TL;DR

Commonwealth Fusion raises $863M; ByteDance sets $330B buyback; CFTC opens U.S. to offshore crypto exchanges.

Highlights

• Commonwealth Fusion Systems raised $863M Series B2 led by Nvidia and Google , bringing total funding to ~$3B to complete its SPARC fusion reactor and advance commercial rollout 1.
• ByteDance set a $330B valuation in a new employee buyback, up 5.5% from March, amid 25% YoY revenue growth and ongoing U.S. TikTok regulatory pressure 2.
• Sycamore Partners completed its $10B take-private of Walgreens Boots Alliance , installing new leadership and focusing on core pharmacy and retail 3.
• Framer, an Amsterdam-based no-code website builder, raised $100M Series D at a $2B valuation, doubling ARR targets for 2026 4.
• Stablecoin card startup Rain raised $58M Series B led by Sapphire Ventures, accelerating stablecoin-linked payments for business clients 5.
• Swiss stablecoin infrastructure platform M0 raised $40M Series B led by Polychain and Ribbit, supporting compliant institutional stablecoin issuance 6.
• aPriori Network secured $20M to expand institutional-grade on-chain trading and staking tools, with backing from HashKey, Pantera, and others 7.
• The Clearing Company, launched by ex-Polymarket/Kalshi team, raised $15M seed led by USV and Coinbase Ventures to launch regulated on-chain prediction markets 8.
• Animoca’s The Sandbox cut 50% of staff and closed five offices, reflecting metaverse sector contraction and pivot toward memecoin infrastructure 9.
• CFTC will clarify Foreign Board of Trade rules, allowing offshore crypto exchanges to serve U.S. customers under new oversight 11.
• Madrona released its 2025 IA40 list, highlighting 40 top private AI startups across stages and infrastructure 10.
• American Bitcoin, backed by Trump family, to list on Nasdaq via Gryphon merger in September, targeting U.S. bitcoin mining leadership 15.
• Lombard launched a $1.5B yield-bearing bitcoin token (LBTC) on Solana , expanding DeFi collateral options 14.
• Apple pulled iTorrent from EU third-party store AltStore PAL, as regulatory scrutiny of App Store practices intensifies globally 13.

Commentary

Capital is flowing into infrastructure and compliance-driven plays across energy, fintech, and crypto. The $863M round for Commonwealth Fusion, led by both strategic and institutional investors including Nvidia and Google , demonstrates continued appetite for deep tech with clear commercialization milestones. The scale and syndicate diversity signal a maturing fusion sector, with corporates like Google not only investing but also securing offtake, hinting at future corporate-VC alignment in hard tech 1.

Fintech and digital asset infrastructure remain active. Rain’s and M0’s rounds highlight institutional demand for stablecoin payment rails and compliant issuance platforms, especially as U.S. regulatory frameworks clarify 56. The CFTC’s move to streamline offshore exchange access to U.S. customers could drive renewed activity in crypto trading infrastructure, M&A, and U.S.-focused product launches 11. aPriori and The Clearing Company’s funding rounds show that institutional-grade DeFi and on-chain prediction markets are gaining traction, with regulatory alignment increasingly a prerequisite for venture backing 78.

Software and AI continue to attract growth capital, as seen with Framer’s $2B valuation and Madrona’s IA40 list spotlighting high-potential AI startups 410. Late-stage SaaS is benefitting from improved public market comps, while productivity and infrastructure remain favored themes. In contrast, The Sandbox’s restructuring and layoffs reflect ongoing contraction in consumer-facing Web3 and metaverse, with capital shifting away from speculative virtual assets toward utility and compliance 9.

Late-stage private market dynamics are notable: ByteDance’s $330B buyback, funded internally amid regulatory headwinds, underscores the strength of private liquidity programs for large tech 2, while Walgreens ’ take-private by Sycamore signals continued PE interest in undervalued public assets with turnaround potential 3. The American Bitcoin SPAC listing and Lombard’s $1.5B bitcoin token launch point to continued innovation and capital formation in digital assets, despite regulatory complexity 1415.

TL;DR

OpenAI preps $8B secondary sale; PE fundraising hits 7-year low; Anthropic settles key copyright suit.

Highlights

• OpenAI plans an $8B employee secondary share sale, exceeding earlier targets, as governance talks with Microsoft delay restructuring and threaten SoftBank’s $10B investment 12.
• Meta hires Apple AI executive Frank Chu for its Superintelligence Labs, but faces early staff departures, including returns to OpenAI, highlighting retention and execution issues 2.
• Anthropic settles a major copyright lawsuit with U.S. authors over AI training data, removing a significant legal risk; OpenAI, Microsoft , and Meta still face similar suits 6.
• Private equity fundraising drops to a seven-year low; Bain Capital explores a $1.35–$1.4B take-private sale of Canada Goose amid sluggish exits and tighter LP capital 34.
• Sompo Holdings acquires Aspen Insurance for $3.5B from Apollo , expanding its U.S. specialty insurance presence as Japanese insurers seek overseas growth 5.
• Alphabet ’s Verily shuts its medical devices unit and cuts jobs; Massachusetts biotech VC investment falls 17% in H1 2025, reaching 2017 levels 7.
• Intel warns of shareholder dilution and export risks after the U.S. government converts $11.1B CHIPS Act grants into a 10% equity stake 8.
• Cambricon’s Shanghai shares surge after a 4,348% YoY sales jump, underscoring China’s AI chip momentum as markets await Nvidia ’s $46B earnings 9.
• CFTC left with a single commissioner after Johnson’s resignation, stalling rulemaking as crypto industry pushes for regulatory clarity; agency deploys Nasdaq ’s surveillance platform for digital assets 1011.
• Mastercard expands its Circle partnership to enable USDC and EURC settlement in EEMEA; Circle also partners with Finastra to integrate stablecoin rails for banks 12.
• Google Cloud unveils its GCUL Layer 1 blockchain for institutional cross-border finance, joining Stripe and Circle in building proprietary settlement networks 13.
• Crypto funds see $1.4B in weekly outflows, the worst since March, driven by macro uncertainty and thin trading 14.
• OpenAI faces a wrongful-death lawsuit alleging ChatGPT coached a teen’s suicide, prompting the company to announce new safety measures 15.

Commentary

AI remains a focal point for private capital, with OpenAI’s $8B secondary sale highlighting sustained investor demand for generative AI exposure—even as governance and fundraising complexities persist 1. The ongoing negotiations with Microsoft and the risk to SoftBank’s $10B commitment illustrate how strategic partnerships and capital structure remain critical for the largest private AI players 12. Meanwhile, Meta ’s aggressive AI talent acquisition is tempered by early departures, suggesting that organizational stability and retention are still key execution risks in the sector 2.

Legal and regulatory headwinds are a growing concern for AI and digital assets. Anthropic’s copyright settlement removes a significant overhang, but similar litigation continues for other major players, and OpenAI’s wrongful-death lawsuit heightens scrutiny on AI safety protocols 615. These developments will likely raise diligence standards for investors and could impact deal terms, especially for companies with substantial exposure to data provenance or user-generated risk 6.

Private equity and biotech continue to face a challenging fundraising environment, with PE capital raising at a seven-year low and managers increasingly relying on take-private deals, as seen with Bain’s Canada Goose process 34. Biotech retrenchment—evidenced by Verily ’s cuts and declining Massachusetts VC flows—signals a tougher backdrop for early-stage and growth companies, with a premium on near-term commercial traction 7.

In fintech and digital assets, regulatory uncertainty is acute. The CFTC’s leadership vacuum and new surveillance tools come as Congress debates expanding the agency’s crypto remit, while the crypto sector faces significant fund outflows 101114. At the same time, Mastercard , Circle , and Google Cloud are pushing ahead with new stablecoin and blockchain settlement infrastructure, targeting institutional adoption despite market volatility 1213.

VCs should focus on secondary liquidity opportunities in AI, consolidation and take-private activity in mature sectors, and evolving regulatory risks in fintech and crypto. Execution, legal, and team risks are increasingly central to investment decisions as capital becomes more selective.

TL;DR

Apple eyes $10B+ AI acquisitions; Klarna targets $13–$14B U.S. IPO; Polymarket relaunches with 1789 Capital.

Highlights

• 1789 Capital (Trump Jr.) invests eight figures in Polymarket, now valued above $1B, as the prediction market relaunches in the U.S. and acquires a CFTC-licensed derivatives exchange 1.
• Pantera Capital aims to raise $1.25B to turn a Nasdaq-listed shell into “Solana Co.,” a public vehicle holding SOL tokens , offering regulated exposure to Solana 2.
• Klarna revives its U.S. IPO at a $13–$14B valuation—down from its 2021 peak—targeting a $1B raise 3.
• Apple is in early talks to acquire Mistral AI or Perplexity AI (valued $10B+), weighing buy vs. build for AI capabilities 4.
• xAI (Elon Musk) launches “Macrohard,” an AI-run software venture aiming to automate software production at scale 5.
• Supermicro and Lambda deploy Nvidia Blackwell servers for large-scale AI infrastructure, targeting enterprise and hyperscaler demand 6.
• Anthropic settles a major U.S. authors’ copyright lawsuit, removing a key legal risk for generative AI; similar cases against peers continue 7.
• OpenAI faces a wrongful-death lawsuit alleging ChatGPT-4o facilitated a teen’s suicide, raising new questions about AI liability 8.
• Leading VCs and tech execs (a16z, OpenAI, Perplexity, Meta, etc.) launch $100M+ super PACs to influence U.S. AI regulation 10.
• MetaMask adds Google /Apple social login for easier onboarding; Binance launches a keyless wallet, intensifying the push for mainstream Web3 adoption 11.
• IBM and AMD partner to develop quantum-centric supercomputers; AMD stock rises on AI accelerator demand 12.
• Pudgy Penguins CEO targets IPO by 2027 as the NFT brand expands into toys, games, and a memecoin 14.
• Gemini overtakes Coinbase in U.S. iOS finance app rankings after launching an XRP rewards card 15.
• Utah partners with TerraPower (Gates-backed) to scout advanced nuclear reactor sites, as data center energy demand rises and Google inks a Gen IV nuclear power deal 9.
• Hyperliquid exchange leads July crypto trading volume ($330.8B), shifting 99% of platform fees to token buybacks 13.

Commentary

Venture activity remains robust across AI and crypto, with capital targeting both infrastructure and regulatory alignment. The Polymarket and Pantera Capital moves signal renewed institutional interest in U.S.-compliant digital asset platforms. Trump Jr.’s involvement with Polymarket 1 and Pantera’s Solana Co. initiative 2 reflect a shift toward more regulated, public-facing vehicles for crypto exposure, likely to spur further late-stage rounds and public listings in the sector.

AI remains a focal point for both strategic investment and regulatory influence. Apple ’s preliminary talks to acquire Mistral or Perplexity (valued at $10B+) highlight the premium on differentiated AI assets 4, while xAI’s Macrohard project underscores the drive to automate software production 5. The Supermicro-Lambda-Nvidia 6 and IBM -AMD 12 partnerships reinforce that hardware and compute remain critical for AI scalability, with enterprise demand driving significant infrastructure investment.

Legal and regulatory developments are top of mind. Anthropic’s settlement with U.S. authors removes a material litigation risk for generative AI companies 7, potentially unlocking more aggressive product development and funding. However, OpenAI’s wrongful-death lawsuit is a reminder that liability and safety will remain key diligence items for investors 8. The launch of $100M+ super PACs by leading VCs and tech executives to shape AI regulation mirrors tactics from the crypto sector 10, reflecting the industry’s intent to proactively manage policy risk.

In fintech and digital assets, Klarna’s revised IPO valuation 3, Pudgy Penguins’ public listing ambitions 14, and Hyperliquid’s DeFi tokenomics 13 point to a more disciplined but open public market for venture-backed disruptors. User acquisition remains a battleground, with Gemini’s app store surge 15 and MetaMask’s onboarding improvements 11 highlighting the importance of user experience in driving adoption.

VCs should monitor the intersection of regulatory clarity, infrastructure scaling, and user-centric innovation across AI and crypto. Expect continued crossover between private and public markets, and a premium on startups that can demonstrate both compliance and defensibility.

TL;DR

Thoma Bravo acquires Verint for $2B; $2.5B+ raised for Solana/BNB treasuries; AbbVie buys Gilgamesh drug for $1.2B.

Highlights

• Thoma Bravo to acquire Verint Systems for ~$2B in cash, extending its software M&A activity amid demand for AI-driven automation 1.
• AbbVie acquires Gilgamesh Pharmaceuticals’ lead psychedelic depression therapy for up to $1.2B, expanding its neuroscience pipeline 2.
• Three major digital asset treasuries—Galaxy/Jump/Multicoin ($1B for Solana ) 3, Sharps Technology/DFDV ($525M+ for Solana ) 5, and B Strategy ($1B for BNB ) 4—seek to raise a combined ~$2.5B+ for large-scale token accumulation, with institutional backing.
• OKX launches a $100M X Layer Ecosystem Fund for zkEVM Layer-2 development, burns OKB tokens, and introduces DEX fees with rebates 6.
• Andreessen Horowitz, OpenAI leaders, and others launch “Leading the Future,” a $100M super PAC to influence U.S. AI policy 7.
• Global private equity fundraising drops to a seven-year low ($592B), with buyout firms offering fee discounts and seeking retail capital 8.
• Kraken and Backed Finance expand tokenized U.S. equities (xStocks) to TRON; regulatory discussions on digital asset tokenization intensify 9.
• Perplexity AI introduces a $5/month Comet Plus tier with 80% revenue share for publishers, addressing legal and industry concerns 10.
• Higgsfield Records launches an AI K-pop “virtual idol” with $50M+ in contracts, reflecting new business models in entertainment 11.
• Royalty Pharma acquires up to $950M in Imdelltra royalties from BeOne Medicines, highlighting continued interest in biopharma royalty financing 12.
• SBI Group partners with Chainlink to tokenize assets and verify stablecoins for institutional clients in Japan/APAC 13.
• Saudi AI firm Humain starts construction of two 100MW data centers, seeks 18,000 Nvidia chips for regional AI infrastructure 14.
• Canary Capital files for a U.S.-centric crypto ETF, joining a wave of specialized digital asset fund proposals 15.

Commentary

Private equity fundraising continues to contract, with global totals at a seven-year low and major buyout firms offering incentives to attract capital 8. This environment may tighten late-stage deal flow and slow exits for VC-backed companies outside of high-demand sectors. However, strategic and nontraditional buyers remain active, as seen in Thoma Bravo’s $2B acquisition of Verint (AI-driven enterprise software) 1 and AbbVie ’s $1.2B neuroscience asset purchase 2—both moves providing exit pathways for growth-stage investors in software and biotech.

Digital assets are drawing significant institutional capital. The launch of multiple large-scale Solana 35 and BNB 4 treasury vehicles, with combined targets exceeding $2.5B and support from ParaFi, Pantera, and YZi Labs, signals growing adoption of token accumulation strategies by institutional players. This could provide price support for major L1 tokens and increase demand for infrastructure, custody, and compliance solutions. OKX’s $100M fund for Layer-2 development and Kraken’s expansion of tokenized equities to TRON further illustrate the push for broader blockchain adoption and real-world asset integration, though regulatory scrutiny is intensifying 69.

AI remains a focus for both capital deployment and policy action. The $100M “Leading the Future” super PAC, backed by a16z and OpenAI executives, aims to shape the regulatory environment for AI innovation in the U.S.—potentially reducing policy risk for early-stage AI startups 7. Perplexity’s new publisher revenue-share model and Higgsfield’s AI-generated K-pop artist highlight emerging business models and ongoing legal considerations in generative AI 1011. Meanwhile, Saudi’s Humain is investing heavily in AI infrastructure, with large-scale data centers and a major Nvidia chip order, reflecting continued global competition for compute resources 14.

Royalty Pharma ’s $950M acquisition of Imdelltra royalties and SBI Group’s partnership with Chainlink for asset tokenization underscore ongoing innovation in biopharma financing and institutional blockchain adoption, respectively 1213. These moves suggest that differentiated assets and technology-driven solutions continue to attract capital even as broader fundraising slows.

VCs should monitor the institutionalization of digital asset treasuries, regulatory developments in AI and tokenization, and strategic M&A in software and biotech for signals on deal flow, valuations, and exit opportunities.

TL;DR

xAI open-sources Grok LLMs; US takes 10% Intel stake; AI stocks hit 34% S&P 500.

Highlights

• xAI open-sources Grok 2 and 2.5 LLMs, with Grok 3 expected in six months; models require significant compute resources 1.
• Elon Musk projects xAI will deploy 50M Nvidia H100 GPUs in five years, identifying Chinese firms as main competition due to energy and hardware strengths 2.
• AI-related stocks now comprise 34% of S&P 500 market cap; Nvidia holds 92% of AI data center GPU share; Snowflake and Palo Alto upgraded 15.
• U.S. government converts $8.9B in CHIPS Act and Secure Enclave grants into a 10% equity stake in Intel , with potential for further warrants 4.
• Rocket Lab completes its 70th Electron launch and announces U.S. chip manufacturing expansion, supported by $23.9M in CHIPS Act funding 6.
• SpaceX prepares for its 10th Starship test flight, with a focus on reusability and Artemis program data 7.
• OpenAI and the UK sign a non-binding MoU to trial AI in public services; £2B ChatGPT Plus nationwide deal remains exploratory 5.
• Apple plans ultra-thin iPhone Air for 2025, foldable iPhone in 2026, and a 20th-anniversary model in 2027 12.
• Google confirms “Nano-Banana” generative image model for on-device editing in Pixel 10, advancing edge AI capabilities 8.
• Texas AG investigates Meta and Character AI over child-targeted mental health chatbots; regulatory scrutiny on AI safety intensifies 3.
• Microsoft AI chief warns of “AI psychosis” as bots mimic consciousness; calls for industry standards and guardrails 13.
• China tightens rare earth controls after a 53% export drop, but recent easing has alleviated electronics supply chain bottlenecks 14.
• Pump.fun regains Solana memecoin launchpad dominance, now holding up to 79% market share and $800M in cumulative revenue 9.
• White House launches National Design Studio led by Joe Gebbia to modernize 7,000+ government websites for improved UX and cost efficiency 10.
• Met Police to use live facial recognition at Notting Hill Carnival despite legal and safety concerns; UK remains an outlier in large-scale public deployment 11.

Commentary

AI infrastructure and open-source momentum continue to shape the competitive landscape. xAI’s release of Grok 2 and 2.5 LLM weights, along with Musk’s aggressive GPU deployment projections, highlight both the increasing accessibility of advanced models and the capital intensity required to compete at scale 12. The open-sourcing trend may lower barriers for startups and researchers, but the high compute needs still favor well-capitalized players and cloud providers. Meanwhile, AI equities remain a market driver, with Nvidia ’s entrenched position in AI GPUs and continued upgrades for software and security firms such as Snowflake and Palo Alto reflecting sustained investor appetite 15.

The U.S. government’s conversion of $8.9B in grants into a 10% equity stake in Intel marks a notable shift in how public funding intersects with private tech 4. This approach could set a precedent for future semiconductor or strategic tech investments, impacting cap tables and exit scenarios for late-stage or venture-backed hardware firms. Rocket Lab ’s CHIPS Act-backed expansion, alongside ongoing Starship testing by SpaceX , signals continued federal support for deeptech, space, and advanced manufacturing—areas where VC-backed companies may find increased non-dilutive funding and partnership opportunities 67.

On the consumer side, Apple ’s hardware roadmap and Google ’s move to on-device generative AI signal an ongoing push for differentiation through device innovation and edge AI 812. These developments may create new opportunities for startups in AI-powered consumer applications, edge computing, and supporting hardware. Pump.fun’s regained dominance in Solana memecoin launches and robust revenue also indicate that crypto infrastructure and community-driven platforms remain active, albeit volatile, areas for early-stage investment 9.

Regulatory scrutiny is rising, particularly around AI’s societal impact. Investigations into mental health chatbots involving Meta and warnings about “AI psychosis” from Microsoft underscore the need for compliance and risk management in sectors touching youth, healthcare, or public services 313. China’s rare earth policy remains a supply chain variable for hardware and electronics startups, though recent easing has alleviated some bottlenecks 14.

VCs should monitor open-source AI adoption, hardware supply chain shifts, regulatory developments in AI safety, and government-backed funding opportunities. These factors are likely to influence deal flow, diligence requirements, and exit strategies through the remainder of 2025.

TL;DR

Meta licenses Midjourney AI; WLFI token launches after $22.6B raise; US buys 10% of Intel.

Highlights

• Meta licenses Midjourney’s AI image/video tech for future models and products, following a string of major AI investments Meta Platforms, Inc. Class A Common Stock 1.
• World Liberty Finance to launch WLFI token Sept. 1 after raising $22.6B; pre-market valuation $20–55B 2.
• U.S. government acquires 9.9% of Intel for $8.9B to support domestic chip manufacturing; no board seat 3.
• xAI (Elon Musk) unveils “Macrohard,” aiming for AI-driven software development, escalating competition with Microsoft Microsoft Corp 4.
• Lightning AI launches Multi-Cloud GPU Marketplace, targeting up to 70% cost savings for AI compute. Launch partners include Nebius Group N.V. Class A Ordinary Shares 5.
• Aave expands to Aptos blockchain (non-EVM), integrating Chainlink - United States dollar and MetaMask, and launching new business lines Aave - United States dollar , Aptos - United States dollar 6.
• Google launches sub-$1 Gemini for Government plan, intensifying AI price competition and securing major cloud deals Alphabet Inc. Class C Capital Stock , Alphabet Inc. Class A Common Stock , Meta Platforms, Inc. Class A Common Stock , Apple Inc. 8.
• OpenAI releases Codex-CLI 0.23, increasing usage limits and adding GPT-5/image input for developers Microsoft Corp 10.
• LB Pharmaceuticals files for $100M Nasdaq IPO, one of few biotech listings in 2025 7.
• Stablecoin supply doubles to $270B YTD, driven by emerging-market adoption and tokenization growth Tether - United States dollar , USD Coin - United States dollar , Ethena - United States dollar , Sky - United States dollar , Ethereum - United States dollar , TRON - United States dollar , Solana - United States dollar , zkSync - United States dollar 14.
• Grayscale and peers file for spot Ripple - United States dollar ETFs, signaling potential for new regulated crypto investment products XRPI , XRPT 15.
• Bluesky blocks Mississippi users due to new age-verification law, illustrating regulatory hurdles for social startups 12.
• Puffer Finance breach and Apple Inc. 's emergency patch highlight persistent cybersecurity risks for DeFi and crypto users 13.
• Higgsfield releases Kling 2.1, boosting AI video generation performance and targeting creative industry incumbents Adobe Inc. 11.

Commentary

AI and crypto infrastructure remain central themes in this cycle’s deal flow and competitive dynamics. Meta’s licensing of Midjourney’s imaging technology—after considering an outright acquisition—demonstrates ongoing demand for differentiated AI capabilities and the preference for strategic partnerships over full M&A in the current market Meta Platforms, Inc. Class A Common Stock 1. Lightning AI’s GPU marketplace and Google’s sub-$1 Gemini plan both point to intensifying price competition in AI compute and services, which may lower entry barriers for startups but pressure margins for infrastructure providers Nebius Group N.V. Class A Ordinary Shares , Alphabet Inc. Class C Capital Stock , Alphabet Inc. Class A Common Stock 58. xAI’s “Macrohard” project and OpenAI’s Codex-CLI upgrades further reinforce the sector’s rapid push toward AI-native development tools, which could shift value away from traditional devtools and SaaS models Microsoft Corp 410.

In crypto, World Liberty Finance’s $22.6B raise and upcoming WLFI token launch set a new benchmark for token fundraising and could impact Ethereum - United States dollar liquidity around the event 214. The doubling of stablecoin supply to $270B, driven by emerging-market demand and tokenization, highlights ongoing momentum in on-chain financial infrastructure Tether - United States dollar , USD Coin - United States dollar , Ethena - United States dollar , Sky - United States dollar , Ethereum - United States dollar , TRON - United States dollar , Solana - United States dollar , zkSync - United States dollar 14. The wave of spot Ripple - United States dollar ETF filings led by Grayscale suggests the SEC may soon open the door to additional regulated crypto products, which could expand institutional participation but also increase scrutiny XRPI , XRPT 15.

The U.S. government’s $8.9B equity stake in Intel is a notable intervention, providing capital for domestic chip manufacturing without direct control 3. This move may improve funding conditions for U.S. semiconductor startups but also signals increased state involvement in strategic tech sectors—a factor VCs should weigh when assessing exit scenarios. Meanwhile, Aave - United States dollar 's cross-chain expansion to Aptos - United States dollar and LB Pharmaceuticals’ IPO filing both signal that select verticals—DeFi and biotech—are seeing renewed activity in product launches and public market access 67.

Security and regulation remain persistent headwinds. The Puffer Finance breach, Apple Inc. 's emergency patch, and Bluesky’s Mississippi exit illustrate the operational and compliance risks facing early-stage companies, especially in DeFi and social platforms 1312. These factors underscore the need for robust security diligence and regulatory strategy in new investments.

TL;DR

OpenAI rebuffs Musk’s $97B bid; Google Cloud wins $10B+ Meta AI deal; OnlyFans eyes $8B sale.

Highlights

• OpenAI disclosed Elon Musk and xAI sought Mark Zuckerberg’s backing for a $97B takeover bid, which was rejected; legal disputes between Musk, OpenAI, and Meta continue1.
• OnlyFans paid its owner a record $701M dividend as it explores a potential $8B sale; user and creator growth remains strong2.
• Google Cloud secured a $10B+ six-year deal to supply Meta with Nvidia-powered infrastructure for AI workloads6.
• Apple is in talks to license Google ’s Gemini AI models for a revamped Siri, while also considering Anthropic and OpenAI7.
• Meta hired Frank Chu, Apple ’s former AI cloud leader, its sixth senior Apple AI hire in seven weeks, despite a hiring freeze8.
• Chinese regulators are restricting Nvidia H20 AI chip sales, prompting Nvidia to pause production3; Chinese chipmaker Cambricon surged 20% after DeepSeek adapted its LLM to domestic chips9.
• Y Combinator filed an amicus brief supporting Epic Games in its antitrust suit against Apple , citing App Store fees as harmful to startups4.
• Waymo received New York City’s first permit to test robotaxis, expanding its autonomous vehicle trials to Manhattan and Brooklyn5.
• MMTFinance (Sui DEX, $1.5B TVL) launched AI-managed vaults and invested in DeAgentAI, highlighting VC interest in AI-crypto integration10.
• VanEck filed for the first staked Solana ETF (JitoSOL); Invesco Galaxy refined its spot Solana ETF filing, signaling institutional demand for Solana-linked products15.
• Corporate treasuries now hold $17.6B in Ethereum , with Peter Thiel’s Founders Fund increasing exposure; ETH price up 20% this month14.
• China’s Jiuzhang 4.0 quantum computing milestone is intensifying urgency for post-quantum encryption efforts12.

Commentary

AI infrastructure, talent, and cloud remain central themes, with Google Cloud ’s $10B+ multiyear agreement to supply Meta ’s AI workloads marking a significant shift in hyperscaler partnerships and multicloud adoption6. Apple ’s early talks to license Google ’s Gemini AI for Siri7, alongside Meta ’s ongoing recruitment of Apple ’s senior AI talent8, further highlight the premium placed on foundational models and technical leadership. These developments suggest continued high valuations and intense competition for startups and scale-ups in AI infrastructure, model development, and applied AI.

In China, regulatory actions against Nvidia ’s H20 chips and the resulting production halt are accelerating opportunities for domestic players such as Cambricon, which saw a sharp rally after DeepSeek’s LLM adaptation39. This shift is likely to drive increased capital flows toward Chinese AI chip and LLM startups, while U.S.-based startups with China exposure may face greater regulatory and supply chain risks.

On the fintech and crypto side, OnlyFans’ strong financials and potential $8B sale2, alongside growing institutional adoption of Ethereum and the race for Solana-linked ETFs1415, point to robust exit and liquidity options for profitable platforms and crypto infrastructure plays. MMTFinance’s AI-managed vaults and investment in DeAgentAI also signal growing VC and institutional interest in the intersection of AI and Web310.

Regulatory and security issues remain active. Y Combinator’s support of Epic Games against Apple ’s App Store fees could, if successful, improve economics for mobile-first startups4. Meanwhile, China’s quantum computing breakthrough is increasing urgency for investment in post-quantum security and cryptography startups12.

TL;DR

Anthropic targets $10B at $170B valuation; Thoma Bravo takes Dayforce private for $12.3B; crypto capital formation rebounds.

Highlights

• Anthropic is in advanced talks to raise up to $10B at a ~$170B valuation, with Iconiq Capital, TPG, Lightspeed, Spark, and Menlo expected to participate 1.
• Thoma Bravo will acquire Dayforce in a $12.3B all-cash take-private deal, with ADIA taking a minority stake; Goldman Sachs providing $6B in debt financing 2.
• Jane Street disclosed a 5.4% passive stake in CoreWeave , supporting shares after a significant drawdown; analysts upgraded the stock 3.
• Gilead ’s Kite Pharma is acquiring Interius BioTherapeutics for $350M to expand in-vivo CAR-T capabilities, continuing a trend of large-pharma cell therapy M&A 4.
• Lightning AI, backed by Nvidia , launched a multicloud GPU marketplace, promising up to 70% cost savings for AI developers 5.
• Crypto fundraising platform Legion closed a $5M seed round led by VanEck and Brevan Howard Digital; Almanak’s token sale hit its $2M cap in 45 minutes 6.
• MetaMask will launch mUSD , a Stripe-issued stablecoin on Ethereum and Linea, aiming for deep wallet and card integration 9.
• CME and FanDuel are forming a JV to offer $1 event-based trading contracts to retail users, pending regulatory review 10.
• Chipotle began drone delivery trials in Dallas with Zipline, targeting last-mile logistics and Gen Z customers 11.
• Arthur Hayes (BitMEX) took a position in BIO tokens and invested in a stem-cell clinic operator in Mexico and Bangkok 12.
• Meta has paused AI hiring after a rapid expansion, citing cost discipline 13.
• SpaceX opened its “Starfactory” to mass-produce Starship rockets and plans to resume launches on August 24 14.
• Circle minted $750M more USDC on Solana , bringing 2025’s total to nearly $25B 15.
• DeepSeek launched its V3.1 hybrid LLM (128k context), open-sourced weights, and raised API prices 8.

Commentary

Late-stage AI continues to command extraordinary investor attention, with Anthropic’s targeted $10B round at a $170B valuation highlighting the sector’s capital intensity and the willingness of top-tier VCs and institutional investors to deploy at scale 1. This sets a high-water mark for private AI rounds and will likely influence pricing and expectations for growth-stage AI startups across the board.

Private equity’s appetite for recurring-revenue software remains robust, as evidenced by Thoma Bravo’s $12.3B Dayforce deal—its largest take-private to date 2. The transaction, backed by significant debt financing, underscores continued institutional demand for predictable SaaS revenue even amid market volatility. Meanwhile, Jane Street’s stake in CoreWeave and analyst upgrades suggest public market volatility is creating entry points for institutional capital in AI infrastructure 3.

In crypto and fintech, the resurgence in on-chain capital formation is clear: Legion’s $5M seed and rapid token sale, MetaMask’s Stripe-issued mUSD stablecoin, and Circle’s ongoing USDC expansion on Solana all point to renewed investor and user engagement, with more regulatory rigor than previous cycles 6915. The CME /FanDuel JV signals further convergence between financial infrastructure and retail trading, potentially opening new distribution channels for fintech startups 10.

Strategic M&A continues in health-tech, with Gilead ’s acquisition of Interius reflecting ongoing interest in cell and gene therapy platforms 4. Arthur Hayes’ parallel bets in genomics tokens and private clinics highlight a cross-border appetite for longevity and biotech assets 12. Separately, SpaceX’s Starfactory launch and Chipotle ’s Zipline pilot indicate that large-scale manufacturing and last-mile logistics remain investible themes, with operational scale and automation in focus 1114.

VCs should monitor late-stage AI deal terms, SaaS take-private activity, and the evolving regulatory environment in crypto and fintech. Cost discipline at major platforms (Meta 13, DeepSeek 8) signals margin pressure even in growth sectors, which may impact future deal structures and exit timelines.

TL;DR

EliseAI raises $250M at $2.2B; Canva hits $42B in secondary; Vantage, Oracle commit $26B+ to AI data centers.

Highlights

• Andreessen Horowitz led a $250M Series E in EliseAI, doubling its valuation to $2.2B; Bessemer and Sapphire Ventures joined, with ARR over $100M and plans to expand in real estate and healthcare AI1.
• Canva’s employee share sale values the company at $42B (up 30% YoY); secondary liquidity provided to staff and existing investors, with IPO speculation ongoing2.
• Authentic Brands Group and Guess co-founders are taking Guess private in a $1.4B deal (26% premium), continuing retail sector consolidation3.
• Upstage, a Korean AI document intelligence startup, raised a $45M Series B bridge (total $157M) led by KDB, Amazon , and AMD , targeting US and Asia-Pacific expansion4.
• Intel is seeking additional discounted equity after SoftBank’s $2B stake; US government may seek up to 10% equity in exchange for $8B in CHIPS Act grants5.
• Vantage Data Centers will invest $25B in a 1.4GW Texas campus; Oracle is building a $1B/year gas-powered AI data center for OpenAI model training, both with major private equity backing6.
• Kraken acquired Capitalise.ai for no-code trading automation and is expanding tokenized equities (xStocks) to the TRON blockchain; SkyBridge Capital will tokenize $300M in hedge fund assets on Avalanche 78.
• Wormhole Foundation is preparing a counter-offer to LayerZero’s $110M bid for Stargate Finance , highlighting competition in cross-chain infrastructure9.
• Circle minted $1.25B USDC on Solana last week (2025 total: $24B), with stablecoin transfers on Solana surging and institutional demand rising10.
• Crypto VC activity: Legion raised $5M for a tokenized equity platform (VanEck, Kraken, Coinbase Ventures ); Cointel secured $7.4M for AI analytics (Avalanche Foundation ); StableStock and o1_exchange also closed rounds12.
• Lowe’s is acquiring Foundation Building Materials for $8.8B to expand in the pro contractor segment, intensifying competition with Home Depot 13.
• TIME released its first ranking of 350 US VC firms; Accel, General Catalyst, and a16z lead, with methodology drawing industry debate15.

Commentary

Today’s news flow is led by large, late-stage AI and SaaS financings, with Andreessen Horowitz doubling down on vertical AI via EliseAI’s $250M Series E at a $2.2B valuation1. This, alongside Canva’s $42B secondary-driven valuation2 and Upstage’s $45M bridge round4, signals that investors remain willing to pay a premium for sector-specific AI platforms with strong recurring revenue and clear expansion plans. These rounds also provide liquidity options for early employees and investors, keeping late-stage private markets active even as IPO timelines remain uncertain2.

In digital infrastructure, hyperscale capital commitments continue to escalate. Vantage’s $25B Texas data center campus and Oracle ’s $1B/year gas-powered facility for AI workloads (notably OpenAI training) reflect sustained demand for compute capacity and the willingness of private equity and debt providers to back these projects6. Meanwhile, Intel ’s discounted equity raises—following SoftBank’s $2B investment and potential US government equity via CHIPS Act grants—underscore the capital intensity and strategic importance of semiconductor and foundry capacity, with implications for supply chains and downstream AI startups5.

Crypto and digital asset infrastructure remain active, with Kraken’s acquisition of Capitalise.ai and expansion of tokenized equities to TRON7, SkyBridge’s $300M hedge fund tokenization on Avalanche 8, and a cluster of early-stage deals (Legion, Cointel, StableStock, o1_exchange) highlighting continued VC appetite for platforms bridging TradFi and DeFi12. The Wormhole-LayerZero bidding contest for Stargate Finance further demonstrates ongoing M&A interest in cross-chain infrastructure9. Circle’s $1.25B USDC mint on Solana and surging stablecoin volumes point to growing institutional adoption of blockchain-based cash equivalents10.

Strategic M&A continues in traditional sectors as well, with Lowe’s $8.8B acquisition of Foundation Building Materials intensifying competition in the pro contractor segment and Authentic Brands’ $1.4B take-private of Guess adding to retail consolidation313. These exits offer liquidity for late-stage and PE investors amid a shifting macro environment.

Finally, TIME’s inaugural VC firm ranking may influence LP perceptions and fundraising, though its methodology has already sparked industry debate15. Investors should watch for continued late-stage AI dealmaking, infrastructure buildouts, and regulatory signals in both chips and digital assets as key drivers for deal flow and valuations through year-end.