Highlights of the week: OpenAI's $830 billion valuation, ECB pause and Tesla records

In Europe, the ECB paused rate cuts, signaling confidence in the economy's resilience. The IPO market comes alive with the strong debut of medtech company Medline. New investor OpenAI could value it at $830 billion - more expensive than Elon Musk's SpaceX. The U.S. is increasing pressure on the commodities sector, forcing Lukoil to sell off foreign assets or accept external management amid sanctions. The main events from December 15 to 19 are in our review.

The European Central Bank on December 18 kept its key rate at 2% for the fourth time in a row, while raising its forecasts for economic growth and partially - for inflation. The ECB said in a statement that the eurozone economy looks stronger than expected and inflation is holding near the 2% target in the medium term despite trade shocks. The regulator cut the rate eight times between mid-2024 and mid-2025, halving the cost of borrowing.

Markets took the decision as a signal that no further rate cuts were in the offing: European indices and the euro reacted with a slight rise. Although separate statements by officials about risks to inflation have fueled talk of a possible rate hike in 2026-2027, most economists surveyed by Reuters expect them to remain at current levels.

OpenAI is discussing with investors a new round of financing with a business valuation of about $830 billion, The Wall Street Journal reported, citing sources. If the company manages to raise the entire planned amount, it will become the most expensive startup, ahead of Elon Musk's SpaceX, which started a new round of share sales at a valuation of $800 billion. OpenAI expects to complete the deal no earlier than the end of the first quarter of 2026, according to WSJ.

Earlier, The Information, citing sources, wrote that OpenAI intends to receive funding based on a business valuation of about $750 billion, which is 1.5 times the figure reached in the fall of 2025 as part of a deal that allowed some employees to sell shares to institutional investors. The revision of OpenAI's valuation supports the quotes of related companies, primarily Microsoft, which will receive about 30% of the startup's commercial division after the restructuring. Infrastructure partners and data center equipment vendors - from Nvidia and Broadcom to memory makers - may also benefit. In late October, Reuters reported that OpenAI was preparing for an IPO that could value the company at up to $1 trillion.

What else is there to read about OpenAI?

- Amazon is in talks to invest more than $10 billion in OpenAI and supply the startup with its own AI chips and cloud capacity. What this deal means for Amazon was discussed in the article "Amazon is negotiating a multi-billion dollar investment in OpenAI and supplying the startup with its own AI chips and cloud capacity".

After the US imposed blocking sanctions in the fall of 2025, Lukoil received temporary permission from the US Treasury Department's Office of Foreign Assets Control (OFAC) to sell foreign assets until January 2026. At risk is a portfolio of assets that analysts estimate at $10 billion to $12 billion - it provides a contribution to its EBITDA of about 20%.

Experts are discussing two realistic scenarios: selling off the assets piecemeal - with interest from Exxon Mobil, Chevron and regional players - or selling the assets as a package to a large fund like Carlyle. The key intrigue is that the proceeds may be deposited into blocked accounts, where they will be kept until the sanctions are lifted from Lukoil. An alternative solution for Lukoil could be external management, a path already chosen by Germany, Bulgaria and Romania, which is less radical than nationalization or an emergency sale.

What else is there to read on the subject of oil?

- In November, investment banks lowered their forecasts for the price of Brent oil for 2026 and 2027. Oninvest columnist Yedige Kasymzhan wrote about what factors will influence the price of oil next year in "Threats at sea and on land: what will influence the oil market in 2026".

Investment company Elliott Management has increased its stake in Canadian sportswear manufacturer Lululemon Athletica by more than $1 billion. The hedge fund has become one of the company's largest shareholders and has joined the process of finding a new CEO. On the back of this news, Lululemon's shares rose more than 8% at the moment in trading on Thursday, December 18.

Elliott's interest intensified after the announcement of the current CEO's departure in January 2026 and lingering business problems: Lululemon's stock has lost more than 45% of its value since the beginning of the year. Elliott, according to the WSJ, is considering former Ralph Lauren top executive Jane Nielsen as a candidate to take over the company. Lululemon is facing an expensive and protracted boardroom dispute over the appointment of a new CEO, according to Reuters.

Shares of medical products manufacturer Medline jumped more than 40% on the first day of trading on the U.S. stock exchange on Wednesday, December 17. As a result of the IPO, which became the largest this year, the company's capitalization soared to $54 billion. Investors were attracted by the stability of the business, profitability and stable revenue growth - a rare combination for public debuts in recent years.

Analysts see Medline's success as an indicator of a recovery in the US IPO market: in 2025, the amount of funds raised reached its highest level since 2021. Although some experts warned about the revaluation of Medline's shares after the rally, the deal strengthened expectations of a new wave of offerings in 2026.

Cryptocurrency exchange Coinbase has announced a major expansion of its product lineup, opening up access for users to trade stocks, ETFs and the prediction market in one interface with cryptocurrencies. The company sees the stock section as the first step towards the global tokenization of securities and is already preparing the Coinbase Tokenize platform, as well as the launch of derivatives on U.S. stocks outside the United States.

Despite the prolonged correction of the crypto market, Deutsche Bank has started tracking Coinbase shares with a "buy" recommendation and a target price of $340 - it implies growth of the exchange's quotations by about 40% more. Most Wall Street analysts are also positive: 23 out of 38 recommend buying Coinbase shares.

Shares of Tesla updated a record in trading on December 16, adding 3% and closing at $489.88, which brought the securities to a new all-time high for the first time in a year. As a result, the company's market capitalization reached $1.63 trillion, allowing it to surpass Broadcom and temporarily return to the top 7 largest public companies in the United States - consisting entirely of the "Magnificent Seven". On Friday, December 19, Tesla's market value was $1.61 billion.

Analysts attribute the growth of quotations to Tesla's progress in autonomous driving technologies and expectations of scaling up the robotaxi service. At the same time, Wall Street estimates remain polar: some see the potential for further growth on the back of the development of Full Self-Driving, while others point to regulatory risks, pressure on sales and increasing competition in the electric car market.

This article was AI-translated and verified by a human editor