TL;DR

OpenAI hits $10B ARR, closes $40B round; Anysphere raises $900M; Qualcomm acquires Alphawave for $2.4B.

Highlights

• OpenAI reaches $10B annual recurring revenue, 500M weekly users, and closes $40B round at ~30x revenue; targets $125B revenue by 2029 despite $5B loss last year1.
• Anysphere (Cursor) raises $900M at $9.9B valuation as revenue tops $500M; over half of Fortune 500 using Cursor4.
• Qualcomm to acquire Alphawave for $2.4B cash (96% premium); Alphawave to delist from LSE in Q1 20262.
• IonQ acquires Oxford Ionics for $1.08B (mainly stock), targeting 2M qubits by 2030; Oxford Ionics founders to remain3.
• Advent International invests $175M for minority stake in Felix Pharmaceuticals; pursues £3.73B Spectris takeover5.
• Circle stock up 329% post-IPO; ARK and SBI Holdings invest $150M and $50M respectively6.
• Plasma Foundation raises $500M in public token sale in under five minutes; 40% allocated to top 10 wallets12.
• Tools for Humanity (Worldcoin) launches iris-scanning Orbs in UK; 13M users verified globally; regulatory scrutiny ongoing7.
• Getty Images sues Stability AI in London over copyright; outcome could set precedent for AI IP10.
• Rapido to pilot food delivery in Bengaluru, raises $15M at $1.1B valuation; Zomato, Swiggy shares fall8.
• Rite Aid to close 200+ stores amid bankruptcy; CVS to acquire 64 locations, Walgreens to buy prescription files14.
• Walmart , Synchrony, and Mastercard to launch OnePay credit cards this fall for millions of U.S. customers15.

Commentary

AI and developer tools continue to dominate private and public market activity, with OpenAI’s $40B raise and $10B ARR, despite ongoing losses, underlining investor willingness to pay high multiples for dominant AI platforms1. Anysphere’s $900M round at a $9.9B valuation, driven by strong enterprise adoption of Cursor, signals sustained demand for AI-native productivity tools and rapid scaling potential in the developer ecosystem4.

Strategic M&A in deep tech remains active. Qualcomm ’s $2.4B acquisition of Alphawave at a significant premium reflects ongoing consolidation in semiconductor IP and data center connectivity2. IonQ ’s $1.08B acquisition of Oxford Ionics, with ambitious quantum scaling targets, highlights the appetite for differentiated hardware and quantum capabilities3. These exits provide liquidity for late-stage investors and reinforce the trend of incumbents acquiring specialized technology assets.

In fintech and crypto, Circle’s post-IPO rally and large institutional inflows from ARK and SBI Holdings underscore continued institutional interest in regulated digital asset infrastructure6. Plasma Foundation’s rapid $500M token sale demonstrates strong liquidity for high-profile blockchain projects, though token concentration among large holders remains a governance concern12. Walmart ’s new OnePay credit cards and Rapido’s entry into food delivery (backed by Nexus Venture Partners) illustrate ongoing fintech and consumer tech innovation, with notable impact on incumbents’ market positions158.

Regulatory and legal developments are increasingly relevant for venture investors. Getty Images ’s suit against Stability AI in London could set important IP precedents for generative AI10, while Tools for Humanity’s UK launch amid privacy investigations highlights the regulatory complexities facing identity and AI startups7. Advent International’s dual moves in pharma and UK industrials show PE appetite for both minority and control positions in undervalued or specialized assets5.

Deal flow remains robust across AI, deep tech, fintech, and consumer sectors, but investors should closely monitor regulatory outcomes, IP litigation, and the sustainability of high-revenue multiples in growth-stage deals.