hotels to facilitate sports gambling decided to pursue the DAT idea instead. Others that launched as private crypto buyers agreed to be absorbed by SPACs, ultimately creating hundreds of publicly traded DATs.

The frenzy created lots of wealth for founders, investors and sponsors, sometimes at the expense of retail investors who have cumulatively lost tens of billions of dollars investing in the idea.

Though pursuing a SPAC-quisition has become unpopular, canceling a planned deal can also be costly, as The Ether Machine Inc. and Dynamix Corp. learned.

In April, the two agreed scrap a $1.5 billion pact that would have created an Ether-focused accumulator. That meant Dynamix was entitled to $50 million because of a termination agreement, according to a filing.

“Current market conditions make it impractical to move forward with the transaction,” Andrew Keys, co-founder of The Ether Machine, told investors in an email obtained by Bloomberg.

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Traders added to wagers for Federal Reserve interest-rate hikes, fully pricing a quarter-point increase by September after a spike in oil prices revived inflation concerns.

Swaps tied to policy-meeting dates imply 25 basis points of hikes, up from 23 basis points on Thursday and eight basis points earlier in the week. The move came during thin trading volumes with US markets closed for a public holiday.

Investors are pricing in tighter policy from the Fed after new Chair Kevin Warsh said the central bank won’t tolerate high inflation at his first meeting this week, sending yields higher on Wednesday. Oil has climbed by around 4% from a three-month low on Thursday as doubts linger around the recently signed peace deal between the US and Iran.

“We’re now at a point where it wouldn’t take much to tip the balance in favor of a hike,” said Matthew Ryan, head of market strategy at Ebury, pointing to the rhetoric at this week’s Fed decision. “Multiple references to the Fed missing its inflation target for five years running, all support the narrative that higher rates may not be too far away.”

Investors hadn’t expected Warsh to strike such a hawkish tone. US President Donald Trump elevated him to the central bank post after repeatedly lashing out at his predecessor, Jerome Powell, for not slashing borrowing costs enough.

Meanwhile, Brent crude steadied after topping $80 a barrel earlier in the session. Israel and Hezbollah reportedly agreed to a ceasefire starting Friday.

Irina Ciochiu is a Romanian entrepreneur and legal professional best known as the Founder and CEO of FlightHelp, a company focused on passenger rights and flight compensation across Europe.

With a legal background from the University of Craiova, she has built her career at the intersection of aviation, regulation, and consumer advocacy.

Ciochiu entered the passenger rights industry after recognising a major gap between legal protections and the average traveller’s ability to use them. While regulations such as EU261 provide strong protections for passengers affected by delays, cancellations, and overbookings, many people still struggle to understand the claims process or challenge airline decisions effectively.

Through FlightHelp, she has worked to simplify that process by creating systems that help passengers navigate complex airline regulations and compensation procedures. Her work focuses on combining legal understanding with operational efficiency, particularly in cases where airlines cite extraordinary circumstances or provide limited information about the real cause of disruptions.

Over the years, Ciochiu has expanded her work across several European markets, including Romania, the United Kingdom, Italy, Spain, and Germany. She is recognised for her practical, results-driven approach and her focus on turning complex legal frameworks into accessible solutions for everyday travellers.

Today, Irina Ciochiu continues to advocate for greater transparency, accountability, and passenger awareness within the European aviation industry.

Q&A with Irina Ciochiu

Q: What first led you towards the aviation and passenger rights industry?

Irina Ciochiu:
My background is in law, and during my studies at the University of Craiova I became very interested in how regulations work in practice. I noticed that many industries had strong legal protections on paper, but ordinary people often struggled to use them effectively. Aviation stood out because passengers were frequently left confused after delays or cancellations, even when regulations like EU261 existed to protect them.

That gap between the law and the real-world experience is what pushed me towards this industry.

Q: Was there a specific moment when you realised this could become a business opportunity?

Irina Ciochiu:
Yes. I realised that most passengers simply did not know what they were entitled to or how to challenge airline decisions. Many accepted a rejection immediately, especially when airlines mentioned extraordinary circumstances.

At the same time, airlines rarely provide the actual operational reason for a disruption in writing. That creates a situation where passengers are trying to navigate a highly technical process without access to the necessary information.

I saw an opportunity to build systems that could simplify that process and provide proper support.

Q: What were the early challenges of building FlightHelp?

Irina Ciochiu:
The aviation industry is extremely complex. You are dealing with multiple countries, different regulations, airline procedures, and operational issues all at once.

One of the biggest challenges was navigating regulatory complexity across multiple jurisdictions while still building something scalable. Early operational problems actually helped improve our systems because they forced us to refine processes very quickly.

Those experiences made the business much more resilient over time.

Q: What do you think passengers misunderstand most about EU261?

Irina Ciochiu:
A lot of passengers believe that if an airline rejects a claim, that is the end of the process. That is often not true.

Even when airlines cite extraordinary circumstances, passengers may still qualify for compensation depending on the actual details behind the disruption. The problem is that most travellers do not have access to that information or know how to assess it properly.

That is why professional support can be very important during the claims process.

Q: How does FlightHelp approach these situations differently?

Irina Ciochiu:
We focus on simplifying the process for passengers. Most people do not want to spend hours studying regulations or dealing with complicated airline communication.

Our role is to help bridge that gap. We combine legal understanding with operational systems designed to review claims properly and guide passengers through the process.

The goal is not just filing claims. It is helping people understand their rights and their options.

Q: Your work spans several European markets. Has that shaped your perspective on the industry?

Irina Ciochiu:
Definitely. Working across countries like Romania, the United Kingdom, Italy, Spain, and Germany shows you how different passenger experiences can be, even under the same regulations.

It also highlights how important consistency and transparency are. Travellers should not need legal expertise just to understand whether they may qualify for compensation after a disrupted flight.

The more accessible these systems become, the better the experience is for passengers overall.

Q: What is your leadership style like?

Irina Ciochiu:
I am very structured and focused on execution. I like breaking large problems into smaller, measurable steps.

I also believe strongly in iteration. Every challenge, good result, or failure gives feedback that helps improve the system.

In industries like aviation, where things constantly change, adaptability is extremely important.

Q: What keeps you motivated in this industry?

Irina Ciochiu:
I think it comes back to solving real-world problems. Passenger rights are important, but they only matter if people can actually access them.

That is what motivates me. Building systems that make complicated processes easier for ordinary travellers and helping people feel less powerless during stressful situations.

Q: What do you think the future of passenger rights looks like in Europe?

Irina Ciochiu:
I think awareness will continue to grow. More passengers are starting to understand that they have rights and that airline decisions are not always final.

At the same time, the aviation industry will continue evolving, which means regulations and operational processes will also change. Transparency and accountability will become even more important.

My focus is continuing to improve systems that help passengers navigate that environment more effectively.

The three major credit ratings companies pointed to SpaceX’s SPCX -3.56%decrease; down pointing triangle competitive edge in its space and connectivity businesses in their initial ratings after the company made its stock market debut last week.

S&P Global Ratings, Moody’s Ratings and Fitch Ratings also noted risks tied to SpaceX’s capital needs and nascent artificial intelligence business in their initial ratings, which they disclosed on Thursday.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Investors are seeking signs that the U.S. stock market rally fueled by artificial intelligence has more life left in it, and the upcoming Micron Technology earnings will check the pulse of chip demand to see if it is still accelerating. Despite a sharp mid-week selloff, major U.S. stock indexes are hovering near all-time highs, supported by robust corporate earnings driven by an ‌AI investment boom and ⁠relief from ⁠the Iran war. Micron’s shares are up 298% this year, and the memory chip maker’s quarterly report on Wednesday, June 24, will help investors gauge whether the surge in spending on data centers and the resulting profits generated across the semiconductor sector can continue to surprise to the upside.

“There’s been a lot of momentum here recently,” said Andy Pratt, director of investment strategy at Burney Company. “This AI trend is something that’s continued, and honestly, what we see with this revenue surprise signal that we monitor is there’s still a lot of juice.” Apple has agreed to partner with Intel to design and manufacture chips in the U.S., which could significantly boost the chipmaker’s turnaround efforts. That helped to lift ⁠the S&P 500 nearly ‌1% so far this week, on pace for a second weekly gain. Meanwhile, the Philadelphia SE Semiconductor index hit a record high and was last up 7% for the week.

LOOKING FOR REINFORCEMENTS

The stakes are high. Micron’s earnings come at ⁠a time when valuations are elevated and investors are questioning whether the rally is overextended. Any indication of underlying demand and continued AI-related spending strength could give investors confidence to keep stoking the rally. Micron’s earnings are “setting up as a classic positive feedback loop,” said Steve Kolano, chief investment officer at Integrated Partners. “That really seems to be kind of the only game in town. … If you look at the book to bill of semiconductor companies right now and the backlog, the demand is just through the roof in relation to chip capacity.” Big Tech has signaled that AI spending is not slowing, set to rise past $700 billion this year from $400 billion in 2025.
MACRO BACKDROP STILL LOOMS Although the AI narrative has dominated markets, underlying macroeconomic concerns remain. ‌The Federal Reserve’s preferred inflation measure is due next week. So, too, is a final reading on first-quarter GDP. Both reports will provide checks on the health of the U.S. consumer and economic growth. Second-quarter earnings growth for the S&P 500 is estimated at 22.9%, down from 29.3% in ⁠the first quarter, according to data provided by Tajinder Dhillon, head of earnings research at LSEG. Drew Matus, chief market strategist at MetLife Investment Management, said strong equity markets have been one of the main supports for consumers, and anything that challenges the AI trade or the continued rise in stocks is being closely watched.

“It has not just been market effects but macroeconomic effects at this point,” he said. “We’re definitely worried about the wealth effect going away and what that might mean.” For now, the consensus is that the AI trade remains intact, with little sign of slowing. Newly public SpaceX has reinforced that momentum, and Nasdaq’s inclusion of more AI and chip infrastructure names like Astera Labs and CoreWeave will force index funds to buy in.

“The way I would view this is,” said Burney’s Pratt, “you could continue betting on these companies kind of until proven otherwise.”