WHAT’S INSIDE

Big Rounds: Lambda $1.5B & eyes IPO, Luma AI $900M, Physical Intelligence $600M, Genspark $275M, Aspora, Perplexity, Strategy Sales Rumors, Nvidia Earnings, Gemini 3

• 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

Google — Launching the Gemini 3 AI model boosted Alphabet's stock by 5%. Gemini also replaces Assistant in Android Auto Google contests a $15M defamation lawsuit by activist Robby Starbuck, accusing its AI of false allegations.

Nvidia — Reported record earnings of $57B with data center revenue at $51.2B, up 62-66% YoY, projecting $65B for Q4; launched Apollo, open AI physics models for enterprise; US discussions may allow sale of H200 AI chips to China.

Amazon — Plans a $15B U.S. dollar bond sale, its first in three years, to bolster AI infrastructure. With demand around $80B, proceeds will fund acquisitions, capital expenditures, and share buybacks.

xAI — Secured a significant contract for a data center in Saudi Arabia with 600,000 Nvidia chips. In talks to raise $15B, potentially at $230B. The company is developing its Grok chatbot and exploring a possible investment from Tesla.

OpenAI — Larry Summers resigned from OpenAI's board amid the Epstein email scandal. This comes as the company, transitioning to a for-profit model, faces regulatory scrutiny.

SoftBank — Plans to invest up to $3B to convert an EV facility in Lordstown, Ohio for producing equipment for OpenAI's data centers to support the $500B Stargate project to establish five AI data centers in the U.S.

[OPEN DEALS] RAISING DOLLARS:

Startups, firms or funds raising capital this week

Lovable — The Stockholm-based vibe coding startup is raising at a $6B valuation, up from $1.8B in July, with $100M annualized revenue and 8M users in eight months.

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.

MAKING WAVES

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

Aspora — A Sequoia-backed fintech platform based in India, Aspora launched a feature for the Indian diaspora to pay bills in India via the Bharat Bill Payment System. With $99M in funding, serves 800K customers and hit $4B transactions.

Perplexity — Launches a free shopping agent for US users, challenging OpenAI's paid feature. Integrated with PayPal and over 5,000 merchants, it simplifies shopping by detecting intent and offering personalized results.

Strategy — Acquired 8,178 BTC for $836M, boosting total holdings to 649,870 BTC valued at $61.7B. Funded through stock sales and euro issuance, CEO Michael Saylor dismisses sales rumors and Indix delisting concerns, affirms ongoing buys.

Ramp — The corporate expense management company hit a $32B valuation after raising $300M, a 42% increase from its prior value. The firm has surpassed $1B in ARR and serves over 50,000 corporate clients.

TEAMING UP

Startups joining forces via partnerships or joint projects this week:

RIKEN x Nvidia — Japan's RIKEN research institute is deploying 2,140 NVIDIA Blackwell GPUs across supercomputers for AI and quantum computing. Provides NVIDIA access to Asia's scientific computing market.

GMI Cloud x Nvidia — Taiwan-based AI data center developer investing $500M to build a center utilizing Nvidia's Blackwell GB300 chips. Expected by March 2026, it will feature 7,000 GPUs and handle 2M tokens/sec.

Toyota in US — Investing $912M in five US factories to boost hybrid vehicle production, focusing on a hybrid-first strategy. This includes $453M for the WV plant and $125M for the first US-built hybrid Corolla.

Google McLaren — Enhanced its partnership with McLaren Formula 1 by integrating the Gemini 3 AI model to optimize racing performance. The collaboration leverages Google's technology ecosystem for real-time AI insights.

Ford x Amazon — Launched certified pre-owned vehicle sales on Amazon Autos in LA, Seattle, and Dallas. It enables online browsing and financing, with local dealerships managing deliveries and pricing.

Target x OpenAI — Launching a ChatGPT-powered shopping app, Target enables customers to shop using natural conversation. This holiday season trial positions OpenAI against Google and Amazon in AI-driven commerce.

IN THE MONEY

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

Massive Deals

Lambda — Lambda, specializing in AI infrastructure, raised $1.5B led by TWG Global following a significant MS deal. Backed by Nvidia, its 'AI factories' aim to challenge CoreWeave in the GPU cloud market, indicating potential expansion, IPO.

Luma AI — The multimodal AI firm raised $900M led by Saudi AI firm Humain, boosting its valuation to over $4B. The funding will enhance "world models" and includes building a 2-GW AI supercluster in Saudi Arabia, focusing on Arabic data.

Physical Intelligence — The robotics software startup raised $600M at a $5.6B valuation, led by Alphabet’s CapitalG with backing from Jeff Bezos. Founded by ex-Google DeepMind researchers, it focuses on AI algorithms for robotic adaptability.

Genspark — The AI startup raised a $275M Series B round, achieving a $1.25B valuation. Competing with 365 Copilot and Gemini, it offers AI workplace agents. Within five months, Genspark hit $50M in ARR.

Function Health — The healthcare AI company, based in the US, raised $298M in a Series B at a $2.5B valuation, led by Redpoint. Processed over 50M lab tests.

Celero — The AI networking chips startup raised $140M, led by Alphabet's CapitalG fund. With a $100M Series B and a $40M earlier round, it aims to enhance fiber-optic to electrical signal conversion, improving data center efficiency.

Federato — Insurance AI platform Federato raised $100M in Series D funding, led by Goldman Sachs Alternatives and existing investors - it underscores an impact on improving underwriting efficiency and risk management.

Nanoramic — Boston-based startup raised $54M in Series 1 funding, led by PEP Capital, with backing from Samsung and GM to boost the commercialization of its PFAS-free battery technology, aiming for mass production by 2027.

Profluent — The frontier AI company in protein design raised $106M, co-led by Altimeter and Bezos for their AI-designed molecules to transform therapeutics and agriculture. It boosts R&D and expands capabilities.

Large Deals

Peek — The AI platform company, headquartered in the U.S., raised $70M led by Springcoast Partners. It acquired ACME Ticketing and Connect&GO, expanding its customer base to over 150M.

Doppel — The $600M value San Fran AI-native social engineering defense platform raised $70M in a Series C round led by Bessemer Venture Partners, with participation from notable investors, including WNBA players.

Venn — The Israeli property management platform raised $52M in a Series B round led by NOA and CIM Group, totaling $140M in funding. Founded in 2017, Venn plans to expand its AI-driven services and workforce in Israel and the U.S.

Arbiter — The healthcare coordination startup raised $52M to enhance its AI-powered platform connecting patients, providers, and payers. Led by MFO Ventures and TriEdge Investments at $400M.

Numeric — The AI accounting automation platform raised $51M in a Series B round led by IVP, bringing total funding to $89M. Founded in 2020, Numeric plans to expand into a unified data platform and release new products by 2026 and 2027.

Sorcero — The AI-powered platform for medical affairs and safety, based in the US, raised $42.5M in Series B funding led by NewSpring Capital, totaling $59M to date. Aims to enhance productivity and accelerate Life Science evidence generation.

AI Proteins — The biotech firm, based in the U.S., secured $41.5M in Series A funding, led by Mission BioCapital and Santé Ventures. Their platform creates novel miniproteins for therapeutics, diagnostics, and agriculture.

Maxima — The AI accounting startup secured $41M in Seed and Series A funding to enhance financial operations by automating reconciliation and journal entries. Maxima's AI agents aim to achieve up to 80% faster closes and 95% automation.

Agentio — The creator marketplace startup raised $40M in a Series B round led by Forerunner, valuing it at $340M. It connects brands with YouTube creators and is expanding to Meta, TikTok, and Snap, using AI for creators.

Numerai — The crowdsourcing hedge fund, backed by Paul Tudor Jones, hit $500M valuation, raising $30M from university endowments and VC firms. Its innovative stock-picking model has significantly outperformed peers.

Smaller Deals

Method Security — The U.S.-based cyber platform startup raised $26M in Seed and Series A funding led by Andreessen Horowitz and General Catalyst, integrating offensive and defensive cyber capabilities.

VahatiCor — The cardiac care company raised $23M Series B led by S3 Ventures to advance the A-FLUX Reducer System for treating Coronary Microvascular Dysfunction, improving blood flow and relieving angina.

Tidalwave — The AI-powered mortgage platform raised $22M Series A led by Permanent Capital to reduce loan closing times, aiming for 4% market share and 200,000 loans by 2026 through partnerships with major financial entities.

Sphere — The AI-native tax compliance startup secured $21M Series A led by a16z, founded by Nicholas Rudder, automating global tax compliance with AI to assess obligations and enhance infrastructure.

Modern Life Group Inc. — The AI-powered life insurance company raised $20M Series A led by Thrive Capital, bringing total funding to $35M, enhancing underwriting efficiency, workflow automation, and client management.

OpenHands — The cloud coding platform raised $18.8M Series A to enhance its model-agnostic platform integrating with GitHub and Slack, with collaboration with AMD to optimize O-S performance.

Red Queen Bio — OpenAI is investing $15M in this biosecurity startup combining AI and lab experiments to identify and counter new biological risks, enhancing defenses against AI-enabled bioweapons.

Automat — The AI automation platform secured $15.5M Series A to enhance tools for creating AI agents, aiming to replace legacy RPA tools while aiding sectors like banking and insurance in streamlining processes.

Revenium — The financial intelligence platform raised $13.5M Seed led by Two Bear Capital with WestWave Capital, enhancing product development to help organizations manage AI costs with real-time telemetry and budget controls.

Onepot AI — The drug discovery company specializing in small-molecule synthesis raised $13M to enhance its AI-driven platform, founded by Daniil Boiko and Andrei Tyrin, establishing a second lab and expanding their team.

Bone AI — Based in Seoul and Palo Alto, this startup raised $12M to develop AI-powered autonomous vehicles for defense, founded by DK Lee, with a seven-figure B2G contract and plans for acquisitions focused on South Korea supply chain.

EXIT WATCHING

Mergers & Acquisitions and IPOs

Alphabet — Berkshire Hathaway acquired a $4.9B stake in Alphabet, boosting its shares nearly 6% to a record high. This move underscores confidence in Alphabet's AI initiatives despite tech valuation concerns. Shares have risen 46% ytd.

Topgolf — Topgolf Callaway Brands, is in discussions to offload Topgolf to PE firm Leonard Green, potentially valuing it ~$1B. Acquired for $2B in 2021, the brand has faced declining sales amid decreased recreational golfing spending.

Archer Aviation — The California startup acquired Hawthorne Airport for $126M to establish a hub for its air taxi service during the 2028 Olympic Games in LA, as it seeks FAA approval for its Midnight eVTOL aircraft.

Adobe — Acquired Semrush for $1.9B in cash, expanding its AI-powered marketing capabilities. The deal enhances marketing technology with Semrush's search optimization tools. Adobe's stock fell 2%, highlighting concerns over the cost.

Workday — Will acquire integration platform Pipedream, enhancing its AI capabilities with over 3K ,000 connectors. This acquisition, closing in Q4 FY 2026, aims to develop custom AI agents to initiate workflows across systems.

Palo Alto Networks — The Cybersecurity leader is acquiring Chronosphere for $3.35B to enhance observability for AI workloads. Chronosphere, known for real-time observability and autonomous remediation, reported $160M ARR.

SAFE — Acquired Balbix to develop an AI-powered cyber risk management platform. This acquisition aims to integrate security operations with risk management, offering real-time visibility and prioritization of cyber risks.

IPO Watch

Open or upcoming IPOs to watch:

Kraken — The crypto exchange based in the U.S. has confidentially filed for an IPO following an $800M funding round, valuing it at $20B. This move aims to expand internationally and develop payment services.

Ledger — The French hardware wallet for crypto security company is considering an IPO or fundraising in 2025 due to rising demand, with $100B in secured bitcoin. Expanding in NYC amid increased crypto investment and security challenges.

Grayscale Investments Inc. — The crypto asset manager filed for IPO with $203.3M net income on $318.7M revenue for first nine months of 2025, down from prior year's $223.7M and $397.9M.

THE FUNDING BUZZ

VC & PE Activity To Watch

The LegalTech Fund — This VC firm has closed its $110M second fund, up from its $28.5M debut. With backing from McDermott Will & Schulte and Consilio, it will invest in over 80 early-stage legaltech startups, focusing on AI and automation to transform the $1T legal services industry.

Keen Venture Partners — European VC firm has closed over €150M for its defence and security tech fund, the largest in EU. Focuses on NATO member states, investing in early-stage companies in cybersecurity and space technologies.

nvp Capital — The VC firm closed its second fund at $80M, bringing total assets to $200M. It focuses on seed-stage enterprise software and vertical AI startups, with backing from institutional investors.

Meron Capital — The Israeli firm raised a $70M third fund to invest in early-stage startups in AI, cybersecurity, and fintech. With $170M raised, it emphasizes founder support, now strengthened by Gil Shai as MP.

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