TL;DR

Bezos, Dell back $1B Coatue tech fund; OpenAI expands Stargate globally; CATL files $5B HK IPO.

Highlights

• Jeff Bezos and Michael Dell commit $1B to Coatue’s new tech fund targeting high-growth public and private tech; Bezos also leads $72M in AI data firm Toloka, joined by Nvidia and Shopify’s CTO1.
• Amsterdam-based Finom raises $105M from General Catalyst to expand AI-driven banking for 100K+ SMBs across Europe2.
• AI developer tools see continued funding: Unblocked ($20M Series A), CodeAnt ($2M seed, YC-backed), Ox Security ($60M Series B)3.
• OpenAI expands $500B Stargate AI infrastructure project globally, launching “OpenAI for Countries” with U.S. allies and planning local startup funds4.
• OpenAI proposes to cut Microsoft’s revenue share to 10% by 2030 and shift to equity/royalty model5.
• Mistral launches Medium 3 AI model at 8x lower cost, targeting enterprise coding/STEM; introduces Le Chat Enterprise assistant6.
• xAI partners with Palantir and TWG Global to build enterprise AI solutions for financial services7.
• Shionogi acquires Torii and JT’s pharma units for $1.1B, adding 711 employees including 80 focused on AI drug discovery8.
• Masimo divests Sound United (Bowers & Wilkins, Denon, Marantz) to Samsung’s Harman for $350M, refocusing on healthcare9.
• Geely offers $2.2B to take EV unit Zeekr private, with cash or Geely share exchange options10.
• CATL files for $5B Hong Kong listing; Chery targets $1.5B IPO, both led by Chinese banks11.
• Strive Asset Management merges with Asset Entities (ASST), stock surges 400% on $1B Bitcoin buy plan12.
• CrowdStrike cuts 5% of staff, reallocates toward AI and high-growth cybersecurity, reaffirms FY26 guidance13.
• Google partners with Elementl Power to develop three 600MW U.S. nuclear sites to power AI data centers14.
• Japanese space startup ispace’s RESILIENCE lander enters lunar orbit, targeting June 5–6 Moon landing15.

Commentary

Capital is flowing aggressively into AI infrastructure, developer tools, and financial services, with Coatue’s new fund attracting $1B from Bezos and Dell, and Bezos separately leading Toloka’s $72M round alongside Nvidia and Shopify’s CTO1. This signals sustained LP appetite for both late-stage and strategic AI bets, especially those enabling enterprise adoption. The surge in funding for AI developer tools—Unblocked, CodeAnt, and Ox Security—shows VCs are still backing workflow automation and security layers, particularly where integrations with existing enterprise stacks are strong23.

OpenAI’s global Stargate expansion and “OpenAI for Countries” initiative, coupled with a move to restructure its Microsoft partnership, suggest a push to localize AI infrastructure and diversify revenue streams45. The plan to seed local AI ecosystems may create new early-stage opportunities in allied markets, while the revised Microsoft terms could influence how VCs evaluate platform risk and partnership dependencies in their portfolios5.

Mistral’s Medium 3 launch at a lower price point, and xAI’s partnership with Palantir and TWG Global, highlight a shift toward more cost-efficient, enterprise-focused AI models and verticalized solutions—especially in financial services67. Finom’s $105M raise for AI-driven SMB banking, and Shionogi’s pharma acquisition with a focus on AI drug discovery, point to continued vertical SaaS and healthtech momentum28.

On the exit and capital markets front, CATL’s $5B Hong Kong listing and Chery’s $1.5B IPO indicate that Chinese EV and battery tech remain attractive despite geopolitical scrutiny, while Geely’s Zeekr take-private offer may foreshadow further sector consolidation1011. Masimo’s divestiture and CrowdStrike’s AI-driven restructuring suggest incumbents are rebalancing toward core growth areas, potentially opening up secondary opportunities for VCs913. Meanwhile, Strive/ASST’s Bitcoin treasury play reflects ongoing experimentation at the intersection of asset management and digital assets12.

VCs should focus on AI infrastructure, developer tools with enterprise traction, and vertical SaaS, while monitoring exit windows in EV, fintech, and healthtech. Watch for strategic pivots by incumbents and the impact of localized AI infrastructure on regional deal flow.