WHAT’S INSIDE

Tech Earnings: CoreWeave revenue doubles, TSMC +45% AI chip demand, BitGo +80%, & Norway’s $2.34T fund reveals SpaceX stake

Big Movers: Anthropic $2T IPO bet, Nvidia $500B AI fund, Meta superintelligence, SpaceXAI Grok, U.S. drone stocks & Blacksmith 10x

Open Deals: Kalshi and Cognition eye $40B valuations, Kevin Weil’s AI science startup seeks $750M

Mega Rounds: Nvidia $500B AI infra deal, Intel $20B, Databricks $5B at $190B, Form Energy $750M, Source Foundry $400M & IBM-Together AI $240M

Exit Watching: SpaceX closes Cursor, Anthropic eyes Decart $6B, OpenAI $7B share sale + NextSlide, PayPal sale talks & H100 BTC treasury

The Funding Buzz: Lightspeed OpenAI/Anthropic secondary, Thrive Holdings $2B, Layer Global $1.1B, Erebor Bank raise & FDIC fintech rulebook

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TOP SIGNAL ALERTS

The hottest Signals & News To Watch This Week

Big Tech Earnings Reports

CoreWeave — The AI-focused GPU compute specialist reported Q2 revenue doubling triggering 12% stock jump yet $35B debt raises concerns about financing aggressive expansion amid strong market demand.

TSMC +45% — The Taiwan semiconductor giant's revenue surged on record AI chip demand reinforcing its crucial role in advanced AI infrastructure, global manufacturing.

BitGo Revenue Jumps 80% — The mining company’s Q2 revenue rose 80% driven by digital-asset sales/stablecoin services growth despite $19M net loss on unrealized markdowns with client count up 26%.

Norway's Sovereign Wealth Fund — The world's largest sovereign wealth fund posted a record $184B profit bringing total assets $2.34T disclosing a new SpaceX stake and highlighting strong private-market returns.

Big Movers

Big tech moves, movers and trends to watch this week

Anthropic's $2T IPO Bet — Shareholders expect public debut valuation surpassing SpaceX as largest IPO ever with Jim Cramer citing revenue climbing from $47B ARR toward projected $100-120B by December.

Nvidia's $500B AI Fund — Signed MOUs with Apollo, BlackRock, Blackstone, Goldman Sachs, KKR mobilizing $500B+ third-party capital sending Alphabet stock sliding 2% on custom-chip competition fears.

Meta Superintelligence — Meta unveiled strategy to deliver personal superintelligence agents globally emphasizing privacy, open-source commitments, large infrastructure investments for individual empowerment.

SpaceXAI Debuts Grok — Unveiled a new AI bot working like a team of AI agents to compete with OpenAI, Anthropic following earnings beats, share unlocks, mobile network ambitions.

U.S. Drone Manufacturers — US drone makers are benefiting from Trump's tariffs on Chinese imports with stocks surging as domestic demand rises and China competition declines.

Blacksmith — The AI code-testing startup’s valuation surged 10x to $550M in under a year backed AR, GV, Peak XV, Y Combinator fueled by rapid growth/investment ****as developer tools boom.

OPEN DEALS

Open Funding Rounds or VC Fund Raises to watch this week

Kalshi Eyes $40B — In advanced talks on a Series G nearly doubling its May valuation after World Cup wagers doubled revenue to a $4B ARR, IPO talks underway.

Cognition Eyes $40B — Devin maker in early talks more than doubling valuation three months after last raise with enterprise usage growing 50% MoM serving Mercedes-Benz, NASA, Goldman Sachs.

Kevin Weil's Science Startup — Former OpenAI chief product officer Kevin Weil seeking $750M valuation for new AI science venture as AI pushes deeper into scientific research.

The Boring Company — Elon Musk's tunnel transportation startup is seeking $4B funding at $20B valuation, operating in Las Vegas with major city expansion plans.

Anduril — Costa Mesa autonomous drones/defense startup reportedly in talks securing funding at $100B valuation up from $61B in May signaling rapid growth.

IN THE MONEY

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

Massive Deals

Nvidia — Secured a $500B deal from Wall Street funding AI infrastructure attracting private capital/asset-management investors marking significant milestone in AI investment financing.

Intel — Santa Clara semiconductor giant upsized stock offering to $20B securing funding for expansion amid intensifying competition in AI chip manufacturing industry.

Databricks — SF enterprise data platform raised $5B at $190B valuation highlighting growing demand for AI-driven data solutions.

Form Energy — Raised $750M to expand West Virginia manufacturing of 100-hour iron-air batteries with backlog jumping to 80 GWh and customers including Google, Crusoe, Xcel Energy.

Lovable Hits $13B — The Vibe-coding startup has raised fresh funds at a $13.3 billion valuation as enterprise demand for AI-assisted app-building accelerates.

Source Foundry — AI-focused hedge fund Situational Awareness invested $400M in the chip startup bringing its total stake to $500M with fund AUM dropping from $20B to $10B after selling public portfolio to Citadel.

IBM-Together AI $240M — IBM, Together AI signed $240M multi-year deal building large-scale Nvidia-powered inference cluster on IBM Cloud serving open-source models as businesses rein in AI costs/cybersecurity risk.

Erebor Bank Talks — Palmer Luckey-backed startup bank is negotiating A major raise as deposits soared targeting AI, crypto sectors to become a tech financial hub.

Large Deals

Yulu — Indian e-bike company raised $93M expanding operations driven by quick-commerce/last-mile delivery demand positioning as significant electric mobility market player.

Decade — Brazilian AI-native wealth management platform emerged stealth with $85M seed backed Greenoaks, Benchmark, Diffusion founded ex-Nubank CTO Vitor Olivier combining AI agents/human advisors.

Trajectory Raises $40M — Closed $40M Series A at $300M valuation joining wave of early-stage AI infrastructure plays drawing outsized valuations relative to funding size.

Convex — SF backend infrastructure company raised $57M Series B led Insight Partners totaling $110.5M with a16z, Spark Capital powering OpenAI, Tripadvisor, Solana applications.

Faye — AI-driven travel protection company raised $50M Series C totaling $100M accelerating global expansion with AI autonomously resolving 50%+ of claims.

Smaller Deals

Aligned Marketplace — NY advanced primary care marketplace raised $20M Series A serving self-funded employers across all 50 states with 3K+ clinics reaching 80%+ of US population.

AGent Energy — Houston AI-driven distributed power plants provider raised $11M seed led Spero Ventures, MassMutual bringing total $17M expanding operations/development.

Reservoir Lands — Startup developing AI-controlled water heaters functioning as grid-scale batteries raised $8M aiming to balance power demand/supply enhancing energy efficiency.

Riven Systems — Industrial chemistry startup emerged stealth with $7.9M pre-seed led Cerberus Ventures developing AI platform streamlining critical minerals processing replacing legacy systems.

InRisk Labs — India AI-driven underwriting/reinsurance company raised $27M Series A co-led Bessemer, Northpoint Capital targeting $10B reinsurance market via GIFT City IFSC license.

EXIT WATCHING

Mergers & Acquisitions and IPOs

SpaceX Closes Cursor — AI coding startup Cursor officially part of SpaceX after $60B stock acquisition closing following April partnership announcement and June confirmation post-IPO.

Anthropic Eyes Decart — In talks acquiring AI startup Decart for $6B separately pursuing IPO following US export restriction relief on Fable 5 model earlier this year.

OpenAI — Completed $7B share sale signaling strategic move toward IPO. + Buys NextSlide, a presentation startup integrating the team into ChatGPT to enhance visual communication tools.

PayPal Sale Heats Up — Stripe and Advent International are in takeover talks for PayPal intensifying with $60.50/share offer valuing company at $53B as a turnaround plan potentially includes a sale.

Intel — Santa Clara semiconductor giant upsized stock offering to $20B securing funding for AI chip expansion amid intensifying competition in the chip-manufacturing industry.

H100 Group — Adam Back-backed group increased bitcoin treasury to 3,506 BTC (~$226M) acquiring Moonshot, PDI financed with 790.5M new shares causing 70% dilution ranking among top public corporate bitcoin holders.

IPO Watch

Open or upcoming IPOs to watch:

Anthropic's $2T IPO Bet — Shareholders expect public debut valuation surpassing SpaceX as largest IPO ever with Jim Cramer citing revenue climbing from $47B annualized toward projected $100-120B by December.

Unitree — The Chinese humanoid-robot maker is testing market interest with upcoming IPO facing challenges from Tesla's Optimus and geopolitical risks with commercial viability still unproven.

SpaceX — Faced investor skepticism¹ during first post-IPO earnings call with heavy AI infrastructure investment raising questions balancing core launch business with costly AI projects.

Nscale — UK AI infrastructure company is gearing up for US IPO by September 2026 backed Goldman Sachs, JPMorgan with $51B contracted revenue and Q2 revenue $100M+ after $2B Series C.

THE FUNDING BUZZ

VC & PE Activity To Watch

Open Deals

Lightspeed — Seeking $600B funds in a secondary process dubbed Project Mercury to extend ownership of OpenAI and add a new commitment to Anthropic.

Khosla Ventures — Menlo Park VC raising $5.5B across new funds in largest yet effort with $1B early-stage, $2B venture, $2.5B mature startup allocations.

Thrive Holdings Raises $2B — New capital from D1 Capital, Altimeter, SoftBank bringing total raised past $3B deploying AI transformation across 70+ businesses.

Layer Global — Ex-General Atlantic co-president Anton Levy closed a $1.1B debut fund at first close targeting AI hypergrowth supercycle with concentrated growth investment strategy departing from diversified model.

Situational Awareness Bets Big — AI-focused hedge fund invested further in chip startup Source Foundry after selling most public holdings to Citadel, retaining Anthropic shares while shrinking AUM.

FDIC Weighs Fintech Rulebook — FDIC may seed-fund a standards body for bank-fintech partnerships a decade after "every company became a fintech company."

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