Deals

M&A, IPOs, and capital flows worth watching.

$5.5 billion raised. Shares up 68% on the first day. A company now worth $70 billion.

Revenue at $45 billion and climbing. A $50 billion raise is in the works. And a valuation that would put it ahead of OpenAI for the first time.

Rivals in the model race. Partners in the compute market. The lines in frontier AI are blurring fast.

30 satellites. A $2.4 billion valuation. A defence-adjacent space tech IPO that SpaceX's filing just made possible.

When the stakes are high enough, backing the competition is rational.

Cursor was valued at $29 billion in November. SpaceX now has the right to buy it for $60 billion, with a $10 billion breakup fee if it walks away.

The AI infrastructure arms race has a new playbook, and Anthropic is writing it.

$75 billion raise. 30% for retail. A $1.75 trillion valuation. The largest IPO in history is taking shape.