Venture Capital

SpaceX reset its IPO valuation to 'at least $1.8 trillion' after earlier talk of exceeding $2 trillion, as institutional feedback forced a reality check. The company is seeking to raise up to $75 billion in what would be history's largest IPO, nearly three times Saudi Aramco's record. The S-1 filing shows $4.28 billion losses in Q1 2026 alone despite $18.7 billion revenue, while Musk retains 85% voting control. At current pricing, SpaceX would trade at roughly 96 times sales, testing how far public markets will stretch for the merged space-plus-AI story.

Anthropic agreed terms on a $30 billion round at a $900 billion valuation, led by Dragoneer, Greenoaks, Sequoia, and Altimeter. This tops OpenAI's $852 billion March valuation and represents a 2.4x jump from Anthropic's February $380 billion round in just three months. The speed signals frontier AI labs have entered a capital arms race where compute access matters more than traditional valuation metrics. With Google already committed for up to $40 billion and Amazon for $25 billion in strategic investments, this financial round positions Anthropic to IPO from a position of strength rather than necessity.

Jerry Tworek left OpenAI six weeks ago and is already seeking $500 million to $1 billion in funding at a $4 billion valuation for Core Automation. The former senior researcher is developing "a new type of AI" with no product, no revenue, and barely enough time to incorporate. The valuation reflects either exceptional investor confidence in OpenAI alumni or dangerous FOMO in AI funding. If successful, it signals that senior researchers can command unicorn valuations immediately upon departure, accelerating the brain drain from established labs.

James VandeHei Jr., a 21-year-old Division I soccer player, launched an app yesterday using no-code AI tools after his media mogul father's January AI letter sparked his interest. The High Point University student joins a wave of non-technical founders building viable products, from high schoolers creating dermatology apps to analysts launching $1 million Excel tools. The democratization of software development through AI could reshape the $500 billion development market, though early social media traction claims remain unverified. Success stories like Formula Bot's $26,000 monthly revenue prove the model works, but oversaturation looms as thousands of similar no-code apps flood app stores.

CoreWeave's AI infrastructure boom hit reality with a $452 million Q4 loss, nearly double Wall Street's $0.49 per share estimate. The company faces securities class action lawsuits alleging it hid delays and overstated scaling capabilities. With $14 billion in debt, rising interest costs, and dependence on third-party data center developers, CoreWeave's $55.6 billion backlog looks increasingly precarious. Shares remain 189 percent above fair value estimates despite the legal overhang, suggesting the AI infrastructure bubble has further to deflate.

The defense tech company raised $2.5 billion at a $30.5 billion valuation, with Peter Thiel's firm leading the round in its largest-ever single investment. Anduril's 2024 revenue hit $1 billion, doubling year-over-year, while securing $1.5 billion in defense contracts including the $22 billion IVAS AR headset program. The round was oversubscribed 8-10x, reflecting investor conviction that AI-powered defense systems will capture share from legacy contractors like Lockheed and Raytheon. Founders Fund's billion-dollar bet signals belief that Anduril can scale production at its Arsenal-1 facility to meet Pentagon demand for autonomous systems.

British fintech chiefs are switching from expansion mode to capital preservation as funding conditions deteriorate faster than expected. The shift signals the end of the growth-at-all-costs era that defined London's fintech boom since 2015. Companies that raised at peak valuations in 2021 now face down rounds or bridge funding at 40-60 percent discounts. Revenue multiples for profitable fintechs have compressed from 15-20x to 6-8x in eighteen months, forcing founders to choose between dilution and death.

Arxis Technology priced its IPO at the top of its range, pulling $1.13 billion from investors betting on a sustained defence spending boom. The aerospace parts manufacturer's revenue jumped 47 percent last year as Western nations rebuilt weapon stockpiles depleted by Ukraine aid. Separately, Accel closed a $5 billion late-stage fund, its largest ever, signaling venture capital's flight to quality continues. Both deals suggest institutional money is concentrating in sectors with government backing or proven cash generation.