SignalPulse

WHAT’S INSIDE

Big Tech Earnings, OpenAI IPO at $1T, Humans& Eyes $1B at $5B Val, Nvidia $1B In Poolside, Coinbase’s Big Q3, AMD $1B DoE Deal, Anthropologie, Glīd ++ 

• Big Movers: The Big tech movers, shakers and partnerships this week

• Making Waves: Companies making a buzz in the Tech world

• Open Deals: Startups raising capital this week

• In The Money: Significant raises last week and why they matter

• Exit Watching: Mergers & Acquisitions and IPOs

• The Funding Buzz: VC & PE Activity To Watch

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BIG MOVERS

Big tech moves, movers and trends to watch this week

Big Tech Earnings Reports

OpenAI — Prepares for an IPO that could value the AI powerhouse at up to $1T by late 2026 or 2027. The company plans to raise $60B, aiming for a $20B ARR despite losing ~$11.5B last quarter based on Microsoft’s $3.1B hit on its 27% stake.

Nvidia — Achieved a $5T market cap, targets $6T fueled by a 5% share surge and a $1B strategic AI-driven telecoms partnership with Nokia & launches the first AI-native 6G stack in the U.S. with T-Mobile and Cisco. NVIDIA BlueField-4 enhances AI factory capabilities with 6x compute power.

Apple — Hit record Q4 revenue of $102.5B driven by strong iPhone 17 sales ( esp. new iPhone Air) and high Services revenue. Earnings rose 13%. Announced a shift towards a multi-AI platform, beyond OpenAI to position Siri to use the best models.

Alphabet — Surpassed $100B in Q3 revenue on 35% Google Cloud growth & a $155B backlog. Plans to increase capex to $93B on AI infrastructure investments strengthening its search business. Stock rose 4%. Google teamed up with Reliance Jio on a major AI initiative in India. Reviving a closed nuclear plant in Iowa for AI.

Meta — Beat on Q3 revenue of $51.24B but stock dropped 8% due to projected $70-72B 2025 AI spend, long-term return concerns. Reality Labs reported a $4.4B loss in Q3, $70B+ since 2020.

Amazon — Stock surged over 10% after strong Q3 earnings. AWS revenue grew 20.2% to $33B on AI demand and infrastructure investments as AWS remains dominant in the cloud market.

[OPEN DEALS] RAISING DOLLARS:

Startups, firms or funds raising capital this week

OpenAI — OpenAI is gearing up for an IPO, valuing it at up to $1T, and aiming to raise at least $60B by 2027. It aims to fund expansion and reduce reliance on MS. Revenue is projected at $20 annually, with nonprofit oversight retaining 26%.

Humans& — Eric Zelikman, former xAI researcher, is raising $1B for his AI startup, targeting a $5B valuation. With early Google employee Georges Harik, the company focuses on AI that collaborates with human preferences, requiring significant compute.

Poolside — Nvidia plans to invest up to $1B in this AI coding startup, valuing it at $12B. Based in the AI software development sector, it focuses on enterprise-grade AI solutions, with Nvidia's investment aiming to enhance its capabilities and influence.

MAKING WAVES

Startups making waves, hot trends and signals to watch in the USA this week:

Coinbase — The San Fran-based cryptocurrency exchange reported robust Q3 earnings with $1.50 per share and $1.87B revenue. Institutional trading hit $236B, a 122% revenue increase. Net income soared 473% y-o-y.

AMD — Secured a $1B contract with the DoE (energy) to build two supercomputers, Lux and Discovery, enhancing AI for research and security. Partnering with Oracle and HP, it strengthens its government AI infrastructure position.

Anthropologie — The Philadelphia lifestyle and fashion brand has grown sales from $1.6B to $2.4B in five years. By enhancing digital marketing and product lines, it plans to expand internationally and launch a new brand, Maeve, targeting youths.

Glīd — The hybrid-EV for cargo logistics startup won $100K and the Startup Battlefield Cup at TechCrunch Disrupt 2025, beating 199 competitors. It addresses the need for innovation in shipping and global supply chain challenges.

Cursor — The coding model startup has launched Composer, enhancing code generation and editing speeds by 4x. Cursor 2.0 introduces a multi-agent interface to improve software team workflows, including code review and automated testing.

TikTok — China has approved the transfer agreement, mandating TikTok's Chinese owners to sell US assets by January 2025. The new entity will be under US control, with ByteDance holding less than 20%.

Binance — The leading cryptocurrency exchange based in Malta, is under scrutiny for potentially illegal financial arrangements in exchange for the recently granted pardon from Pres. Trump for its founder Changpeng Zhao.

TEAMING UP

Startups joining forces via partnerships or joint projects this week:

Google & Reliance Jio — Google has teamed up with Reliance Jio to launch a major AI initiative in India, announced on October 30, 2025. This partnership follows a trend of tech giants collaborating to boost AI capabilities.

Mastercard x PayPal — Enhancing their partnership by integrating Mastercard's Agent Pay into PayPal's checkout wallet. This move aims to leverage AI-guided transactions, benefiting millions of merchants globally.

Uplift x WMT — Tristan Thompson and World Mobile launch a community-owned mobile network offering unlimited data plans from $9.99/month. Built on blockchain, Uplift aims to expand affordable internet access, starting in Cleveland.

SandboxAQ — Bahrain's sovereign wealth fund partners with this AI firm to boost drug discovery, aiming for $1B in biotech assets. Utilizing Bahrain's health data, the initiative seeks to establish Bahrain as a biotech hub with local clinical trials.

Goldman Sachs — In talks for a $10B mandate with Kuwait Investment Authority for private equity, credit, and infrastructure investments. This aligns with strategy to expand in the Gulf and boost alternative asset management, aiming for $100B this yr.

IN THE MONEY

Companies that raised money in the past week and why they matter

Massive Deals

Mercor — The AI training startup raised $350M Series C at $10B valuation, up from $2B in eight months, connecting AI labs with 30,000+ experts to expand its talent pool.

Fireworks AI — The AI chip optimization startup raised $250M Series C led by Lightspeed Venture Partners at $4B valuation, with $280M in annual recurring revenue and 115 employees.

Whatnot — The livestream sales platform raised $225M Series F at $11.5B valuation led by DST Global and CapitalG, with funds for new features, international expansion, and team growth.

Synthesia — The London-based AI video generation startup raised $200M at $4B valuation from Accel, Kleiner Perkins, GV, and FirstMark, reporting $100M+ ARR.

Harvey — The legal AI startup raised $150M led by Andreessen Horowitz at over $8B valuation, generating $100M in ARR with partnerships including LexisNexis.

Sublime Security — The AI-driven email security company raised $150M Series C to advance its platform with specialized AI agents, supporting 100% ARR growth and full enterprise retention.

Human Interest — The 401(k) solutions company raised over $100M at $3B valuation from Baillie Gifford and BlackRock, targeting $10B+ IPO valuation within two years.

EnduroSat — The Bulgarian satellite manufacturer secured over $100M in funding and opened a new Space Center with advanced labs and cableless design, enabling production of up to two satellites daily.

Substrate — The San Fran semiconductor manufacturing startup raised over $100M at over $1B valuation, developing particle-accelerator-based processes to cut chip costs and compete with giants like ASML.

Large Deals

Rogo Technologies Inc. — Sequoia Capital invested in the AI efficiency tool for investment bankers, valuing Rogo at $750M, developing solutions to potentially replace junior banking analysts.

Zag Bio — The biotechnology company focused on thymus-targeted medicines launched with $80M co-led by Polaris Partners and the T1D Fund, with Jason F. Cole as CEO, developing ZAG-101 for Type 1 diabetes.

Applied Compute — The San Fran-based startup focused on custom AI models and in-house AI agents for enterprises raised $80M led by Benchmark, with participation from Sequoia, Lux, and Elad Gil.

ConductorOne — The San Francisco-based AI-native identity security company raised $79M Series B led by Greycroft, with backing from CrowdStrike Falcon Fund, Accel, and Felicis Ventures, bringing total to $100M+.

Curve Biosciences — The chronic disease monitoring company raised $40M led by Luma Group to enhance its Whole-Body Intelligence platform, backed by experts from Genentech, Natera, and Stanford University.

CoreStory — The San Francisco-based code intelligence firm raised $32M Series A led by Tribeca Venture Partners, NEA, and SineWave Ventures, using AI to modernize legacy systems.

Syllo — The AI-driven litigation company raised $30M from Venrock and Two Seas Capital to enhance product innovation, automate document review, and strengthen partnerships with major law firms.

Smaller Deals

xMEMS Labs — The California-based piezoMEMS thermal management tech company raised $21M to commercialize and mass-produce more efficient micro-coolers for AI-powered devices like smartphones and smartwatches.

Onfire — The Israeli AI sales platform founded by former intelligence operatives raised $20M to enhance AI-driven sales strategies, facilitating over $50M in closed deals since beta launch, with plans for strategic hires and continued AI development.

Archy — The AI-powered dental platform secured $20M Series B to modernize practice management software, processing over $100M p/a and targeting the $500B dental industry with enhanced scheduling, billing, and patient management solutions.

Arya Health — The New York-based AI-driven automation company for post-acute care raised $18.2M Series A led by ACME Capital to enhance care administration and expand product offerings under CEO Melinda Phillips.

Emerald AI — The power orchestration startup raised $18M led by Lowercarbon Capital with Nvidia joiningto advance its software at Nvidia's 96MW Aurora data center in Virginia, achieving 25% power reduction.

Bevel — The New York-based AI health companion startup raised $10M Series A from General Catalyst, with over 100K daily active users, integrating with existing wearables to provide accessible health insights.

The Prompting Company — The generative engine optimization startup raised $6.5M in seed funding, collaborating with Nvidia to enhance AI-driven product discovery and search capabilities, serving major clients including a Fortune 10 co.

Polygraf AI — The AI security firm raised $9.5M in seed funding led by Allegis Capital to enhance its small language model technology for detecting AI risks, preventing data leaks, and maintaining compliance with GDPR and HIPAA regulations.

Socratix AI — The US-based autonomous AI company raised $4.1M led by Pear VC with Y Combinator participation to enhance fraud and risk team operations in financial institutions, cutting investigation times from a full day to 15 minutes.

EXIT WATCHING

Mergers & Acquisitions and IPOs

Core Scientific — Shareholders of the AI infrastructure firm rejected a $9B acquisition offer from CoreWeave, believing in its standalone potential. Post-rejection. CoreWeave acquired Marimo, aiming to bolster its AI app development.

Barclays — Will acquire U.S. fintech Best Egg for $800M to bolster its digital platform and expand its U.S. Consumer Bank. This acquisition aims to leverage growth in U.S. consumer finance. Best Egg has facilitated over $40B in personal loans.

EquityZen — Morgan Stanley acquired the private company trading platform to enhance services for private company and wealth management clients. The platform, founded in 2013, addresses liquidity challenges and has processed 49K+ transactions.

Bending Spoons — Bending Spoons is acquiring AOL from Yahoo for $2.8 billion in a debt-financed deal. The acquisition, expected to close by 2025, aims to modernize AOL while retaining its 8M daily users, reflecting confidence in its revenue.

Avidity Biosciences — Novartis is acquiring Avidity Biosciences for $12B, paying $72 per share, a 46% premium. The acquisition, enhancing Novartis' R&D pipeline for RNA-targeting therapies, particularly muscle diseases, is set to close in 2026.

IPO Watch

Open or upcoming IPOs to watch:

Navan — The corporate travel platform debuted on Nasdaq with a 20% stock drop, valuing the company at $4.7B. It utilized a new SEC rule for IPOs during government shutdowns. Reported $613M revenue from clients like Shopify, Zoom.

Gloo Holdings — Gloo Holdings, a tech firm for religious organizations, aims for an $873.4M valuation in its IPO, targeting $109.2M by selling shares at $10-$12 each. Led by former Intel CEO Pat Gelsinger, it plans to develop AI tools for faith groups.

OpenAI — OpenAI is gearing up for an IPO, valuing it at up to $1T, and aiming to raise at least $60B by 2026 or 2027. It aims to fund expansion and reduce reliance on Microsoft. Revenue is projected at $20 p/a, with nonprofit oversight retaining 26%.

Discord — The gaming communication platform, based in San Francisco, has filed for an IPO after achieving $890M in revenue and rejecting a $12B acquisition offer from Microsoft. Valued at approximately $6.8B, Discord plans to expand via ads.

Securitize — Securitize is going public via a $1.25B SPAC merger with Cantor Equity Partners II, tapping into the $3B tokenization market. Holding a 20% market share, it has facilitated $4B in tokenized assets.

Dynamix Corporation III — The SPAC raised $175M in an IPO, potentially expanding to $201.25M, targeting acquisitions in AI, energy, and digital assets. Advised by former Nvidia and Prologis executives.

Gloo Holdings — The religious-oriented tech firm is pursuing a U.S. IPO with a target valuation of up to $873.4M, aiming to raise $109.2M by selling 9.1M shares at $10-$12 each. Recently hired former Intel CEO Pat Gelsinger to drive new initiatives.

THE FUNDING BUZZ

VC & PE Activity To Watch

[OPEN FUND] Polaris Partners — Boston-based VC firm with a portfolio of over 400 companies plans to raise $500M for its eleventh fund targeting biotech and healthcare innovations.

Sequoia Capital — The Silicon Valley VC firm launched two early-stage funds totaling $950M, comprising a $750M Series A fund and a $200M seed fund. It aims to back promising founders amid rising AI startup valuations.

Maple Bridge Ventures — An Ottawa-based VC firm, has secured $10.2M CAD in the first close of its anticipated $20 million CAD fund. The fund focuses on supporting immigrant founders in agriculture, health, and enterprise software.

Saudi Arabia — Aspiring to become an AI data center powerhouse, leveraging its energy surplus to position as a global hub for AI computation aligning with Saudi Arabia's Vision 2030 strategy.

Goldman Sachs — In talks for a $10B mandate with Kuwait Investment Authority for private equity, credit, and infrastructure investments. Strategy is to expand in the Gulf and boost alternative asset management, aiming for $100B.

Coatue Management — The hedge fund firm remains optimistic about AI investments, predicting significant gains over the next 5 to 10 years. While acknowledging risks, Coatue sees a two-thirds chance of AI enhancing productivity.

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