🧑‍🚀 Top Deals You Can’t Miss

1. SpaceX. $75 billion IPO on Nasdaq under ticker SPCX, targeting a $1.75 trillion valuation in what would be the largest public offering in history.

2. NextEra Energy. $66.8 billion all-stock acquisition of Dominion Energy, forming the largest US regulated power company as data center demand explodes.

3. Mister Car Wash. $3.1 billion take-private completed by Leonard Green & Partners, delisting the chain from Nasdaq.

Dopamine Dealflow

Series B+ & Growth

• AMCA | $300M | Series B | El Segundo, CA

  Builds defense and aerospace critical components including hydraulics, avionics, and power electronics across six US factories. Caffeinated Capital led the round and were joined by Lightspeed Venture Partners, Andreessen Horowitz, Lux Capital, Construct Capital, and House Capital.

• Exa Labs | $250M | Series C | San Francisco, CA

  Operates an independent web search engine and API built specifically for AI agents, powering search inside Cursor, Cognition, HubSpot, and over 400,000 developers. Andreessen Horowitz led the round at a $2.2 billion valuation.

• Armada | $230M | Series B | Seattle, WA

  Manufactures modular AI data centers deployable in remote, industrial, and sovereign environments. Overmatch, 8090 Industries, and BlackRock co-led at a $2 billion pre-money valuation, joined by Johnson Controls, NightDragon, Mitsui, and Singtel Innov8.

• Mercury | $200M | Series D | San Francisco, CA

  Operates digital banking infrastructure used by one in three US startups, including Lovable, ElevenLabs, and Supabase. TCV led the round at a $5.2 billion valuation and were joined by Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital.

• Radar | $170M | Series B | New York, NY

  Builds AI-powered retail intelligence using overhead sensors that track inventory in real time across 1,400 locations including Old Navy. Gideon Strategic Partners and Nimble Partners led the round at a $1 billion unicorn valuation, joined by Align Ventures.

• Farther | $150M | Series D | New York, NY

  Builds an AI-enabled wealth management platform for financial advisors managing over $23 billion in recruited assets. General Atlantic led the round and were joined by CapitalG, Bessemer Venture Partners, Cota Capital, and MassMutual Ventures.

• SendCutSend | $110M | Growth | Reno, NV

  Operates on-demand custom manufacturing factories producing parts for over 100,000 businesses with $200 million in annual revenue. Sequoia Capital, Paradigm, and Stripe founders Patrick and John Collison co-led at a $1 billion valuation.

• Nourish | $100M | Series C | New York, NY

  Operates the largest US dietitian-led virtual nutrition clinic, serving more than 200 million covered lives through health plan partnerships. Menlo Ventures led the round at a $1.75 billion valuation, joined by Thrive Capital, Index Ventures, J.P. Morgan Growth Equity Partners, Maverick Ventures, and Y Combinator.

• Primer | $100M | Series C | London, UK

  Operates a unified payments orchestration platform building AI-native infrastructure across global payments. Sofina led the round and were joined by Peak XV Partners, Balderton, Accel, ICONIQ, Tencent, and Speedinvest.

• Sigma Computing | $80M | Series E | San Francisco, CA

  Builds an agentic analytics platform with $200 million in ARR and 2,000-plus customers. Princeville Capital led the round at a $3 billion valuation, with Databricks Ventures, ServiceNow Ventures, Workday Ventures, Altimeter Capital, D1 Capital, Spark Capital, and Sutter Hill Ventures joining.

• Fresha | $80M | Growth | London, UK

  Builds appointment booking, payments, and AI-powered business management software for 140,000 beauty and wellness operators processing over $15 billion in annual GMV. KKR's Next Generation Technology Growth Fund led at a $1 billion-plus valuation.

• Viktor | $75M | Series A | Warsaw, Poland

  Builds an AI coworker agent that lives inside Slack and Microsoft Teams, connecting to over 3,000 workplace tools and serving 2,000 organizations at a $15 million ARR run rate. Accel led the round and were joined by Bek Ventures, Kaya VC, Inovo VC, and Tenacity Capital.

• Commure | $70M | Growth | Mountain View, CA

  Operates an AI platform automating administrative work across 500-plus health systems and 3,000-plus care sites, with revenue cycle work completed 85% autonomously. General Catalyst led the round at a $7 billion post-money valuation, joined by Sequoia Capital, Morgan Stanley, and Kirkland & Ellis.

• Lexroom | $50M | Series B | Milan, Italy

  Builds legal AI infrastructure for civil law jurisdictions, with a proprietary database of six million verified legal sources used by 8,000 law firms. Left Lane Capital led the round and were joined by Base10 Partners, Eurazeo, Acurio Ventures, Entourage, and View Different.

• Accro Bioscience | $50M | Series C | Suzhou, China

  Develops novel RIPK2 inhibitors targeting regulatory cell death pathways for immune-mediated diseases, with lead asset AC-101 advancing into Phase 2b for ulcerative colitis. OrbiMed led the round and were joined by TCG Crossover, LAV, Cenova Capital, Shenzhen Capital Group, and Oriza Holdings.

• Dust | $40M | Series B | Paris, France

  Builds a multiplayer agentic AI operating system used by 3,000 organizations with 41,000 monthly active users and 300,000 deployed agents. Sequoia and Abstract co-led, with Snowflake Ventures and Datadog joining.

• BRAMI | $33M | Series B | San Diego, CA

  Manufactures high-protein lupini bean pasta available in 4,000-plus retail doors including Walmart, Kroger, Costco, Whole Foods, and Target. VMG Partners led the round and were joined by La Molisana, Pentland Ventures, Lerer Hippeau, and Gather Ventures.

Series A

• Hark | $700M | Series A | Sunnyvale, CA

  Develops agentic AI software and hardware devices serving as a universal interface between humans and machines, founded by Figure.AI and Archer entrepreneur Brett Adcock with 45 engineers from Meta, Apple, and Tesla. Parkway Venture Capital led the round at a $6 billion valuation, joined by Align Ventures, AMD Ventures, ARK Invest, Brookfield, Greycroft, Intel Capital, Prime Movers Lab, Qualcomm Ventures, Salesforce Ventures, and Tamarack Global.

• Roadrunner | $27M | Seed + Series A | San Francisco, CA

  Builds an AI-native quote-to-cash platform replacing legacy CPQ with an agentic stack for enterprise revenue operations. Trae Stephens at Founders Fund led the $22 million Series A, with Mamoon Hamid at Kleiner Perkins leading the $5 million Seed.

• Vetir | $5.5M | Series A | New York, NY

  Builds an AI wardrobe operating system for luxury fashion, integrating with enterprise retail partners and advised by ELLE editor Nina Garcia and Google commerce director Stephanie Horton. Laidlaw & Company anchored the round at a $150 million valuation.

Seed & Early Rounds

• Ocean | $28M | Seed | Tel Aviv, Israel

  Builds an agentic email security platform fighting AI-powered phishing, reviewing billions of emails monthly for customers including Kayak, Kingston Technology, and Headspace. Lightspeed Venture Partners led the round and were joined by Picture Capital, Cerca Partners, and angels including Wiz CEO Assaf Rappaport.

• Shyld AI | $13.4M | Seed | San Francisco, CA

  Deploys autonomous AI agents combined with UV-C disinfection inside hospital operating rooms to reduce healthcare-associated infections by 93%. Aulis Capital led the round.

• NanoCo | $12M | Seed | New York, NY

  Builds NanoClaw, an open-source enterprise-grade agentic AI assistant with 29,000 GitHub stars and 250,000 downloads. Valley Capital Partners led at a $62 million valuation, joined by Docker, Vercel, Monday.com, Slow Ventures, and Hugging Face CEO Clem Delangue.

• Neurosoft Bioelectronics | $7.5M | Seed | Geneva, Switzerland

  Develops stretchable brain-computer interface electrodes 1,000 times more compliant than current flexible neural interfaces, with 10 human implants completed. Skybound Venture Capital led the round and were joined by PL Capital, IAG Capital Partners, and Connecticut Innovations.

• Hacktron | $2.9M | Pre-Seed | London, UK

  Builds an AI-powered platform running continuous security testing on every code change. Crane Venture Partners led the round and were joined by Project Europe, Vercel Ventures, Plug and Play Ventures, Cambridge Enterprise Ventures, and Overlook Ventures.

Strategic, M&A & Undisclosed

• NextEra Energy / Dominion Energy | $66.8B | M&A | Juno Beach, FL

  The deal creates the largest US regulated electric utility by market value and positions the combined entity to serve surging AI data center demand across Virginia and the Southeast. NextEra exchanges 0.8138 shares for each Dominion share, valuing Dominion at $75.97 per share, plus $2.25 billion in customer bill credits over two years.

• Mister Car Wash / Leonard Green & Partners | $3.1B | Take-Private | Tucson, AZ

  The deal removes North America's largest car wash subscription operator from public markets at $7.00 per share, with management rolling over equity into the new private structure.

• Anthropic / xAI Compute Agreement | $1.25B/month | Strategic | San Francisco, CA

  The deal hands Anthropic the entire Colossus 1 data center near Memphis through May 2029, more than 300 megawatts backed by 220,000-plus Nvidia GPUs, and could deliver xAI more than $40 billion in cumulative revenue.

• Anthropic / Stainless | $300M+ | Acquisition | San Francisco, CA

  The deal removes a critical SDK infrastructure supplier from competitors OpenAI and Google, with Anthropic winding down all hosted Stainless products while letting existing customers retain their generated SDKs.

• Lupa Systems / Vox Media | $300M+ | Acquisition | New York, NY

  The deal hands James Murdoch's holding company New York Magazine, Vox.com, and the Vox Media Podcast Network including Pivot and Where Should We Begin, with the remaining Vox properties splitting into a separate entity.

• Ondas / Omnisys | $199M | Acquisition | Marlborough, MA

  The deal adds 25 years of battle-tested AI battlefield orchestration software as a coordination layer across Ondas' autonomous defense systems, with up to $60 million in additional earn-outs.

• Gradiant | Undisclosed | Series E | Boston, MA

  Operates global advanced water infrastructure for semiconductor fabs, AI data centers, and energy customers. Safar Partners and Hostplus Superannuation Fund led at a $2 billion valuation, joined by ClearVision Ventures.

IPOs / Direct Listings / Issuances / Block Trades

• SpaceX | ~$75B IPO | Public Filing | Hawthorne, CA

  Filed its S-1 with the SEC to list on Nasdaq under ticker SPCX, targeting a roughly $1.75 trillion valuation in what would be the largest IPO in history. Starlink accounts for 70% of revenue, R&D expenses are up 125% year-over-year, and Goldman Sachs holds lead-left ahead of Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase.

• Faraday Future | $25M | Convertible Notes | Gardena, CA

  Issued convertible promissory notes to institutional investors to fund its humanoid and bionic robotics roadmap, bringing two-month financing total to $70 million.

VC Funds Raised & Raising

• Playground Global | $475M | Fund IV | Palo Alto, CA

  Closed its fourth deep-tech fund $125 million over target, focusing on next-generation compute, automation and robotics, terrestrial energy transition, and AI-augmented biology. Andy Rubin's firm now manages over $1.6 billion in AUM.

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Read of the Day

SpaceX Files the Largest IPO in History

Elon Musk's space and satellite empire targets a $1.75 trillion debut on Nasdaq.

SpaceX filed its S-1 prospectus on May 20, naming Goldman Sachs as lead-left underwriter on what is expected to be the largest IPO ever priced. The company is targeting a valuation of roughly $1.75 trillion and seeking to raise up to $75 billion, more than double Alibaba's $25 billion 2014 listing.

The Strategy

The prospectus reflects a business now defined by Starlink, which accounts for roughly 70% of total revenue, with the launch business serving as a steady but lower-margin contributor. R&D expenses jumped 125% year-over-year as SpaceX accelerates Starship development and adds Starlink consumer capacity. Goldman is joined by Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase on the syndicate, with banks collectively positioned to earn more than $500 million in underwriting fees.

Powered by Musk's xAI Combination

The valuation builds on the $1.25 trillion combined value created when Musk merged SpaceX with his AI startup xAI in February. The disclosure that Anthropic will pay xAI $1.25 billion per month for compute, surfaced in the same S-1, signals that Musk is using SpaceX's IPO process to validate the cash-flow profile of the broader Musk-AI complex.

Why It Matters

A SpaceX listing at $1.75 trillion would instantly become one of the most valuable companies in the world, ahead of Berkshire Hathaway and challenging Amazon and Alphabet. Late-stage SpaceX investors holding shares in the secondary market are sitting on the largest unrealized venture gain in history. For VCs, the offering crystallizes a thesis the entire industry has been pricing in: that AI compute, satellite connectivity, and defense infrastructure are now a single integrated capital story, and that hardware-heavy moonshots can return decade-defining capital when they work.

👉 Read The Whole Story Here

Other News You Don’t Want To Miss

• Google DeepMind founder Demis Hassabis's investment in AI arch-rival Anthropic revealed

  Filings showed the DeepMind co-founder personally backed Anthropic, complicating Alphabet's competitive positioning against the rival AI lab.

• AI Chip Startup Tenstorrent Draws Takeover Interest From Intel, Qualcomm

  Jim Keller's AI chip startup, last valued at $3.2 billion, could fetch over $5 billion as Intel and Qualcomm hunt for Nvidia alternatives.

• Berkshire triples Alphabet stake and dumps Amazon in Greg Abel's first quarter as CEO

  The succession quarter brings a clear portfolio reset, with Alphabet and Delta gaining position while Amazon exits the book.

• Google to release first smart glasses since Google Glass flop

  Alphabet returns to the wearables category over a decade after Google Glass, betting the Apple Vision Pro era has changed consumer appetite.

• SEC readies plan for trading crypto versions of stocks

  Tokenized equities trading would mark a structural shift in how US securities settle and trade, moving on-chain rails into mainstream capital markets.